After the global economic collapse triggered by the Great Recession, there has been an increased interest in the potential psychological implications of periods of economic decline. Recent evidence suggests that negative personal experiences linked to the economic crisis may lead to diminished generalized trust (i.e., the belief that most of the people of the society are honest and can be trusted). Adding to the growing literature on the psychological consequences of the economic crisis, we propose that the perceived personal impact (...) of the economic crisis not only would undermine generalized trust but also may lead to increased interpersonal trust (i.e., directed to specific and close people) and depersonalized in-group trust (i.e., directed to individuals who, while strangers, belong to the same group [e.g., social class]). Across three studies (N = 1379), we tested these central hypotheses and ascertained whether the perceived personal impact of the crisis would predict these types of trust (assessed using questionnaire and behavioral measures) independent of individuals’ socioeconomic status. Non-experimental data from Study 1 revealed that a higher perceived personal impact of the crisis is related to lower levels of generalized trust and higher levels of interpersonal trust. These effects were independent of participants’ socioeconomic status. Non-experimental data from Study 2 replicated the findings obtained in Study 1 and also showed a positive association between the perceived personal impact of the crisis and depersonalized in-group trust. This pattern of results emerged even after controlling for socioeconomic status, gender, age, political orientation, religiosity, and unemployment status. In Study 3, using an experimental design, we found that the salience of a possible economic downturn led to decreased generalized trust and increased interpersonal and depersonalized in-group trust—independently of socioeconomic status—compared with the control condition. These results challenge the conventional wisdom that economic crises invariably undermine trust in others. The implications of the present research as well as future research directions are discussed. (shrink)

This is the first of two articles in which I reflect on “generalized Darwinism” as currently discussed in evolutionary economics. I approach evolutionary economics by the roundabouts of evolutionary epistemology and the philosophy of biology, and contrast evolutionary economists’ cautious generalizations of Darwinism with “imperialistic” proposals to unify the behavioral sciences. I then discuss the continued resistance to biological ideas in the social sciences, focusing on the issues of naturalism and teleology. In the companion article (Callebaut, Biol Theory 6. doi: (...) 10.1007/s13752-013-0087-1, 2011, this issue) I assess generalized Darwinism, concentrating on the roles of theory and model building, generative replication, and the relation between selection and self-organization; and I point to advances in biology that promise to be more fruitful as sources of inspiration for evolutionary economics than the project to generalize Darwinism in its current, “hardened Modern Synthesis” form. (shrink)

Despite growing interest in evolutionary economics since the 1980s, a unified theoretical approach has so far been lacking. Methodological and ontological discussions within evolutionary economics have attempted to understand and help rectify this failure, but have revealed in turn further differences of perspective. One aim of this article is to show how different approaches relate to different levels of abstraction. A second purpose is to show that generalized Darwinism is some way from the most abstract level, and illustrates how it (...) may be used to move towards more specific theoretical applications. Nevertheless, there is a long way to go before these become more evident. (shrink)

This book examines the long term economic growth that has raised the West's material living standards to levels undreamed of by counterparts in any previous time or place. The authors argue that this growth has been driven by technological revolutions that have periodically transformed the West's economic, social and political landscape over the last 10,000 years and allowed the West to become, until recently, the world's only dominant technological force. Unique in the diversity of the analytical techniques used, the book (...) begins with a discussion of the causes and consequences of economic growth and technological change. The authors argue that long term economic growth is largely driven by pervasive technologies now known as General Purpose. They establish an alternative to the standard growth models that use an aggregate production function and then introduce the concept of GPTs, complete with a study of how these technologies have transformed the West since the Neolithic Agricultural Revolution. Early modern science is given more importance than in most other treatments and the 19th century demographic revolution is studied with a combination of formal models of population dynamics and historical analysis. The authors argue that once sustained growth was established in the West, formal models can shed much light on its subsequent behaviour. They build non-conventional, dynamic, non-stationary equilibrium models of GPT-driven growth that incorporate a range of phenomena that their historical studies show to be important but which are excluded from other GPT models in the interests of analytical tractability. The book concludes with a study of the policy implications that follow from their unique approach. (shrink)

Most philosophers of economics are hostile towards neoclassical economics in general and general equilibrium theory in the vein of Arrow and Debreu in particular. Especially the latter’s dismissal is justified by pointing out its lack of direct relevance for an understanding of real economies. Many recommend a more pragmatic approach along the lines of Keynes instead. The criterion of scientific legitimacy underlying this approach derives from a philosophy of science developed along the lines of Popper and Lakatos. They, (...) however, neglect the importance of conceptual problems and of the choice of adequate ‘language-systems’ in science. Since these conceptual and ‘linguistic’ aspects may be able to explain and to justify the rationale of the Arrow-Debreu approach, I recommend the more balanced philosophies of Carnap and Laudan, in which conceptual as well as empirical problems are allowed for, as a framework for methodological appraisal. I explain why such a balanced view is obstructed for most philosophers of economics and advocate a moderate pluralism leaving room for different theories, methodologies and language-systems, depending on the scientific aims that are pursued. (shrink)

This book examines the long term economic growth that has raised the West's material living standards to levels undreamed of by counterparts in any previous time or place. The authors argue this growth has been driven by periodic technological revolutions that have transformed the West's economic, social and political landscape over time and allowed the West to become, until recently, the world's only dominant technological force. A must read for anyone interested in economic growth.

There is a famous character in one of Oscar Wilde's plays who knew the price of everything and the value of nothing. An economist wonders uneasily if the reference is not to him. The word “value” occurs in economic writings with high frequency, the frequency of meanings being almost as great as the frequency of occurrence. It has been the occasions of long and bitter disputes, some on the semantic level, some more substantive. What I want to accomplish in this (...) paper is a relatively humble task—to examine some of the concepts and related systems in economics which seem to be relevant to the general problem of value, and to see how far and in what directions they might be safely generalized. I do not claim that economics, even when generalized to the full, gives us a complete theory of value. Many of the most important and most difficult questions in value theory cannot be answered within the framework which I shall set up. But economics can, I hope, provide something of a foundation on which to build, or at least a launching platform from which to send off our philosophical rockets. (shrink)

How can we use models to understand real phenomena if models misrepresent the very phenomena we seek to understand? Some accounts suggest that models may afford understanding by providing causal knowledge about phenomena via how-possibly explanations. However, general equilibrium models, for example, pose a challenge to this solution since their contribution appears to be purely mathematical results. Despite this, practitioners widely acknowledge that it improves our understanding of the world. I argue that the Arrow–Debreu model provides a mathematical how-possibly (...) explanation which establishes claims of mathematical dependence. The account developed reveals how mathematical knowledge can inform claims about the world, allow ‘what-if-things-had-been-different’ inferences, and thus improve our understanding. (shrink)

The International Covenant on Economic, Social and Cultural Rights was signed by Turkey in 2000 and has been in force since September 23rd, 2003. For this reason, the Covenant is considered as act of parliament in our domestic law, and unlike the general procedure of application of the law, it can not be alleged to contradict the Constitution (According to Article 90 of the Turkish Constitution). The article 12 of the Covenant defines the right to health and its content. (...) In the article 12 of the Covenant, in its General Comment No. 14 published in 2000, the right to the highest attainable standard of health was interpreted and commented upon. This document contains a detailed description of the right to health, its content, and its obligations to State parties. Although this Comment of the Covenant is not binding, it is a document to which the State parties refer when taking measures related to health services. Every publication and comment on the right to health was based on the General Comment 14 of the Covenant. The Article 12 was reinterpreted by the Covenant on May 2nd, 2016 in the context of rights to sexual and reproductive health. İit has been emphasized that legal, procedural, practical and social barriers limit the access of individuals to full range sexual and reproductive health services. It has also been pointed out that accessibility of sexual and reproductive health services is a distant target for women and girls. Moreover, it has been stated that discrimination that increases exclusion in legislation and practice limits lesbian, gay, bisexual, transgender and intersex (LGBTI) individuals and disabled people'senjoyment of sexual and reproductive health rights. For this reason, it is stated that although commenting on the rights of sexual health and reproductive health is included in 14 comments, it is important to make an interpretation about them. This comment is an interpretation of a binding Convention. Therefore; It is a document that will provide guidance on measures to be taken by States Parties in respect of their rights to sexual health and reproductive health. At the same time, obstacles to discrimination in medical practice bring important approaches in terms of respect for autonomy and respect for private life. In our article, information about the content of the ESKHK's interpretation and possible reflections of this content in the field of medical law and ethics will be given. (shrink)

The paper reviews links between Bernard Lonergan's theory of innovative economic growth and cycles, and the ideas of Friedrich Hayek, John Maynard Keynes, and Joseph Schumpeter. They were contemporary economists, who remain influential today. For Lonergan, although markets define what is bought and sold in an exchange economy, production decisions are more fundamental. These decisions are choices about the direction of development, the standard of living, and variations in the distribution of wealth in a modern society. The paper shows how (...) Lonergan's pure cycle theory extends mainstream theory to include a broader view of human behaviour and choice. (shrink)

(1995). Prediction in chaotic social, economic, and political conditions: The conflict between traditional chaos theory and the psychology of prediction, and some implications for general evolution theory. World Futures: Vol. 44, No. 1, pp. 15-31.

Andreu Mas-Colell has been doing pioneering work using differential topology in the analysis of general equilibrium. This work is regarded as outstanding and one of the major contributions to the development of rigorous economic theory in the last twenty years. The articles he has written have been difficult and technically demanding. In this book he brings this work together to show its scope and its power. He presents the analysis in a way which makes it accessible to the broader (...) range of economic theorists and advanced students. This book has been long awaited as a seminal contribution to the subject. (shrink)

This book, together with Marx's Economic and Walras' Economics, completes a sequence of titles by Professor Morishima on the first generation of scientific economists. The author's assessment of Ricardo differs substantially from the established views adopted by economists and historians of economic thought. While economists such as Pasinetti, Caravale and Samuelson have concentrated on macroeconomic interpretations of Ricardo, and historians of economic thought have emphasised his labour theory of value, Morishima takes a different course. In this book the author concentrates (...) on Ricardo's main work, The Principles, and shows that his economics is the prototype of mathematical economies without the symbols and formulae. Morishima then translates Ricardo's economics into mathematical language to find a general equilibrium system concealed within. The analysis also contradicts the conventional view that marginalism emerged in opposition to classical economics, showing instead that Ricardian analysis is firmly based on marginalist principles, using prices, wages and profits rather than labour values. The book ends with a discussion of the historical character of economic theory and an attempt to specify the epoch of Ricardian economics. (shrink)

The scientific methodology underlying model-building is critically investigated. The modeling views of Popper and Samuelson and their prototypes are critically examined in the light of the theme of the moral law of unity of knowledge and unity of the world-system configured by the meta-epistemology of organic unity of knowledge. Upon such critical examination of received methodology of model-building in economics, the extended perspective?namely of integrating the moral law derived from the divine roots as the meta-epistemology?is rigorously studied. The example of (...) the Islamic prerogative in interpreting the holistic world-system through model-building in economics is highlighted. A religio-philosophical approach is adopted to exemplify some approaches in Islamic model-building. An especial focus is placed here on grassroots types of financing and activities. The critique of these models within the existing Islamic scholarship is carried out. The result is new dimensions of macroeconomic analysis that emanate in a logical way from the meta-epistemological approach, and oppose the mainstream ideas, both in received and Islamic economic thinking as of now. (shrink)

Lipsey and Lancaster's "general theory of second best" is widely thought to have significant implications for applied theorizing about the institutions and policies that most effectively implement abstract normative principles. It is also widely thought to have little significance for theorizing about which abstract normative principles we ought to implement. Contrary to this conventional wisdom, I show how the second-best theorem can be extended to myriad domains beyond applied normative theorizing, and in particular to more abstract theorizing about the (...) normative principles we should aim to implement. I start by separating the mathematical model used to prove the second-best theorem from its familiar economic interpretation. I then develop an alternative normative-theoretic interpretation of the model, which yields a novel second best theorem for idealistic normative theory. My method for developing this interpretation provides a template for developing additional interpretations that can extend the reach of the second-best theorem beyond normative theoretical domains. I also show how, within any domain, the implications of the second-best theorem are more specific than is typically thought. I conclude with some brief remarks on the value of mathematical models for conceptual exploration. (shrink)

In The Equilibrium Manifold, noted economic scholar and major contributor to the theory of general equilibrium Yves Balasko argues that, contrary to what many textbooks want readers to believe, the study of the general equilibrium model did not end with the existence and welfare theorems of the 1950s. These developments, which characterize the modern phase of the theory of general equilibrium, led to what Balasko calls the postmodern phase, marked by the reintroduction of differentiability assumptions and the (...) application of the methods of differential topology to the study of the equilibrium equation. Balasko's rigorous study demonstrates the central role played by the equilibrium manifold in understanding the properties of the Arrow-Debreu model and its extensions. Balasko argues that the tools of differential topology articulated around the concept of equilibrium manifold offer powerful methods for studying economically important issues, from existence and uniqueness to business cycles and economic fluctuations. After an examination of the theory of general equilibrium's evolution in the hundred years between Walras and Arrow-Debreu, Balasko discusses the properties of the equilibrium manifold and the natural projection. He highlights the important role of the set of no-trade equilibria, the structure of which is applied to the global structure of the equilibrium manifold. He also develops a geometric approach to the study of the equilibrium manifold. Applications include stability issues of adjustment dynamics for out-of-equilibrium prices, the introduction of price-dependent preferences, and aspects of time and uncertainty in extensions of the general equilibrium model that account for various forms of market frictions and imperfections. Special effort has been made at reducing the mathematical technicalities without compromising rigor. The Equilibrium Manifold makes clear the ways in which the postmodern" developments of the Arrow-Debreu model improve our understanding of modern market economies. (shrink)

This paper supports the literature which argues that derivational robustness can have epistemic import in highly idealized economic models. The defense is based on a particular example from mathematical economic theory, the dynamic Walrasian general equilibrium model. It is argued that derivational robustness first increased and later decreased the credibility of the Walrasian model. The example demonstrates that derivational robustness correctly describes the practices of a particular group of influential economic theorists and provides support for the arguments of philosophers (...) who have offered a general epistemic justification of such practices. (shrink)

Economic sanctions are envisaged as a sort of punishment, based on what should be an institutional decision not unlike a court ruling. Hence, the conditions for their lifting should be clearly stated and once those are met sanctions should be lifted. But this is generally not what happens, and perhaps is precluded by the very nature of international sanctioning. Sanctions clearly have political, economic, military and strategic consequences, but the question raised here is whether sanctions can also have moral justification. (...) Illustrated by the example of international sanctions against Yugoslavia, the authors show how the process of escalating demands on a target country, inherent to the very process of sanctioning, can lead ultimately even to overt aggression. As a result of this logic of escalation, economic sanctions cannot be articulated properly in any law-like system. Economic sanctions have much more in common with war than legal punishment, and in fact represent a form of siege. As such, they cannot be ended simply on the basis of their initial rationale, for the very process of sanctions implementation opens up possibilities for setting new goals and a continuous redefinition of the goal that sanctions are seen to have. (shrink)

The essay proceeds from the assumptions that for a economic/political integration group to succeed, first, its participants’ motives should ideally be as alike as possible and not oppose one another and, second, their expectations from integration should correspond to the organisation’s capabilities. In light of these assumptions, the study endeavours to assess the Eurasian Economic Union’s (EAEU) potential for stability and development. First, the author analyses the key motives that were driving its member states’ decisions to enter the organisation, compares (...) them with one another and discusses how the countries’ motives influence their conduct in the union. Second, the author confronts those motives against the EAEU’s activities and the general logic of interstate politics on the post-Soviet space to reckon up whether the bloc’s capabilities fit with the expectations of its member countries. Finally, based on that discussion, the author speculates on how the divergence/convergence of EAEU member states’ goals, as well as the (in-)feasibility of their expectations, affect the organisation’s development. (shrink)

In this paper, I combine the actor-network economic sociology of disability with recent developments in phenomenological, embodied cognitive science, to discuss how ability, calculative agency, and meaning are distributed throughout materially situated sociocognitive systems. I begin by outlining the actor-network approach to disability, market formation, and economic agency. Next, I turn to the cognitive sciences, and describe the emergence of consciousness and meaning in embodied human being. With an operative synthesis of the two projects in place, I turn to government-organized (...) disability savings plans in Canada. I suggest that the low uptake of these plans can be explained using the theoretical synthesis provided in the first two sections of this paper, giving a robust account of the threefold distribution of ability, calculative agency, and meaning. (shrink)

The author finds no support for the claim that J. M. Keynes had severe reservations, in general, as opposed to particular, concerning the application of mathematical, logical and statistical methods in economics. These misinterpretations rest on the omission of important source material as well as a severe misconstrual ofThe Treatise on Probability (1921).

Markets can often be harsh in compelling people to make unpalatable economic choices any reasonable person would not take under normal conditions. Thus, workers laid off in mid-career accept lower-paid jobs that are beneath their professional experience for want of better alternatives. Economic migrants leave their families and cross borders in search of a livelihood. These are examples of economic compulsion. These economic ripple effects have been virtually ignored in ethical discourse because they are generally accepted to be the very (...) mechanisms that generate the market's much-touted allocative efficiency. Albino Barrera argues that Christian thought on economic security offers an effective framework within which to address the consequences of economic compulsion. (shrink)

I examine the history of the concept of spontaneity in philosophy and the social sciences, particularly as it relates to monetary phenomena. I then offer an argument for the general significance of spontaneity. The essay concludes that scholars across the humanities and social sciences, whatever their (disciplinary, political, ideological, etc.) persuasion, would be well-served to further develop the theory of spontaneity and its social effects.

Darwin’s Conjecture is a bold attempt to bring evolutionary explanation to the social sciences, particularly economics. The book outlines the history of Darwinian explanation in social science then puts forward a generalized replicator account of social evolution by natural selection. The authors identify habits and routines as examples of the generative replicators necessary in order that social evolution is Darwinian. This reviewer notes that the replicator approach limits the generality of this account and suggests that habits and routines might better (...) be seen as members of a Darwinian population in the tradition of Godfrey-Smith’s (2009) generalized account of natural selection instead. Furthermore, the existence of levels of social evolution will constrain what evolution can occur low in the hierarchy. (shrink)

Effective stakeholder engagement and inclusive governance are essential for effective and equitable ocean management. However, few cross-national studies have been conducted to examine how stakeholders’ economic and cultural benefit perceptions influence their support level for policies focused on ocean preservation. The current study aims to fill this gap by employing the Bayesian Mindsponge Framework (BMF) analytics on a dataset of 709 stakeholders from 42 countries, a part of the MaCoBioS project funded by the European Commission H2020. We found that economic (...) and cultural benefit perceptions are generally negatively associated with the policy support level. Regarding economic aspects, stakeholders considering transportation and shipping, renewable energy generation, and oil and gas provision as the most crucial benefits their countries’ oceans provide tend to obtain less support for policies focusing on ocean preservation. Meanwhile, for cultural aspects, perceiving recreation and tourism, aesthetic pleasure, mental health and well-being support, and sense of identity provision as the most important benefits provided by the country’s ocean are negatively associated with the policy support level. The perceived economic, cultural, and environmental tradeoffs when supporting policies focused on ocean preservation were discussed. Recommendations for improving the effective management of multi-use marine space are also provided to reduce the perceived competing interests among stakeholders. (shrink)

The debates over the future of human population and the earth’s environment, and similar large issues, usually take place without reference to explicit models. Debate would be clarified if such models were employed. We propose that the logistic equation and its extensions like the generalized logistic and the Lotka-Volterra equations, so familiar to ecologists, can easily be modified to model the important "macro" questions that motivated the three thinkers of our title. The long term rate of population growth must normally (...) be controlled by the rate of improvement in K, the carrying capacity of the earth. K will in turn be controlled by the rate of technological progress. The present situation, in which technological improvement (but also perhaps environmental deterioration) are increasing at rates above r, the Malthusian intrinsic rate of natural increase, is probably unique in human history. Can present levels of human prosperity and population growth be sustained? What processes are most likely to determine the answer to this and similar questions? We here sketch a model that endogenizes technological progress and environmental deterioration in the logistic framework. We discuss extensions of the logistic approach to multiple populations, such as other species, and sub-populations, such as human social classes, using the Lotka-Volterra equations. (shrink)

This is a history of economic thought from Adam Smith to John Maynard Keynes - but it is a history with a difference. Firstly, it is a history of economic theory, not of economic doctrines, that is, it is consistently focused on theoretical analysis, undiluted by entertaining historical digressions or biological colouring. Secondly, it includes detailed Reader's Guides to nine of the major texts of economics, namely the works of Smith, Ricardo, Mill, Marx, Marshall, Wickstead, Wicksell, Walras and Keynes, in (...) the effort to encourage students to become acquainted at first hand with the writings of all the great economists. This fifth edition, first published in 1997, adds new Reader's Guides to Walras's Elements of Pure Economics and Keynes' General Theory to the previous seven Reader's Guides of other great books in economics. There are significant and major additions to six chapters. (shrink)

The economics profession has become a favourite punching bag in the aftermath of the global financial crisis. Economists are widely reviled and their influence derided by the general public. Yet their services have never been in greater demand. To unravel the paradox, we need to understand both the strengths and weaknesses of economics. This book offers both a defence and critique of economics. Economists' way of thinking about social phenomena has great advantages. But the flexible, contextual nature of economics (...) is also its Achilles' heel in the hands of clumsy practitioners. (shrink)

Economic liberty is best understood in opposition to economic domination. This article develops a radical republican conception of such domination. In particular, I argue that radical republicanism provides a more satisfactory account of individual economic freedom than the market-friendly liberties of working, transacting, holding, and using championed by Nickel and Tomasi. So too, it avoids the pitfalls of other conceptions of economic liberty which emphasize real freedom, alternatives to immiserating work, or unalienated labor. The resulting theory holds that economic domination (...) occurs when someone’s access to civic capabilities is contingent on the arbitrary economic power of others. Socialist institutions—suitably configured—can deliver on this individual economic freedom, allowing the dominating power of proprietors, shareholders, landlords, and managers to be kept in check, and providing an unconditional minimum that allows individual citizens to be less beholden to others in meeting many of their most fundamental civic needs. Thus, I conclude that socialism can be championed as a politics of individual economic liberty. (shrink)

Philosophy of Economics: A Contemporary Introduction is the first systematic textbook in the philosophy of economics. It introduces the epistemological, metaphysical and ethical problems that arise in economics, and presents detailed discussions of the solutions that have been offered. Throughout, philosophical issues are illustrated by and analysed in the context of concrete cases drawn from contemporary economics, the history of economic ideas, and actual economic events. This demonstrates the relevance of philosophy of economics both for the science of economics and (...) for the economy. This text will provide an excellent introduction to the philosophy of economics for students and interested general readers alike. (shrink)

Economic forms of analysis have penetrated to many disciplines in the last 30 years: political science, sociology, law, social and political philosophy, and so forth. We wish to extend the economic paradigm to certain problems in epistemology and the philosophy of science. Scientific agents, and scholarly inquirers generally, act in some ways like vendors, trying to "sell" their findings, theories, analyses, or arguments to an audience of prospective "buyers". The analogy with the marketplace is imperfect. The ideas or discoveries that (...) a scientist offers are not private goods in the economist's sense. Nonetheless, there are parallels with the marketplace that are worth exploring. (shrink)

Herman Dooyeweerd ( 1985 ) argued that among the modalities making up the fabric of reality a specifically economic one is to be found. The aim of the present paper is to discuss the texture of such a modality and how it both differentiates and intertwines with others. For an updated brief, albeit cogent and analytically lucid presentation of the Law Framework ontology, see Clouser ( 2009 ). Dooyeweerd’s view entails that the proper object of economics is irreducible to that (...) of other disciplines, but a non-reductionist view of the object of economics presupposes that the nuclear meaning of that discipline has been clearly delimited: this is required in order to determine its nature and separate identity as a scientific discipline. By ‘the nuclear meaning of a discipline’ I understand a pre-theoretical delimitation of its field of research, such as that of the field of physics, characterized by the laws governing force and energy. Within one and the same field there may be many theories, theories competing to explain the same phenomena, or dealing with phenomena so different that it is nearly impossible to trace conceptual connections among them. This last situation calls for a unified-field theory. In the second section of this paper I will attempt to defend a rather commonly accepted definition of the field of economics that sees this discipline as a science of choice. In the third I will show how the analytical conception it involves can be naturally complemented with a classificatory one. According to a classificatory conception, the aggregated social-level phenomena, patterns and regularities economic theories usually deal with, are economic in that sense, even though they are not prima facie cases of individual behavior, or are unintended consequences of aggregated individual choices. In the fourth I will discuss the meaning of the most general, supra-arbitrary economic laws—the modal laws of economics. In the final section I will offer a non-reductionist view of economics that nevertheless takes into account its intertwining with other spheres. (shrink)

First published in 1986 and reprinted in 2010 in the Routledge Revivals series, this book presents the first detailed confrontation between the Austrian school of economics and Austrian philosophy, especially the philosophy of the Brentano school. It contains a study of the roots of Austrian economics in the liberal political theory of the nineteenth-century Hapsburg empire, and a study of the relations between the general theory of value underlying Austrian economics and the new economic approach to human behaviour propounded (...) by Gary Becker and others in Chicago. In addition, it considers the connections between Austrian methodology and contemporary debates in the philosophy of the social sciences. (shrink)

Law, Economics, and Morality examines the possibility of combining economic methodology and deontological morality through explicit and direct incorporation of moral constraints into economic models. Economic analysis of law is a powerful analytical methodology. However, as a purely consequentialist approach, which determines the desirability of acts and rules solely by assessing the goodness of their outcomes, standard cost-benefit analysis is normatively objectionable. Moderate deontology prioritizes such values as autonomy, basic liberties, truth-telling, and promise-keeping over the promotion of good outcomes. It (...) holds that there are constraints on promoting the good. Such constraints may be overridden only if enough good is at stake. While moderate deontology conforms to prevailing moral intuitions and legal doctrines, it is arguably lacking in methodological rigor and precision. Eyal Zamir and Barak Medina argue that the normative flaws of economic analysis can be rectified without relinquishing its methodological advantages and that moral constraints can be formalized so as to make their analysis more rigorous. They discuss various substantive and methodological choices involved in modeling deontological constraints. Zamir and Medina propose to determine the permissibility of any act or rule infringing a deontological constraint by means of mathematical threshold functions. Law, Economics, and Morality presents the general structure of threshold functions, analyzes their elements and addresses possible objections to this proposal. It then illustrates the implementation of constrained CBA in several legal fields, including contract law, freedom of speech, antidiscrimination law, the fight against terrorism, and legal paternalism. (shrink)

This book outlines and analyzes the economic development of China between 1949 and 2007. Rather than being narrowly economic, the book addresses many of the broader aspects of development, including literacy, morality, demographics and the environment. The distinctive features of this book are its sweep and that it does not shy away from controversial issues. For example, there is no question that aspects of Maoism were disastrous but Bramall argues that there was another side to the whole programme. More recently, (...) the current system of government has presided over three decades of very rapid economic growth. However, the author shows that this growth has come at a price. Bramall makes it clear that unless radical change takes place, Chinese growth will not be sustainable. This large, comprehensive text is relevant to all those studying the economic history of China as well as its contemporary economy. It is also useful more generally for students and researchers in the fields of international and development economics. (shrink)