Various writers point out that accepting the terms of a contract does not imply consent to the background conditions of this contract. This is an important critical insight allowing for a critical perspective on the principle of free contract, according to which the state should not interfere with what adult agents contractually agree upon. In this paper I argue that the practical relevance of this critical insight depends on the availability of answers to three questions: (1) Which are the core (...) features of baseline background conditions supporting a well-ordered labor market enhancing economic welfare? (2) In which cases and for which reasons are non-market institutions needed in order to support these features? (3) Under which conditions and at which levels can collective mechanisms be expected to support adequate non-market institutions ‘curing market failure’? Some of the core properties of labor markets and labor contracts are discussed which need to be taken into account in attempts to answer these questions, most notably problems of contract enforcement, market failure and collective action. (shrink)

Diese Wirtschaft totet! besonders dieser Satz von Papst Franziskus hat beachtliche Aufmerksamkeit gefunden. Aber: Welche Wirtschaft totet? Und welche fordert Leben? Dieser Band stellt wirtschaftswissenschaftliche, ethische und theologische Ansatze vor, die Verengungen in gegenwartigen Theorien uberwinden: Welche Bedeutung haben offentlicher Guter? Wie lassen sich soziale und okologische Dimensionen in die Wirtschaftstheorie integrieren? Wie sollte eine Finanzwirtschaft aussehen, die der Realwirtschaft dient? Was ist die Verantwortung des Konsumenten? Diese und weitere Grundfragen, die in den wirtschaftswissenschaftlichen Mainstream-Theorien zu kurz kommen, erinnern die (...) Wirtschaft daran, dem Leben dienen zu mussen. (shrink)

This thought-provoking book discusses the concept of progress in economics and investigates whether any advance has been made in its different spheres of research. The authors look back at the history, successes and failures of their respective fields and thoroughly examine the notion of progress from an epistemological and methodological perspective. The idea of progress is particularly significant as the authors regard it as an essentially contested concept which can be defined in many ways – theoretically or empirically; locally or (...) globally; or as encouraging or impeding the existence of other research traditions. The authors discuss the idea that for progress to make any sense there must be an accumulation of knowledge built up over time rather than the replacement of ideas by each successive generation. Accordingly, they are not concerned with estimating the price of progress, reminiscing in the past, or assessing what has been lost. Instead they apply the complex mechanisms and machinery of the discipline to sub-fields such as normative economics, monetary economics, trade and location theory, Austrian economics and classical economics to critically assess whether progress has been made in these areas of research. -/- Bringing together authoritative and wide-ranging contributions by leading scholars, this book will challenge and engage those interested in philosophy, economic methodology and the history of economic thought. It will also appeal to economists in general who are interested in the advancement of their profession. (shrink)

This paper is about difficulties in the normative justification of an unconditional basic income - difficulties which are related to the scope of egalitarian justice as well as the dimension of the equalisandum. More specifically, it is contended that Philippe Van Parijs's justification derived from the principle of Maximin real freedom runs into problems in environments in which scarcity does not offer a conceptual basis for a satisfactory account of social interdependencies. We discuss the following cases: Scarcity is seen as (...) a general equilibrium phenomenon in a dynamic environment. Social forces of production play a role in creating wealth. Informal exclusion mechanisms and patterns of ,local justice, matter. Certain forms of heterogeneity play a role. (shrink)