Areas of Economics, Misc

In this paper, I propose a counterexample to the proposed advantage of specialization in research. My counterexample is developed after assessing the claim that the early twentieth century essayist and editor Dora Marsden imitated Nietzsche in one of her periodicals: The New Freewoman.

The financial crisis was caused by the complex, constantly growing web of regulations designed to constrain and redirect modern capitalism. This complexity made investors, bankers, and perhaps regulators themselves ignorant of regulations previously promulgated across decades and in different “fields” of regulation. These regulations interacted with each other to foster the issuance and securitization of subprime mortgages; their rating as AA or AAA; and their concentration on the balance sheets (and off the balance sheets) of many commercial and investment banks. (...) As a practical matter, it was impossible to predict the disastrous outcome of these interacting regulations. This fact calls into question the feasibility of the century-old attempt to create a hybrid capitalism in which regulations are supposed to remedy economic problems as they arise. (shrink)

A partir de uma análise crítica da teoria econômica da democracia de Downs, examinam-se, em termos do problema da "seleção adversa" de Ackerlof, os efeitos da assimetria de informação entre candidatos (com taxas diferentes de demagogia) e eleitores (com níveis diferentes de conhecimento), contra o pano de fundo da relação entre divisão de trabalho e democracia.

The chapter is the final one in the volume of collected papers aiming to discuss the sharing economy in Europe. The idea of the book emerged within the research network created by the COST Action CA16121 ‘From Sharing to Caring: Examining Socio-Technical Aspects of the Collaborative Economy.’ The authors of the chapter sum up theoretical and empirical materials as well as country-specific cases provided in the book. The article critically assesses the current status of the sharing economy in European countries (...) by highlighting major controversial issues related to deregulation, market disruption, or social inequality. The authors conclude that, considering the comprehensive and up-to-date materials collected and analysed in the book, it may become an outstanding source of knowledge and a practical tool in the process of expansion of the sharing economy in Europe and beyond. (shrink)

The purpose of the study is to forecast the number of passengers transported by air in the United States for 2021-2022. The forecast is preceded by a multidimensional comparative analysis of the number of passengers transported by air in the United States from 1 January 2019 to 2 November 2021. To achieve this goal, the data were grouped as dependent variables: years, months-years. The observed similarities, the analysis and evaluation of the literature as well as the own experience made it (...) possible to forecast primary data for the future. The obtained results show a growing trend in the number of passengers transported by air in the United States. The forecast for 3 November 2021 to 31 December 2022 is 837 459 877 prospective air passengers in the United States. The standard deviation of the obtained forecast was 255 680,3, the arithmetic mean was 1 975 141 passengers and the median was 1 998 478 passengers. The observed similar trends in the identical months of July-October in 2019 and 2021 as well as the analysis of the literature and the own experience allowed for the selection of a method for the forecasting of the number of passengers transported by air in the United States for the future. The detected regularities as recurring trends in the number of air passengers transported in the United States on a dynamic basis may be used to forecast them for the future. (shrink)

In this paper I analyse the problem of free will and determinism as it pertains to the Austrian School of Economics. I demonstrate that despite the fact they subscribe to the concept of causality,...

I envision new directions in the methodology of experimental games in the field of developmental, environmental and resource economics. Although there have been extensive discussions on experimenta...

Knowledge-making is a social activity. In this essay, I discuss how the economics discipline may be becoming a bit more cognizant of this fact, even though it goes against a long habit of imagining...

Before reading two recent books of which David Colander is first author, I had thought of him as a unique gadfly who has been the best promoter of three loosely connected strands of work. He has do...

The article examines the process of formation inventory of the enterprise and determines the optimal volume of commodity resources for sale. A generalization of author’s approaches to the formation and evaluation of inventories of the enterprise is carried out. The marketing-logistic approach was applied for the purpose of distribution groups of commodity resources due to the risk of non-fulfillment the order for the supply of goods of the enterprise. In order to ensure an effective process of commodity provision of the (...) enterprises, the costs associated with the formation of inventories are determined. The formalized scheme of the formation commodity provision and the process of optimization inventory of the enterprise is offered. The analysis the structure of the company’s inventory is carried out, the volume of goods turnover is defined, the stocks are grouped for various clustering characteristics. To conduct the study, statistical information was used on commodity resources of the enterprises, statistical methods (grouping, structure analysis, estimation of dynamic series), tools for assessing the efficiency of inventory use, HML-FMR clustering were used. The necessity of using XYZ and ABC analysis is indicated in order to obtain more reliable results and forecast values of the product support of the enterprise. Economic-mathematical modeling is applied and graphically shown the difference in the formation of commodity resources by various features of HML-FMR clustering. The calculations allow the enterprise to determine the optimal amount of commodity resources in accordance with the needs of consumers and their solvent demand, to plan financial resources for the formation of inventories, to develop assortment policy in accordance with demand for products and their implementation. The results of calculations the volume of merchandising of the enterprise, taking into account the HML-FMR clustering affect the formation of final financial performance of the enterprise — income and profits. (shrink)

Let us suppose we could simply divide all social scientists studying finance into two main ideal-types: those who, writing from an anti-capitalistic perspective, are critically destructive; and tho...

The authors of the book have come to the conclusion that it is necessary to effectively use modern approaches to developing and implementation strategies of sustainable socio-economic development in order to increase efficiency and competitiveness of economic entities. Basic research focuses on economic diagnostics of socio-economic potential and financial results of economic entities, transition period in the economy of individual countries and ensuring their competitiveness, assessment of educational processes and knowledge management. The research results have been implemented in the different (...) models and strategies of supply and logistics management, development of non-profit organizations, competitiveness of tourism and transport, financing strategies for small and medium-sized enterprises, cross-border cooperation. The results of the study can be used in decision-making at the level the economic entities in different areas of activity and organizational-legal forms of ownership, ministries and departments that promote of development the economic entities on the basis of models and strategies for sustainable socio-economic development. The results can also be used by students and young scientists in modern concepts and mechanisms for management of sustainable socio-economic development of economic entities in the condition of global economic transformations and challenges. (shrink)

Potential of sustainable regional development is studied through demographic, economic, social, socio-cultural and ecological indicators in order to determine the strategy development areas of regional SMART specialisation on the example of Cherkasy oblast (the central region of Ukraine).Cherkasy oblast was selected for the study because it is one of the pilot regions for the implementation of the SMART specialisation strategies. The following methods were used in the course of the study: the system-structure analysis, comparative-geographic method, mapping (GIS – MapInfo Professional, (...) Surfer Golden Software, and program for gravity modelling of the potential field calculation), interpolation, correlation and description-statistical method.The results of the study are intended for national and regional policy-makers, representatives of self-governance, researchers dealing with regional development problems, NGOs, representatives of small and medium business, public activists and others.The proposed results of the study of the sustainable regional development potential in view of SMART specialisation on the example of Cherkassy oblast may be used in the countries of the Eastern Partnership (Belarus, Georgia, Moldova, Azerbaijan, Armenia). (shrink)

The problem of corruption in Ukraine has been examined, as well as Blockchain technology application feasibility in combating the phenomenon has been analyzed in the article. Blockchain instrumental features and properties, making the technology unique and determining its potential applications in many sectors of the economy, have been covered with much attention. The authors have analyzed both advantages and obstacles for a distributed data registry implementation. Analysis of benchmarks and application of the best practices of Blockchain technology in the public (...) sector, including the fiscal process, have been presented in the study. Profound interest in exploring the technology feasibility has been emphasized on the part of the world's leading governments. Information on pilot Blockchain projects in the public sector of Ukraine has been presented. The article focuses on the fact that alongside with the technology area and ways of scaling its application, a new era of digital society development is emerging. (shrink)

This article intends to analyze the performance and the efficiency of companies and to identify the key factors that may explain it. It was selected a sample with 15 enterprises: 7 Portuguese and 8 Ukrainian ones, belonging to several industries. Financial and non-financial data was collected for 6 years, during the period of 2009 to 2014. Research questions that guided this work were: Are the enterprises efficient/profitable? What factors influence enterprises’ efficiency/performance? Is there any difference between Ukrainian and Portuguese enterprises’ (...) efficiency/performance, which factors have more influence? Which industrial sector is represented by more efficient/profitable enterprises? The main results showed that in average enterprises were efficient with low level of profitability. According to gained results several indicators were highlighted so that companies would pay more attention to them. (shrink)

The services sector strategic development unites a multitude of economic and managerial aspects and is one of the most important problems of economic management. Many researches devoted to this industry study are available. Most of them are performed in the traditional aspect of the voluminous calendar approach to strategic management, characteristic of the national scientific school. Such an approach seems archaic, forming false strategic benchmarks. The services sector is of special scientific interest in this context due to the fact that (...) the social production structure to the services development model attraction in many countries suggests transition to postindustrial economy type where the services sector is a system-supporting sector of the economy. Actively influencing the economy, the services sector in the developed countries dominates in the GDP formation, primary capital accumulation, labor, households final consumption and, finally, citizens comfort of living. However, a clear understanding of the services sector as a hyper-sector permeating all spheres of human activity has not yet been fully developed, although interest in this issue continues to grow among many authors. Target of strategic management of the industry development setting requires substantive content and the services sector target value assessment. (shrink)

The article provides the analysis of the entrance into the innovative activity and organized regulation of interaction which is based on the scientific and technological changes, concentration of production and the feasibility study of administrative decisions, which are dominated by a conglomerate of technical, technological and engineering management decisions. The research formulates the provisions for the productive use of business as the form of economic relations which is based on the entrepreneur function. These provisions are formulated basing on the conditions (...) of efficient division of labour and cooperation. The research singles out a number of systemic positions which allow perceiving logically and distinguishing the production, service and business, to distribute human activities between the groups of occupations and types of service activities. Among these systemic provisions the most efficient is a modelling approach which, when the society enters more complex social and economic stage, transfers the science from the environment of operations with the bulk characteristics into the environment of the analysis of specific sets of coefficients. The logistics of Ukraine’s joining the process of business is associated with the position of the recognition of the primacy of the physical abilities of the person, which should be developed in part in the system of public security and partly in the business environment, commercialization and private capital. Person enters the business environment and habitat as an initiative individual. These indicators are the following: «connections» between the old and the new, between the objects which exist and those which only start to appear and will exist in future; «sources» of development, movement, changes; «mechanism» of development, ways of changing from old to new quality; «direction» of development; «style» of thinking, understanding reality; «essence» of true knowledge; «essence itself» of cognition; «alternativeness» of metaphysics and dialectics. (shrink)

In this chapter, one considers finance at its very foundations, namely, at the place where assumptions are being made about the ways to measure the two key ingredients of finance: risk and return. It is well known that returns for a large class of assets display a number of stylized facts that cannot be squared with the traditional views of 1960s financial economics (normality and continuity assumptions, i.e. Brownian representation of market dynamics). Despite the empirical counterevidence, normality and continuity assumptions (...) were part and parcel of financial theory and practice, embedded in all financial practices and beliefs. Our aim is to build on this puzzle for extracting some clues revealing the use of one research strategy in academic community, model tinkering defined as a particular research habit. We choose to focus on one specific moment of the scientific controversies in academic finance: the ‘leptokurtic crisis’ opened by Mandelbrot in 1962. The profoundness of the crisis came from the angle of the Mandelbrot’s attack: not only he emphasized an empirical inadequacy of the Brownian representation, but also he argued for an inadequate grounding of this representation. We give some insights in this crisis and display the model tinkering strategies of the financial academic community in the 1970s and the 1980s. (shrink)

В монографии исследованы проблемы управления устойчивым развитием национальных социально-экономических систем. На основе проведенных исследований авторами разработаны модели устойчивого развития социально- экономических систем на примере Украины и Польши. Рекомендуется ученым и специалистам, преподавателям высших учебных заведений, докторантам, аспирантам и студентам магистратуры, которые занимаются вопросами повышения эффективности функционирования национальных социально-экономических систем.

In Southeast Asian countries (SEA), road transport accounts for the main energy consumption and CO2 emission. Air pollution is a major concern in densely populated cities such as Bangkok, Manila, and Kuala Lumpur. The main objective of this paper is to give insights on trends of transport development, car ownership, and CO2 emissions in Southeast Asia. This study also attempts to review the successful transportation policies around the globe and to introduce the possible instruments that can help reduce air pollution (...) in Southeast Asian countries. Economic instruments to estimate the benefits of a cleaner environment due to new policies are introduced as well. The results of this research could help policy makers consider approaches that could internalize external costs of transportation and maximize the societal welfare. (shrink)

Choice experiment (CE) is a questionnaire based method that the accuracy of research questionnaire determines the validity of the research outcomes. Attribute selection has a prime importance in every CE studies. If respondents do not understand or do not have preference for a certain attribute, the attribute non-attendance problem might happen that biases overall results of the research. Qualitative approaches such as literature review, focus group discussion, and in depth discussion commonly applied in CE researches. However, especially in the developing (...) countries context where ethnical and cultural diversity is a challenge in conducting survey based questionnaires, qualitative methods are not sufficient in selecting attributes. Present study investigates the application of relative importance index (RII) in respondents¡¯ preference for attributes in a modal shift study in Klang Valley, Malaysia. The 5 point Likert scale questions were employed to enhance respondents¡¯ preferences for initial 24 selected attributes. The results of this study showed that from 24 pre-selected attributes, only 18 of them had RII>0.5 and could be included in the final CE design. The results of this study could help researchers to control for unobserved problems in selecting the attributes which could not be discovered through qualitative approaches. -/- . (shrink)

The preconditions and features of the formation of post-industrial society are defined in the article. The distinctive role of active innovation infrastructure of the country in integrating into the European community and society based on knowledge are proved. The characteristic features of the economy of post-industrial society are the increasing role of intangible resources in ensuring social reproduction, “softization” and “servization” the subjects of innovation infrastructure. The essence of economic category “innovation infrastructure“ is defined in the article. It is a (...) dynamic self-regulating system of markets and subjects that entering these markets in certain economic relations and it provides the necessary conditions for implementation of the innovation processes. Mechanism of functioning of the constituent elements of innovation infrastructure in market economy is proposed, relationships between them are defined. (shrink)

John Broome claims that there is a sacrifice-free solution to climate change. He says this is a consequence of elementary economics. After explaining the economic argument in somewhat more detail than Broome, I show that the argument is unsound. A main problem with it stems from Derek Parfit's ‘nonidentity effect.’ But there is hope, since the nonidentity effect underwrites a more philosophical yet more plausible route to a sacrifice-free solution. So in the end I join Broome in asking economists and (...) policymakers to help make this a reality. (shrink)

(2014). The economic debate on power: a Marxist critique. Journal of Economic Methodology: Vol. 21, No. 2, pp. 175-192. doi: 10.1080/1350178X.2014.907440.

This short paper is about the generalized evolutionary approach to the economics of science. Stephen Toulmin and David Hull are pioneers of the former rather than Karl Popper whose falsification thesis was sociologically naive. Useful directions for the future would go beyond the generalities of variation, transmission and selection towards making more explicit use of Darwin’s “two great principles.” The first is “the unity of types” i.e. common descent by employing phylogenetic methods to answer historical questions. The second is “the (...) conditions of existence” i.e. natural selection by making use of general principles of evolutionary ecology and socioecology to answer questions about why something evolved. (shrink)

In this paper, I consider the recent resurgence of “evolutionary economics”—the idea that evolutionary theory can be very useful to push forward key debates in economics—and assess the extent to which it rests on a plausible foundation. To do this, I first distinguish two ways in which evolutionary theory can, in principle, be brought to bear on an economic problem—namely, evidentially and heuristically—and then apply this distinction to the three major hypotheses that evolutionary economists have come to defend: the implausibility (...) of rational choice theory as an account of economic rationality, the idea that firms are autonomous economic agents, and the need for a more dynamic, less equilibrium-focused economic methodology. In each of these cases, I conclude negatively: the relevant evolutionary considerations neither suggest interesting and novel hypotheses to investigate further nor are backed up by the needed data to constitute genuine evidence. I end by distinguishing this criticism of evolutionary economics from others that have been put forward in the literature: in particular, I make clear that, unlike those of other critics, the arguments of this paper are based on epistemic—not structural—considerations and therefore leave more room for a plausible form of evolutionary economics to come about in the future. (shrink)

(2013). The Elgar companion to recent economic methodology. Journal of Economic Methodology: Vol. 20, Methodology, Systemic Risk, and the Economics Profession, pp. 81-86. doi: 10.1080/1350178X.2013.774853.

(2013). Introduction: Methodology, systemic risk, and the economics profession. Journal of Economic Methodology: Vol. 20, Methodology, Systemic Risk, and the Economics Profession, pp. 1-5. doi: 10.1080/1350178X.2013.774842.

This paper argues that contemporary macroeconomic and finance models suffer from insuperable epistemological flaws and that their empirical difficulties – which are particularly apparent in modeling market participants' expectations – can be traced to economists' core premise that they can adequately specify in probabilistic terms how individuals alter the way they make decisions and how the processes underpinning market outcomes unfold over time. We refer to such accounts of change as determinate. The first part examines how this core premise has (...) derailed the development of macroeconomic analysis for the last four decades. The second part sketches how imperfect knowledge economics (IKE) jettisons conventional models' core premise and how doing so helps to overcome these models' epistemological flaws. By opening economic models to change, that is, at least in part, indeterminate, and by recognizing imperfect knowledge on the part of economists, IKE explores the frontier of what empirically relevant mathematical macroeconomic and finance models can deliver. (shrink)

(2013). Beyond mechanical markets – asset price swings, risk and the role of the state. Journal of Economic Methodology: Vol. 20, Methodology, Systemic Risk, and the Economics Profession, pp. 69-75. doi: 10.1080/1350178X.2013.774856.

The paper argues that substantial support for Soros' claims about uncertainty and reflexivity in economics and human affairs generally are provided by the operation of both factors in the biological domain to produce substantially the same processes which have been recognized by ecologists and evolutionary biologists. In particular predator prey relations have their sources in uncertainty – i.e. the random character of variations, and frequency dependent co-evolution – reflexivity. The paper argues that despite Soros' claims, intentionality is not required to (...) produce these phenomena, and that where it does so, in the human case, it provides no basis to deny a reasonable thesis of the methodological or causal unity of science. The argument for this conclusion is developed by starting with a biological predator/prey relation and successively introducing intentional components without affecting the nature of the process. Accepting the conclusion of this argument provides substantial additional inductive support for Soros' theory in its economic application. (shrink)

In this paper, I consider the recent resurgence of “evolutionary economics”—the idea that evolutionary theory can be very useful to push forward key debates in economics—and assess the extent to which it rests on a plausible foundation. To do this, I first distinguish two ways in which evolutionary theory can, in principle, be brought to bear on an economic problem—namely, evidentially and heuristically—and then apply this distinction to the three major hypotheses that evolutionary economists have come to defend: the implausibility (...) of rational choice theory as an account of economic rationality, the idea that firms are autonomous economic agents, and the need for a more dynamic, less equilibrium-focused economic methodology. In each of these cases, I conclude negatively: the relevant evolutionary considerations neither suggest interesting and novel hypotheses to investigate further nor are backed up by the needed data to constitute genuine evidence. I end by distinguishing this criticism of evolutionary economics from others that have been put forward in the literature: in particular, I make clear that, unlike those of other critics, the arguments of this paper are based on epistemic—not structural—considerations and therefore leave more room for a plausible form of evolutionary economics to come about in the future. (shrink)

Whereas conventional analyses characterize environmental problems as examples of market failure, proponents of free-market environmentalism (FME) consider the problem to be a lack of markets and, in particular, a lack of enforceable and exchangeable property rights. Enforcing property rights alleviates disputes about, as well as the overuse of, most natural resources. FME diagnoses of pollution are much weaker, however. Most FME proponents suggest that common-law tort suits can adequately protect private property and ecological resources from pollution. Yet such claims have (...) not been substantiated. Further research is needed before the common law, or regulatory reforms grounded in common-law principles, can be seen as a viable alternative to traditional environmental regulation. (shrink)

For a little more than twenty years, the terminology used in the economics of science has changed significantly with the development of expressions such as ?new economics of science? (NES) and ?economics of scientific knowledge? (ESK). This article seeks to shed light on the use of these different terminologies by studying the work of the economist of science Paul David. We aim to use his work as a case study in order to argue for a difference between NES and ESK (...) and to show, in a concrete way, the sociological ambiguities now going on in the economics of science. (shrink)

Ben Fine and Dimitris Milonakis have done political economy a great service by drawing attention to the insights lost in the twists, turns and reductions in the transition from political economy to economics. These two volumes constitute a solid foundation upon which a new generation can build a political economy for the future. This review presses some of their meta-theoretical arguments a little further than they actually do in an attempt to ‘toughen-up’ the new political economy and make it more (...) able to carry the fight to economics. (shrink)

Economic page turners like Freakonomics are well written and there is much to be learned from them ? not only about economics, but also about writing techniques. Their authors know how to build up suspense, i.e., they make readers want to know what comes. An uncountable number of pages in books and magazines are filled with advice on writing reportages or suspense novels. While many of the tips are specific to the respective genres, some carry over to economic page turners (...) in an instructive way. After introducing some of these writing tools, I discuss whether these and other aspects of good writing lead to a biased presentation of economic theory and practice. I conclude that whatever the problems with certain economic page turners may be, they are not due to the need to write in an accessible, appealing way. (shrink)

This paper discusses classification in Economics via the case of ?heterodox economics (HE)?. It argues that the debate over HE reflects several important methodological issues: the need and motives for classification, and its consequences; dualism; and simplicity versus complexity. It presents four types of treatment of HE, which usually reach different conclusions about it. The paper argues that intellectual treatments suffer from problems of dualism: frequently offering strict, fixed, simple definitions of HE that are difficult to defend, especially in the (...) light of recent developments in economics. For these reasons, sociological and psychological treatments have become preferred. These appear to avoid the problems faced by intellectual definitions and reflect existing social groups in economics. However, it is argued that these definitions are conceptually empty, still prone to dualism and reification. It is argued that all definitions reflect the sociology of the profession: dualist definitions of heterodoxy reflect interpretations of power structures within economics. Overall, definitions of HE should be multi-faceted, temporary and perhaps even purposefully vague. (shrink)

A central point of debate over environmental policies concerns how future costs and benefits should be assessed. The most commonly used method for assessing the value of future costs and benefits is economic discounting. One often-cited justification for discounting is uncertainty. More specifically, it is risk aversion coupled with the expectation that future prospects are more risky. In this paper I argue that there are at least two reasons for disputing the use of risk aversion as a justification for discounting (...) when dealing with longterm decisions, one technical and one ethical. Firstly, I argue that technically, it implies an inconsistency between theory and practice. And secondly, I argue that discounting for uncertainty relies on a form of individualism which, while reasonable in standard microeconomic theory where an agent chooses how to spread her own consumption over her own lifetime, is inappropriate in the context of intergenerational social decisions. (shrink)

Several commentators have argued that the economics-made-fun (?EMF?) genre contains very little actual economics. As such, it would seem that criticisms of EMF do not apply to economics more broadly. In this paper I take a contrary view, arguing that, in fact, at a deep conceptual level, the engine of EMF analyses is precisely the engine of mainstream economics. Specifically, I argue that both EMF and mainstream economics rest on a conceptual foundation known as the principle of the substitution of (...) similars (?PSS?). Understanding how PSS leads EMF practitioners to make claims well beyond what is warranted by their analysis also offers insight into how PSS can put economists in danger of overestimating the power and scope of their analyses. I explore the consequences of such problems through examples of economic analysis of the US housing market in the lead-up to the recent financial crisis. (shrink)

An allocation rule is ‘consistent’ if the recommendation it makes for each problem ‘agrees’ with the recommendation it makes for each associated reduced problem, obtained by imagining some agents leaving with their assignments. Some authors have described the consistency principle as a ‘fairness principle’. Others have written that it is not about fairness, that it should be seen as an ‘operational principle’. We dispute the particular fairness interpretations that have been offered for consistency, but develop a different and important fairness (...) foundation for the principle, arguing that it can be seen as the result of adding ‘some’ efficiency to a ‘post-application’ and efficiency-free expression of solidarity in response to population changes. We also challenge the interpretations of consistency as an operational principle that have been given, and here identify a sense in which such an interpretation can be supported. We review and assess the other interpretations of the principle, as ‘robustness’, ‘coherence’ and ‘reinforcement’. View HTML Send article to KindleTo send this article to your Kindle, first ensure [email protected] is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about sending to your Kindle. Find out more about sending to your Kindle. Note you can select to send to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be sent to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply. Find out more about the Kindle Personal Document Service.ON THE AXIOMATICS OF RESOURCE ALLOCATION: INTERPRETING THE CONSISTENCY PRINCIPLEVolume 28, Issue 3William Thomson DOI: https://doi.org/10.1017/S0266267112000296Your Kindle email address Please provide your Kindle [email protected]@kindle.com Available formats PDF Please select a format to send. By using this service, you agree that you will only keep articles for personal use, and will not openly distribute them via Dropbox, Google Drive or other file sharing services. Please confirm that you accept the terms of use. Cancel Send ×Send article to Dropbox To send this article to your Dropbox account, please select one or more formats and confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about sending content to Dropbox. ON THE AXIOMATICS OF RESOURCE ALLOCATION: INTERPRETING THE CONSISTENCY PRINCIPLEVolume 28, Issue 3William Thomson DOI: https://doi.org/10.1017/S0266267112000296Available formats PDF Please select a format to send. By using this service, you agree that you will only keep articles for personal use, and will not openly distribute them via Dropbox, Google Drive or other file sharing services. Please confirm that you accept the terms of use. Cancel Send ×Send article to Google Drive To send this article to your Google Drive account, please select one or more formats and confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about sending content to Google Drive. ON THE AXIOMATICS OF RESOURCE ALLOCATION: INTERPRETING THE CONSISTENCY PRINCIPLEVolume 28, Issue 3William Thomson DOI: https://doi.org/10.1017/S0266267112000296Available formats PDF Please select a format to send. By using this service, you agree that you will only keep articles for personal use, and will not openly distribute them via Dropbox, Google Drive or other file sharing services. Please confirm that you accept the terms of use. Cancel Send ×Export citation Request permission. (shrink)

Nelson and Winter’s An Evolutionary Theory of Economic Change (1982) was the foundational work of what has become the thriving sub-discipline of evolutionary economics. In attempting to develop an alternative to neoclassical economics, the authors looked to borrow basic ideas from biology, in particular a concept of economic “natural selection.” However, the evolutionary models they construct in their seminal work are in many respects quite different from the models of evolutionary biology. There is no reproduction in any usual sense, “mutation” (...) is directed as opposed to blind, and there is no meaningful distinction between phenotype and genotype. Despite these substantial departures from the conceptions of evolutionary biology, I argue that the “evolutionary” economics of Nelson and Winter is indeed a legitimate extension of Darwinian evolutionary principles to a novel domain, and that the traditional conception of evolution by natural selection must be revised. The novel features of evolutionary economics models reflect the distinctive theoretical requirements faced by economists. I further contend that reproduction, heredity, blind variation, and the genotype/phenotype distinction are all inessential to evolutionary theory, and that their role in evolutionary biology is a domain-specific feature of biological theory. (shrink)

The article examines two cases of adoption of evolutionary ways of thinking by modern economists: Nelson and Winter’s (Evolutionary Theory of Economic Change, 1982), and evolutionary game theory (1990s and after). In both cases, the authors explicitly refer to natural selection in an economic context. I show that natural selection is taken in two different senses, which correspond to two general conceptions of the principle of natural selection, one of which contains reproduction and heredity as key elements, whereas the other (...) does not. (shrink)

The Stern Review, Stern (2007), received a lot of attention upon its release. It also resulted in an intense and interesting debate within climate change economics. One of the central issues has been the question of the appropriate discount rate to use and more generally the proper role of ethics in an economic analysis of this kind. Some have argued against incorporating ethical considerations at all, while others argue that Stern did not involve ethics enough. There are also those who (...) question whether Stern provided an economic analysis at all. This paper analyzes Stern (2007) and the surrounding debate from a methodological point of view. Basically three conclusions are reached. First, Stern involves a number of different kinds of interdisciplinarity based on the Mäki (2007) characterization of interdisciplinarity. Second, the interaction of economics and ethics is unavoidable within climate change research. Third, Stern uses a modified version of the standard economic approach to climate change and the deviations are well motivated (i.e. it is still a valuable economic analysis). (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)