Pol Antras
@pol_antras
Some might argue it would have been more natural to include Rothschild & Stiglitz’s paper that preceded Atkinson’s in the same issue of JET.
Pol Antras
@pol_antras
My #EconTop50: #18 Atkinson's 1970 "On the Measurement of Inequality" (utilitarian ranking of income distributions) http://t.co/njuachhFzW
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@pol_antras
I bet Akerlof’s paper would be in most economists’ #EconTop50 yet it was rejected by the AER, JPE and REStud (see http://t.co/FmLTkHrHEs)
Pol Antras
@pol_antras
My #EconTop50: #17 Akerlof's 1970 "The Market for Lemons" (a model of adverse selection with applications) http://t.co/HEy1y49S2u
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@pol_antras
"And now [...] I wish to introduce the following lemma."
"A lemma, a lemma," the crowd shouted.
It was plain that the Solovians were excited
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@pol_antras
For more on dynamic efficiency read Phelps' 1961 hilarious parable "The Golden Rule of Accumulation..." http://t.co/rFBA6Bzh20
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@pol_antras
My #EconTop50: #16 Diamond's 1965 "National Debt in a Neoclassical Growth Model" (dynamic inefficiency & public debt) http://t.co/SRlDQgHTYQ
Pol Antras
@pol_antras
A year earlier, Arrow wrote another classic, this time on the economics of innovation (more on this later in my list) http://t.co/ZPxEx1xOsO
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@pol_antras
My #EconTop50: #15 Arrow’s 1963 “Welfare Economics of Medical Care” (the birth of Health Economics as a field) http://t.co/yd4JcGXUwV
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@pol_antras
My #EconTop50: #14 Becker 1962 "Investment in Human Capital: A Theoretical Analysis" (birth of human capital theory) http://t.co/5QJ4ZTgnVS
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My #EconTop50: #13 Stigler’s 1961 "The Economics of Information" (the birth of Search Theory) http://t.co/COCv710ynY
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My #EconTop50: #12 Mundell's 1961 "A Theory of Optimum Currency Areas" (why some believe the Euro is doomed to fail) http://t.co/9b8FoQHArt
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@pol_antras
Samuelson was not a big fan of Stigler’s (and just about everyone else’s) interpretation of Coase’s paper http://t.co/KZGCFWucn4
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My #EconTop50: #11 Coase's 1960 "The Problem of Social Cost" (a profound, controversial critique of Pigouvian taxes) http://t.co/HxebQeM4ZM
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@pol_antras
My #EconTop50: #10 Samuelson's 1958 OLG paper "An exact consumption-loan model..." A genius sailing uncharted waters http://t.co/7monpYGy8h
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Solow: “if God had meant there to be more than 2 factors of production, He would have made it easier for us to draw 3-dimensional diagrams"
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@pol_antras
Mas-Colell made a brilliant and amusing contribution to this debate (http://t.co/WkzZpNIdLB) but it was Solow that ultimately settled it...
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@pol_antras
Btw, Solow’s paper relies on the aggregation of heterogeneous capital goods into one, something that Joan Robinson & others hotly contended
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@pol_antras
I know I cheated here, but would referees today allow one to get away with a simple model ('56) w/o supporting empirical evidence ('57)?
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@pol_antras
My #EconTop50: #9bis Solow's 1957 "Technical change and the aggregate production function" ("Solow residual" paper) http://t.co/04XcAaKHqc
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@pol_antras
My #EconTop50: #9 Solow's 1956 "A Contribution to the Theory of Economic Growth" (a classic and beautifully written) http://t.co/x2n5yuOWfT
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@pol_antras
A different matter is whether the 4 friends could compute these values correctly after a night out. This is a hot topic in #BeerhavioralEcon
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@pol_antras
Shapley'53: There is only one fair sharing rule and it is a linear function of the costs associated with all possible dropoff configurations
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@pol_antras
Axiom 1: (any) 2 roommates pay the same; Ax 2: if somebody walks home, he pays nothing; Ax 3: base fare & tip are shared using the same rule
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@pol_antras
Suppose 4 friends returning from a bar want to devise a rule to split a cab fare (including a % tip). Define a “fair” rule as satisfying:
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@pol_antras
My #EconTop50: #8 Shapley's 1953 remarkable "A value for n-person games" (see next tweets for an illustration) http://t.co/emwaGBR9nW
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@pol_antras
For an influential application of Roy's model, see Borjas' 1987 "Self-selection and the earnings of immigrants" http://t.co/KGc2tKf9Jk
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@pol_antras
My #EconTop50: #7 Roy 1951 "Some thoughts on the distribution of earnings" (what is self-selection & why it matters) http://t.co/ZUFclobD6a
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@pol_antras
Arrow explores feasibility of rank ordering social choices. His intro reviews limitations of predominant Hicks-Kaldor compensation principle
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@pol_antras
My #EconTop50: #6 Arrow's 1950 "A Difficulty in the Concept of Social Welfare" (social choice theory in trouble) http://t.co/KBpRVOHIni
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@pol_antras
For a slightly + positive view on planning, I recommend reading Lange's 1936-37 "On the Economic Theory of Socialism" http://t.co/SKa7HTqqpe
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My #EconTop50: #5 Hayek's 1945 "The Use of Knowledge in Society" (the beauty of price system when markets work well) http://t.co/U1GUADvP82
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Conversely, Stolper & Samuelson's result on the existence of losers from trade holds in + general environments (see http://t.co/NdTwbC9jom)
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@pol_antras
Samuelson’s 1948 factor price equalization result (see http://t.co/S9eYSnWCim) is also a remarkable one, but it is not particularly robust.
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@pol_antras
My #EconTop50: #4 Stolper-Samuelson's 1941 "Protection & Real Wages" ∃ no Pareto gains from trade w/o redistribution http://t.co/tUItfBvmzK
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Despite being written 86 years ago, this is the 1st paper in my list written by a living economist. Coase, now 102, was 26 when he wrote it.
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@pol_antras
My #EconTop50: #3 Coase's 1937 "The Nature of the Firm" (or, why do firms exist if the market works so well?) http://t.co/PUcsx52qKJ
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@pol_antras
Following Samuelson’s Foundations, the result that the RA failed to graph correctly is now referred to as the Wong-Viner Envelope Theorem!
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My #EconTop50: #2 Viner's 1932 classic "Cost curves and supply curves" (featuring the obstinate draftsman Y.K. Wong) http://t.co/v5Ay6DAAe3
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If you're wondering "why flawed?", read this correction written 50 years after the original Hotelling paper http://t.co/TXhBWHI7lq
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My #EconTop50: #1 Hotelling's 1929 beautifully flawed "Stability in competition" http://t.co/LdwCcyU7FZ
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@pol_antras
(3/3) I won’t provide direct links to the papers (don’t want to end up in jail or deported), but scholar.google leaves you an epsilon away
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(2/3) This is not a list of the best, most influential or most cited papers in Economics. Any gross omissions reflect my bias or ignorance.
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@pol_antras
(1/3) By popular demand, I’ve decided to share a list of 50 of my favorite papers in Economics. I will post one daily in chronological order
