Economic theory: U.S.-European linkages a journal analysis

Abstract

foundation of a European Economic Association in 1986 has been partly motivated by a recognition that theoretical economic research in many European countries is closely linked to American work but takes little notice of achievements in other European countries. Even more visible is the wide-spread neglect of European studies in U.S. literature. To some extent this state of affairs is a natural consequence of the massive concentration of economists, economic statistics, and research funds for domestic scientists and visitors in the United States. Insofar as economic theory (in contrast to economic policy questions) is a "pure" science such an asymmetrical flow of discussion and results would not call for comment. The main consideration would be that good contributions should be published and stimulate further research, no matter where this is done. But with economics being a social science even "pure" theory is (or should be) affected by various institutions and practices which should be reflected in the assumptions and interpretations of theoretical models. From this point of view a one-sided orientation towards American research and data may be dangerous and cause a loss of efficiency, because the institutional set-ups in several European countries exhibit similarities which do not exist vis-a-vis the United States. It is, however, not the intention of this paper to go into a critical examination of this problem. Rather, an attempt is made to give a limited quantitative indication of the relative distribution of interlinkages on the basis of an analysis of quoted materials in theoretical journals.