The Clash of Economic Ideas interweaves the economic history of the last hundred years with the history of economic doctrines to understand how contrasting economic ideas have originated and developed over time to take their present forms. It traces the connections running from historical events to debates among economists, and from the ideas of academic writers to major experiments in economic policy. The treatment offers fresh perspectives on laissez faire, socialism and fascism; the Roaring Twenties, business cycle theories and the (...) Great Depression; Institutionalism and the New Deal; the Keynesian Revolution; and war, nationalization and central planning. After 1945, the work explores the postwar revival of invisible-hand ideas; economic development and growth, with special attention to contrasting policies and thought in Germany and India; the gold standard, the interwar gold-exchange standard, the postwar Bretton Woods system and the Great Inflation; public goods and public choice; free trade versus protectionism; and finally fiscal policy and public debt. (shrink)

The standard allocative efficiency criteria used by economists (Pareto efficiency and Kaldor-Hicks efficiency) are fundamentally unable to rank a slave-labor system against a free-labor system. Given either set of initial property rights assignments the market can reach (or fail to reach) allocative efficiency (that is, allocate resources to their highest-valued uses), but welfare economics provides no meta-framework for ranking initial assignments. This finding underscores the limits to the usefulness of efficiency criteria: they cannot settle all questions, and unfortunately are least (...) decisive just where the stakes are greatest (namely, where wealth effects of alternative assignments are greatest). Explicitly ethical criteria are needed to make the ranking. Key Words: Pareto efficiency • Kaldor-Hicks efficiency • property rights • welfare economics. (shrink)

Israel Kirzner cautions us that, because commodity price arbitrage as such does not operate outside commodity markets, the logic of Pareto-improving entrepreneurship does not provide a “copybook example” for explaining the evolution of social institutions in general. He characterizes Menger’s theory of the emergence of money as non-entrepreneurial; by implication, while it assures us that some monetary standard will emerge, it does not assure us that a superior monetary standard will spontaneously emerge. I argue that entrepreneurial opportunities for private gain (...) do in fact drive the Mengerian evolution from barter to money, and systematically promote the emergence of superior monetary standards, though not necessarily the best conceivable standards. In choosing among potential exchange media to accept and offer, a pre-monetary trader has a private incentive to choose commodities that have whatever properties other traders prefer in their exchange media.Israel Kirzner nous met en garde sur le fait que parce que l’arbitrage des prix des marchandises en soi n’opère pas hors des marchés des produits, la logique de l’amélioration de l’esprit d’entreprise ne procure pas un “exemple classique” pour expliquer l’évolution des institutions sociales en général. Il caractérise la théorie mengerienne de l’émergence de la monnaie comme étant non entrepreneuriale; l’implication en est que si cette théorie nous assure qu’un certain étalon monétaire va émerger, elle ne peut affirmer avec certitude que cet étalon monétaire spontané sera supérieur.L’article suggère que des opportunités entrepreneuriales de gains privés orientent en effet l’évoluti- on décrite par Menger d’une situation de troc vers une économie monétaire et promeuvent systéma- tiquement l’émergence d’étalons monétaires supérieurs, bien que pas nécessairement les meilleurs étalons concevables. En choisissant parmi les intermédiaires d’échange potentiels lequel accepter ou offrir, un négociant d’avant l’ère monétaire a une insitation privée à choisir les marchandises dotées de propriétés que les autres négociants préfèrent dans le cadre de leurs échanges. (shrink)

Ritalin use has increased by 500 percent in the last five years. The reasons for this dramatic surge are rooted in changes and pressures in psychiatry and society at large.

My One Fallacy theory says there is only one fallacy: equivocation, or playing on an ambiguity. In this paper I explain how this theory arose from rnetaphilosophical concerns. And I contrast this theory with purely logical, dialectical, and psychological notions of fallacy.

Chimpanzee behaviour with mirrors makes it plausible that they can recognise themselves as themselves in mirrors, and so have a 'self-concept'. I defend this claim, and argue that roughly similar behaviour in pigeons, as reported, does not in fact make it equally plausible that they also have this mental capacity. But for all that it is genuine, chimpanzee self-consciousness may differ significantly from ours. I describe one possibility I believe consistent with the data, even if not very plausible: that the (...) chimpanzee is aware of itself only as a material being, and not as a subject of any psychological states. As I try to make clear, this possibility exists even if the chimpanzee has psychological states, and is aware of some of them. (shrink)

Ad hominem arguments argue that some opponent should not be heard and no argument of that opponent should be heard or considered. The opponent has generally pernicious views, false and harmful. Moreover he is diabolically clever at arguing for his views. Thus, the ad hominem argument is essentially a device by which non-intellectuals try to wrest control of a dialectical situation from intellectuals. Stifling intellectuals, disrupting the dialectical situation, is an unpleasant conclusion, but no fallacy has been shown in what (...) leads up to that conclusion. (shrink)

In this paper, I argue that the dominant view of reflexivity in contemporary social science is overly decontextualized, despite the value that reflexivity scholars have placed on the dynamic and active nature of individual thought and action. While this problem has been highlighted before, in terms of how habitual actions shape the way that individuals engage in reflexive thought, little attention has been given to the ways in which non-internalized elements of the environment condition this process. I illustrate my argument (...) with examples from Tocqueville’s classic text Democracy in America. I demonstrate how Tocqueville provided a framework for analyzing the way that societal-level norms and opportunity structures impact personal reflexive capacities. In this respect, his work is unparalleled and as such remains relevant to contemporary debates. I therefore argue for the application of Tocqueville’s work into arenas it has seldom entered. (shrink)

According to the one-fallacy theory, the only real fallacy is equivocation. In particular, the fallacy of incomplete evidence draws a conclusion inductively from parts of our evidence while ignoring other parts of it which undermine the conclusion. T his is an equivocation on the relative term 'probable': the conclusion is probable relative to a part of our evidence but not relative to the whole of it. Unfortunately, this view is not entirely consistent with my meta-theory of fallacies which allows t (...) hat some failures of rationality are errors simply in inductive reasoning rather than being equivocations. (shrink)