This article has provided a forum for analytical discourses pertaining to two philosophical and methodological concepts (Phronesis and Hermeneutics) in a bid to addressing the key objectives set out. Dscussions emanated from the work (more so from literature review carried out) clearly shows that, there is no crystal dichotomy between the two concepts, but more so the prevalence of inter-connectedness and interpretation of situations or even texts can also be based on an expression of positive biasness towards what one may (...) perceive as being humanely justifiable, closely linked to Hans-Georg Gadamer's hermeneutical philosophy. The methodological inquiry of the study’s reliance on literature review materials and other documentations has helped greatly in unravelling an open, but more critical discourses pertaining to the two case study countries selected (Sierra Leone and the United Kingdom). (shrink)

Publication date: 14 June 2017 Source: Author: Javad Momeni, Rasoul Mohsenzadeh, Tahereh Mohsenzadeh, Rasoul Zarchini In this research, we have studied the population of street children in Khorram Abad in Iran, in 2015, with the emphasis on the role of economic and legal factors forcing children to work on the streets. The results of this research show that the issue of child labor is the consequence of both global and local matters. These children are the products of the urban (...) society, poverty, and cultural, legal, and local factors. The research method is a survey, and the statistical population is the street children, aged between 7 to 18 living in Khorram Abad, in 2015. The sample population chosen randomly includes 242 people, and the required information was gathered using the questionnaire and interview technique. In Khorram Abad, Lorestan, economic crisis and parents' misdemeanor are the two main factors that force the children to fill their fathers' missing place by working in the streets. But, gender factors such as being a boy, and cultural factors such as belonging to a specific tribe are influential in the howness of this phenomenon. In this article, we have attempted to use native sources for a better understanding of the local situation of the phenomenon, and have proposed a few solutions to alter the current situation. (shrink)

Argues that economics is a cultural phenomenon, rather than a strictly mathematical entity, that is found in mythology, religion, philosophy, psychology, ...

The concept of social entrepreneurship emerged as a significant factor that contributes toward public welfare and prosperity. Recent studies showed that social entrepreneurship influences the economic growth and sustainability of the state. Therefore, the underlying aim of this study was to investigate the impact of social entrepreneurship on sustainable economic growth and value creation. This study also undertook to observe the mediating role of innovation in the relationship between social entrepreneurship and sustainable economic growth and between social (...) entrepreneurship and value creation. A questionnaire technique was adopted to obtain data from 343 tour operators in China. The Smart-PLS software was used to analyze the data through the aid of a structural equation modelling technique. The results revealed that social entrepreneurship has an effect on sustainable economic growth and value creation. The results also demonstrated that innovation has an effect on sustainable economic growth and value creation. Moreover, it was also observed that innovation mediated the relationship between social entrepreneurship and sustainable economic growth and between social entrepreneurship and value creation. Theoretically, this study made a valuable contribution by examining the impact of social entrepreneurship on sustainable economic growth and value creation and innovation as a mediator. In terms of practical implications, this study would certainly aid the policymakers to devise policies and strategies aim to encourage and promote social entrepreneurship. Moreover, future studies can introduce other mediating and moderating variables in order to gain a deeper insight into the phenomenon. (shrink)

The phenomenon of performativity has recently sparked debates about the status of the economic discourse. This paper aims to discuss the subjectivist idea that if economics ‘performs’ social reality, rather than merely reflects it, then every theory can be considered ‘true.’ My main goal is to point out three limits of performativity. First, not all theories can be performative since some do not produce empirical landmarks for agents. Second, social institutions restrict performativity. Third, I emphasize the necessity that (...) a theory to be self-fulfilling. This article is a prelude to a new kind of performative studies based on an original definition: a theory performs the world if it implies a behavioral regularity which leads to a general coordination between agents. That is to say, if it becomes a convention à la David Lewis. (shrink)

Can social phenomena be understood by analyzing their parts? Contemporary economic theory often assumes that they can. The methodology of constructing models which trace the behavior of perfectly rational agents in idealized environments rests on the premise that such models, while restricted, help us isolate tendencies, that is, the stable separate effects of economic causes that can be used to explain and predict economic phenomena. In this paper, I question both the claim that models in economics supply (...) claims about tendencies and also the view that economics, when successful, necessarily follows this method. When economics licenses successful policy interventions, as it did in the case of the Federal Communications Commission spectrum auctions, its method is not to study tendencies but rather to study the phenomenon as a whole. Key Words: economic models • tendencies • economic experiments • policy making • John Stuart Mill. (shrink)

This article is a response to a call for a study of international criminal law as an economic phenomenon, going beyond addressing administrability, commensurability, and interpersonal comparison of utility, band instead focusing on problems of institutional choice. This approach differs from the typical methods of normative and descriptive scholarship of international criminal law. An institution like the International Criminal Court can be usefully examined as an international public good, and as such offering little incentives for states such as (...) the United States of America to join as they can enjoy benefits without costs. This article examines the economic basis for the US non-participation in the ICC and grapples with future prospectives. (shrink)

Different applications of synthetic biology are alike in that their possible negative consequences are highly uncertain, potentially catastrophic, and perhaps irreversible; therefore, they are also alike in that public attitudes about them are fertile ground for behavioral economic phenomena. Findings from behavioral economics suggest that people may not respond to such applications according to the normal rules of economic evaluation, by which the value of an outcome is multiplied by the mathematical probability that the outcome will occur. Possibly, (...) then, synthetic biology applications challenge the normative postulates of the standard approach, too.I want to first consider how some of the phenomena described by behavioral economists—and behavioral scientists more broadly—might affect people's perceptions of the uncertainties associated with synthetic biology. My analysis will be far from complete, however, because behavioral economics is essentially the study of human behavior, and thus its reach is potentially vast and its development longstanding and ongoing. Nonetheless, I hope to give an indicative perspective on how some aspects of behavioral economics might affect the assessment and perceived acceptability of synthetic biology. I will then consider the issue of agency. Should policy‐makers respect people's reactions to synthetic biology when those reactions are known to be driven by behavioral economic phenomena rather than following the normative postulates of rational choice theory? Or should policy‐makers dismiss these reactions as inherently biased? I will argue that the normative force of these human reactions (probably) depends on phenomenon and context. (shrink)

We consider the potential contribution of economics to an interdisciplinary research partnership between sociology and neuroscience. We correct a misunderstanding in previous literature over the understanding of humans as ‘social animals’, which has in turn led to misidentification of the potential relevance of game theory and the economics of networks to the social neuroscience project. Specifically, it has been suggested that these can be used to model mindreading. We argue that mindreading is at best a derivative and special basis for (...) social coordination, whereas the general and pervasive phenomenon on which it depends is mindshaping. We then outline the foundations of Conditional Game Theory as a mathematical model of mindshaping, which extends game theory without displacing its classic solution concepts, and which exploits economists’ experience in modeling networks. (shrink)

Pathological gambling (PG) is a kind of ‘ideal puzzle’ for the economic model of the consumer. The pathological gambler takes pains to engage in activity that transparently has negative expected returns if utility varies positively with money. She also, typically, spends further resources on commitment devices designed to interfere with her gambling. These properties together describe an agent that is a kind of perfect foil for the rationally maximizing consumer. Recently, aspects of the neuropathology underlying the strange economic (...) agency of the pathological gambler are becoming understood. Thus PG is an ideal test bed phenomenon for working out relationships between economic modeling based on constrained optimization of utility and the new neuroscience of behavior. (shrink)

The fundamental changes that took place at the beginning of the 21st century in all spheres of public life actualized the personalized trend of the modern personality, namely its social and professional development, which is associated with the concept of “career”. The purpose of the article is to characterize the pool of factors that determine a career as a socio-cultural phenomenon of modern society. Based on macro- and microsociological approaches, the parameters of career transformation are determined. Economic ones (...) consist in the transition from working professions to expert-type professions that require a high level of education and specialization. Technological - in the development of information technologies, which led to changes in the technical and technological component of social production and the growth of a separate social group of intellectual workers. The transformation of interests and value orientations of a person has led to a shift in the emphasis of personal performance from external signs to individualistic factors. The patterns of new realities in the world of work, which led to the transformation of the concept of career and new trends, are characterized. The first model includes the presence of higher education, intellectual work in the specialty and a fairly low level of income. The second model is based on ideas about the American dream and the unlimited possibilities of the individual, where the main component is a high material status and own business as a symbol of success. The third model is a highly paid professional with a high level of prestigious education and a good profession. A new type of career is defined - “polyvariant”. These days, success in career strategies requires constant professional development and gaining experience. Through the individualization and pluralization of lifestyles and consumption, people are more able to choose their own path to success, including various forms of life and career development. The tendencies of the spread of self-employment and the development of professional qualities in the career strategies of a modern person are determined. Through the individualization and pluralization of lifestyles and consumption, people are more able to choose their own path to success, including various forms of life and career development. (shrink)

This article is devoted to the consideration of the problem of loneliness as a phenomenon of the modern world. The individual and his inner world are losing their primacy in the sphere of global political and economic changes in the modern world. The relevance of this study lies in the fact that loneliness is one of the most acute and pressing problems of society today, this problem determines the need for a theoretical basis and a modern concept of (...) the phenomenon of loneliness. This is not only a phenomenon in the life of a person, but also a crucial social phenomenon that requires deep and comprehensive social and philosophical understanding. The aim of this study is to provide theoretical justification for the phenomenon of loneliness as a phenomenon in modern society. The methodological basis of the research on the topic of study was the actual works of domestic and foreign scientists, who consider in their works such a phenomenon as loneliness. In order to achieve the stated goal of research and solve all the tasks, the following research methods were used: analysis, synthesis and generalization of scientific journalism, as well as classification. The circumstances and factors that determine the prevalence and level of loneliness in modern society of the Republic of Kazakhstan are considered. The theoretical meaning of the concept of “loneliness,” its social conditions, as well as the factors of the emergence and spread of the phenomenon of loneliness has been analyzed. This article analyses several current classifications of loneliness in the modern world, developed by domestic and foreign researchers. The emphasis is on causes, symptoms of loneliness as a phenomenon. The study showed that loneliness is an integral part of every person’s life, as well as having its advantages and disadvantages. The practical value of the study lies in the fact that the material considered in the scientific article can be used by psychologists and sociologists of the Republic of Kazakhstan to analyze this phenomenon when working with the population in the state. (shrink)

It can hardly be denied that each field of knowledge has its own subject-matter and aims, scope and limits, specific method and distinctive characteristics. Every science has its own historical background and dynamics which explain its emergence and raison d'etre, as well as influence its development over time, expanding and contracting as it were in response to the prevailing Zeitgeist and alongside societal, legal, and political changes. Consequently, each discipline inevitably reflects the realities, beliefs, needs, tendencies, and interests of the (...) individuals (or groups) who undertake its study and instruction, or try to apply and develop it further. In other words, each field of knowledge is mirroring a certain Weltansicht, or worldview‒that is, a comprehensive framework through which individuals or cultures interpret and understand the world around them. In scientific enterprise, worldviews not only provide a broader context for interpreting data, but also influence their research directions, methodological preferences, and final conclusions. Economics is no exception to this phenomenon. This modest essay aims to open up the epistemological foundations of modern economics to closer scrutiny with a view to pinpointing some tacit assumptions, cultural or other biases, and preconceived notions operating beneath the surface of economic models, theories, and methodologies. (shrink)

The failure of neoclassical economic theories to explain the nature and significance of the phenomenon of technological change is critically looked at in this article. Although there are numerous excellent works in the literature on technologicial change that criticize the inadequacy of neoclassical economists’ approach to this phenomenon, my objective, however, is to open a new discourse on technological change by emphasizing the epistemological significance of technology. It is argued that the concept of technology as essentially a (...) process of knowledge created for doing things and solving problems, and technological change as essentially a process of knowledge change occurring within the contexts of the political economic and social constructivist frameworks that inform the dynamics of this essentially qualitative process can address this failure. Empirically based analytical methodologies may be able to measure the impact of technological change, an evolutionary epistemology of technological change may be better equipped to understand and explain this phenomenon. (shrink)

The failure of neoclassical economic theories to explain the nature and significance of the phenomenon of technological change is critically looked at in this article. Although there are numerous excellent works in the literature on technological change that criticize the inadequacy of neoclassical economists’ approach to this phenomenon, my objective, however, is to open a new discourse on technological change by emphasizing the epistemological significance of technology. It is argued that the concept of technology as essentially a (...) process of knowledge created for doing things and solving problems, and technological change as essentially a process of knowledge change occurring within the contexts of the political economic and social constructivist frameworks that inform the dynamics of this essentially qualitative process can address this failure. Empirically based analytical methodologies may be able to measure the impact of technological change, an evolutionary epistemology of technological change may be better equipped to understand and explain this phenomenon. (shrink)

The development of technology is unbelievably rapid. From limited local networks to high speed Internet, from crude computing machines to powerful semi-conductors, the world had changed drastically compared to just a few decades ago. In the constantly renewing process of adapting to such an unnaturally high-entropy setting, innovations as well as entirely new concepts, were often born. In the business world, one such phenomenon was the creation of a new type of entrepreneurship. This paper proposes a new academic discipline (...) of computational entrepreneurship, which centers on: (i) an exponentially growing (and less expensive) computing power, to the extent that almost everybody in a modern society can own and use that; (ii) omnipresent high-speed Internet connectivity, wired or wireless, representing our modern day’s economic connectomics; (iii) growing concern of exploiting “serendipity” for a strategic commercial advantage; and (iv) growing capabilities of lay people in performing calculations for their informed decisions in taking fast-moving entrepreneurial opportunities. Computational entrepreneurship has slowly become a new mode of operation for business ventures and will likely bring the academic discipline of entrepreneurship back to mainstream economics. (shrink)

Apparently it was claimed that organisations are often not build to accommodate women’s values, primarily because they entered organisations relatively late, and work in a relatively narrow range of occupations. Given this scenario, men and women experience organisational cultures very differently and perceive gender discrimination as an issue. The number of women with children participating in the paid workforce has increased markedly over recent decades, but many workplaces have not altered their expectations or provided work policies to allow women to (...) balance work and family responsibilities There is considerable and increasing agreement that what in fact keeps women back are invisible and artificial barriers that prevent qualified individuals from advancing within their organisations and reaching their full potential – the ‘glass ceiling’ phenomenon. Although women in Malaysia now represent 44.5% of the working population and are just as academically qualified as men, they are grossly under-represented at the senior management positions. This study attempts to discover the obstacles that keep women from rising above certain level in the organisations in an effort to raise both their individual self-worth and the level of their contribution to economic development. (shrink)

In recent years, there has been an increasing interest in the development of well-founded conceptual models for Service Management, Accounting Information Systems and Financial Reporting. Economic ex- changes are a central notion in these areas and they occupy a prominent position in frameworks such as the Resource-Event Action (REA) ISO Standard, service core ontologies (e.g., UFO-S) as well as financial stan- dards (e.g. OMG’s Financial Industry Business Ontology - FIBO). We present a core ontology for economic exchanges inspired (...) by a recent view on this phenomenon. According to this view, economic exchanges are based on an agreement on the actions that the agents are committed to perform. This view enables a unified treatment of economic exchanges, regardless the object of the transaction. We ground our core ontology on the Unified Foundational Ontology (UFO), discussing its formal and conceptual aspects, instantiating it as a reusable OntoUML model, and confronting it with the REA standard and the UFO-S service ontology. (shrink)

The article attempts to re-think active citizenship both from the point of view of social practice and scientific perspective and from the standpoint of modern social philosophy. It is shown that globalization is one of the most used terms of modern socio-humanitarian discourse but simultaneously one of the most difficult to define. Any research related to the global is also related to the national because the reception of global influences is different in different cultures. From the perspective of 2022, the (...) research shows a globalization crisis in the classical sense of the word. It is about the crisis of real and nominal political power, which are often incompatible with each other. In many countries, the desire for “strong statehood” is even stronger. It has been proven that the impact of globalization on society is actively mediated by civil society. In a philosophical sense, a developed civil society as a completed form of morally determined life is almost an ideal product of the history of civilization. The first trend of active citizenship transformation is economic liberalization. The second feature that determines changes in active citizenship is political pluralism. Active citizens control the basis of the activity of the modern state. In these conditions, the control function of the institution of citizenship becomes extremely important for the stable existence of political regimes and for achieving political stability. Another trend in the transformation of active citizenship is the growing role of the state in global processes. It was possible to distinguish two levels of transformation of active citizenship in the era of globalization. The first is interiorization, and the second is exteriorization. It has been proven that active citizenship is not only a social connection of people but also a way of existence characteristic of any civilized human community. (shrink)

Laboratory experimentation was once considered impossible or irrelevant in economics. Recently, however, economic science has gone through a real ‘laboratory revolution’, and experimental economics is now a most lively subfield of the discipline. The methodological advantages and disadvantages of controlled experimentation constitute the main subject of this thesis. After a survey of the literature on experiments in philosophy and economics, the problem of testing normative theories of rationality is tackled. This philosophical issue was at the centre of a famous (...) controversy in decision theory, during which a methodology of normative falsification was first articulated and used to assess experimental results. In the third chapter, the methodological advantages of controlled experimentation are illustrated and discussed with examples taken from the experiments on the so-called ‘preference reversal’ phenomenon. Laboratory testing allows to establish with a high degree of certainty that certain phenomena lie behind the experimental data, by means of independent testing, elimination of alternative hypotheses, and the use of different instruments of observation. The fourth chapter is devoted to a conceptual analysis of the problem of ‘parallelism’. This is the problem of inferring from the occurrence of a phenomenon in the laboratory, to its instantiation also in non-laboratory environments. Experimental economists have discussed parallelism at length, and their views are presented and criticised. Eventually, it is argued that parallelism is a factual matter and as such can only be established on empirical grounds. The fifth chapter provides an example of how one can argue for parallelism, focusing on the case of experimentation on the ‘winner’s curse’ phenomenon. The role of experiments as ‘mediators’ between theoretical models and their target domain of application is illustrated, and the structure of parallelism arguments analysed in detail. Finally, in the last chapter, economic experiments are compared to simulations, in order to highlight their specific characteristics. (shrink)

Is economics always self-corrective? Do erroneous theorems permanently disappear from the market of economic ideas? _Intellectual Path Dependence in Economics _argues that errors in economics are not always corrected. Although economists are often critical and open-minded, unfit explanations are nonetheless able to reproduce themselves. The problem is that theorems sometimes survive the intellectual challenges in the market of economic ideas even when they are falsified or invalidated by criticism and an abundance of counter-evidence. A key question which often (...) gets little or no attention is: why do economists not reject theories when they have been refuted by evidence and falsified by philosophical reasoning? This book explores the answer to this question by examining the phenomenon of intellectual path dependence in the history of economic thought. It argues that the key reason why economists do not reject refuted theories is the epistemic costs of starting to use new theories. Epistemic costs are primarily the costs of scarcity of the most valued element in academic production: time. Epistemic scarcity overwhelmingly dominates the evolution of scientific research in such a way that when researchers start off a new research project, they allocate time between replicable and un-replicable research. This book is essential reading for anyone interested in the methodology, philosophy and history of economics. (shrink)

In this paper, the method of mutual information is used to study the economic dependence among the provinces in Chinaʼs Eastern Coastal Economic Belt from 2015 to 2020, and the core structure of the dependence is depicted. The results show that, first of all, there is a wide range of economic dependence among the provinces in the Eastern Coastal Economic Belt, and the dependence changes with the different states of economic development. Secondly, the phenomenon (...) of geographical clustering is not obvious. Most provinces maintain a strong economic dependence relationship with the economically developed provinces, and this dependence relationship is relatively stable, while the economically underdeveloped provinces are often on the edge of the dependence structure. Finally, the economically developed provinces maintain strong economic dependence with each other, such as Jiangsu, Shandong, and Zhejiang, and Beijing, Guangdong, and Shanghai. However, the former three provinces are more in the core position of this structure, that is, the other provinces maintain the stronger dependence relationship with these three provinces. (shrink)

Purpose. Institutionalism is gaining strength as a dominant point of view on the world. Its philosophical basis is the postulate of the uncertainty of the development, which comes to replace the neoclassical certainty characteristic of industrial society. The postulate of uncertainty is closely connected with the idea of subjectivization and individualization of post-industrial society. All these were very important components of the new paradigm, although they do not exhaust the problem. In the heart of postmodernism is a mass identity as (...) a spiritual substance, while the more recently mass of people to realize themselves as natural and social beings. Person has absolute freedom in the acceptance and rejection of culture and civilization; it is pluralistic in their actions and in their consciousness. It is the subject of history and it should be creative, fluent mastering all the achievements of culture. Methodology. The dialogue system of the Postmodern, which is the basis of human communication with another person, human with society is a model of convergent formation of the world community and world economy. The same model of rationalism and adequate industrial society is a monologue, which is easily builds a bridge to violence, even if it is carried out in the name of the man behind him and the pathos of the exaltation of man as the bearer of unlimited creation possibilities. However, it is very important not just to modify rationalism, and to understand the origins of civilization. Scientific novelty. The postmodern era begins is not easy. Modern defending, using all their reserves: public thirst for justice, the priority of rationality, monologist public agencies and politicians in contrast to the dialogic postmodern imperative modality in the spiritual existence of man instead the freedom. Finally, the world of the story is set a trap – the anthropological paradigm of the globalization ideology formation. In this paradigm, people see materialistic rational measure of space and society building, i.e. the natural and social being, not a spiritual person. All this was evident in the course of transformation in Ukraine. Its main weakness is obvious. This narrows the field of mass participation in the market or by the adopted symbolism, the field of subjectivity. The population is invited to wait and endure, i.e. plays the role of the object of political and economic manipulation. Even more unacceptable monopolization of subjectivity government, for which everything is regarded as a subject of state regulation. Conclusions. For civilization of cardinal feature is the treatment of the person as the subject of history. The need for the development of civilization to increase the degree of subjectivity in an economy where people can express themselves freely and responsibly through a system of private property relations: economic entity is the subject of property. Policy enhancing the role of human rights and the development of the principle of subjectivity means deepening the democratic foundations of the state structure. In the social sphere the subjectivity is expressed in the individualization of the social existence of man and the personification of public relations and it is implemented through the mechanisms of liberal institutions. It seems that the civilizational unity of the economy, democratic state and liberal society has the value of a scientific paradigm. Whatever the great cultural peaks of the postmodern, the main processes of a new society formed at its foot: in the area of formation of public consciousness and public preferences with the mass participation of the individual in the economy, in the field of state-building and the formation of social institutions on the principles of Amateur participation. (shrink)

Purpose. Institutionalism is gaining strength as a dominant point of view on the world. Its philosophical basis is the postulate of the uncertainty of the development, which comes to replace the neoclassical certainty characteristic of industrial society. The postulate of uncertainty is closely connected with the idea of subjectivization and individualization of post-industrial society. All these were very important components of the new paradigm, although they do not exhaust the problem. In the heart of postmodernism is a mass identity as (...) a spiritual substance, while the more recently mass of people to realize themselves as natural and social beings. Person has absolute freedom in the acceptance and rejection of culture and civilization; it is pluralistic in their actions and in their consciousness. It is the subject of history and it should be creative, fluent mastering all the achievements of culture. Methodology. The dialogue system of the Postmodern, which is the basis of human communication with another person, human with society is a model of convergent formation of the world community and world economy. The same model of rationalism and adequate industrial society is a monologue, which is easily builds a bridge to violence, even if it is carried out in the name of the man behind him and the pathos of the exaltation of man as the bearer of unlimited creation possibilities. However, it is very important not just to modify rationalism, and to understand the origins of civilization. Scientific novelty. The postmodern era begins is not easy. Modern defending, using all their reserves: public thirst for justice, the priority of rationality, monologist public agencies and politicians in contrast to the dialogic postmodern imperative modality in the spiritual existence of man instead the freedom. Finally, the world of the story is set a trap – the anthropological paradigm of the globalization ideology formation. In this paradigm, people see materialistic rational measure of space and society building, i.e. the natural and social being, not a spiritual person. All this was evident in the course of transformation in Ukraine. Its main weakness is obvious. This narrows the field of mass participation in the market or by the adopted symbolism, the field of subjectivity. The population is invited to wait and endure, i.e. plays the role of the object of political and economic manipulation. Even more unacceptable monopolization of subjectivity government, for which everything is regarded as a subject of state regulation. Conclusions. For civilization of cardinal feature is the treatment of the person as the subject of history. The need for the development of civilization to increase the degree of subjectivity in an economy where people can express themselves freely and responsibly through a system of private property relations: economic entity is the subject of property. Policy enhancing the role of human rights and the development of the principle of subjectivity means deepening the democratic foundations of the state structure. In the social sphere the subjectivity is expressed in the individualization of the social existence of man and the personification of public relations and it is implemented through the mechanisms of liberal institutions. It seems that the civilizational unity of the economy, democratic state and liberal society has the value of a scientific paradigm. Whatever the great cultural peaks of the postmodern, the main processes of a new society formed at its foot: in the area of formation of public consciousness and public preferences with the mass participation of the individual in the economy, in the field of state-building and the formation of social institutions on the principles of Amateur participation. (shrink)

The phenomenon of global warming suggests that today’s dominant economic paradigm is bumping up against physical and biological limits. As will likely become ever clearer in coming decades, endlessly growing populations, consumption and economic activity are incompatible with human happiness, the flourishing of other species, and maintaining the basic ecosystem services on which these depend. The world’s peoples need to shift to an economic paradigm focused on providing sufficient resources for a limited number of people, rather (...) than ever more resources for ever more people. For at least 2500 years, philosophers East and West, religious and secular, have claimed that wealth is not the key to happiness and that goodness is better than greatness. This talk argues that philosophers should redouble these efforts and join environmentalists in working to convince our societies to grow up and develop nobler, less materialistic, more sustainable goals and definitions of human flourishing as the necessary and the only alternative to trying to shoehorn a few more decades of economic growth into already overstressed ecological systems. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Buddhist-Christian Studies 22 (2002) 47-60 [Access article in PDF] Economic Aspects of Social and Environmental Violence from a Buddhist Perspective Sulak Sivaraksa Pacarayasara I have been asked to write on some economic aspects of social and environmental violence, approaching the subject from a Buddhist perspective. Indeed this invitation offers a wide range of choices, but I shall try to keep my subject matter fairly general and straightforward. (...) The present economic reality, widely known as neoliberal capitalism, prizes the accumulation of profits over human well-being and environmental sustainability. As such, it is criminal and hence definitely not the way to regulate or organize the global society. The present trend, however, is increasingly giving the agents and institutions of capital a free hand to do so.The main beneficiaries of this violent and highly unjust system are invariably transnational corporations (though some critics prefer to call them transnational tyrannies), big financial investors, and their supporters. Roughly two-thirds of what is known today as world trade are simply intrafirm or interfirm trade. Small wonder that they are virtually the present-day "masters of the universe," increasingly accumulating special rights, influence, and power vis-à-vis the mass of humanity. An open secret is that the wealthiest 20 percent of the world's population receive 83 percent of the world's total income—a fact that no longer creates consternation or moral outrage in the mainstream; rather, it is taken as a healthy phenomenon that will contribute to human progress. Moreover, the environment is being plundered to quench the greed—which happens to be a bottomless pit—of the few. Inevitably, this creates a two-tiered system both within and between countries; a small opulent minority builds their castles on the suffering and impoverishment of the absolute majority of humanity. A large segment of humanity enjoys freedom with no opportunities and has the freedom to starve but does not enjoy freedom from poverty. Everyday thousands of children are dying from easily preventable disease. Millions more are malnourished or starving. It is against this backdrop that we need to discuss some of the economic aspects of social and environmental violence from a Buddhist perspective.Let us first deal with the production side of the capitalist equation. What is its main driving force and value system? How do they impact social organization and the environment? [End Page 47] Undeniably, the fuel that keeps the capitalist engine running is profit: the more of it, the better, the argument goes. Hence, corporations must be free to pursue it at all costs. The ends justify the means. It is also argued that the profit generated by the system will eventually trickle down to benefit the mass of humanity. The available evidence points otherwise. To be fair, capitalism does generate some benefits to humanity, but they are largely unintended by-products of the system.In the mainstream discourse, profit is said to derive solely from entrepreneurship —a concept that acts as a bicarbonate of soda for intellectual and moral indigestion. In reality, the easiest and cheapest way to reap massive profit is exploitation or ostracism: One is rich by keeping or making others poor, directly or otherwise. The masters then seek solace in the tenuous assumption that the global economy utilizes the best and disposes the rest. Furthermore, the environment is seen as a subsystem of international capitalism, not vice versa. Hence it is to be raped in order to lubricate the wheels of the capitalist machine. Put differently, the insatiable quest for profit upheld by capitalism really reflects greed, hatred, moral callousness, and wanton criminal negligence toward the well-being of the people and environment. The name of the game is getting ahead even at another's expense, to rise to the top of the pecking order. If one frequents any bookstore, one is likely to find business books with interesting titles such as Divide and Rule and Colonizing the Market. This nefarious aggressiveness is benignly known as "free competition" in mainstream parlance. Those who succeed to the top are lauded as "efficient." If allowed to have a firm... (shrink)

According to neo-classical economic theory, free markets should eventually settle at the most efficient equilibrium. Critics of the view have claimed, however, that even if the idealised conditions demanded by the theory were met (such that the markets in question were completely fee) one would still not find those markets settling at the optimally efficient equilibrium because of the path dependent' nature of economic decision-making. Essentially, the claim is that economic decision-making is always informed by the historical (...) setting in such a way as to prevent those decisions from generally tending towards an optimally efficientequilibrium.It is argued that this debate has been hampered by the fact that the usual three-tiered way of understanding path dependence offered by Stan Liebowitz and Stephen Margolis fails to capture what proponents of the view have in mind. By examining the way in which the notion of path dependence is often described interms borrowed from the philosophy of science, this paper contends that we can gain a more accurate understanding of this notion by recasting it in the light of the Wittgensteinian conception of a 'hinge' proposition. This new account has the advantage of being clearer about the kind of empirical data that is relevant to the issue of whether path dependence is a genuine and economically significant phenomenon. Furthermore, it is argued that this modified account of path dependence may be able to resist some of the key objections that have been levelled against this notion. (shrink)

The ratio bias––according to which individuals prefer to bet on probabilities expressed as a ratio of large numbers to normatively equivalent or superior probabilities expressed as a ratio of small numbers––has recently gained momentum, with researchers especially in health economics emphasizing the policy importance of the phenomenon. Although the bias has been replicated several times, some doubts remain about its economic significance. Our two experiments show that the bias disappears once order effects are excluded, and once salient and (...) dominant incentives are provided. This holds true for both choice and valuation tasks. Also, adding context to the decision problem does not change this outcome. No ratio bias could be found in between-subject tests either, which leads us to the conclusion that the policy relevance of the phenomenon is doubtful at best. (shrink)

The election of the Russo-Ukrainian Christian path belongs to one of the most enviable events in Ukrainian history, which directly or indirectly programmed its further progress. Kievan Rus on the eve of the official introduction of Christianity was a powerful and respectable European state. The free country had a rich choice of priorities of geopolitical, economic, cultural orientation, the election of which was greatly influenced by the peculiarities of Ukrainian development. How exactly was this choice - it is necessary (...) to investigate further, but what he brought to Ukraine - is now obvious. Today, when the Ukrainian state, with great losses and tensions, returns to its natural, European path, it is extremely important to analyze what contributed to the deviation from it. To do this, let us return to the first centuries of Ukrainian Christianity - the period of establishing long-term self-identification archetypes of Ukrainians and establishing their views on neighbors. (shrink)

In this article, we provide a broad overview of the interplay among cognition, belief systems, and institutions, and how they affect economic performance. We argue that a deeper understanding of institutions’ emergence, their working properties, and their effect on economic and political outcomes should begin from an analysis of cognitive processes. We explore the nature of individual and collective learning, stressing that the issue is not whether agents are perfectly or boundedly rational, but rather how human beings actually (...) reason and choose, individually and in collective settings. We then tie the processes of learning to institutional analysis, providing arguments in favor of what can be characterized as “cognitive institutionalism.” Besides, we show that a full treatment of the phenomenon of path dependence should start at the cognitive level, proceed at the institutional level, and culminate at the economic level. (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)

After almost fifty years of operation, government through a number of announcements declared that FELDA (Federal Land Development) schemes need to be revitalized so that it could play its role more effectively as a vehicle that would accelerate the country’s economic growth. Having raised this point, the major aim of this study is to examine the major socio-economic issues and the current socio-economic status of FELDA settlers.Information was gathered through face-to-face interview with the Mata Air FELDA settlers (...) and the Rimba Mas FELDA settlers in Perlis. Descriptive statistics such as mean, standard deviation and percentages were employed to describe the socio-economic problems and issues studied. The findings of the study indicate the implication of the ageing phenomenon of the FELDA settlers in Perlis to some extent affect the settlers’ ability to work effectively on their plantation. It is also found that the second generation issue has become the most significant factor contributing to the productivity and income increment of the FELDA settlers in Perlis as compared to other selected socio-economic variables. The result also suggested that, the ageing phenomenon, second generation issue and entrepreneurship problem must be seriously taken into consideration in order to accelerate the FELDA’s growth specifically and the country’s growth generally. (shrink)

In economics, models are built to answer specific questions. Each type of question requires its own type of models; in other words, it defines the requirements that a model should meet and thereby instructs how the models should be built. An explanation is an answer to a ‘why’-question. In economics, this answer is provided by a white -box model. To answer a ‘how much’-question, which is asking for a measurement, economists can make use of black-box models. Economic phenomena are (...) often so complex that white -box models that should function as explanations for them appear not to be intelligible. So, for questions concerning understanding - e.g. ‘Can you clarify this phenomenon‘’ ‘Can you tell me what would happen if‘’ - it would appear that grey-box models are more adequate. This implies a twofold revision of de Regt and Dieks’s criteria for understanding phenomena. First, whenever the term ‘theory’ is used it should be substituted by ‘model’. Secondly, the Criterion for the Intelligibility of Models is now simplified as: ‘A model M is intelligible for economists if they have built M as a grey-box construction’. A grey-box construction implies that they ‘can recognize qualitatively characteristic consequences of M without performing exact calculations’. (shrink)

Computer science is of course first of all a technological domain, but it has also become an important social phenomenon as well. Information processing techniques fulfill crucial social functions and give rise to novel forms of social organization. Computer-mediated electronic networks make possible highly distributed, interactive communication patterns corresponding closely to modern social trends. We intend to analyze here the close interplay of social changes and technological advances, which underlies much of the evolution in this domain. We will see (...) with several examples how technology is essentially embedded within global human culture and in constant interaction with social structures. This will enable us to better understand recent social developments online, as well as to suggest promising directions for technological developments. (shrink)

In this chapter, we discuss a specific kind of progress that occurs in most branches of economics today: progress involving the repeated use of mathematical models. We adopt a functional account of progress to argue that progress in economics occurs through the use of what we call “common recipes” and model templates for defining and solving problems of relevance for economists. We support our argument by discussing the case of 20th century business cycle research. By presenting this case study in (...) detail, we show how model templates are not only reapplied to different phenomena. We also show how scientists first develop them and how, once they are considered less useful, they are replaced with new ones. Finally, our case also illustrates that it is not only the mathematical structure that is reused but that such reuse also requires a shared conceptual vision of the core properties of the phenomenon to be studied. If that vision is no longer shared among economists, a model template can become useless and has to be replaced, sometimes against resistance, with a different one. (shrink)

The object of the study is clothing as a sociocultural phenomenon, a product of material and spiritual cultures. The evolution of clothing is closely related to sociocultural changes in society. The subject of the study is the transformation of clothing in China under the influence of political, economic, social, and aesthetic factors after the beginning of Chinese economic reform and opening up policy. The significant changes have taken place in Chinese clothing, the main of which was the (...) transition from a uniform style of clothing for the whole country to a variety of fashion and styles, as well as the revival of traditional clothing. The transformation in the style and production cycle of clothing in China is based on objective (technology development, market laws, global fashion trends) and subjective reasons (psychology, personal preferences and aesthetic tastes of consumers). There is always a concept behind the behavior in clothes, and the desire for beauty is the main driving force behind the development of clothing. The social psychology of imitation and difference contributes to the spread of fashion trends in clothing. The author's special contribution to the topic is a detailed examination of the impact on the transformation of clothing of political, economic, sociocultural, aesthetic factors, as well as cultural exchanges and folk traditions. The author traces the sequence of fashion trends in China in recent decades. Сontemporary changes in Chinese clothing culture are not limited to simply borrowing Western trends, but are accompanied by the emergence of postmodern ideas and the promotion of the globalization process, which leads not only to the technological and design enrichment of clothing characteristics in China, but also to the growth of cultural awareness and the revivalization of traditional and local cultures. (shrink)

Economists use various models to explain why it is that firms are capable of pricing above marginal cost. In this paper, we will examine two of them: the Cournot and Bertrand duopoly models. Economists generally accept both models as good explanations of the phenomenon, but the two models contradict each other in various important ways. The puzzle is that two inconsistent explanations are both regarded as good explanations for the same phenomenon. This becomes especially worrisome when the two (...) models are offering divergent policy recommendations. This report presents that puzzle by laying out how the two models contradict each other in a myriad of ways and then offers five possible solutions to that puzzle from various economists, philosophers of science, and philosophers of economics. (shrink)

Albeit in the immediacy of the event and although aware that it is a first interpretative proposal, this article analyses possible future scenarios concerning socio-economic consequences in Italy after the spread of the Covid-19 virus. The social processes related to the pandemic will be examined, from the media information diffusion to the socio-economic consequences of the phenomenon. Among the main effects, included in the projections, the authors find considerable impacts in the tourism and restaurant sectors. The former, (...) if not supported by adequate campaigns, will experience extended hard time, which will maintain its effects also in the long run. The latter will experience profound changes in the work organization and the service quality definition. Finally, some beneficial effects have been hypothesized, such as a re-evaluation of the health sector and enhancement of public opinion about scientific research. Keywords: Covid-19, 2019-nCoV, coronavirus, Italy, pandemics, socio-economic scenarios. Sunto In questo lavoro vengono analizzati, seppur nella immediatezza dell’evento e pur conscio che si tratta di una prima proposta interpretativa, i possibili scenari futuri riguardo alle conseguenze socio-economiche in Italia a seguito della diffusione del virus Covid-19. Si studieranno i processi sociali connessi alla pandemia, dalla diffusione mediatica delle informazioni alle conseguenze socio-economiche del fenomeno. Tra i principali effetti, inseriti nelle proiezioni, si prevedono impatti considerevoli nei settori turistico e della ristorazione. Il primo, se non sostenuto da adeguate campagne, affronterà un periodo di intense difficoltà, destinato a mantenere i suoi effetti anche nel lungo periodo. Il secondo subirà profondi mutamenti nell’organizzazione del lavoro e nella definizione della qualità. Infine, sono state ipotizzate alcune ricadute positive, come una rivalutazione del settore sanitario e dell’opinione su chi fa ricerca scientifica. Parole Chiave: Covid-19, 2019-nCoV, coronavirus, Italia, pandemie, scenari socio-economici arch. (shrink)

Purpose. The aim of the article is to clarify the content of the concept of culture as an explication of vitality within the philosophy of life and its further modifications in current problems of contemporary. The analysis performed standing from the point, that contrasting of nature and culture is irrelevant, since culture does not contradict natural determinants and patterns, but rather qualitatively alters them. So, are justified the idea of culture as a phenomenon that exist accordingly and in proportion (...) to nature, need to form its potential and content and not contradict the axioms and values of life. Theoretical basis. In the theoretical field of philosophy of life, the local development of the problem of culture as an explication of vitality produces grounds for analytical and prognostic activity concerning meaningful transformations in a separate historical and social horizon. The fundamental categories of culture: spirit, value, symbol, freedom, justice and harmony receive the requested content and meaning. The idea of the constancy and super-naturality of cultural universals is illusory and dangerous. The consequences of such a "non-cosmological" justification of freedom and will, and the assertion of values, that contradict the logic of life, are the global environmental, economic and social crisis of our time. Originality. The originality of the authors’ thought lies in the interpretation of the essence of culture as an explication of vitality, as a logical and natural extension of life. In this formulation of the problem of culture, the possibility of reconciling the natural, social and value determinants of human life is formed. Theorists of the philosophy of life substantiated the primacy and supremacy of the values of life over the values and meanings of culture. The position of authors position consists in the need to understand culture as an environmentally appropriate and dimensional phenomenon, the content and strategies of which are determined by a single ontology. Conclusions. The analysis let authors understand the voluntarily chaotic element of life. Culture in its philosophical analysis took on a clearer anthropomorphic dimension: the immanent logic of being in substantiating the essence and purpose of man and the value of his being localized the universe of transcendence in the concept of "living world", "inhabited space", "human, too human". Accordingly, the range of cultural evaluations has been polarized: from the approving statement of its vital essence, to the disparaging calls for its reform. The chaotic state of voluntarily acts is transformed into cultural codes and stereotypes by rationalization. The modern global nature of crisis phenomena, both in the worldview, in the social, and in the ecological dimension, requires reformatting the understanding of culture as a continuation of nature, and not its antipode. (shrink)

In this chapter, we discuss a specific kind of progress in economics, namely, progress that is pushed by the repeated use of mathematical models in most sub-branches of economics today. We adopt a functional account of progress to argue that progress in economics occurs via the use of what we call ‘common recipes’ and the use of model templates to define and solve problems of relevance for economists. We support our argument by discussing the case of twentieth-century business cycle research. (...) By presenting this case study in detail, we show how model templates are not only re-applied to different phenomena. We also show how scientists come up with them in the first place and how – once they are considered less useful – they are replaced with new ones. Finally, our case also illustrates that it is not only the mathematical structure that is re-used but that such a re-use also requires a shared conceptual vision of core properties of the phenomenon. If that vision is not shared anymore among economists, a model template can become useless and has to be replaced – sometimes through overcoming resistance – with a different one. (shrink)

Controversies in economics often fizzle out unresolved. One reason is that, despite their professed empiricism, economists find it hard to agree on the interpretation of the relevant empirical evidence. In this paper I will present an example of a controversial issue first raised and then solved by recourse to laboratory experimentation. A major theme of this paper, then, concerns the methodological advantages of controlled experiments. The second theme is the nature of experimental artefacts and of the methods devised to detect (...) them. Recent studies of experimental science have stressed that experimenters are often merely concerned about determining whether a certain phenomeonon exists or not, or whether, when, and where it can be produced, without necessarily engaging in proving or disproving any theoretical explanation of the phenomenon itself. In this paper I shall be concerned mainly with such a case, and focus on the example of preference reversals, a phenomenon whose existence was until quite recently denied by the majority of economists. Their favourite strategy consisted in trying to explain the phenomenon away as an artefact of the experimental techniques used to observe it. By controlled experimentation, as we shall see, such an interpretation has been discredited, and now preference reversals are generally accepted as real. The problem of distinguishing an artefact from a real phenomenon is related to methodological issues traditionally discussed by philosophers of science, such as the theory-ladenness of observation and Duhem's problem. Part of this paper is devoted to clarifying these two philosophical problems, and to arguing that only the latter is relevant to the case in hand. The solutions to Duhem's problem devised by economic experimentalists will be presented and discussed. I shall show that they belong in two broad categories: independent tests of new predictions derived from the competing hypotheses at stake, and ‘no- miracle arguments’ from different experimental techniques delivering converging results despite their being theoretically independent. (shrink)

In recent years, there have been multiple instances of misconduct in science, yet no coherent framework exists for characterizing this phenomenon. The thesis of this article is that economic analysis can provide such a framework. Economic analysis leads to two categories of misconduct: replication failure and fraud. Replication failure can be understood as the scientist making optimal use of time in a professional environment where innovation is emphasized rather than replication. Fraud can be depicted as a deliberate (...) gamble under conditions of uncertainty: The scientist takes advantage of the complexity of science and undermines the integrity of science for personal gain or advancement. (shrink)

For Marx, capitalism depends upon and perpetuates a system of relationships whereby members of one class of persons, capitalists, enjoys extensive and pervasive social and economic advantages over others. But on Marx’s analysis, this system of being-taken-advantage-of—this system of economic exploitation—is not to be understood by appeal to discrete incidents of fraud, bad deals, theft, or under-remuneration. Rather, the central contention of Marx’s analysis, the contention analyzed, developed, and evaluated here, is that economic exploitation is class exploitation, (...) a phenomenon that occurs only within and because of the complex system of capitalist production. And it is because this system presupposes a set of oppressive social and economic ownership relations that are not freely chosen and yet govern the terms of participation in the economy and polity that it can be appropriately described as wrong or unjust. (shrink)

A question that recent research on the global pandemic raises is: how do the assumptions underlying epidemiological models and economic models differ? Epidemiological models we now know have become quite sophisticated (see Avery et al., 2020). Debate among economic methodologists regarding the nature of modeling has generated a considerable literature as well (Reiss, 2012; Hands, 2013). Yet these two literatures are largely non-communicating. Perhaps this is because economics has produced relatively little research on pandemics (though see Boianovsky and (...) Erreygers, 2021). Yet it might still be asked, what might economic models be missing that epidemiological models capture? And might there be some sort of methodological bias in mainstream economics that plays a role in this? One way, then, one might begin to answer these questions is by identifying the main phenomenon in question, namely, in the case of the pandemic, a particular type of process, and ask what the nature of this type of process is. Then we may ask whether there is something about this type of phenomenon that places it out of bounds for current economic methodology. Thus, what sort of phenomenon is a pandemic? (shrink)

Stochasticity and ambiguity are two aspects of uncertainty in economic problems. In the case of investments in risky assets, this uncertainty is manifested in the uncertainty of future returns. On the contrary, the complexity of the economic phenomenon itself and the ambiguity inherent in human thinking and judgment are characterized by indistinct boundaries. For the same problem, research from different perspectives can often provide us with more comprehensive and systematic information. Currently, the expected value of return or (...) the variance representing risk is still used as a rational investment criterion for both single-stage portfolios and multistage portfolios. However, in general, the greater the expected return of an investor, the greater the risk he should take. Different investors have different requirements for profitability, but regardless of their expected return, they always hope to find a set of portfolios that maximize the probability of achieving the expected rate of return. In this paper, after analyzing the development of portfolio investment theory research, we take fuzzy information processing as the entry point and systematically discuss the theory and methods of fuzzy modeling of portfolio investment decision-making from the perspective of fuzziness around the portfolio investment decision-making process. The results of the empirical analysis show that the existence of basis constraints affects investors’ investment strategies as well as their final returns, but there is a limit to the influence of basis constraints on portfolio performance, and investors can obtain optimal investment returns by selecting a reasonable number of securities to form a portfolio based on the characteristics of different securities. (shrink)

In this paper, we examine the viability of avoiding value judgments encoded in thick concepts when these concepts are used in economic theories. We focus on what implications the use of such thick concepts might have for the tenability of the fact/value dichotomy in economics. Thick concepts have an evaluative and a descriptive component. Our suggestion is that despite attempts to rid thick concepts of their evaluative component, economists are often not successful. We focus on the strategy of explication (...) to remove the evaluative component of thick concepts and argue that often economists either have to make value judgments or are unable to individuate out the phenomenon under analysis. We support our claim with a case study, namely the concept of addiction in Gary Becker and Kevin Murphy’s Theory of Rational Addiction (1988). One consequence of our analysis is that theories containing thick concepts could commit economists to making value judgments and as such undermine the fact/value dichotomy. (shrink)

Carl Menger’s theory of subjective economic value is not only one of the greatest contributions of Austrian economics, subjective value is also the received view in mainstream economics today. However, modern-day economic theory does not explicitly address the theory advanced by Menger but merely assumes that value is subjective on the basis that the experience of valuing something is no more than an expression of preference. Accordingly, contemporary economists do not appear to recognize the distinction between this understanding (...) of value and any other possible understanding of value, such as objective theories of moral value advanced in older strands of inquiry. Lacking the theoretical basis laid by Menger, subjectivity indeed appears deceptively simple: choices are made on the basis of preferences, and preferences are subjective. It would thus follow that further examination of the phenomenon of choice appears unnecessary. The aim of this paper is to present the Austrian philosophical foundations of the theory of subjective economic value and examine how this received theory has been quite significantly transformed in its transition to a neoclassical economics framework that has disposed of its theoretical basis. (shrink)

The ratio bias—according to which individuals prefer to bet on probabilities expressed as a ratio of large numbers to normatively equivalent or superior probabilities expressed as a ratio of small numbers—has recently gained momentum, with researchers especially in health economics emphasizing the policy importance of the phenomenon. Although the bias has been replicated several times, some doubts remain about its economic significance. Our two experiments show that the bias disappears once order effects are excluded, and once salient and (...) dominant incentives are provided. This holds true for both choice and valuation tasks. Also, adding context to the decision problem does not alter this finding. No ratio bias could be found in between-subject tests either, which leads us to the conclusion that the policy relevance of the phenomenon is doubtful at best. (shrink)

Templates travel because they offer a tractable format that can be used for model-building in a variety of domains. It is often because of this quality that a particular template is chosen. But one cannot assume that there are always templates ready to model a new phenomenon, and moreover, templates have also been designed at some point. A critical aspect of this designing process is the choice of the mathematical objects with which one hopes to capture this phenomenon. (...) This means that one has to assess which of the properties of different kinds of mathematical objects and which combinations of them are most appropriate. The selection of these objects is based on whether their properties enable the model to perform its function. This selection of mathematical objects is similar to the selection of materials in mechanical design. (shrink)

The phenomenon of consumption has increasingly drawn attention from economists. While the ‘sole purpose of production is consumption’, as Adam Smith has claimed, economists have up to recently generally ignored the topic. This book brings together a range of different perspectives on the topic of consumption that will finally shed the necessary light on a largely neglected theme, such as Why is the consumption of symbolic goods different than that of goods that are not constitutive of individuals’ identity? How (...) does the consumption of symbolic goods affect social processes and economic phenomena? Will taking consumption seriously impact economics itself? The book discusses these issues theoretically, and, through analyses of such cases as food, religion, fashion, empirically as well. It also discusses the possible role in the future of consumption. This book was previously published as a special issue of _Review of Social Economy_. (shrink)