The authors delineate the nature and neglect of integrity capacity and global business citizenship by world business leaders. They discuss how the philosophical analysis of moral and economic complexity enhances judgment integrity capacity and global business citizenship. Finally, the authors recommend positive action steps to improve global business citizenship and leadership integrity capacity through a balanced and inclusive pluralistic economic philosophy.

This book is concerned with the role of economic philosophy ("ideas") in the processes of belief-formation and social change. Its aim is to further our understanding of the behavior of the individual economic agent by bringing to light and examining the function of non-rational dispositions and motivations ("passions") in the determination of the agent's beliefs and goals. Drawing on the work of David Hume and Adam Smith, the book spells out the particular ways in which the passions come to (...) affect our ordinary understanding and conduct in practical affairs and the intergenerational and interpersonal transmission of ideas through language. Concern with these problems, it is argued, lies at the heart of an important tradition in the British moral philosophy. This emphasis on the non-rational nature of our belief-fixation mechanisms has important implications: it helps to clarify and qualify the misleading claims often made by utilitarian, Marxist, Keynesian, and neo-liberal economic philosophers, all of whom stress the overriding power of ideas to shape conduct, policy, and institutions. (shrink)

Aims to construct an economic philosophy from indigenous African thought.

The book investigates the relationship between the economic and political writings of four seminal authors: Adam Smith, Karl Marx, Joseph A. Schumpeter, and..

On economic ideas of Deendayal Upadhyaya, 1916-1968, politician and nationalist leader of India.

Joan Robinson was one of the greatest economists of the twentieth century and a fearless critic of free-market capitalism. A major figure in the controversial 'Cambridge School' of economics in the post-war period, she made fundamental contributions to the economics of international trade and development. In Economic Philosophy Robinson looks behind the curtain of economics to reveal a constant battle between economics as a science and economics as ideology, which she argued was integral to (...) economics. In her customary vivid and pellucid style, she criticizes early economists Adam Smith and David Ricardo, and neo-classical economists Alfred Marshall, Stanley Jevons and Leon Walras, over the question of value. She shows that what they respectively considered to be the generators of value - labour-time, marginal utility or preferences - are not scientific but 'metaphysical', and that it is frequently in ideology, not science, that we find the reason for the rejection of economic theories. She also weighs up the implications of the Keynesian revolution in economics, particularly whether Keynes's theories are applicable to developing economies. Robinson concludes with a prophetic lesson that resonates in today's turbulent and unequal economy: that the task of the economist is to combat the idea that the only values that count are those that can be measured in terms of money. This Routledge Classics edition includes a new foreword by Sheila Dow. (shrink)

This book presents a new transhistorical framework of defining production, work and consumption. It shows that they all share the common feature of intentional physical transformation of something external to the agent, at some point in time.

The purpose of this article is to demonstrate the consonant relationship between economics and ethics and how, together, they can be applicable to interpret economic trends within the media industry. The theory assumes that ethics may be quantified as either a cost or benefit and by using economic models and principles ethics can be used as a means to prevent potential losses and, therefore, sustain or increase its gains.

This book is concerned with the role of economic philosophy in the processes of belief-formation and social change. Its aim is to further our understanding of the behaviour of the individual economic agent by bringing to light and examining the function of non-rational dispositions and motivations in the determination of the agent's beliefs and goals. Drawing on the work of David Hume and Adam Smith the book spells out the particular ways in which the passions come to affect our (...) ordinary understanding and conduct in practical affairs and the intergenerational and interpersonal transmission of ideas through language. Concern with these problems, it is argued, lies at the heart of an important tradition in British moral philosophy. This emphasis on the non-rational nature of our belief-fixation mechanisms has important implications: it helps to clarify and qualify the misleading claims often made by utilitarian, Marxist, Keynesian and neo-liberal economic philosophers, all of whom stress the overriding power of ideas to shape conduct, policy and institutions. (shrink)

"Philosophy and Economics I," treats "Methods and Models" of "Economic Philosophy." "Philosophy and Economics II" deals with "Morals." In both cases an effort to integrate many strands of modern philosophy and economics via decision theoretic language is made. Regardless of this decision theoretic background the treatment is non-technical. The aspiration is to sketch some tools that may be used in search of what philosophers call a "wide reflective equilibrium" on foundational matters of (...) class='Hi'>economics as well as of philosophy. The presentation will enable an advanced undergraduate or beginning graduate student from fields like, philosophy, economics, law, political science and sociology to use the tools, arguments and paradigm examples provided to search for her or his own reflective equilibrium on matters of economic philosophy. Specialists from the aforementioned fields may find the text useful, too, as an accessible account of an increasingly elaborate intellectual discourse on "philosophy, politics and economics.". (shrink)

People have thought about economics for as long as they have thought about how to manage their households, and indeed Aristotle assimilated the study of the economic affairs of a city to the study of the management of a household. During the two millennia between Aristotle and Adam Smith, one finds reflections concerning economic problems mainly in the context of discussions of moral or policy questions. For example, scholastic philosophers commented on money and interest in inquiries concerning the justice (...) of "usury" (charging interest on money loans), and in the 17th century, there was a great deal of discussion of policy concerning foreign trade. Economics only emerged as a distinct field of study with the bold 18th-century idea that there were "economies"--that is autonomous law-governed systems of human interaction involving production, distribution and exchange. This view is already well developed in Adam Smith's Wealth of Nations, from which much of economics derives. (shrink)

An anthology of works on the philosophy of economics, including classic texts and essays exploring specific branches and schools of economics. Completely revamped, this edition contains new selections, a revised introduction and a bibliography. The volume contains 26 chapters organized into five parts: Classic Discussions, Positivist and Popperian Views, Ideology and Normative Economics, Branches and Schools of Economics and Their Methodological Problems and New Directions in Economic Methodology. It includes crucial historical contributions by figures such (...) as Mill, Marx, Weber, Robbins, Knight, and Veblen and works by most of the leading contemporary figures writing on economic methodology, including five Nobel Laureates in Economics. (shrink)

From the mid-1960s until the late 1980s, the well-known general philosophies of science of the time were applied to economics. The result was disappointing: none seemed to fit. This paper argues that this is due to a special feature of economics: it possesses ‘orientational paradigms’ in high number. Orientational paradigms are similar to Kuhn’s paradigms in that they are shared across scientific communities, but dissimilar to Kuhn’s paradigms in that they are not generally accepted as valid guidelines for (...) further research. As will be shown by several examples, orientational paradigms provide economics with common points of reference that support its epistemic coherence and make scientific discourse more easily possible across school boundaries. With the help of systematicity theory, a newer general philosophy of science, one can further elucidate the role of orientational paradigms with regard to scientific progress. (shrink)

For over 2000 years, economics was studied in the West as a branch of ethics, or moral philosophy. Presently, though, few economists and no textbook in economic orthodoxy claim any close connection between economic science and philosophy. However, might the current 'crises' in economics, and in the economics profession have their deep roots in the separation of economics from philosophy and ethics? American pragmatism, among the various contemporary philosophic traditions, lends itself specially to (...) dialogue with economics because of its view of philosophy as an instrument for solving the real, concrete problems of human life, both personal and social. The essays in this volume, drawing heavily on the tradition of pragmatism, suggest that the economic crises of our time might not be merely technical in nature - that is, the result of faulty applications of economic tools by politicians and policy makers, based up conventional economic models - but also due to the faulty philosophical assumptions underlying those models. These essays suggest that the overcoming of our current economic crises requires that economists once again become moral philosophers, or that philosophers once again engage themselves in economic matters. In either case, this volume aims to foster dialogue between the two disciplines and in that way, contribute to the improvement of contemporary economic life. This book is suitable for those who study political economy, economic theory and economic philosophy. (shrink)

Economists and other social scientists in this century have often supported economic arguments by referring to positions taken by philosophers of science. This important new book looks at the reliability of this practice and, in the process, provides economists, social scientists, and historians with the necessary background to discuss methodological matters with authority. Redman first presents an accurate, critical, yet neutral survey of the modern philosophy of science from the Vienna Circle to the present, focusing particularly on logical positivism, (...) sociological explanations of science (Polanyi, Fleck, Kuhn), the Popper family, and the history of science. She then deals with economic methodology in the twentieth century, looking at a wide range of methodological positions, especially those supported by positions from the philosophy of science. She considers the myth of the feasibility of falsification in economics and, within the context of its significance for economics, discusses the interpretation of Kuhn's philosophy of science as consensus and the danger such a view represents to science. Appendices review the history of the is-ought dispute and list economists whose first works deal with methodological topics. Comprehensive, readable, and accessible to those with little background knowledge, Redman's book will appeal to a wide range of social scientists and philosophers of science. (shrink)

The tone of this paper is largely critical. Therefore, I would like to begin by praising Donald McCloskey and Arjo Klamer for their exciting and provocative initiative in the metatheory of economics. They have done us a great favor by opening our eyes to some hidden aspects in the intellectual practices of economists. They have shown that economics is rhetoric; it is persuasion, discourse, conversation, and negotiation, to use their favorite phrases. They have provided plausible arguments and illuminating (...) examples to convince us of the literary character of economic reasoning, notwithstanding the formal languages used by economists and the positivist pretensions typical of the self-image of the discipline. However, McCloskey and Klamer have been less successful in trying to convince us of what economics is not. In particular, it concerns me that they have opened up a gap between rhetoric and realism. They seem to think that because economics has a rhetorical character, it cannot be understood in realist terms. I will argue that this view is mistaken: rhetoric and realism do not exclude each other, but rather they are capable of being combined in a coherent methodology of economics. It is a valuable contribution to import the insights of the newly rehabilitated rhetoric to the metatheory of economics; but it is unnecessary to marry them with enthusiasm about the fashionable anti-realism of Richard Rorty and others. While this is my overall thesis, it is clear that only initial steps towards its substantiation can be taken in this paper. I intend to proceed as follows. I will first make an attempt to locate the problem at hand in the history of the metatheory of economics. Then I will point out those elements in rhetorical metatheory as practiced and defended by Klamer and McCloskey that apparently have anti-realist or non-realist assumptions or implications, either directly or via considerations of scientific rationality. Next I will formulate a few concepts of realism, the differences between which have been ignored in the methodology of economics to this day. Then I will make preliminary attempts to inquire into the mutual compatibility of the rhetorical insights provided by McCloskey and Klamer and realism in this context. I will show that, in principle, there should be no insurmountable obstacles to combining the two; in some of its senses, realism will even turn out to be presupposed by the rhetorical approach. I do not primarily intend to argue for realism as such in this paper. Instead, I will argue for the compatibility of realism and rhetoric. The argument is based on Klamer's and McCloskey's own commitments; in this sense, the argument is immanent to their rhetorical approach. As a final point, I will argue that one should not be indifferent about realism: it does make a difference in economics and in the methodology of economics whether rhetoric is accepted with or without realism. (shrink)

In The Moral Dimension, Amitai Etzioni claims, as did Albert Hirschman in Morality and the Social Sciences, that people often act from moral motives, that economics needs to recognize this, and that it will be significantly changed by doing so. I agree, though I think the changes may be smaller than Etzioni believes – I shall be explaining why. But Etzioni goes further. He makes a specific claim about the sort of morality that motivates people: it is deontological. In (...) this paper, I shall examine what this means, how far it is true, and what difference it makes. (shrink)

Philosophy of Economics: A Contemporary Introduction is the first systematic textbook in the philosophy of economics. It introduces the epistemological, metaphysical and ethical problems that arise in economics, and presents detailed discussions of the solutions that have been offered. Throughout, philosophical issues are illustrated by and analysed in the context of concrete cases drawn from contemporary economics, the history of economic ideas, and actual economic events. This demonstrates the relevance of philosophy of (...) class='Hi'>economics both for the science of economics and for the economy. This text will provide an excellent introduction to the philosophy of economics for students and interested general readers alike. (shrink)

This book is a critical edition based on the Assisi and Merton College manuscripts of Scotus's question on restitution of ill-gotten goods. The question, entitled "Is one bound to restitution who may have unjustly taken or retained something belonging to another, so that he could not be truly penitent without making such restitution?" is theological in nature and pertains to Scotus's treatment of the sacrament of penance, but it provides him the occasion to set forth his philosophical theories of the (...) origin of private property, political authority, and the ethical rules governing a wide variety of business transactions, especially loans. It is in the latter sections of the question that Scotus treats of usury. The text is preceded by a detailed and very interesting historical introduction by Wolter which describes the struggle between King Philip the Fair of France and Pope Boniface VIII and how this political context affected the life and career of Scotus himself. Scotus reflected on the origin of the state at a time when some claimed that all political authority came through the pope, while others defended a king's right to resist a pope when necessary for the common good. But according to the Subtle Doctor, political authority is derived from the consent of the community. Rulers or legislators have the right and duty to regulate economic transactions between individuals for the sake of the common good. (shrink)

The 1994 US spectrum auction is now a paradigmatic case of the successful use of microeconomic theory for policy-making. We use a detailed analysis of it to review standard accounts in philosophy of science of how idealized models are connected to messy reality. We show that in order to understand what made the design of the spectrum auction successful, a new such account is required, and we present it here. Of especial interest is the light this sheds on the (...) issue of progress in economics. In particular, it enables us to get clear on exactly what has been progressing, and on exactly what theory has – and has not – contributed to that. This in turn has important implications for just what it is about economic theory that we should value. (shrink)

This volume serves as a detailed introduction for those new to the field as well as a rich source of new insights and potential research agendas for those already engaged with the philosophy of economics.

This paper argues for two propositions. (I) Large asymmetries of power, status and influence exist between economists. These asymmetries constitute a hierarchy that is steeper than it could be and steeper than hierarchies in other disciplines. (II) This situation has potentially significant epistemic consequences. I collect data on the social organization of economics to show (I). I then argue that the hierarchy in economics heightens conservative selection biases, restricts criticism between economists and disincentivizes the development of novel research. (...) These factors together constrain economics’ capacity to develop new beliefs and reduce the likelihood that its outputs will be true. (shrink)

review of Philosophy of Economics by C. Dyke.

Introduction Marxism is a set of ideas from which sprang particular approaches to economics, sociology, anthropology, political theory, literature, art, ...

Approximately one in six top economic research papers draws an explicitly causal conclusion. But what do economists mean when they conclude that A 'causes' B? Does 'cause' say that we can influence B by intervening on A, or is it only a label for the correlation of variables? Do quantitative analyses of observational data followed by such causal inferences constitute sufficient grounds for guiding economic policymaking? The Philosophy of Causality in Economics addresses these questions by analyzing the meaning (...) of causal claims made by economists and the philosophical presuppositions underlying the research methods used. The book considers five key causal approaches: the regularity approach, probabilistic theories, counterfactual theories, mechanisms, and interventions and manipulability. Each chapter opens with a summary of literature on the relevant approach and discusses its reception amongst economists. The text details case studies, and goes on to examine papers which have adopted the approach in order to highlight the methods of causal inference used in contemporary economics. It analyses the meaning of the causal claim put forward, and finally reconstructs the philosophical presuppositions accepted implicitly by economists. The strengths and limitations of each method of causal inference are also considered in the context of using the results as evidence for policymaking. This book is essential reading to those interested in literature on the philosophy of economics, as well as the philosophy of causality and economic methodology in general. (shrink)

This thesis studies the way in which economists have sought to establish the scientific authority of their discipline during the period before and after World War II in the United States. The research shows how the quest for scientific authority by economists gave rise to new concepts and notions, instruments of control, and calculation methods. Such developments contributed material and symbolic advantages to the discipline in the academic world and the broader academic sphere. By establishing itself as a type of (...) knowledge which is at once abstract, technical and empirical, economics consolidated as a discipline capable of producing universal knowledge, of articulating the academic world and the practical sphere, and of establishing its qualifications as an applied domain for policy-making. The analysis focuses on three of the institutions at the pinnacle of the discipline in the American academic world: the Cowles Commission, the Economics department of the Massachusetts Institute of Technology, and the Economics department of the University of Chicago. By studying the standardization of the PhD program in economics, this research also studies the process of reaching a consensus within the discipline as related to the quest for the special status of 'science'. Rooted in the social history of science, this study contributes to the analysis of standards which influence today’s research, teaching, and professional activity of economists. (shrink)

In a published debate between Law and Economics avatar Judge Richard Posner and Professor Robin Malloy entitled ‘Is Law and Economics Moral?’, Malloy argued that the dominant methodology of Law and Economics is immoral. Malloy likened it to the Frankenstein Monster – an unholy, undead abomination that can go berserk despite its ostensibly benign provenience. Malloy claimed that wealth maximization applied to social discourse ‘reduces people to an human existence to imaginary variables for calculation’.

This is a comprehensive collection of essays that explores cutting-edge work in experimental philosophy, a radical new movement that applies quantitative and empirical methods to traditional topics of philosophical inquiry. Situates the discipline within Western philosophy and then surveys the work of experimental philosophers by sub-discipline Contains insights for a diverse range of fields, including linguistics, cognitive science, anthropology, economics, and psychology, as well as almost every area of professional philosophy today Edited by two rising scholars (...) who take a broad and inclusive approach to the field Offers a complete introduction for non-specialists and students to the central approaches, findings, challenges, and controversies in experimental philosophy. (shrink)