This intriguing new book examines and analyses the role of critical realism in economics and specifically how this line of thought can be applied to the real world. With contributions from such varying commentators as Sheila Dow, Wendy Olsen and Fred Lee, this new book is unique in its approach and will be of great interest to both economic methodologists and those involved in applied economic studies.

This intriguing new book examines and analyses the role of critical realism in economics and specifically how this line of thought can be applied to the real world. With contributions from such varying commentators as Sheila Dow, Wendy Olsen and Fred Lee, this new book is unique in its approach and will be of great interest to both economic methodologists and those involved in applied economic studies.

Research Ethics in Applied Economics Emphasizing the new challenges posed by the data science revolution, digital media, and changing standards, Research Ethics in Applied Economics examines the ethical issues faced by the applied economics researcher at each stage of the research process. The first section of the book considers project development, including issues of project management, selection bias in asking research questions, and political incentives in the development and funding of research ideas. The second (...) section addresses data collection and analysis, discussing concerns about participant rights, data falsification, data management, specification search, p-hacking, and replicability. The final section focuses on sharing results with academic audiences and beyond, with an emphasis on self-plagiarism, self-promotion, and the importance of achieving policy impact. The discussion and related recommendations highlight emergent issues in research ethics. Featuring case studies from experienced researchers on how they address ethical issues, this book provides practical guidance to both students and experienced practitioners seeking to navigate ethical issues in their applied economics research. (shrink)

The sixth volume of the Collected Works of Micha/l Kalecki, one of the twentieth-century's pre-eminent economists, contains his empirical studies of the capitalist economy, published primarily in pre-war Poland. The first part of the book collects together reviews of business conditions in commodity markets, studies of the structure and operations of large companies and cartels, and articles on international economic relations. These studies, written between 1928 and 1935, demonstrate Kalecki's keen insight into the international consequences of the Great Crisis of (...) 1929-33, and into the developments in Nazi Germany. The second part contains Kalecki's papers on the methodological problems of examining business fluctuations and on constructing indicators of economic trends. Part 3 comprises, Kalecki's estimates of the national income in Poland and of its structure. These studies, conducted between 1931 and 1935, were unique at the time in taking into account the distribution of aggregate income between the main social classes. The editorial notes and annexes at the end of the volume not only provide invaluable background information and explanatory glosses on the main text, but also give invaluable insights into the development of Kalecki's thought. (shrink)

The seventh volume of the Collected Works of Michal Kalecki, one of the twentieth century's preeminent economists, contains his empirical studies of the wartime and post-war economy in Britain and the USA, together with papers on the work of other economists and miscellanea.The first part of the book collects together his articles on the economic conditions of Britain during the Second World War, focusing on the rationing of consumption and war finance, and its post-war reconstructions. These articles are among Kalecki's (...) best known, and contributed significantly to his world renown as an economist. Part two contains studies of post-war America, comparing the economy with the situation before the War. Part three contains a group of articles under the title `Political economy and economists', and includes book reviews and essays on the study of economics. Part four collects essays on a variety of topics, including Polish economic planning, construction engineering, and the theory of numbers. As in previous volumes, editorial notes and annexes by Professor Osiaty'nski provide invaluable background information and explanatory glosses on the main text. Among other things, they reveal details of Kalecki's work for the United Nations.Since this is the final volume of the Collected Works, it concludes with a chronology of biographical information and a complete bibliography of Kalecki's writings from 1927 to 1987. (shrink)

Foster (economics, University of Queensland, Australia) and H lzl (economics, Vienna University of Economics and Business Administration, Austria) develop an empirically based foundation for evolutionary economics built on complex systems theory. Arguing that modern evolutionary economics is at a crossroads on both the theoretical and applied level.

In this article, the authors attempt to build a bridge between economic theory and medical ethics to offer a new perspective to tackle ethical challenges in the physician–patient encounter. They apply elements of new institutional economics to the ethically relevant dimensions of the physician–patient relationship in a descriptive heuristic sense. The principal–agent theory can be used to analytically grasp existing action problems in the physician–patient relationship and as a basis for shaping recommendations at the institutional level. Furthermore, the patients’ (...) increased self-determination and modern opportunities for the medical laity to inform themselves lead to a less asymmetrical distribution of information between physician and patient and therefore require new interaction models. Based on the analysis presented here, the authors recommend that, apart from the physician’s necessary individual ethics, greater consideration should be given to approaches of institutional ethics and hence to incentive systems within medical ethics. (shrink)

Economics for Alfred Marshall, the last of the classical economists, is concerned with activities in the ordinary business of life. In that milieu, we find conflicts and chaotic behavior among people, firms, and countries, which make them conduct their affairs in different, and sometimes, ironic ways. Economic Ironies Throughout History explores, explains, predicts, and harnesses these ironies for economists and scholars alike. Szenberg and Ramrattan distill their core economic ironies from a vast history of philosophy and literature that applies (...) to economic thought. They include philosophical, psychological, literary and linguistic discussions and the personalities behind those ideas such as Socrates, Kierkegaard, Hume, Freud, Jung, Saussure, and Barthes. This book is ideal for economists as well as scholars across the business, social science, and humanities fields. (shrink)

Applied Christian Ethics addresses selected themes in Christian social ethics. Part one shows the roots of contributors in the realist school; part two focuses on different levels of the significance of economics for social justice; and part three deals with both existential experience and government policy in war and peace issues.

The ArgumentIn the minds of many, the Bourbakist trend in mathematics was characterized by pursuit of rigor to the detriment of concern for applications or didactic concessions to the nonmathematician, which would seem to render the concept of a Bourbakist incursion into a field of applied mathematices an oxymoron. We argue that such a conjuncture did in fact happen in postwar mathematical economics, and describe the career of Gérard Debreu to illustrate how it happened. Using the work of (...) Leo Corry on the fate of the Bourbakist program in mathematics, we demonstrate that many of the same problems of the search for a formalstructurewith which to ground mathematical practice also happened in the case of Debreu. We view this case study as an alternative exemplar to conventional discussions concerning the “unreasonable effectiveness” of mathematics in science. (shrink)

Inequality in the family is the most damaging of all forces in women’s lives. It is overtly preserved by religious, customary, and state laws that formally enshrine discrimination against women and is perpetuated by de facto lack of access to nominally protective systems and remedies. International law and its implementation mechanisms provide an arena for confronting resistance to gender equality in the family, calling states to account at the highest level as well as providing a platform for domestic advocacy. CEDAW (...) and the jurisprudence of its monitoring body, the Committee on the Elimination of Discrimination against Women, clearly state the paramount value of protecting the individual human rights of family members rather than maintaining family “protection” and privacy at the expense of the women within it. By ratifying, States theoretically commit themselves to this progressive position. However, the politics of state and community identity make for a more complex picture that includes multiple, sometimes overlapping, levels of acceptance and rejection. Taking as a case study the current initiative to adopt a new General Recommendation to address the economic consequences of family relations and their dissolution, this Article draws on the CEDAW Convention and the CEDAW Committee’s work to suggest a practical application of international standards to address the tangle of legal systems and identity that have disadvantaged women for centuries. Placing this initiative within the context of multiple family law regimes and the multicultural debate, the right to exit and the concept of freedom to associate and to disassociate are emphasized as crucial in confronting the phenomenon of discriminatory identitybased family legal regimes. The Article concludes with an illustration of the harmonization process required by the CEDAW Convention, taking the new General Recommendation as a model approach for meeting the international equality norms while preserving community or State identity. (shrink)

Nietzsche distinguished between two forces in art: Apollonian, which represents order and reason, and Dionysian, which represents chaos and energy. Economists, Ward argues, have operated for too long under the assumption that their work reflects the scientific, Apollonian principals that inform physics when they simply do not apply to economics: 'constants' in economics stand in for variables, and the core scientific principles of prediction and replication are all but ignored by economists. Ward encourages economists to reintegrate the standard (...) rigor of the scientific method into their work while embracing the fact of the shape-shifting changeability of human beings. Economists can still aspire to scientific standards, as is demonstrated by the success of biology, in which there is considerable Dionysian variability. Economists must avoid the temptation to wish away dynamic complexity and diversity and must recognize, among other things, that the desire to take risks is fundamentally human. The second half of the book takes some first steps toward creating this new Dionysian Economics. (shrink)

Governments and non-govermental organizations (NGOs) that plan projects to conserve the environment and alleviate poverty often attempt to modify rural livelihoods by halting activities they judge to be destructive or inefficient and encouraging alternatives. Project planners typically do so without understanding how rural people themselves judge the value of their activities. When the alternatives planners recommend do not replace the value of banned activities, alternatives are unlikely to be adopted, and local people will refuse to participate. Human behavioral ecology and (...) behavioral economics may provide useful tools for generating and evaluating hypotheses for how people value economic activities in their portfolios and potential alternatives. This is demonstrated with a case example from southwestern Madagascar, where plans to create a Mikea Forest National Park began with the elimination of slash-and-burn maize agriculture and the encouragement to plant labor-intensive manioc instead. Future park plans could restrict access to wild tuber patches, hunting small game, and fishing. The value of these activities is considered using observational data informed by optimal foraging theory, and experimental data describing people’s time preference and covariation perception. Analyses suggest that manioc is not a suitable replacement for maize for many Mikea because the two crops differ in terms of labor requirements, delay-to-reward, and covariation with rainfall. Park planners should promote wild tuber foraging and stewardship of tuber patches and the anthropogenic landscapes in which they are found. To conserve small game, planners must provide alternative sources of protein and cash. Little effort should be spent protecting lemurs, as they are rarely eaten and never sold. (shrink)

In this book, he applies economic theory to four areas of interest to students of social and legal institutions: the theory of justice, primitive and ancient ...

After a short description of the economic model of behaviour it is shown that there are two reasons why problems arise if this model is applied to political processes and decisions. First, such decisions are often ‘low cost’, i.e. ‘wrong’ decisions have hardly any impact on the decision maker. Second, the behaviour of single individuals or small groups of individuals is to be explained. The common root of this problem is the difficulty to predict behaviour which is mainly preference (...) governed and not guided by (changing) restrictions. Nevertheless, this should not lead to abolish the economic model because (i) it can be usefully applied also in this area and (ii) a better alternative is hardly available. (shrink)

Offering a new answer to an age-old problem: the meaning of a just or equitable distribution of resources, Julian Le Grand examines the principal interpretations of equity used by economists and political philosophers. He argues that none captures the essence of the term as well as an alternative conception relating equity to the existence or otherwise of individual choice. Le Grand shows that this conception is not only philosophically well-grounded but is also directly relevant to key areas of distributional policy. (...) His theoretical argument is complemented by detailed discussion of the application of the central idea to specific areas of policy, including the distribution of health and health care, central government grants to local governments and the measurement of income for tax purposes. Equity and Choice is written by an economist, but is intended for political philosophers and social policy analysts as well as economists. Hence the key chapters are written in a non-technical fashion, with specialized material relegated to appendices. This book is a unique combination of philosophical, economic and policy analysis and represents a major contribution in all three areas. (shrink)

The primary aim of the text is to introduce the reader to the relationship between economics and ethics and to the application of economic ethics in the evaluation of the market. The reader will gain insight into: * The ethical and methodological strategy of economics and criticism of the core assumptions that underpin the economic defense of free market operation. * The characteristics of different ethical theories (utilitarianism, duty and rights ethics, justice and virtue ethics) that can be (...) used to evaluate the free market. * How to apply economics in conjunction with ethical theories to evaluate economic trends and policies that promote the free operation of the market and are subject to public debate. These insights will help to develop the reasoning and analytical skills needed to criticize economic analysis as well as to apply ethical concepts to moral issues in economic policy. (shrink)

John Stapleford interacts with seven standard introductory economics texts to show how ethics are inextricably intertwined with economic life and analysis. This revised and expanded edition includes discussions of entitlements, global poverty, government debt, healthcare reform and immigration reform.

The economic and moral defense of sweatshops given by Powell and Zwolinski has been criticized in two recent papers. Coakley and Kates focus on putative weaknesses in the logic of Powell’s and Zwolinski’s argument. Preiss :55–82, 2014) argues that, even granting the validity of their economic argument, Powell’s and Zwolinski’s defense is without force when viewed from a Kantian republican viewpoint. We are concerned that sweatshop critics have misinterpreted the economic literature and overstated the conclusions that follow from their ethical (...) premises. We show that the best understanding of the current economic literature supports Powell’s and Zwolinski’s conclusions about the negative effects of sweatshop wage regulation, and that it is unreasonable to reject economic analysis in moral argument against sweatshops even from a Kantian perspective. Additionally, we defend the theory of exploitation as unfairness given by Wertheimer, and show how economic analysis can be applied to that theory to identify cases of sweatshop exploitation. (shrink)

In this study, Don Ross explores the relationship of economics to other branches of behavioral science, asking, in the course of his analysis, under what interpretation economics is a sound empirical science. The book explores the relationships between economic theory and the theoretical foundations of related disciplines that are relevant to the day-to-day work of economics -- the cognitive and behavioral sciences. It asks whether the increasingly sophisticated techniques of microeconomic analysis have revealed any deep empirical regularities (...) -- whether technical improvement represents improvement in any other sense. Casting Daniel Dennett and Kenneth Binmore as its intellectual heroes, the book proposes a comprehensive model of economic theory that, Ross argues, does not supplant, but recovers the core neoclassical insights, and counters the caricaturish conception of neoclassicism so derided by advocates of behavioral or evolutionary economics. Because he approaches his topic from the viewpoint of the philosophy of science, Ross devotes one chapter to the philosophical theory and terminology on which his argument depends and another to related philosophical issues. Two chapters provide the theoretical background in economics, one covering developments in neoclassical microeconomics and the other treating behavioral and experimental economics and evolutionary game theory. The three chapters at the heart of the argument then apply theses from the philosophy of cognitive science to foundational problems for economic theory. In these chapters, economists will find a genuinely new way of thinking about the implications of cognitive science for economics, and cognitive scientists will find in economic behavior, a new testing site for the explanations of cognitive science. (shrink)

Economics has long been the ‘dismal science’. The crisis in classical political economy at the end of the nineteenth century produced radically differing intellectual responses: Marx’s reconstitution of value theory on the basis of his dialectical method, the marginalists’ development of subjective value theory, and the historical school’s advocacy of inductive and historical reasoning. It is against this background that economics was established as a discrete academic discipline, consciously modelling itself on maths and physics and developing its focus (...) on theorising exchange. This entailed extraordinary reductionism, with humans regarded as rational, self-interested actors, and class, society, history and ‘the social’ being excised from economic analysis. On the basis of this narrowing of its concerns, particularly from the 1980s onwards, economics has sought to expand its sphere of influence through a form of imperialism which seeks to apply mainstream economic approaches to other social sciences and sees economics as ‘the universal grammar of social science’. The implications of this shift are discussed in Ben Fine and Dimitris Milonakis’s two volumes, where they analyse the fate of the social, the political and the historical in economic thought, and assess the future for an inter-disciplinary critique of economic reason. (shrink)

This paper examines why fundamental freedoms are so unevenly distributed across the earth. Climato-economic theorizing proposes that humans adapt needs, stresses, and choices of goals, means, and outcomes to the livability of their habitat. The evolutionary process at work is one of collectively meeting climatic demands of cold winters or hot summers by using monetary resources. Freedom is expected to be lowest in poor populations threatened by demanding thermal climates, intermediate in populations comforted by undemanding temperate climates irrespective of income (...) per head, and highest in rich populations challenged by demanding thermal climates. This core hypothesis is supported with new survey data across 85 countries and 15 Chinese provinces and with a reinterpretative review of results of prior studies comprising 174 countries and the 50 states in the United States. Empirical support covers freedom from want, freedom from fear, freedom of expression and participation, freedom from discrimination, and freedom to develop and realize one's human potential. Applying the theory to projections of temperature and income for 104 countries by 2112 forecasts that (a) poor populations in Asia, perhaps except Afghans and Pakistanis, will move up the international ladder of freedom, (b) poor populations in Africa will lose, rather than gain, relative levels of freedom unless climate protection and poverty reduction prevent this from happening, and (c) several rich populations will be challenged to defend current levels of freedom against worsening climato-economic livability. (shrink)

What is the correct concept behind measures of inflation? Does money cause business activity or is it the other way around? Shall we stimulate growth by raising aggregate demand or rather by lowering taxes and thereby providing incentives to produce? Policy-relevant questions such as these are of immediate and obvious importance to the welfare of societies. The standard approach in dealing with them is to build a model, based on economic theory, answer the question for the model world and then (...) apply the results to economic phenomena outside. Data come in, if at all, only in testing a limited number of the model's consequences. Despite some critical voices, economic methodology too has by and large subscribed to a "theory first" approach to applied economics. Error in Economics systematically develops an alternative to the theory-based orthodoxy. It places the methodical study of evidence at the centre of the scientific enterprise and thus provides a foundation for a methodology of evidence-based economics. But the book does not stop at the truism that claims should be based on the best available evidence. Rather, detailed studies in the areas of measurement, causal inference and policy analysis show what it means for a claim to be evidence-based in the context of a concrete case. The examples discussed concern topics as diverse as consumer price indices, radio spectrum auctions, the transmission mechanism, natural experiments on minimum wages and the evaluation of counterfactuals for policy. Error in Economics is essential reading for economic methodologists, philosophers of science and anyone interested in how claims about socio-economic matters are validated. (shrink)

This book is an introduction to medieval economic thought, mainly from the twelfth to the fifteenth centuries, as it emerges from the works of academic theologians and lawyers and other sources - from Italian merchants' writings to vernacular poetry, Parliamentary legislation, and manorial court rolls. It raises a number of questions based on the Aristotelian idea of the mean, the balance and harmony underlying justice, as applied by medieval thinkers to the changing economy. How could private ownership of property (...) be reconciled with God's gift of the earth to all in common? How could charity balance resources between rich and poor? What was money? What were the just price and the just wage? How was a balance to be achieved between lender and borrower and how did the idea of usury change to reflect this? The answers emerge from a wide variety of ecclesiastical and secular sources. (shrink)

This paper reconsiders whether rational choice and game theory represent cases of economics imperialism. It follows the work of Uskali Maki who analyzes the significance and characteristics of disciplinary imperialism in natural science and social science. "Economics Imperialism" is a term often used to describe the increasing impact and reach of economics with respect to its encroachment on other disciplines including political science and psychology. Maki provides a framework for assessing whether the influence of one discipline on (...) another could be a case of "good imperialism" consistent with unification and greater explanatory power. The paper examines whether in the case of economics, "rational choice imperialism" is a better understanding of the question of contention. Rational choice has been used to model addiction, sex, marriage, sleep, and suicide. Applying tools offered by Maki, this paper argues that although the imperialism of rational choice over multiple disciplines provides a unified means of modeling human action, it does not demonstrably achieve deeper understanding of either individual or collective action. Furthermore, rational choice modeling may alter the human practices it analyzes if it is used in public policy. Thus although rational choice offers a means to check for deductive consistency within and among its models, it has elements suggestive of the "bad disciplinary imperialism" that Uskali provides a means to critique. (shrink)

The status of economic liberties remains a serious lacuna in the theory and practice of human rights. Should a minimally just society protect the freedoms to sell, save, profit and invest? Is being prohibited to run a business a human rights violation? While these liberties enjoy virtually no support from the existing philosophical theories of human rights and little protection by the international human rights law, they are of tremendous importance in the lives of individuals, and particularly the poor. Like (...) most individual liberties, economic liberties increase our ability to lead our own life. When we enjoy them, we can choose the occupational paths that best fit us and, in so doing, define who they are in relation to others. Furthermore, in the absence of good jobs, economic liberties allow us to create an alternative path to subsistence. This is critical for the millions of working poor in developing countries who earn their livelihoods by engaging in independent economic activities. Insecure economic liberties leave them vulnerable to harassment, bribery and other forms of abuse from middlemen and public officials. This book opens a debate about the moral and legal status of economic liberties as human rights. It brings together political and legal theorists working in the domain of human rights and global justice, as well as people engaged in the practice of human rights, to engage in both foundational and applied issues concerning these questions. conomic liberties leave them vulnerable to harassment, bribery and other forms of abuse from middlemen and public officials. This book opens a debate about the moral and legal status of economic liberties as human rights. It brings together political and legal theorists working in the domain of human rights and global justice, as well as people engaged in the practice of human rights, to engage in both foundational and applied issues concerning these questions. (shrink)

Neither environmental economics nor environmental philosophy have adequately examined the moral implications of imposing environmental degradation and ecosystem instability upon our descendants. A neglected aspect of these problems is the supposed extent of the burden that the current generation is placing on future generations. The standard economic position on discounting implies an ethicaljudgment concerning future generations. If intergenerational obligations exist, then two types of intergenerational transfer must be considered: basic distributional transfers and compensatory transfers. Basic transfers have been the (...) central intergenerational concern of both environmental economics and philosophy, but compensatory transfers emphasize obligations of a kind often disregarded. (shrink)

This essay discusses the place of business principles and of moral sentiments in economic success, and examines the role of cultures in influencing norms of business behavior. Two presumptions held in standard economic analysis are disputed: the rudimentary nature of business principles (essentially restricted, directly or indirectly, to profit maximization), and the allegedly narrow reach of moral sentiments (often treated to be irrelevant to business and economics). In contrast, the author argues for the need to recognize the complex structure (...) of business principles and the extensive reach of moral sentiments by using theoretical considerations, a thorough analysis of Adam Smith’s work, and a careful interpretation of Japan’s remarkable economic success. Referring to the economic corruption in Italy and the “grabbing culture” in Russia, he further shows how deeply the presence or absence of particular features of business ethics can influence the operation of the economy, and even the nature of the society and itspolitics. Being an Indian himself, he warns against grand generalizations like the superiority of “Asian values” over traditional Western morals. To conclude, it is diversity—over space, over time, and between groups —that makes the study of business principles and moral sentiments a rich source of understanding and explanation. (shrink)

According to what I call the ‘argument from public bads’, if a researcher deceived subjects in the past, there is a chance that subjects will discount the information that a subsequent researcher provides, thus compromising the validity of the subsequent researcher’s experiment. While this argument is taken to justify an existing informal ban on explicit deception in experimental economics, it can also apply to implicit deception, yet implicit deception is not banned and is sometimes used in experimental economics. (...) Thus, experimental economists are being inconsistent when they appeal to the argument from public bads to justify banning explicit deception but not implicit deception. (shrink)

Whether economics warrants public trust depends on the extent to which assertions by economists can be deemed credible. Three examples from microeconomics are examined to assess how the discipline performs in this regard. First, a purely theoretical argument with broad conceptual implications: a quasi-evolutionary argument for rational choice based on the notion of money pumps. Second, a modelling-related claim with significant social implications: economists’ objection to minimum wages based on a simple supply-demand model. Third, methodological choices with implications for (...) all empirical work in microeconomics: the recent proclamation of a ‘credibility revolution’ in applied microeconomics through the use of experimental and quasi-experimental methods. These are assessed against proposed criteria for credibility: epistemic validity, epistemic reliability, and epistemic reflexivity. On the basis of the performance of the discipline against these criteria on the examples considered, I conclude that public distrust of economics and economists can be well-founded. (shrink)

This paper uses the economic crisis of 2008 as a case study to examine the explanatory validity of collective mental representations. Distinguished economists such as Paul Krugman and Joseph Stiglitz attribute collective beliefs, desires, intentions, and emotions to organizations such as banks and governments. I argue that the most plausible interpretation of these attributions is that they are metaphorical pointers to a complex of multilevel social, psychological, and neural mechanisms. This interpretation also applies to collective knowledge in science: scientific communities (...) do not literally have collective representations, but social mechanisms do make important contributions to scientific knowledge. (shrink)

Applying Care Ethics to Business is the first book-length analysis of business and economic cases and theories from the perspective of care theory.

Is economics a proper science at all? Or if it qualifies as a science, does it underperform, does it fail to fulfil its scientific duties? Does it perhaps just pretend to proceed as a science by applying principles and techniques that are not suitable for addressing its proper subject matter and for meeting the legitimate expectations? There is a long and live tradition of economics-bashing and economics apology in posing and answering such questions. One popular current in (...) this tradition is to blame economics for being theory-driven or method-driven or driven by whatever else but the world or empirical evidence or observation. Economics thus does not care about the real world – indeed, being so deeply shaped by its favourite theories and methods disconnects economics from the world. The alternative to this gloomy scenario is for a discipline to be evidence-driven or world-oriented or to be guided by some such proper scientific ethos. Being theory-driven involves stressing scientific virtues such as simplicity, coherence, convenience, tractability, formal rigor, theoretical elegance, and so on. Being observation-driven or world-oriented means emphasizing the importance of truth, complexity, empirical testing, practical relevance, and so on. Sometimes the former is characterized as a deductive approach, in contrast to the latter inductive approach. Diagnosis of the failures of economics and advice for how to do better economics is often put in such dichotomous terms. This popular way of framing the issues and debates is all too simplistic and outright distortive.... (shrink)

There is an ever-increasing interest in the question of how and why legal norms can effectively guide human action. This compact volume demonstrates how economic tools can be used to examine this question and scrutinize these legal norms. Indeed, this is one of the first text to be based on civil law instead of the more usual common law, situating the study of both private and public law within the framework of institutional economics, with recommendations for further reading and (...) a list of key terms in each chapter. Besides the standard economic problems in property, tort, contract, crime and litigation, areas covered include: new institutional economics public choice constitutional law public administrations regulatory impact analysis. This book is essential reading for students in law schools and economics departments alike, particularly those engaged with the methodology of law and economics, applied economics and economic methods of legal policy. (shrink)

The article gives a definition of the technical and economic potential of the application of the deforming broaching process. Research of the consequences of introducing deforming broaching into technological processes at manufacturing enterprises is carried out on the basis of application of system resource and matrix approach. On the basis of the performed researches, a methodological basis for the economic evaluation of the results of applying deforming broaching on the pro-duction has been developed. The article has improved the well-known scientific (...) and methodological foundations for the determination of technical and economic results of the application of deforming broaching due to the complex identifica-tion of production-organizational decisions - in technical and forms of evaluation in economic spheres. The developed approach gives an opportunity to more accu-rately assess the economic effect of introducing deforming broaching on the min-ing, metallurgical and machine building industries. It can be used to assess the economic effect of introducing other process parts processing. (shrink)

Insider trading has received a bad name in recent decades. The popular press makes it sound like an evil practice where those who engage in it are totally devoid of ethical principles. Yet not all insider trading is unethical and some studies have concluded that certain kinds of insider trading are actually beneficial to the greater investment community. Some scholars in philosophy, law and economics have disputed whether insider trading should be punished at all while others assert that it (...) should be illegal in all cases. This paper explores the nature of insider trading and analyzes the issues to determine the positive and negative aspects of insider trading, and how policy should be changed. The best hope would be for studies to be made that isolate the individuals or groups who are fraudulently harmed by insider trading. If any such groups exist, then clearly worded legislation could be passed to prevent any fraud from being committed against these individuals and groups, while allowing non-fraudulent transactions to be completed without fear of prosecution. Until it can be clearly determined that someone is fraudulently harmed by insider trading, there should be no law or regulation restricting the practice, since such restrictions violate individual rights and will likely have a negative market reaction. (shrink)

This book shows that global population ageing is an opportunity to improve the quality of human life rather than a threat to economic competitiveness and stability. It describes the concept of the creative ageing policy as a mix of the silver economy, the creative economy, and the social and solidarity economy for older people. The second volume of Economic Foundations for Creative Ageing Policy focuses on the public policy and management concepts related to the use of the opportunities that are (...) created by population ageing. Klimczuk covers theoretical analyses and case study descriptions of good practices to suggest strategies that could be internationally popularized. Each chapter includes exercises and assignments for both students and those who are likely to apply the presented concepts in practice. Contents: Foreword by Richard Adler Foreword by Dominic Campbell Introduction 1 The Politics of Ageing and the Challenges of Ageing Populations 2 Understanding Public Policy on Ageing 3 Sociological and Gerontological Perspectives on Ageing, Creativity, and the Third Age 4 Diversity of Ageing Policy Concepts 5 The Emergence of the Creative Ageing Movement 6 Aims and Challenges of the Creative Ageing Policy 7 Principles, Governance, and Coproduction of the Creative Ageing Policy 8 Organizational Forms and Management for the Building of Creative Capital of Older People Conclusion Afterword by Andreas Hoff and Kurt Lüscher Afterword by Suchandrima Chakraborty Afterword by Jorge Felix. (shrink)

Neither environmental economics nor environmental philosophy have adequately examined the moral implications of imposing environmental degradation and ecosystem instability upon our descendants. A neglected aspect of these problems is the supposed extent of the burden that the current generation is placing on future generations. The standard economic position on discounting implies an ethicaljudgment concerning future generations. If intergenerational obligations exist, then two types of intergenerational transfer must be considered: basic distributional transfers and compensatory transfers. Basic transfers have been the (...) central intergenerational concern of both environmental economics and philosophy, but compensatory transfers emphasize obligations of a kind often disregarded. (shrink)

This book is the first of its kind to provide a comprehensive overview of happiness in Economics. Although it is comparatively unusual to put happiness and economics together, the association appears increasingly exciting and fruitful. A number of studies have been produced following Richard Easterlins and Tibor Scitovskys pioneering works throughout the 1970s. The essays collected in this book provide an authoritative and comprehensive assessment both theoretical, applied and partly experimental of the whole field moving from the (...) so-called paradoxes of happiness in Economics. The book breaks new ground, particularly on the more recent directions of research on happiness, well-being, interpersonal relations and reciprocity. The meaning of happiness is thoroughly explored and the tension between a hedonic-subjective idea of happiness and a eudaimonic-objective one is discussed. This volume opens with Richard Easterlins own assessment of the main issues. Other authors include Robert H. Frank, Robert Sugden, Bruno S. Frey, Alois Stutzer, Richard Layard, Martha C. Nussbaum, Matt Matravers, Bernard M.S, van Praag, Oded Stark, You Q. Wang, Ruut Veenhoven, Charlotte Phelps, Stefano Zamagni, and Luigi Pasinetti. (shrink)

The origins of both economic and philosophical value theory are examined and shown to be closely related. The status of neo-classical value theory is that it is internally flawed in any attempt to describe the real world. Cost-benefit analysis as it applies to the valuation of environmental agents relies upon the claim that this neo-classical theory has a particular status in optimal welfare maximisation and, therefore, suffers the same problems of internal consistency. Economic valuation of the environment is not a (...) scientific process derived from external law but a social process relying upon social agreement. Alternatives to economic valuation are considered and may possess a more plausible social base. However, all environmental valuation is at odds with beliefs based upon the existence of objective and intrinsic values. (shrink)

What is freedom? Can we measure it? Does it affect policy? This book develops an original measure of freedom called 'Autonomy Freedom', consistent with J. S. Mill's view of autonomy, and applies it to issues in policy and political design. The work pursues three aims. First, it extends classical liberalism beyond exclusive reliance on negative freedom so as to take autonomous behavior explicitly into account. Second, it grounds on firm conceptual foundations a new standard in the measurement of freedom that (...) can be fruitfully coupled with existing gauges. Third, it shows empirically that individual preferences for redistribution and cross-country differences in welfare spending in Organisation for Economic Co-operation and Development countries are driven by the degree of 'autonomy freedom' that individuals enjoy. By means of an interdisciplinary approach and a sophisticated econometric methodology, the book takes an explicit stand in defense of freedom and sets the basis for a liberalism based upon people's actions and institutions. (shrink)

Slight absolute changes in the Shanghai Stock Exchange Index (SHSE) corresponded to the city’s immediate increases in coronary heart disease deaths and stroke deaths. Significant fluctuations in the Shenzhen Stock Exchange Index (SZSE) corresponded to the country’s minor, delayed death rates. Investors deal with money, greed, stock volatility, and risky decision-making. Happy people live longer and better. We ask the following question: Who are the investors with the highest and most sustainable stock happiness, and why? Monetary wisdom asserts: Investors apply (...) their deep-rooted values (avaricious love-of-money aspiration and locus of control, Level 2) as a lens to frame critical concerns in the proximal-immediate (Shanghai Stock Exchange Index changes, Level 1) and the omnibus-distal contexts (domicile: city vs. country, Level 2) to maximize expected utility (portfolio changes, Level 1) and ultimate serenity (stock happiness, Level 1). We collected multilevel data—the longitudinal SHSE and 227 private investors’ daily stock happiness and portfolio changes for 36 consecutive trading days in four regions of China. Investors had an average liquid asset of $76,747.41 and $54,660.85 in stocks. This study is not a “one-shot” game with “nothing at stake.” We classified Shanghai and Beijing as the city and Shenzhen and Chongqing as the country. Our cross-level 3-D visualization reveals that regardless of SHSE volatility, investors with low aspiration, external control, and country domicile enjoy the highest and most sustainable stock happiness with minimum fluctuations. Independently, investors with low aspiration, external control, and country domicile tend to make fewer portfolio changes than their counterparts. Behaviorally, less is more, debunking the myth—risky decisions excite stock happiness. Our longitudinal study expands prospect theory, incorporates attitude toward money, and makes robust contributions to behavioral economics and business ethics. We help investors and ordinary citizens make happy, healthy, and wealthy decisions. Most importantly, the life you save may be your own. (shrink)