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Economics: From the Dismal Science to the Moral Science: The Moral Economics of Kendall P. Cochran
No full textAdam Smith published The Theory of Moral Sentiments in 1759 and established the ethical foundation for The Wealth of Nations (1776) as well as the important role played by custom and fashion in shaping behaviors and outcomes. Kendall P. Cochran believed in Smith’s emphasis on value-driven analysis and seeking solutions to major problems of the day. Cochran believed that economists moved too far in the direction of analysis free of words like ought and should and devoted his career to establishing that economics is a moral science.
A recent study by two Harvard professors, Carmen Reinhart and Kenneth Rogoff, Growth in a Time of Debt (2010), asserted that healthy economic growth and high levels of government debt are incompatible. These conclusions are associated with the austerity movement, which calls for policymakers to reduce government spending in order to reduce the government’s debt and improve long-term growth prospects. The austerity movement has been used to justify the sharp decline in public sector employment that has restrained job growth since the recession of 2007.
In 2013, a graduate student named Thomas Herndon discovered an error in the calculations of Reinhart and Rogoff, publishing his findings in a paper co-authored by his professors, called "Does High Public Debt Consistently Stifle Economic Growth? A Critique of Reinhart and Rogoff." These findings call the entire austerity movement into question, causing many to reconsider the current obsession with reducing the government debt during a time of economic stagnation. Cochran would have held a celebration to toast Herndon and his professors for their work, not only for the sake of technical accuracy, but also because the policy prescriptions associated with the austerity movement are misguided and harmful to the unemployed and underemployed during times of economic hardship.
Cochran’s articles are significant at this time because he is able to argue persuasively that economists have a moral obligation to provide policy recommendations that are consistent with a social agenda of fairness and opportunity. While many agree with Adam Smith that individuals are motivated by self-interest, it does not follow that any action or policy that promotes an individual’s self-interest is therefore worthwhile or beneficial from society’s perspective. If a person is handsomely rewarded for placing a bomb in the city center, does the potential gain for that individual justify the harm to society? Cochran makes an eloquent case that economists must identify instances in which government policy can and should be used to protect and promote society’s well-being
Bruce Cochran Oral History Interview
No full textBruce Cochran, Associate Dean and Professor of Biology, discusses his arrival at USF in 1981, as well as the past and future of the Biology program. Dr. Cochran also discusses his involvement in Independent Studies and the Learning Community Program
Cochran, P J, NX49226
No full textThis record was harvested from a previous catalogue system and will be withdrawn in 2025. Information in this record may be superseded or incomplete. Visit this record in UMA's new catalogue at: https://archives.library.unimelb.edu.au/nodes/view/377795Surname: COCHRAN
Given Name(s) or Initials: P J
Military Service Number or Last Known Location: NX49226
Missing, Wounded and Prisoner of War Enquiry Card Index Number: 34986191536
Item: [2016.0049.10092] "Cochran, P J, NX49226
Cochran, V J, NX6415
No full textThis record was harvested from a previous catalogue system and will be withdrawn in 2025. Information in this record may be superseded or incomplete. Visit this record in UMA's new catalogue at: https://archives.library.unimelb.edu.au/nodes/view/377798Surname: COCHRAN
Given Name(s) or Initials: V J
Military Service Number or Last Known Location: NX6415
Missing, Wounded and Prisoner of War Enquiry Card Index Number: 2762191540
Item: [2016.0049.10094] "Cochran, V J, NX6415
Letter to J. J. Hayden II regarding speaker expenses, July 8, 1990
No full textA letter from J. Wesley Cochran to J. J. Hayden II enclosing a check to reimburse Hayden for expenses
Mrs. J. F. Cochran
No full textMrs. J. F. Cochran, 5110 Norma Street, was elected as the new president of Sagamore Hill Woman\u27s Club. Published in Fort Worth Star-Telegram morning edition March 22, 1952.https://mavmatrix.uta.edu/specialcollections_startelegram1950s/18345/thumbnail.jp
Empirical likelihood inference for the Rao-Hartley-Cochran sampling design
No full textThe Hartley-Rao-Cochran sampling design is an unequal probability sampling design which can be used to select samples from finite populations. We propose to adjust the empirical likelihood approach for the Hartley-Rao-Cochran sampling design. The approach proposed intrinsically incorporates sampling weights, auxiliary information and allows for large sampling fractions. It can be used to construct confidence intervals. In a simulation study, we show that the coverage may be better for the empirical likelihood confidence interval than for standard confidence intervals based on variance estimates. The approach proposed is simple to implement and less computer intensive than bootstrap. The confidence interval proposed does not rely on re-sampling, linearization, variance estimation, design-effects or joint inclusion probabilities
Cochran-Armitage test for trend for drug withdrawals and precautions.
No full textCochran-Armitage test for trend for drug withdrawals and precautions.</p
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