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.

Aims to construct an economic philosophy from indigenous African thought.

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)

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)

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 (...) class='Hi'>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 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)

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.

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

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

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.

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 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)

In this article, we philosophically reflect on the nature of corporate governance. We raise the question whether control is still a feasible ideal of corporate governance and reflect on the implications of the epistemic insufficiency of economic institutions with regard to grand challenges like of global warming for our conceptualization of corporate governance. We first introduce the concept of corporate governance from the perspective of economics and politics. We then trace the genealogy of the concept of governance based on (...) a selective reading of Giorgio Agamben’s work, who has pointed at two interdependent paradigms of governance in the Christian tradition, and apply his categories in the context of corporate governance. We finally engage in a critical reflection on the concept of corporate governance and develop four characteristics of corporate governance that can guide future conceptual as well as empirical research in the field of corporate social responsibility of economic institutions. (shrink)

This book is an examination of the nature of economic explanation. The opening chapters introduce current thinking in the philosophy of science and review the literature on methodology. Professor Blaug then turns to the troublesome question of the logical status of welfare economics, giving the reader an understanding of the outstanding issues in the methodology of economics. This is followed by a series of case studies of leading economic controversies, which shows how controversies in economics may be (...) illuminated by paying attention to questions of methodology. A final chapter draws the strands together and gives the author's view of what is wrong with modern economics. This book is a revised and updated edition of a classic work on the methodology of economics, in which Professor Blaug develops his discussion of the latest developments in macroeconomics, general equilibrium theory and international trade theory. A new section on the rationality postulate is also added. (shrink)

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

The tenuous claims of cost-benefit analysis to guide policy so as to promote welfare turn on measuring welfare by preference satisfaction and taking willingness-to-pay to indicate preferences. Yet it is obvious that people's preferences are not always self-interested and that false beliefs may lead people to prefer what is worse for them even when people are self-interested. So welfare is not preference satisfaction, and hence it appears that cost-benefit analysis and welfare economics in general rely on a mistaken theory (...) of well-being. This essay explores the difficulties, criticizes standard defences of welfare economics, and then offers a new partial defence that maintains that welfare economics is independent of any philosophical theory of well-being. Welfare economics requires nothing more than anevidentialconnection between preference and welfare: in circumstances in which people are concerned with their own interests and reasonably good judges of what will serve their interests, their preferences will be reliable indicators of what is good for them. (shrink)

Rational addiction theories illustrate how absurd choice theories in economics get taken seriously as possibly true explanations and tools for welfare analysis despite being poorly interpreted, empirically unfalsifiable, and based on wildly inaccurate assumptions selectively justified by ad-hoc stories. The lack of transparency introduced by poorly anchored mathematical models, the psychological persuasiveness of stories, and the way the profession neglects relevant issues are suggested as explanations for how what we perhaps should see as displays of technical skill and ingenuity (...) are allowed to blur the lines between science and games. (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 (...) class='Hi'>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)

In this article we argue for the importance of studying interdisciplinary collaborations by focusing on the role that good choice and design of model-building frameworks and strategies can play overcoming the inherent difficulties of collaborative research. We provide an empirical study of particular collaborations between economists and ecologists in resource economics. We discuss various features of how models are put together for interdisciplinary collaboration in these cases and show how the use of a coupled-model framework in this case to (...) coordinate and combine background models from ecology and economics provided particular collaborative affordances and clear collaborative gain. (shrink)

A survey was carried out among two groups of undergraduate economics students and four groups of students in mathematics, law, philosophy and business administration. The main survey question involved a conflict between profit maximisation and the welfare of the workers who would be fired to achieve it. Significant differences were found between the choices of the groups. The results were reinforced by a survey conducted among readers of an Israeli business newspaper and PhD students of Harvard. It is argued (...) that the overly mathematical methods used to teach economics encourage students to lean towards profit maximisation. (shrink)

Over the last few years there seems to have been a sharp increase in the number of books that want to spread the news that economics is, or at least can be, fun. This paper sets out to explain in what senses economics is supposed to be fun. In particular, the books in what I will call the economics-made-fun genre will be compared first with papers and books written by economists with the explicit intent of making fun (...) of economics. Subsequently, it will be examined whether or not it makes sense to accuse books in the economics-made-fun genre of economics imperialism, as some commentators have recently done. (shrink)

Much philosophical attention has been devoted to whether economic models explain, and more generally to how scientific models represent. Yet there is an issue more practically important to economics than either of these, which I label the efficiency question: regardless of how exactly models represent, or of whether their role is explanatory or something else, is current modeling practice an efficient way to achieve these goals – or should research efforts be redirected? In addition to showing how the efficiency (...) question has been relatively neglected, I give two examples of the kind of analysis it requires. (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 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)

Philosophy, Politics, and Economics offers a complete introduction to the fundamental tools and concepts of analysis that PPE students need to study social and political issues. This fully updated and expanded edition examines the core methodologies of rational choice, strategic analysis, norms, and collective choice that serve as the bedrocks of political philosophy and the social sciences. The textbook is ideal for advanced undergraduates, graduate students, and nonspecialists looking to familiarize themselves with PPE's approaches.

A comprehensive bibliography of economic methodological works since 1860, this volume includes 2,244 entries divided into two primary sections. The first section covers works on economic methodology while Part Two deals with works on the philosophy of science. Many of the entries are annotated, including the classics in economic methodology, almost all of the books, and general works in the philosophy of science section. All other sections include an introduction to the topic and the articles collected under that heading.

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)

This paper defends JN Keynes’s argument that normative economics can be objective. It begins by exploring Keynes’s view on the positive/normative distinction in economics. After discussing its originality and advantages, the paper recognizes that the Keynesian distinction does not explain the exact nature of the relationship between positive and normative economics. Thus, it tries to improve Keynes’s position using Popper’s contributions to economics. It shows that for Popper, advances in normative social science are the main steppingstone (...) to resolving disagreements over the choice of the norms underlying the reform of social situations. The final two parts of the paper draw on the contributions of Keynes and Popper to the study of norms to explain why normative economics can more easily approach objectivity by concentrating on highly delimited topics. The last part relies on Popper’s concept of avoidable unhappiness to offer one method of restraining the tasks of normative economics. (shrink)

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)