Contents
42 found
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  1. Developing the Silver Economy and Related Government Resources for Seniors: A Position Paper.Maristella Agosti, Moira Allan, Ágnes Bene, Kathryn L. Braun, Luigi Campanella, Marek Chałas, Cheah Tuck Wing, Dragan Čišić, George Christodoulou, Elísio Manuel de Sousa Costa, Lucija Čok, Jožica Dorniž, Aleksandar Erceg, Marzanna Farnicka, Anna Grabowska, Jože Gričar, Anne-Marie Guillemard, An Hermans, Helen Hirsh Spence, Jan Hively, Paul Irving, Loredana Ivan, Miha Ješe, Isaac Kabelenga, Andrzej Klimczuk, Jasna Kolar Macur, Annigje Kruytbosch, Dušan Luin, Heinrich C. Mayr, Magen Mhaka-Mutepfa, Marian Niedźwiedziński, Gyula Ocskay, Christine O’Kelly, Nancy Papalexandri, Ermira Pirdeni, Tine Radinja, Anja Rebolj, Gregory M. Sadlek, Raymond Saner, Lichia Saner-Yiu, Bernhard Schrefler, Ana Joao Sepúlveda, Giuseppe Stellin, Dušan Šoltés, Adolf Šostar, Paul Timmers, Bojan Tomšič, Ljubomir Trajkovski, Bogusława Urbaniak, Peter Wintlev-Jensen & Valerie Wood-Gaiger - manuscript
    The precarious rights of senior citizens, especially those who are highly educated and who are expected to counsel and guide the younger generations, has stimulated the creation internationally of advocacy associations and opinion leader groups. The strength of these groups, however, varies from country to country. In some countries, they are supported and are the focus of intense interest; in others, they are practically ignored. For this is reason we believe that the creation of a network of all these associations (...)
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  2. Two (Lay) Dogmas on Externalities.Vaughn Bryan Baltzly - forthcoming - Public Choice.
    I argue that much current thinking on externalities—at least among “lay political economists” (but even, on occasion, among professional economists)—is saddled with two analytical errors. The first is what I call coextensivism: the conflation of public goods and externalities. The second error is what I call externality profligacy: the conflation of economic and “social” externalities. The principal dangers presented by these two “dogmas on externalities” are that, while in their grips, we are under-disposed to seek negotiated, market-based solutions (of a (...)
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  3. Book Review: Philosophical Foundations of Climate Change Policy, Joseph Heath. Oxford University Press, 2021, viii + 339 pages. [REVIEW]Kian Mintz-Woo - forthcoming - Economics and Philosophy.
    Joseph Heath sometimes plays the role of a gadfly in climate and environmental ethics. He often defends conventional, economics-focused claims which rub many philosophers the wrong way—claims that are at the heart of issues raised in these pages, claims such as that discounting is justifiable, growth is good, or cost-benefit analysis is appropriate in liberal democracies. I think we can all agree that sophisticated defences of conventional positions play an important part in the ecosystem. For philosophers, a gadfly can challenge (...)
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  4. Complexity, Policymaking, and The Austrian Denial of Macroeconomics.Scott Scheall - forthcoming - In Bert Tieben, Victoria Chick & Jesper Jespersen (eds.), Routledge Handbook of Macroeconomic Methodology. Milton Park, Abingdon-on-Thames, Oxfordshire, England, UK: Routledge.
    Economists associated with the Austrian School of Economics are known to deny the value of macroeconomics as descended from the work of John Maynard Keynes and, especially, his followers. Yet, Austrian economists regularly engage in a related scientific activity: theorizing about the causes and consequences of economic fluctuations, i.e., the business cycle. What explains the Austrians’ willingness to engage in theorizing about the business cycle while denying the scientific import of macroeconomics? The present paper argues that the methodological precepts of (...)
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  5. Preferences versus opportunities: on the conceptual foundations of normative welfare economics.Roberto Fumagalli - 2024 - Economics and Philosophy 40 (1):77-101.
    Normative welfare economics commonly assumes that individuals’ preferences can be reliably inferred from their choices and relies on preference satisfaction as the normative standard for welfare. In recent years, several authors have criticized welfare economists’ reliance on preference satisfaction as the normative standard for welfare and have advocated grounding normative welfare economics on opportunities rather than preferences. In this paper, I argue that although preference-based approaches to normative welfare economics face significant conceptual and practical challenges, opportunity-based approaches fail to provide (...)
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  6. Taking Responsibility for Climate Change.Säde Hormio - 2024 - Palgrave Macmillan.
    This book proposes that it is not only states and international bodies that have a responsibility to take action toward mitigating climate change. Other collective agents, such as corporations, need to also come onboard. Additionally, the book argues that climate change is not solely a problem for collective agents, but also for individuals, as they are members of collectives and groups of several kinds. Therefore, framing climate change responsibility exclusively from either the collective or the individual perspective leaves out something (...)
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  7. What is the standard of care in experimental development economics?Marcos Picchio - 2024 - Politics, Philosophy and Economics 23 (2):205-226.
    A central feature of experimental development economics is the use of randomized controlled trials (RCTs) to evaluate the effectiveness of prospective socioeconomic interventions. The use of RCTs in development economics raises a host of ethical issues which are just beginning to be explored. In this article, I address one ethical issue in particular: the routine use of the status quo as a control when designing and conducting a development RCT. Drawing on the literature on the principle of standard care in (...)
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  8. Two Philosophical Issues Surrounding the Structure of Public-Policy Recommendations.Marc-Kevin Daoust & Victor Babin - 2023 - Dialogue 62 (3):431-446.
    One of the key responsibilities of public institutions in liberal democracies is to formulate recommendations for decision makers. However, public institutions realize that decision makers will often partly ignore their recommendations. This situation of “partial compliance” with recommendations raises a number of philosophical issues for institutions. Based on an analysis of 570 recommendations drawn from 40 Quebec public-sector documents and reports, we identify two issues surrounding the structure of public-policy recommendations.
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  9. Deux enjeux philosophiques entourant la structure des recommandations issues du secteur public.Marc-Kevin Daoust & Victor Babin - 2023 - Dialogue 62 (3):413-429.
    L’une des fonctions des institutions publiques des démocraties libérales est de formuler des recommandations à l’attention des décideurs. Or, les institutions publiques savent que leurs recommandations seront souvent ignorées en partie par le décideur. Cette situation de « conformité partielle » aux recommandations soulève plusieurs problèmes de nature philosophique pour les institutions. En nous appuyant sur une analyse de 570 recommandations tirées de 40 documents et rapports du secteur public québécois, nous identifions deux enjeux entourant la structure des recommandations issues (...)
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  10. Srebrna gospodarka jako konstruktywna odpowiedź na starzenie siȩ populacji. Perspektywa polityki publicznej.Andrzej Klimczuk - 2023 - In Marcin Krawczyk (ed.), Gospodarka i społeczeństwo w trzydziestoleciu 1992-2022. Perspektywa badawcza zespołu Kolegium Ekonomiczno-Społecznego SGH w Warszawie. Warszawa: Oficyna Wydawnicza Szkoły Głównej Handlowej. pp. 369–389.
    Artykuł przedstawia koncepcję tzw. srebrnej gospodarki jako systemu gospodarczego związanego ze starzeniem się populacji, którego rozwój ma cechy idei polityki publicznej. Opracowanie w pierwszej kolejności przybliża dyskurs i etapy procesu konstruowania tego systemu przez międzynarodowych i krajowych aktorów polityki publicznej wobec starzenia się ludności. Następnie przeprowadzono krytyczną analizę wymiarów i obszarów wdrażania i rozwoju koncepcji srebrnej gospodarki oraz przegląd jej zewnętrznych i wewnętrznych ograniczeń. Podsumowanie zawiera propozycje dalszych kierunków badań.
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  11. Carbon Tax Ethics.Kian Mintz-Woo - 2023 - WIREs Climate Change 15 (1):e858.
    Ideal carbon tax policy is internationally coordinated, fully internalizes externalities, redistributes revenues to those harmed, and is politically acceptable, generating predictable market signals. Since nonideal circumstances rarely allow all these conditions to be met, moral issues arise. This paper surveys some of the work in moral philosophy responding to several of these issues. First, it discusses the moral drivers for estimates of the social cost of carbon. Second, it explains how national self-interest can block climate action and suggests international policies—carbon (...)
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  12. Lockdowns, Bioethics, and the Public: Policy‐Making in a Liberal Democracy.S. Andrew Schroeder - 2023 - Hastings Center Report 53 (6):11-17.
    [OPEN ACCESS] Commentaries on the ethics of Covid lockdowns nearly all focus on offering substantive guidance to policy‐makers. Lockdowns, however, raise many ethical questions that admit of a range of reasonable answers. In such cases, policy‐making in a liberal democracy ought to be sensitive to which reasonable views the public actually holds—a topic existing bioethical work on lockdowns has not explored in detail. In this essay, I identify several important questions connected to the kind of influence the public ought to (...)
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  13. Markets Within the Limit of Feasibility.Kenneth Silver - 2023 - Journal of Business Ethics 182:1087-1101.
    The ‘limits of markets’ debate broadly concerns the question of when it is (im)permissible to have a market in some good. Markets can be of tremendous benefit to society, but many have felt that certain goods should not be for sale (e.g., sex, kidneys, bombs). Their sale is argued to be corrupting, exploitative, or to express a form of disrespect. InMarkets without Limits, Jason Brennan and Peter Jaworski have recently argued to the contrary: For any good, as long as it (...)
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  14. The Right to Exist: The Position of Universal Basic Income in the Works of the Most Influential Contemporary Philosophers.Shamsaddin Amanov - 2022 - Dissertation, University of Szeged
    Universal Basic Income has become a popular idea in the last few decades even though one can find its roots in the earlier centuries. In this thesis, I have examined the position of UBI in the works of the most influential contemporary philosophers. By connecting the idea of UBI with some certain concepts from different philosophers, I aimed to improve the overall understanding of UBI. I have mentioned the concepts such as "labor", "leisure", "idleness", "boredom", "poverty", "inequality", "distribution", "happiness", "power", (...)
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  15. A Reformed Division of Labor for the Science of Well-Being.Roberto Fumagalli - 2022 - Philosophy 97 (4):509-543.
    This paper provides a philosophical assessment of leading theory-based, evidence-based and coherentist approaches to the definition and the measurement of well-being. It then builds on this assessment to articulate a reformed division of labor for the science of well-being and argues that this reformed division of labor can improve on the proffered approaches by combining the most plausible tenets of theory-based approaches with the most plausible tenets of coherentist approaches. This result does not per se exclude the possibility that theory-based (...)
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  16. The usefulness of well-being temporalism.Gil Hersch - 2022 - Journal of Economic Methodology 30 (4):322-336.
    It is an open question whether well-being ought to primarily be understood as a temporal concept or whether it only makes sense to talk about a person’s well-being over their whole lifetime. In this article, I argue that how this principled philosophical disagreement is settled does not have substantive practical implications for well-being science and well-being policy. Trying to measure lifetime well-being directly is extremely challenging as well as unhelpful for guiding well-being public policy, while temporal well-being is both an (...)
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  17. The Context of Public Policy on the Sharing Economy.Błażej Koczetkow & Andrzej Klimczuk - 2022 - In Vida Česnuitytė, Andrzej Klimczuk, Cristina Miguel & Gabriela Avram (eds.), The Sharing Economy in Europe: Developments, Practices, and Contradictions. Cham: Palgrave Macmillan. pp. 41–64.
    The purpose of this chapter is to analyse approaches to the sharing economy from the perspective of public policy science. In the first part of the text, attention is paid to perceiving the development of the emerging sharing economy not only as phenomenon with positive economic effects but also as a set of public problems (e.g., on the labour market and for existing economic structures) that require intervention at the level of national governments as well as at international level. Subsequent (...)
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  18. The Evidence for Free Trade and Its Background Assumptions: How Well-Established Causal Generalisations Can Be Useless for Policy.Luis Mireles-Flores - 2022 - Review of Political Economy 34 (3):534-563.
    In this article, I offer a methodological analysis of the empirical research on the causal effects of trade liberalisation, and assess whether such studies can be of any use for guiding policy prescriptions in real-world economies. The analysis focuses on the mainstream economic research that has been used to support arguments in favour of trade liberalisation during the last decades. Even though there are empirical results that could be taken as valid evidence for a causal connection between free trade and (...)
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  19. The Code of Capital: How the Law Creates Wealth and Inequality. [REVIEW]Thomas Mulligan - 2022 - Business Ethics Quarterly 32 (1):199-202.
    A review of Katharina Pistor's *The Code of Capital: How the Law Creates Wealth and Inequality* (2019, Princeton University Press).
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  20. Automation, Unemployment, and Taxation.Tom Parr - 2022 - Social Theory and Practice 48 (2):357-378.
    Automation can bring the risk of technological unemployment, as employees are replaced by machines that can carry out the same or similar work at a fraction of the cost. Some believe that the appropriate response is to tax automation. In this paper, I explore the justifiability of view, maintaining that we can embrace automation so long as we compensate those employees whose livelihoods are destroyed by this process by creating new opportunities for employment. My contribution in this paper is important (...)
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  21. Reserve system design for allocation of scarce medical resources in a pandemic: some perspectives from the field.Parag Pathak, Govind Persad, Tayfun Sönmez & M. Utku Unver - 2022 - Oxford Review of Economic Policy 38 (4):924–940.
    Reserve systems are a tool to allocate scarce resources when stakeholders do not have a single objective. This paper introduces some basic concepts about reserve systems for pandemic medical resource allocation. At the onset of the Covid-19 pandemic, we proposed that reserve systems can help practitioners arrive at compromises between competing stakeholders. More than a dozen states and local jurisdictions adopted reserve systems in initial phases of vaccine distribution. We highlight several design issues arising in some of these implementations. We (...)
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  22. A comprehensive Covid-19 response—the need for economic evaluation.Govind Persad & Ankur Pandya - 2022 - New England Journal of Medicine 386 (26):2449–2451.
  23. Fair access to scarce medical capacity for non-covid-19 patients: a role for reserves.Govind Persad, Parag A. Pathak, Tayfun Sonmez & M. Utku Unver - 2022 - Bmj:10.1136/bmj.o276.
    As hospitals in the US and elsewhere fill again with patients with covid-19, discussions about how to fairly allocate scarce medical resources have come to the fore once again. One frequently voiced concern is that non-covid-19 patients with urgent health needs are facing indefinitely postponed surgeries, long-distance hospital transfers, or even are unable to access medical treatment. In our view, a reserve or categorised priority system could help. It could be used to fairly distribute scarce medical capacity—such as staffing, physical (...)
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  24. When the “realism of assumptions” mattered: Milton Friedman's critique of the Phillips curve.Marcos Picchio - 2022 - Studies in History and Philosophy of Science 94 (C):8-16.
    In this paper I challenge the pernicious aspects of Milton Friedman's methodological outlook that continues to hold sway over mainstream neoclassical economists. I do this by showing how Friedman's own methodological dicta could have been used against him when he famously advanced the expectations critique of the Phillips curve at his presidential address to the American Economic Association. I use this case study to further suggest that psychological and neurophysiological data should not be deemed irrelevant to economic science.
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  25. Wicked Problems: A Discussion Note.Gustaf Arrhenius & Joe Roussos - 2021 - Institute for Futures Studies Working Papers.
    This note critiques the concept of “wicked problems” and its usefulness in crises such as Covid-19. There are two problems with the concept as defined by Rittel, Webber, and those who draw from them, which undermine its value in the analysis of social policy. First, their characterisation of wicked problems is founded on a crude and false picture of science (cf. Turnbull and Hoppe 2019). Second, it is so vague that on an expansive reading all social problems are wicked problems (...)
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  26. Starzenie się populacji. Aktywizacja, koprodukcja i integracja społeczna osób starszych.Grzegorz Gawron, Andrzej Klimczuk & Zofia Szweda-Lewandowska - 2021 - Katowice: Wydawnictwo Uniwersytetu Śląskiego.
    Opracowanie ma charakter poglądowo-teoretyczny, powstało bowiem na podstawie przeglądu dostępnej literatury przedmiotu. Publikacja skierowana jest zarówno do naukowców jak i studentów zajmujących się tematyką starzenia się ludności, starości i osób starszych oraz do coraz szerszego grona zainteresowanych tymi zagadnieniami praktyków, w tym polityków i decydentów oraz reprezentantów usług publicznych, przedstawicieli mediów i organizacji pozarządowych. ** The study is illustrative and theoretical in nature, as it was based on a review of the available literature on the subject. The publication is addressed (...)
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  27. Public Value, Psychology, and Neuroscience.Hyemin Han - 2021 - Journal of Public Value 1:23-32.
    Research on public value is inevitable interdisciplinary in its nature due to its aim and purpose. Both philosophical and empirical approaches are necessary to conduct such research in a successful manner. In the present paper, I intend to discuss the importance of empirical approaches in research on public values, particularly psychological and neuroscientific approaches with concrete examples. I proposed that such empirical approaches are essential in better understanding the processes and mechanisms associated with how people address issues engaging in public (...)
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  28. Pandemia COVID-19 z perspektywy teorii ryzyka.Andrzej Klimczuk - 2021 - In Andrzej Zybała, Artur Bartoszewicz & Krzysztof Księżopolski (eds.), Polska... Unia Europejska... Świat... w pandemii COVID-19 - wybrane zagadnienia. Wnioski dla kształtowania i prowadzenia polityki publicznej. Elipsa. pp. 34-56.
    Artykuł zawiera przegląd wybranych powiązań pandemii COVID-19 z teoriami ryzyka. W pierwszej kolejności przedstawiono podstawowe pojęcia dotyczące przygotowania i mobilizowania sieci podmiotów polityki publicznej do wspólnych działań w warunkach niepewności. W dalszej części omówiono zagadnienie gotowości na ryzyko wystąpienia pandemii i jej zwalczania. Następnie przedstawiono wybrane możliwe efekty społeczne, gospodarcze i polityczne pandemii COVID-19. W podsumowaniu wskazane zostały rekomendacje dotyczące zarządzania podmiotami publicznymi na dalszych etapach rozwoju pandemii i w okresie po pandemii oraz propozycje dalszych kierunków badań. // The article (...)
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  29. Buen Vivir and Changes in Education in Ecuador, 2006-2016.Ricardo Restrepo Echavarria & Orosz Agnes - 2021 - Latin American Perspectives 48 (238).
    Education is a pillar of buen vivir, the guiding ideal of Ecuador’s 2008 Constitution. In this framework, Ecuador made significant shifts in its education system from 2006 to 2016, the decade of the Citizens’ Revolution. The key buen vivir concepts and processes that framed these shifts were considering education as a right, as a social debt, and as a driver of a more just, knowledge-intensive and clean economy. Resource allocation, general access, learning, and inclusion of structurally marginalized groups showed significant (...)
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  30. Weighing the Costs and Benefits of Public Policy: On the Dangers of Single Metric Accounting.Johanna Thoma - 2021 - LSE Public Policy Review 2 (2).
    This article presents two related challenges to the idea that, to ensure policy evaluation is comprehensive, all costs and benefits should be aggregated into a single, equity-weighted wellbeing metric. The first is to point out how, even allowing for equity-weighting, the use of a single metric limits the extent to which we can take distributional concerns into account. The second challenge starts from the observation that in this and many other ways, aggregating diverse effects into a single metric of evaluation (...)
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  31. Can One Both Contribute to and Benefit from Herd Immunity?Lucie White - 2021 - Erasmus Journal for Philosophy and Economics 14 (2).
    In a recent article, Ethan Bradley and Mark Navin (2021) argue that vaccine refusal is not akin to free riding. Here, I defend one connection between vaccine refusal and free riding and suggest that, when viewed in conjunction with their other arguments, this might constitute a reason to mandate Covid-19 vaccination.
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  32. The Psychological Contributions of Pragmatism and of Original Institutional Economics and their Implications for Policy Action.Arturo Hermann - 2020 - Economic Thought 9 (1):48.
    The aim of this work is to illustrate the psychological contributions of Pragmatism and of the Original Institutional Economics (also referred to as OIE or institutionalism), and their relevance for improving the process of social valuing and, as a consequence, the effectiveness of policy action. As a matter of fact, both institutionalist and pragmatist theories were well acquainted with various strands of psychology, and some of them also provided relevant contributions in this respect. Moreover, these theories reveal, along with various (...)
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  33. The Eclipse of Value-Free Economics. The concept of multiple self versus homo economicus.Aleksander Ostapiuk - 2020 - Wrocław, Polska: Publishing House of Wroclaw University of Economics and Business.
    The books’ goal is to answer the question: Do the weaknesses of value-free economics imply the need for a paradigm shift? The author synthesizes criticisms from different perspectives (descriptive and methodological). Special attention is paid to choices over time, because in this area value-free economics has the most problems. In that context, the enriched concept of multiple self is proposed and investigated. However, it is not enough to present the criticisms towards value-free economics. For scientists, a bad paradigm is better (...)
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  34. Epistemic consultants and the regulation of policy knowledge in the Obama administration.Jack Wright & Tiago Mata - 2020 - Minerva 58 (4):535-558.
    The agencies of the government of the United States of America, such as the Food and Drug Administration or the Environmental Protection Agency, intervene in American society through the collection, processing, and diffusion of information. The Presidency of Barack Obama was notable for updating and redesigning the US government’s information infrastructure. The White House enhanced mass consultation through open government and big data initiatives to evaluate policy effectiveness, and it launched new ways of communicating with the citizenry. In this essay (...)
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  35. Abstract principles, causal cakes and asymmetry of results in policy making. A reply to Menno Rol.Leonardo Ivarola - 2019 - Journal of Economic Methodology 27 (1):93-96.
    This brief note aims to reply to a comment made by Menno Rol abou...
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  36. On the Method Appropriate to Hayek Studies.Scott Scheall - 2019 - Œconomia ­­– History / Methodology / Philosophy 9 (1):29-35.
    The paper considers the significance of F. A. Hayek’s writings on the study of complex phenomena for the study of the very complex phenom- ena of Hayek’s own life and career. It is argued that the methodological principle which Hayek recommended for the investigation of complex phenomena is applicable to explanations of his own intellectual develop- ment. Indeed, it is argued that the extent to which a Hayek scholar re- spects this principle in their attempts to explain Hayek’s life and (...)
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  37. The Road Not Taken – Reading Calabresi’s “The Future of Law and Economics”.Paolo Silvestri - 2019 - Global Jurist 19 (3):1-7.
    The publication of Guido Calabresi’s book “The Future of Law and Economics” has drawn a substantial amount of attention among law and economics scholars. We thought that the best way to devote special attention to this book was to devote a Special issue to it. This article situates Calabresi’s book among other reflections on the future of the discipline, introduces and explains the reasons behind this Special issue and discuss the organization and content of it. -/- We emphasize how Calabresi’s (...)
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  38. Pluralism and social epistemology in economics.Jack Wright - 2019 - Dissertation, University of Cambridge
    Economics plays a significant role in decision-making in contemporary western societies, but its role is increasingly questioned. A recurring topic among the challenges raised by critics is that economics as a discipline lacks sufficient pluralism. That is, it fails to enable, encourage, and respect the use of different ontologies, methodologies, theories, and/or schools of thought to study economic reality. Has this been a productive critique? Does talk about pluralism help identify genuine problems in the discipline? Pluralism in economics could draw (...)
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  39. Psychologists’ responsibility to society: Public policy and the ethics of political action.Luke R. Allen & Cody G. Dodd - 2018 - Journal of Theoretical and Philosophical Psychology 38 (1):42-53.
    In the United States, prohibitionist policies are used as the primary approach to combat the negative effect of substance use on society. An extensive academic literature spanning the disciplines of economics, political science, and multiculturalism documents the great social costs of the United States’ “War on Drugs” both nationally and internationally. These costs come with at best marginal effect on substance abuse and other crimes linked to the drug trade. In many cases, there is a reason to believe that these (...)
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  40. Hayek’s Legacy for Environmental Political Economy.Dan C. Shahar - 2017 - In Peter J. Boettke, Christopher J. Coyne & Virgil Henry Storr (eds.), Interdisciplinary Studies of the Market Order: New Applications of Market Process Theory. Economy, Polity, and Society. pp. 87–109.
  41. Tobacco Control Politics in Bangladesh.Md Mahmudul Hoque - 2016 - Dissertation,
    Despite having a set of well-intended tobacco control policies since 2003, the production and consumption of tobacco in Bangladesh have increased. This paper explains why the tobacco control policies in Bangladesh failed to deliver their intended outcomes. Using a combined framework of political economy and policy implementation analysis, this study examines the information collected from primary and secondary sources. Based on the findings, the paper argues that the game of interests among the stakeholders have made the state institutions inactive and (...)
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  42. Hayek's Epistemic Theory of Industrial Fluctuations.Scott Scheall - 2015 - History of Economic Ideas (1):101-122.
    F.A. Hayek essentially quit economic theory and gave up the phenomena of industrial fluctuations as an explicit object of theoretical investigation following the publication of his last work in technical economics, 1941’s The Pure Theory of Capital. Nonetheless, several of Hayek’s more methodologically-oriented writings bear important implications for economic phenomena, especially those of industrial fluctuations. Decisions (usually, for Hayek, of a political nature) taken on the basis of a “pretence” of knowledge impede the operation of the price system’s belief-coordinating function (...)
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