Virtue ethics is widely recognized as one of three major approaches in contemporary moral philosophy and arguably the most influential normative theory in business ethics. Despite its rich pedigree in Western and Eastern philosophy, most work in contemporary virtue ethics is part of the Western tradition. The purpose of this Thematic Symposium is to foster dialogue between Western and Eastern conceptions of virtue in business and engage them with questions about the nature, justification, and content of the virtues in each (...) tradition. This Editorial offers a brief introduction to the problem, a summary of Western and Eastern varieties of virtue ethics, an overview of the six articles included in this Thematic Symposium, and a section with five common themes for further exploration and future collaborative research. (shrink)

Modern economics does not have much use for the classical scheme of virtues and vices. Yet, it appears to recognise prudence, or something lying in the same general region as prudence. In classical philosophy, prudence is the virtue of practical rationality, or rationality in action. Economics too has a theory of rationality in action. This paper asks if this is a good theory – if the actions prescribed by economics are indeed the actions that an ideally prudent counsellor would prescribe. (...) As I argue in what follows, there is reason to think that they are not, and the reason is to be traced back to the crucial dimension of time that is neglected in the economic theory of rational action. (shrink)

Eleventh-century Europe was dominated by a single political and economic elite with position based on control of the means of coercion; by the end of the fifteenth. century there were various elites with power based on control of some form of production. Theories based on trade, population, and the class struggle have been advanced to account for this change but are inadequate because they posit causal relationships running from some single independent factor. A different form of explanation emphasizes the (...) network of relationships among economic and political units. Here economic power is crucial. The development of new technology shifted the economic leverage of the nobility to the mer chants, then to town craftsmen, with detailed effects on all other economic relationships. The argument is primarily theoretical, not a reconstruction of events, and a mathematical model is provided. (shrink)

Ayn Rand wrote and lectured on economic concepts and topics. This volume addresses the economic and business aspects of her writings. The authors of this anthology are from a variety of fields and all of them are enthusiastic supporters of her ideas.

In his most recent article, “The Appeals Process as a Means of Error Correction,” Steven Shavell asks a very important question: Why do we use a hierarchical court structure? The flip side of this inquiry is whether we might not be better off simply making our trial courts more efficient. Although I certainly applaud the recent efforts of Shavell and other law and economics scholars to examine issues of institutional design, this particular attempt suffers from two major flaws. The first (...) involves the asymmetric treatment of litigants before trial courts and appeals courts: Appellants can choose to either appeal cases or not, but the population of cases before the trial courts is assumed to be exogenous. This severely limits the ability to improve the efficiency of trial courts, leading to an overestimation of the value added from an appeals process. The second problem involves the behavior of judges, who are assumed to behave as automatons. Allowing judges to behave rationally dramatically changes the nature of the model's results, most fatally leading to the elimination of the separation equilibrium that Shavell wishes to achieve. (shrink)

Donald Davidson has claimed that for every logical truth 5 of a language L, a theory of meaning for L will entail that S is a logical truth of L. Jim Edwards has argued (2002) that this claim is false if we take 'entails' to mean 'has as a logical consequence. In this paper, I first show that, pace Edwards, Davidson's claim is correct even under this strong reading. I then discuss the argument given by Edwards and offer a diagnosis (...) of where he went wrong. (shrink)

This article presents a skeleton of a potential paradigm of human flourishing and happiness in a free society. It is an exploratory attempt to construct an understanding from various disciplines and to integrate them into a clear, consistent, coherent, and systematic whole. Holding that there are essential interconnections among objective ideas, the article specifically emphasizes the compatibility of Aristotelianism, Austrian Economics, Positive Psychology, and Ayn Rand’s Objectivism arguing that particular ideas from these areas can be integrated into a paradigm of (...) human flourishing and happiness based on the nature of man and the world. Such a paradigm will help people to understand the world and to survive and flourish in it. It is hoped that the paradigm will grow and evolve as scholars engage, question, critique, interpret, and extend its ideas. Our goal is to have a paradigm that accords with reality and there is always more to learn from reality. (shrink)

This original book brings together some of the world's leading critics of economics orthodoxy to debate Lawson's contribution to the economics literature.

Neglected diseases are severe conditions that mainly affect the world's poorest people. Those suffering from neglected diseases are mostly suffering from tropical infections that have failed to receive priority in pharmaceutical research and development programs, as well as in public health policies aimed at improving availability and access to preventive, diagnostic and curative medicine. The World Health Organization has issued a number of documents directing attention to the plight affecting one third of the world's population, assisted by active support from (...) private organizations, notably the Bill and Melissa Gates Foundation, but the overall situation remains dismal. In the wake of major socioeconomic processes including globalization, steadily growing economic disparity, healthcare inequality, the instability created by rogue states and terrorism, as well as massive migration, and epidemic outbreaks, the features of neglected diseases have been changing. Neglected populations affected by tropical diseases are suffering increasingly from non-infectious degenerative conditions and disabilities due to untreated chronic maladies. Pockets of poverty and neglect can also be detected in high-income countries, contributing to the emergence of new diseases and the reemergence of infections believed to be disappearing such as tuberculosis and the measles. Included in the issues of neglect are rare diseases, mostly of genetic origin, affecting a small number of patients that suffer from multiple life-shortening functional impairment and organ defects. Effective medicines are extremely expensive, allegedly because research and development of appropriate drugs is resources and time consuming, requiring exorbitant prices to recoup investment from a small number of consumers. Bioethics has been tardy in addressing the suffering and destitution of neglected and rare diseases. Convinced that permanently repeated denunciations blunt the sensitivity towards suffering, whereas statistics are bloodless and unable to elicit commitment, this book attempts to explore a different strategy. In an upstream approach, bioethics needs to engage in ethnographic fieldwork that confronts and shares the context in which people suffer, vividly presenting what epidemiological research has blunted into statistical data. Additionally, a downstream approach is suggested, requiring bioethics to vigorously and openly denounce unethical biomedical and pharmaceutical research, misdeeds in registration and marketing of drugs, and misalignment of policies with the unmet healthcare needs of the destitute. More than being critical observers, bioethicists ought to shed lurking conflicts of interests and seek active participation in planning research and public healthcare practices aimed at improving the lives of medically neglected populations. (shrink)

The literature of comparative economics as well as economic history is replete with references to productivity differences as reflecting relative efficiency in production. In socialist economics, for example, the longevity of the relative-productivity/relative-efficiency theme is apparent from Abram Bergson's early survey where, commenting on a productivity debate that had already been going on for over twenty years, he identified “the only issue outstanding” as the question “which is more efficient, socialism or capitalism?” The issue has continued to be addressed (...) vigorously since then, and it is still outstanding. Again, in European economic history, John Nye recently pointed out that relative efficiency as reflected in relative productivity has been part and parcel of the postwar debate on French industrialization: the view that less productive and, therefore, “inefficient” family firms led to French “backwardness” in production. (shrink)

This article interprets the accounts and testimonies of native Chilean Pentecostalism, from a philosophical approach. In these accounts Pentecostal dilemmas are expressed and that oppressed beings prove by the economical and social conditions that the Chilean society lived in the 20th century. These dilemmas manifest anguish produced by absurd, emptiness and loneliness; that rise due to illness, alcoholism and poverty, which leads the individual to critical situations that push him to choose being Pentecostal, stigmatized beings and socially excluded, or to (...) suffer and death. Once they have chosen being Pentecostal the symbolic exodus starts, interpreting the past, the society and individuality in a tragic way. (shrink)

This article provides a summary of economic issues found in Atlas Shrugged. It discusses the role of individual initiative, creativity, and productivity in economic progress as illustrated in this novel. It also shows the novel's depiction of the benefits of trade—and the destruction of exchange relationships and production that results from government intervention in the economy. Rand included a great many valuable insights about money in the novel's famous “money speech.” In addition, the book analyzes Galt's Gulch as (...) a free market economy. The novel is, in part, a treatise on economics providing a literary treatment of proper economic principles. (shrink)

A guide to the pluralist movement threatening to revolutionise mainstream economics. It looks at how neoclassical economics gained its stranglehold, particularly in the United States, and how the social and intellectual underpinnings of economics have enabled it to maintain this in the face of inconsistent evidence from the real world.

Personalist Economics: Moral Convictions, Economic Realities, and Social Action examines the nature of the worker and consumer from a personalist perspective, comparing that body of knowledge to what is received from conventional economics. A running theme throughout this book is that personalist economics is attentive to both aspects of human material need - physical need and the need for work as such - in a way that does not disregard human wants. Accordingly, this book is more concerned about the (...) philosophical base and description of the economy's significant characteristics than social economic policy. Personalist Economics explores four dimensions of particularly acute human physical need: unemployment, poverty, homelessness, and death. In addressing these four aspects of need, the book delves into the second and third domains of social economics: description of the significant characteristics of the economy, and social economic policy. In the same way, Personalist Economics explores two types of economic cooperation - supra-firm alliances and inter-firm partnerships - as means for addressing certain aspects of human material need. This book concludes with a lengthy discussion of the challenges facing personalist economics in the years ahead. (shrink)

This article explains and criticizes several of Hume's arguments regarding British economic policy. I focus on Hume's methodology, which is essentially utilitarian but also depends heavily on his philosophical account of human psychology. I claim that the arguments examined prevail over competing 18th century approaches to economic policy. And I explain the relevance of this methodology for present day public policy debates.

Traditional economics treats the defining subjective properties of economic agents as if they are determined independently of individual and collective relations with other agents. This collection of essays reflects the increasingly common view that economics cannot continue to disregard all economic phenomena inconsistent with this conception. The volume is especially concerned with the idea of intersubjective influences on market outcomes. A team of expert international contributors have been brought together to address the question of intersubjectivity from a variety (...) of perspectives. Using methods of description and analysis they explore the structures and effects of concrete interdependencies between individual subjectivities engaged in economic activity, and develop conceptual and analytical tools for this task. Many of the essays are interdisciplinary in scope and in addition to economics the book should provide valuable lessons in psychology, sociology, social theory, philosophy, political science and history. (shrink)

Read Miguell Ramirez's original paper Credit, Indebtedness and Speculation in Marx's Political Economy Read Stavros Mavroudeas' comment on Miguel Ramirez' paper Comment on Miguel Ramirez's paper, 'Credit, Indebtedness and Speculation in Marx's Political Economy'...

Instead of relying on the usual price elasticity technique, this book combines economic and engineering analysis to study economic growth and energy demands to the year 2000. It asserts that future energy demand will be determined by two basic factors--the gross national product and the efficiency with which energy is used to produce this output in the household, commercial, industrial, and transport sectors of the economy.Labor hours multiplied by a productivity factor results in the GNP. This study predicts (...) that, in the long run, productivity in the United States will recover most of the sharp losses registered in the past five years. The study points out the decelerating population growth, the higher number of women in the labor force, and new investments as having an influence on this situation.After projecting the size and composition of each of the four energy consuming sectors that account for the total GNP. Energy and Economic Growth estimates efficiency improvements for each. It shows, for example, that higher levels of thermal insulation will reduce sharply energy needs for household heating and cooling. Similarly, the study notes that improvements in energy consumption per dollar of output can be made for each of the energy intensive manufacturing industries, nothing that although the savings in energy are significant, none is a consequence of pushing improvements to known technological limits. Finally, the book establishes the price elasticities that are inherent in the calculated energy requirements and checks these against elasticity estimates made by other researchers. (shrink)

This paper attempts to better define the areas of conflict and agreement between value ethics and the theoretical ethics of the market processes at work in the biotechnology industry. Despite the apparent lack of ethics in an oligopolistically competitive pharmaceuticals industry, the paper concludes that the current stage of development of the medical biotechnology subindustry offers unparalleled opportunities for ethical systems to influence the market-based development of biotechnology. Ethical conversations between doctors and biologists with ethicists can help the market absorb (...) more of the reflective wisdom that ethics brings when discussing such issue areas as justice, patents of the human genome, and modifications of the human genome. If conversations between ethicists and biotechnological managers and doctors are successful the metaphors of market-based financing may be refined and the knowledge base of the good increased. (shrink)

Economics is probably the most subtle, precise and powerful of the social sciences and its theories have deep philosophical import. Yet the dominant alliance between economics and philosophy has long been cheerfully simple. This is the textbook alliance of neo-Classicism and Positivism, so crucial to the defence of orthodox economics against by now familiar objections. This is an unusual book and a deliberately controversial one. The authors cast doubt on assumptions which neo-Classicists often find too obvious to defend or, indeed, (...) to mention. They set out to disturb an influential concensus and to champion an unpopular cause. Although they go deeper into both philosophy and economics than is usual in interdisciplinary works, they start from first principles and the text is provokingly clear. This will be a stimulating book for all economic theorists and philosophers interested in the philosophy of science and social science. (shrink)

Most of the world's population and the vast majority of the world's poor live and work in villages. Their activities are usually centred in households, but interactions among households shape the impacts of policy, market and environmental changes on rural production, incomes, employment and migration. This book presents a generation of villagewide economic modelling designed to capture these interactions when assessing the impacts of policy, market and environmental changes on rural economies in less developed countries. The authors present a (...) general framework for modelling village economies based on computable general-equilibrium techniques, estimate models for villages and a village-town in five different countries, and use these models to conduct a series of comparative experiments. The findings offer explanations for some paradoxical outcomes of exogenous shocks as their influence winds its way through rural economies, and they underline the importance of adopting a local economy-wide perspective when designing development policies. (shrink)

The dominant academic paradigm and the main inspiration of anticorruption policies is the economic theory of corruption, according to which anticorruption policies should be focused on raising the costs associated with corrupt behavior. In this article, I provide three reasons to explain why anticorruption interventions in organizations inspired by the economic theory of corruption frequently fail. I contribute to the current literature by integrating the literature on constructive deviance, on personality psychology, and on managerial biases in ethical decision-making (...) into the study of corruption and into the design and implementation of anticorruption interventions. Research propositions are advanced. Research and practice implications are discussed. (shrink)

How much of economic theory can be derived using pure logic and how much of it depends on empirical facts? In a provocative article, Hülsmann criticizes Mises and Rothbard for relying on empirical assumptions, ceteris paribus claims, and thought experiments in their analysis. Instead, Hülsmann proposes a counterfactual method that does not rely on any empirical assumptions and is said to produce universally valid claims. Upon inspection we find that many of his proposed laws are either inexact, incorrect, or (...) must rely on subsidiary assumptions to be true. We conclude that the traditional approach of Mises and Rothbard appears to be more fruitful and true. (shrink)

The focus of this chapter is the rise of investigations in philosophical aesthetics in the mid-1950s and continuing through to the mid-1960s. This salient issue had to do with the foundations of philosophical aesthetics in the context of the Marxist-Leninist worldview. That this became an issue was due in large part to the appearance, in 1956, of the first Russian translation of Marx’s Economic and Philosophical Manuscripts of 1844. Marx’s emphasis in these writings on the self-constituting, transformative potential of (...) labor suggested possibilities for an aesthetic that did not sit comfortably with the dogmatic principles of dialectical and historical materialism. In effect, the foundational question for a Soviet aesthetics went to the heart of Marxism-Leninism: could young Marx’s anthropocentrism be reconciled with the established Soviet doctrine beholden to, on the one hand, Engels’ metaphysics of “matter-in-motion” and, on the other hand, Lenin’s copy theory of knowledge? Among the aestheticians, the issue surfaced in a debate about the nature of beauty: is beauty relative to man or is it an objectively cognizable material property? To the degree that the parties to this debate addressed the underlying issue, they tended to remain ambivalent toward the result that neither side—those favoring creative expression versus the defenders of objective beauty—simply conceded nor rejected the views of the other. As I argue, a systematic philosophical aesthetics within the scope of Soviet philosophy never saw the light of day. By the mid-1960s, research was ramifying into a variety of adjacent considerations, for example, value theory, theories of culture and cultural artifacts, the history of aesthetic categories, the social and pedagogical functions of art, art and morality in relation to the “socialist way of life,” art in the era of the “scientific-technological revolution,” and so on—of which only some recalled the spirit, rarely the letter, of the initial “aesthetics” discussion. (shrink)

This book emphasizes the compatibility of Aristotelianism, Austrian economics, and Ayn Rand's Objectivism, arguing that particular ideas from these areas can be integrated as a potential paradigm of human flourishing and happiness in a free society. It constructs an understanding from various disciplines into a clear, consistent, and systematic whole.

The paper proposes a financial model suitable for ensuring the economic, financial and social sustainability of this basic protection. We have calculated the estimated cost for the Spanish population in 2010 and have estimated the cost for the following 12 years (three legislatures) under a range of demographic and economic assumptions. The results are then analysed to draw conclusions about the viability and sustainability of this basic social protection floor. A remarkable finding is that it is feasible to (...) obtain greater coverage, but by requiring contributions of the State or other financial resources. (shrink)

Researchers, including Boyer & Petersen (B&P), commonly use experimental economic studies to draw their conclusions. These studies conventionally strip away context and present participants only with abstract rules. Because context is a strictly necessary component of the decision-making process, it is not clear that inferences about high-level folk psychological concepts (e.g., rationality) can be drawn from decontextualized economic games.

It is widely believed that John Maynard Keynes wrote The Economic Consequences of the Peace to protest the reparations imposed on Germany after the First World War. The central thesis of this paper is that Britain’s war debt problem, not German reparations, led Keynes to write The Economic Consequences of the Peace. His main goal at the Paris Peace Conference was to restore Britain’s economic hegemony by solving the war debt problem he helped to create. We show (...) that Keynes was responsible for many of the most notorious aspects of the reparations section of the Treaty, and he crafted his proposals in light of mercantilist theories designed to keep Germany relatively poor after the war. His desperate desire to solve Britain’s war debt problem, mixed with his mercantilist ideas, inspired him to write The Economic Consequences of the Peace. (shrink)

This book documents the growth of unproductive activity in the United States economy since World War II and its relation to the economic surplus, capital accumulation, and economic growth. Unproductive activities broadly consist of those involved in the circulation process, including wholesaling and retailing, banking and financial services, advertising, legal services, business services and many government activities. The results indicate that the level of unproductive activity in the postwar economy has been a significant factor in the slowdown in (...) the rate of capital accumulation, productivity growth and the overall growth rate. Here, the villain is shown to be the gradual but persistent shift of resources to unproductive activities. The consequence has been a reduction in new capital formation and productivity growth and an erosion in the rate of growth in per capita living standards. Moreover, the rise in unproductive activity is itself seen to be rooted in the logic of advanced capitalism. The forces of competition, which in the early stages of capitalism lead to rapid technical change and productivity growth, promote non-productive and even counterproductive activities in its more advanced stages. (shrink)

El presente artículo rastrea el pensamiento antropológico de Miguel de Unamuno, descubriendo su esencia en el aspecto religioso. El desarrollo de este argumento permite explicitar la formación intelectual de Unamuno, destacando la relación de su pensamiento con tres de los filósofos que más le influyeron: Agustín, Pascal y Kierkegaard. El estudio de las relaciones entre ellos permite, a su vez, volver a poner la cuestión sobre Dios como un problema filosófico siempre actual. This article presents anthropological thought of (...) class='Hi'>Miguel de Unamuno. The religious aspect expresses the essence of the Spanish writer's thought. In the development of his mind three important authors have influenced Western philosophy: St. Augustine, Pascal and Kierkegaard. This paper studies the relationships between them and with them again proposes the question of God as a philosophical problem. (shrink)

This book is written for individuals who want to learn about the philosophical foundations of political and economic freedom. It is an introduction and a guide to the principal theoretical ideas on liberty produced by the most influential and creative thinkers in history, with chapters on Adam Smith, Ludwig von Mises, and Carl Menger.

The appropriateness of economic valuations of the natural environment is defended on the basis of an objective analysis of individuals’ preferences. The egoistic model of “economic man” substantiates economic valuations of instrumental values even when markets do not exist and when consumption and use are not involved. However, “altruistic man’s” genuine commitment to the well-being of others, particularly wildlife and future generations, challenges economic valuations at a fundamental level. In this case, self-interest and an indifference between (...) states of the world are secondary and undefined respectively, since preferences are not based on tradeoffs between the welfare of others and self. The appropriateness of economic valuations rests solely with the empirical validity of the assumptions that give rise to economic man. (shrink)

Many traditional agroecosystems found in Latin America constitute major in situ repositories of crop genetic diversity. This native germplasm is crucial to developing countries and industrialized nations alike. Native varieties expand and renew the crop genetic resources of developed countries while also performing well under the ecological and economic conditions of the traditional farms where they are grown. With agricultural modernization and environmental degradation, crop genetic diversity is decreasing in peasant agricultural systems. Research is urgently needed to document rates (...) and causes of genetic erosion in these systems and the role that peasants play in maintenance of crop genetic diversity. It is proposed that multi-disciplinary teams that work under the paradigms of ethnoecology and agroecology be assembled to integrate farmers’ knowledge with Western scientific approaches to design meaningful in situ crop genetic conservation strategies. (shrink)

A long-standing theoretical tradition in clinical psychology and psychiatry sees deliberate self-harm , such as wrist-cutting, as “functional”—a means to avoid painful emotions, for example, or to elicit attention from others. There is substantial evidence that DSH serves these functions. Yet the specific links between self-harm and such functions remain obscure. Why don’t self-harmers use less destructive behaviors to blunt painful emotions or elicit attention? Economists and biologists have used game theory to show that, under certain circumstances, self-harmful behaviors by (...) economic agents and animals serve important strategic goals. In particular, “costly signals” can credibly reveal a “private state” in situations where verbal claims and other “cheap” signals might be disbelieved. Here, DSH is scrutinized using signaling theory, and a variant, the theory of bargaining with private information. The social contexts and associated features of DSH suggest that it might be a costly, and therefore credible, signal of need that compels social partners to respond. (shrink)

At one point Fish says that a profession produces no “real” commodity but offers only a service. But surely the increasing reification of services and even of knowledge has made them a commodity as well. And indeed the logical extension of Fish’s position on professionalism is not that it is something done or lived but something produced and reproduced, albeit with redistributed and redeployed values. What those are, Fish doesn’t say. Then again he makes the rather telling remarks that he (...) is “turning everything into professionalism” —an instance of overstating and overinsisting at a moment when what he is really arguing for can neither be formulated nor defended clearly. To turn “everything” into professionalism is to strip professionalism of any meaning at all. For until one can define professionalism—and the particular values associated with it—there is very little value in going on about the incoherencies of antiprofessionalism. Fish resorts to the reductionist attitude of telling us that professionalism is what is, and whatever is, is more or less therefore right, which by only the slightest extension of its logic is a view no less applicable to antiprofessionalism.On the other hand, Fish does say that the profession has changed, that new ways of doing things have emerged, that values are contested within and without the profession. Those kinds of observations, however, have to be pursued, made me more concrete, put in specific historical contexts, one of which is the fact that professions are not natural objects but concrete, political, economic, and social formations playing very defined, although sometimes barely visible, roles. Unfortunately, Fish commits the lobbyist-s error by obscuring and being blind to the sociopolitical actualities of what he lobbies for even as he defends its existence. Thus when Fish alleges that the reason most literary professionals “exist in a shamefaced relationship with the machinery that enables their labors” is because of their damaging antiprofessionalism , he is making an observation whose form is assertive but whose sense is tautological since he neither defines the professional and professionalism nor specifies “machinery” and “labors” with any precision at all. For if you take the extraordinary step of reducing everything to professionalism and institutionalism as Fish does, then the very possibility of talking about the profession with any intelligibility is negated. Few would dispute Fish’s important point, that all interpretive and social situations are in fact already grounded in a context, in institutions, communities, and so forth. But there is a very great difference between making that claim and going on to say that so far as the literary profession is concerned, “the profession” is the context to which “everything” can be related. Edward W. Said’s most recent work is The World, the Text, and the Critic. His previous contributions to Critical Inquiry are “The Problem of Textuality: Two Exemplary Positions” and “Opponents, Audiences, Constituencies, and Community”. (shrink)

Karl Marx (1818-1883) was trained as a philosopher and steeped in the thought of Hegel and German idealism, but turned away from philosophy in his mid-twenties towards politics, economics and history. It is for his these subjects Marx is best known and in which his work and ideas shaped the very nature of the nineteenth and twentieth centuries. However, Marx's engagement with philosophy runs through most of his work, especially in his philosophy of history and in moral and political philosophy. (...) In this outstanding introduction to Marx's philosophy Jaime Edwards and Brian Leiter begin with an overview of Marx's life and intellectual development, before examining and assessing the following important topics: Marx's theory of history: Hegel, dialectics, teleology, materialism functionalism and the causal explanation of historical change economics, history and the transition from communism to capitalism ideology, morality and religion human nature, alienation and the good life for human beings Marx's legacy and influence, including Western Marxism and the Frankfurt School. The addition of chapter summaries, annotated further reading and a glossary of technical terms make this an indispensable introduction to Marx's philosophy. It will also be useful to those in related disciplines such as politics, sociology, history and economics. (shrink)