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

Authors like Iris Young and Philip Pettit have come up with proposals for theorizing ‘structural injustice’ and social relations marred by ‘domination’. These authors provide conceptual tools for f...

The paper considers three questions. First, what is the connection between economics and agency? It is argued that causation and explanation in economics fundamentally depend on agency. So a philosophical understanding of economic explanation must be sensitive to an understanding of agency. Second, what is the connection between agency and causation? A causal view of agency-involving explanation is defended against a number of arguments from the resurgent noncausalist tradition in the literature on agency (...) and action-explanation. If agency is fundamental to economic explanation, it is argued, then so is causation. Third, what is the connection between causal explanation and the natural sciences? It is argued that, though the explanations given in economics and other social sciences are causal explanations, they are different in kind from the causal explanations of the natural sciences. On the one hand, then, the causal explanations of the social sciences are irreducible to those found in the natural sciences. On the other hand, the causal relations described by the social sciences are not completely autonomous; they do not float free of, or operate independently from, the causal relations charted by the natural sciences. (shrink)

In his celebrated_ Essay on Population_, Thomas Malthus raised the puzzle of why a benevolent Creator would permit material scarcity in human existence. Albino Barrera revisits this question using Thomas Aquinas’s metaphysics of participation and Sacred Scripture’s invitation to covenant fidelity and kingdom discipleship as analytical lenses with which to examine the seeming incongruity of scarcity in God’s providence. Barrera concludes that scarcity turns out to be a signal opportunity for economic agency to receive, internalize, and communicate God’s (...) goodness and righteousness within the human community. Written for theologians, philosophers, social scientists, and policymakers interested in the theological and philosophical foundations of economics, this study argues that precarious, subsistence living is not an immutable law of nature. Rather, such a chronic, dismal condition reflects personal and collective moral failure. In this carefully researched study, Barrera argues that scarcity serves as an occasion for God to provide for us through each other and that there are strong metaphysical and scriptural warrants for enacting progressive social policies for a better sharing of the goods of the earth. "This is a very big, very important work that takes up a large and urgent issue and follows it through with vigorous, meticulous study." —_Walter Brueggemann, Columbia Theological Seminary_ "Professor Barrera addresses an important theological question: 'Why would a benevolent God create a world of material scarcity with all the suffering accompanying this fact?' He goes beyond answering this question by showing that the sacrifices demanded to deal with the challenge of scarcity create virtues and situations that are deeply Christian. Barrera's well-written, jargon-free book will capture the attention of anyone interested in this topic." —_Wilfried Ver Eecke, Georgetown University_. (shrink)

Three recent book-length studies in the philosophy of economics (Mirowski 2002, Davis 2003, Ross 2005) have drawn attention to the fact that mainstream economic theory has consistently avoided commitment to any particular model of the person. This is the most significant respect in which economics has kept aloof from part of psychology. The widespread belief, on the other hand, that economists’ attentiveness to the psychology of choice and decision had to wait for the Allais challenge and then for Kahneman (...) and Tversky is a myth. It is true that for a brief period after World War II economists led by Samuelson tried to operationalize choice as analytically derivative from observed consumer demand. This was a minor episode in the history of theory. Ross (2005) argues that, if anything, mainstream microeconomics has been more sensitive to theoretical fashions in the psychology of choice than has been good for it. (shrink)

When it comes to social criticism of the economy, Critical Theory has thus far failed to discover specific immanent norms in that sphere of activity. In response, we propose that what is needed is to double down on the idealism of Critical Theory by taking seriously the sophisticated structure of agency developed in Hegel’s own account of freedom as self-determination. When we do so, we will see that the anti-metaphysical gestures of recent Critical Theory work in opposition to its (...) attempts to develop immanent critique. In this paper we first briefly reconsider Axel Honneth’s project as it concerns economic institutions and then respond by returning to the problem of freedom and articulating a view according to which the problem of individual self-determination and the problem of social production are the same problem seen from different angles. Then we present briefly Hegel’s own social theory from this perspective before moving on to trace the outlines of such a critical theory of contemporary capitalism. (shrink)

This paper defends a normative basis for entrepreneurial ventures, and draws the conclusion that any enterprise, insofar as it is reasonable, has in final analysis to be a (free) gift to promote good. Building on Herbert Simon's idea of "satisficing" and developing it in line with axiological insights of the new classical natural law theory, this paper makes the argument that a choice to proceed reasonably in any entrepreneurial venture will be guided by rationality that is bounded. Bounded rationality entails (...) that the various end-values or goals of the venture will be incommensurable, and this implies that (1) the enterprise need not be locked in on promoting merely one value, such as profits, and (2) a choice to aim at one or more goals will be a personal (free) gift, which is ethically valuable. This paper has appeared in Spanish translation as El don personal en las empresas sanas: racionalidad limitada, valores incommensurables y agencia economica in Revista Empresa y Humanismo, Vol. XI no. 1 (2008), pp. 67-88, published by the Institute for Business and Humanism, University of Navarra, Spain. Permission granted to reproduce/publish the original English version here and elsewhere. (shrink)

The paper maps out an alternative to a behavioural (economic) approach to business ethics. Special attention is paid to the fundamental philosophical principle that any moral ‘ought’ implies a practical ‘can’, which the paper interprets with regard to the economic viability of moral agency of the firm under the conditions of the market economy, in particular competition. The paper details an economic understanding of business ethics with regard to classical and neo-classical views, on the one hand, (...) and institutional, libertarian thought, on the other hand. Implications are derived regarding unintentional and passive intentional moral agency of the firm. The paper moves on to suggest that moral agency can be economically viable in competitive ‘market’ interactions, which is conventionally disputed by classical/neo-classical and institutional, libertarian economics. The paper here conceptualises active moral agency of the firm as the utilisation of ethical capital in firm--stakeholder interactions. This yields a reinterpretation of instrumental stakeholder theory. (shrink)

The paper reconstructs in economic terms Friedman's theorem that the only social responsibility of firms is to increase their profits while staying within legal and ethical rules. A model of three levels of moral conduct is attributed to the firm: (1) self-interested engagement in the market process itself, which reflects according to classical and neoclassical economics an ethical ideal; (2) the obeying of the "rules of the game," largely legal ones; and (3) the creation of ethical capital, which allows (...) moral conduct to enter the market process beyond the rules of the game. Points (1) and (2) position the Friedman theorem in economic terms while point (3) develops an economic revision of the theorem, which was not seen by Friedman. Implications are spelled out for an instrumental stakeholder theory of the firm. (shrink)

Human agency -- Alienness : experiencing one's own incoherence -- Alienness, understanding, and self-deception -- God's project of self-deception -- Alienation and political agency -- How we fooled ourselves into believing in progress -- The monetary illusion -- The good life and economic activity -- Human activity : a molecular approach to action theory.

Recent work in behavioral economics and psychology provides valuable resources for religious ethicists. This book discussion examines contributions by Cass Sunstein, Daniel Kahneman, George Akerlof and Rachel Kranton, Uri Gneezy and John A. List, and Douglas Hough. This literature raises important questions about ethical decision-making, moral agency and responsibility, and the ethics of life in global capitalism. It also opens up promising areas for interdisciplinary dialogue between economics and religious studies. This book discussion concludes that religious ethicists have much (...) to contribute to the conversations about moral anthropology that are now being held in behavioral economic research, and to the broader political economic debates in which this research participates. (shrink)

The article reconstructs, in economic terms, managerial business ethics perceptions in the Japanese consumer market for fast-moving daily consumption products. An economic, three-level model of moral agency was applied that distinguishes unintentional moral agency, passive intentional moral agency and active intentional moral agency. The study took a qualitative approach and utilized as empirical research design an interview procedure. The study found that moral agency of Japanese firms mostly extended up to unintentional and intentional (...) passive moral agency. Certain myopic managerial views were found to affect active moral agency. This leaves room for business ethics program that aim at the development of active moral agency. (shrink)

Thomas Pogge has argued, famously, that ‘we’ are violating the rights of the global poor insofar as we uphold an unjust international order which provides a legal and economic framework within which individuals and groups can and do deprive such individuals of their lives, liberty and property. I argue here that Pogge’s claim that we are violating a negative duty can only be made good on the basis of a substantive theory of collective action; and that it can only (...) provide substantive ethical guidance when combined with an account of how collective action gives rise to forward-looking responsibility and/or accountability on an individual level. I consider accounts of these two topics given in work by Peter French and Christopher Kutz; and I argue that neither of them give Pogge what he needs. Although there is a sense in which 'we' can be said to be violating the rights of the worst off, the sense in which this is true does not generate any plausible action-guiding claims for individuals. (shrink)

In this article, the authors attempt to build a bridge between economic theory and medical ethics to offer a new perspective to tackle ethical challenges in the physician–patient encounter. They apply elements of new institutional economics to the ethically relevant dimensions of the physician–patient relationship in a descriptive heuristic sense. The principal–agent theory can be used to analytically grasp existing action problems in the physician–patient relationship and as a basis for shaping recommendations at the institutional level. Furthermore, the patients’ (...) increased self-determination and modern opportunities for the medical laity to inform themselves lead to a less asymmetrical distribution of information between physician and patient and therefore require new interaction models. Based on the analysis presented here, the authors recommend that, apart from the physician’s necessary individual ethics, greater consideration should be given to approaches of institutional ethics and hence to incentive systems within medical ethics. (shrink)

As rational choice theory has moved from economics into political science and sociology, it has been dramatically transformed. The intellectual diffusion of agency theory illustrates this process. Agency theory is a general model of social relations involving the delegation of authority, and generally resulting in problems of control, which has been applied to a broad range of substantive contexts. This paper analyzes applications of agency theory to state policy implementation in economics, political science, and sociology. After documenting (...) variations in the theory across disciplinary contexts, the strengths and weaknesses of these different varieties of agency theory are assessed. Sociological versions of agency theory, incorporating both broader microfoundations and richer models of social structure, are in many respects the most promising. This type of agency theory illustrates the potential of an emerging sociological version of rational choice theory. (shrink)

Cet article envisage deux types de fondements possibles pour une « économie du bien-être néo-samuelsonnienne ». On défend l’idée que l’approche néo-samuelsonnienne en économie mène à un problème de réconciliation entre l’économie positive et l’économie normative, en raison du fait que l’agent économique n’est plus nécessairement l’unité normativement pertinente. Deux formes de réconciliation ayant des implications radicalement différentes pour le statut de l’économie normative sont envisagées. La première consiste à adopter une approche normative en termes de « welfarisme formel » (...) prétendant à une complète neutralité quant à l’identité du sujet et l’unité de mesure de l’analyse normative. L’implication principale est de faire de l’économie du bien-être une branche de l’économie positive. Une seconde approche consiste à une donner une importance axiologique particulière aux personnes, non parce qu’elles sont des prototypes d’agents économiques, mais parce qu’elles sont dotées de la capacité de se représenter, auprès des autres et d’elles-mêmes, comme des entités raisonnables au travers de processus de construction narrative. Cette capacité donne une justification à la vision selon laquelle le bien-être est constituée des préférences d’une personne, dans le sens où ces préférences sont fondées sur des raisons et valeurs définissant l’identité personnelle. (shrink)

Cet article envisage deux types de fondements possibles pour une « économie du bien-être néo-samuelsonnienne ». On défend l’idée que l’approche néo-samuelsonnienne en économie mène à un problème de réconciliation entre l’économie positive et l’économie normative, en raison du fait que l’agent économique n’est plus nécessairement l’unité normativement pertinente. Deux formes de réconciliation ayant des implications radicalement différentes pour le statut de l’économie normative sont envisagées. La première consiste à adopter une approche normative en termes de « welfarisme formel » (...) prétendant à une complète neutralité quant à l’identité du sujet et l’unité de mesure de l’analyse normative. L’implication principale est de faire de l’économie du bien-être une branche de l’économie positive. Une seconde approche consiste à une donner une importance axiologique particulière aux personnes, non parce qu’elles sont des prototypes d’agents économiques, mais parce qu’elles sont dotées de la capacité de se représenter, auprès des autres et d’elles-mêmes, comme des entités raisonnables au travers de processus de construction narrative. Cette capacité donne une justification à la vision selon laquelle le bien-être est constituée des préférences d’une personne, dans le sens où ces préférences sont fondées sur des raisons et valeurs définissant l’identité personnelle. (shrink)

Are companies, churches, and states genuine agents? Or are they just collections of individuals that give a misleading impression of unity? This question is important, since the answer dictates how we should explain the behaviour of these entities and whether we should treat them as responsible and accountable on the model of individual agents. Group Agency offers a new approach to that question and is relevant, therefore, to a range of fields from philosophy to law, politics, and the social (...) sciences. Christian List and Philip Pettit argue that there really are group or corporate agents, over and above the individual agents who compose them, and that a proper approach to the social sciences, law, morality, and politics must take account of this fact. Unlike some earlier defences of group agency, their account is entirely unmysterious in character and, despite not being technically difficult, is grounded in cutting-edge work in social choice theory, economics, and philosophy. (shrink)

Political advertising has long been a target for criticism regarding unethical behaviour. This study looks at the attitudes of Australian advertising agency executives and politicians towards ethical issues relating to political advertising. A sample of 101 advertising agency executives and 46 federal politicians were compared and some attitudinal differences were found, which could be areas of tension in the agency-client relationship.

What should be the ‘informational base’ of welfare economics if one takes the insights from behavioral economics seriously? Sugden proposes individuals’ sets of opportunities. This paper discusses...

There is an increasingly widespread belief, both within and outside the discipline, that modern economics is irrelevant to the understanding of the real world. Economics and Reality traces this irrelevance to the failure of economists to match their methods with their subject, showing that formal, mathematical models are unsuitable to the social realities economists purport to address. Tony Lawson examines the various ways in which mainstream economics is rooted in positivist philosophy and examines the problems this causes. It focuses on (...) human agency, social structure and their interaction and explores how the understanding of this social phenomena can be used to transform the nature of economic practice. Economics and Reality concludes by showing how this newly transformed economics might set about shaping economic policy. (shrink)

We consider motivations for acknowledging that people participate in multiple levels of economic agency. One of these levels is characterized in terms of subjective utility to the individual; another, frequently observed, level is characterized in terms of utility to social groups with which people identify. Following Bacharach, we describe such groups as ‘teams’. We review Bacharach’s theory of such identification in his account of ‘team reasoning’. While this conceptualization is useful, it applies only to processes supported by deliberation. (...) As this is only one of a range of causal mechanisms underlying behaviour by humans and other strategic agents, a more general account is desirable. We then argue that Stirling’s account of ‘conditional games’ achieves the desired generalization. (shrink)

The emergence of COVID-19 places the economy at risk of recession or worst, depression. A sharp decline in the country’s economic growth is primarily caused by the weak consumption of locals and non-existence of foreign tourists in the country. On the other hand, disruptions of the supply chain in the manufacturing and retails sectors make the situation much worse. With clear uncertainties in mind, government agencies must lay down economic policies, monetary and fiscal, that would boost the confidence (...) of the consumers and producers. Lastly, a clear and coordinated efforts of the national and local government together with economic agencies of the country must be present at this time of the pandemic. (shrink)

Poverty, Agency, and Human Rights collects thirteen new essays that analyze how human agency relates to poverty and human rights respectively as well as how agency mediates issues concerning poverty and social and economic human rights. No other collection of philosophical papers focuses on the diverse ways poverty impacts the agency of the poor, the reasons why poverty alleviation schemes should also promote the agency of beneficiaries, and the fitness of the human rights regime (...) to secure both economic development and free agency. The book is divided into four parts. Part 1 considers the diverse meanings of poverty both from the standpoint of the poor and from that of the relatively well-off. Part 2 examines morally appropriate responses to poverty on the part of persons who are better-off and powerful institutions. Part 3 identifies economic development strategies that secure the agency of the beneficiaries. Part 4 addresses the constraints poverty imposes on agency in the context of biomedical research, migration for work, and trafficking in persons. (shrink)

Many economic theorists hold that social institutions can lead otherwise irrational agents to approximate the predictions of traditional rational choice theory. But there is little consensus on how institutions do so. I defend an economic internalist account of the institution-actor relationship by explaining economic rationality as a feature of individuals whose decision-making is aided by institutional structures. This approach, known as the subjective transaction costs theory, represents apparently irrational behavior as a rational response to high subjective transaction (...) costs of thinking and deciding. The theory has two attractive features. First, it reconciles rational choice theory with the increasing body of evidence cataloguing putative errors in economic decision-making. Second, it vindicates the explanatory power of individual choice against externalist challenges; the subjective transaction costs theory keeps economic rationality in the head. (shrink)

The paper seeks to show the potentialities of a wider perspective concerning human economic behavior and decision-making processes intertwining Mead’s and Sen’s ideas on self-identity and social context. Emerging developments of my findings strengthen, at once, the principled commitment to freedom of choice, revealing from a “Mead-Sen” perspective the instrumental role of social behavioral patterns and socio-cultural environment (social group, community, nationality, race, sex, and now social media) in the orientation of persons’ (economic) behaviors. In particular, a Mead-Sen (...) approach would help clarify how people develop their attitudes and dispositions to think and behave, namely examining the habits at the basis of everyday processes of evaluation and choice as manifestations of practical judgment. (shrink)

According to Streeck and Vogl, the neoliberalization of the state has been the result of political-economic developments that render the state dependent on financial markets. However, they do not explain the discursive shifts that would have been required for demoting the state to the role of an agent to bondholders. I propose to explain this shift via the performative effect of neoliberal agency theory. In 1976, Michael Jensen and William Meckling claimed that corporate managers are agents to shareholding (...) principals, which implied that their main task was the procurement of shareholder value. Agency theory subsequently prescribes a series of measures to ensure the alignment of principal and agent interests in corporations. The diffusion of agency theory, however, moved beyond corporate governance to reconfigure the state. Due to its reliance on capital markets, the state supposedly likewise becomes an agent of the investment public and should procure bondholder value. (shrink)

We find that agency problems are embedded in firm's excess and abnormal equity investments that are mainly dictated by controlling shareholder's motives and ethical choices manifested in ownership and board structure. The excess equity investment is gauged with respect to industry average. The abnormal equity investment is specifically referred to the number of nominal investment companies that are fully controlled by the controlling owners while subject to little governance. Our empirical evidences of 345 Taiwanese non-financial listed firms show that (...) firm's excess and abnormal equity investments are negatively correlated with controlling shareholder's cash flow rights while are positively correlated with the control-cash flow deviation, and board affiliation. The results are supportive of the positive incentive hypothesis and the negative entrenchment hypothesis put forth by La Porta et al. and Claessen et al.. The negative relation between equity investment and firm's value further supports the agency postulation that corporate excess and abnormal equity investments represent a leeway for controlling shareholder to exploit wealth of minority shareholders. This study potentially contributes to the literature of business ethics by portraying an empirically testable linkage from controlling owner's ethical choices to his actions and therefore firm's value. (shrink)

Agency theory involves what is known as the principal-agent problem, a topic widely discussed in economics, management, and business ethics today. It is a characteristic of nearly all modern business firms that the principals (the owners and shareholders) are not the same people as the agents (the managers who run the firms for the principals). This creates situations in which the goals of the principals may not be the same as the agents--the principals will want growth in profits and (...) stock price, while agents may want growth in salaries and positions in the hierarchy. The fourth volume in the Ruffin Series in Business, this book explores the ethical consequences of agency theory through contributions by ethicists, economists, and management theorists. (shrink)

New Materialisms brings into focus and explains the significance of the innovative materialist critiques that are emerging across the social sciences and humanities. By gathering essays that exemplify the new thinking about matter and processes of materialization, this important collection shows how scholars are reworking older materialist traditions, contemporary theoretical debates, and advances in scientific knowledge to address pressing ethical and political challenges. In the introduction, Diana Coole and Samantha Frost highlight common themes among the distinctive critical projects that comprise (...) the new materialisms. The continuities they discern include a posthumanist conception of matter as lively or exhibiting agency, and a reengagement with both the material realities of everyday life and broader geopolitical and socioeconomic structures. Coole and Frost argue that contemporary economic, environmental, geopolitical, and technological developments demand new accounts of nature, agency, and social and political relationships; modes of inquiry that privilege consciousness and subjectivity are not adequate to the task. New materialist philosophies are needed to do justice to the complexities of twenty-first-century biopolitics and political economy, because they raise fundamental questions about the place of embodied humans in a material world and the ways that we produce, reproduce, and consume our material environment. Contributors Sara Ahmed Jane Bennett Rosi Braidotti Pheng Cheah Rey Chow William E. Connolly Diana Coole Jason Edwards Samantha Frost Elizabeth Grosz Sonia Kruks Melissa A. Orlie. (shrink)

The concept of agency as applied to technological artifacts has become an object of heated debate in the context of AI research because some AI researchers ascribe to programs the type of agency traditionally associated with humans. Confusion about agency is at the root of misconceptions about the possibilities for future AI. We introduce the concept of a triadic agency that includes the causal agency of artifacts and the intentional agency of humans to better (...) describe what happens in AI as it functions in real-world contexts. We use the VW emission fraud case to explain triadic agency since in this case a technological artifact, namely software, was an essential part of the wrongdoing and the software might be said to have agency in the wrongdoing. We then extend the case to include futuristic AI, imagining AI that becomes more and more autonomous. (shrink)

The concept of negative liberty as non-interference is operative in the concept of a free market and stipulates that market relations remain outside the purview of social control. As a purported self-regulating system, however, the market functions as a system of necessity that facilitates and rules social life. I argue that Isaiah Berlin’s defense of negative liberty leads to a paradox as it entails subjection to the external necessity of a self-regulating market. The argument for the self-defeating nature of negative (...) liberty relies on two philosophical insights that have their roots in G. W. F. Hegel’s theory of self-determination. First, negative liberty fails to account for the inner and outer conditions of freedom and thus reduces to mere whim or arbitrariness, subject to heteronomous forces but masquerading as license. Second, individual freedom is intersubjectively mediated in its deliberative process and framed by social and political institutions in its exercise; thus, free agency must be theorized as embedded agency. I challenge the association of freedom and the market and the automatic and unchallenged implication of deregulation and freedom. Deregulation, rather, leaves the community’s future development to the whims of economic players using a rhetoric of freedom as both lure and principle. (shrink)

Folk-economic beliefs may be regarded as “evidential fictions” that exploit the natural tendency of human cognition to organize itself in narrative form. Narrative counter-arguments are likely more effective than logical debunking. The challenge is to convey sound economic reasoning in narratively conspicuous forms – an opportunity for economics to rethink its role and agency in public discourse, in the spirit of its old classics.

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)

According to the Market Failures Approach to business ethics, beyond-compliance duties can be derived by employing the same rationale and arguments that justify state regulation of economic conduct. Very roughly the idea is that managers have a duty to behave as if they were complying with an ideal regulatory regime ensuring Pareto-optimal market outcomes. Proponents of the approach argue that managers have a professional duty not to undermine the institutional setting that defines their role, namely the competitive market. This (...) answer is inadequate, however, for it is the hierarchical firm, rather than the competitive market, that defines the role of corporate managers and shapes their professional obligations. Thus, if the obligations that the market failures approach generates are to apply to managers, they must do so in an indirect way. I suggest that the obligations the market failures approach generates directly apply to shareholders. Managers, in turn, inherit these obligations as part of their duties as loyal agents. (shrink)

In this book, Binder shows that at the heart of the most prominent arguments in favour of value-neutral approaches to overall freedom lies the value freedom has for human agency and development. Far from leading to the adoption of a value-neutral approach, however, ascribing importance to freedom’s agency value requires one to adopt a refined value-based approach. Binder employs an axiomatic framework in order to develop such an approach. She shows that a focus on freedom’s agency value (...) has far reaching consequences for existing results in the freedom ranking literature: it requires one to move beyond a person’s given all-things-considered preferences to the values underlying a person’s preference formation. Furthermore, it requires, as Binder argues, one to account for those differences between choice options which really matter to people. Binder illustrates the implications of her analysis for the evaluation of public policy and human development with the capability approach: only if sufficient importance is ascribed to freedom’s agency value can the capability approach keep its promises. ​. (shrink)

Research in the cognitive sciences indicates that metaphors significantly shape perceptions and approaches to problem solving. With this in mind, this essay argues that it is problematic for ethicists that mainstream economics and other social scientific literature relies on naturalistic metaphors to describe markets. These imply an inaccurate picture of economic phenomena and rhetorically frame many solutions to problems such as inequality as interventionist. This essay proposes that religious ethicists may find resources for avoiding this conceptual hazard in emerging (...) fields of heterodox economics that are attentive to the role of culture and human agency in shaping markets. It introduces feminist, behavioral, institutional, and Austrian economics in particular and highlights some of the specific approaches to inequality adopted in these fields. It then suggests that engaging heterodox perspectives more generally may help ethicists keep in view the full complexity and social nature of the economic problems they analyze. (shrink)

The alliance of pure market economies with democratic polities has traditionally been a problematic one. It is argued that orthodox theoretical conceptualizations of market behaviour and the application of such theory to our communal lives have entrenched an incoherent alliance. In particular, the reductive mechanism characteristic of both neo-classical economic theory and its deployment in our socio-economic order has severely undermined the telic agency required for the autonomy or self-rule definitive of an authentic democratic order. Such reduction (...) is observed to function through the disabling of the cognitive capacity of consumers and by disempowering the agency of workers such that coercion is misconceived as freely agreed contract. (shrink)