This article focuses on the relevance of religious traditions of self-restraint, particularly Sabbath and Nyepi, in the context of the COVID-19 pandemic. From an economic perspective, the pandemic interrupts a lifestyle marked by an unceasing process of production and consumption that affects almost all aspects of life. Such a lifestyle, known as ‘productivism’, has been confronted with ‘anti-productivism’ promoted by groups of Marxism-inspired intellectuals and activists. Employing the method of public theology, this study reveals that religious traditions of self-restraint (...) prepare humanity to anticipate interruptions of regularity, such as a pandemic, in a way that is critical of productivism yet distinct from anti-productivism. From a spiritual perspective, the pandemic and religious traditions of self-restraint should be perceived as synergistic appeals to a balanced lifestyle that is socially, economically, and ecologically harmonious. (shrink)

Families and children are hidden victims of labor exploitation in the US economy across the economic spectrum. The Sabbath commandment, however, provides a theological basis for resisting this structural evil. In Karl Barth’s discussion of the commandment, Sabbath rest not only limits the scope of economic activity in human life but also sets the stage for reflection on the meaning and purpose of work. As a recurring reminder that human life is a gift to be lived in joyful (...) fellowship with God and neighbor, Sabbath observance can be a crucial practice to orient work toward the flourishing of individuals, families, and communities. (shrink)

Ecosystems of Jubilee, by José Humphreys and Adam Gustine, is a practical look at the economic ethics and practices found in the Scripture. Focusing on the biblical practices of gleaning, Sabbath, and Jubilee, this book aims to help Christians embrace a serious commitment to economic development as a way of seeking justice in their neighborhoods.

In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:Biblical Economic Ethics: Sacred Scripture’s Teachings on Economic Life by Albino BarreraRaymond Kemp AndersonBiblical Economic Ethics: Sacred Scripture’s Teachings on Economic Life By Albino Barrera LANHAM, MD: LEXINGTON BOOKS, 2013. 353 PP. $89.65; KINDLE, $54.49You will not find much direct application of biblical theology to pressing economic issues in this book. Albino Barrera, a Dominican monk who teaches economics and theology at Providence College, gave us that (...) in well-received earlier works on market complicity, political economy, and the evils of scarcity. Keeping to this book’s title, he now gives us a remarkable collation of recent studies on the social and theological contexts of the Bible itself. He seems quite confident that given a comprehensive review, we will intuit modern implications for ourselves and be drawn closer together by our common heritage.Written for a wide audience, Barrera’s clear and readable book compiles fascinating snapshots of the diverse cultural situations and beliefs that unfold across the millennium-spanning canon. Even biblical scholars will enjoy this lively, up-to-date tour of their field.As a monastic, Barrera is careful to show that those New Testament texts that seem to call for divestment of property describe a situation-related special calling and do not make poverty an end in itself. Yet he stresses how the “preferential status of the poor” and the “devaluation of wealth” are prime norms that recur throughout both the Old Testament and New Testament and that he sees backed by both revelation and natural experience.One may find the book limited by the procrustean selectivity that seems inevitable when pre-formed notions (e.g., what is proper to our modern discipline of ethics or to the field of economics) shape our apperceptions of ancient [End Page 205] peoples’ concerns. From Barrera’s viewpoint, ethics has to do primarily with the promulgation and refinement of set norms. So his main goal is to uncover abstract principles and norms for behavior that recur insistently across scripture’s enormous diversity. This, he does beautifully. But in the process, he lets the recurrent trump the emergent.For example, Barrera seems to not fully appreciate the revolutionary impact where Jesus finally declares it impossible for people to bolster their personal stature by pursuing such norms (see, e.g., Mk 10:27). Little attention is given the apostles’ insistence (with Ps 14 and Ps 53) upon this same ethical impasse. For when they find the normative redefined by Christ’s excruciatingly holistic love command, they not only discover their own incapacity but also find themselves catapulted into the totally grace-dependent motivational dynamic described by Paul’s Christian freedom (Rom 3:12, 5, passim, 11:32; Gal 3:22; Jas 2:10).Evidently preoccupied by his quest for the normative, Barrera bypasses the historical priority of Paul and virtually ignores how his grace-responsive freedom pervades the later Gospels and Acts. (He relegates the Paul material to the tail end and accords it but a fraction of the space.)Freedom for Barrera is a social norm—freedom from oppression, slavery, poverty, hunger, and so forth (and he forcefully shows how this is a recurrent theme). But was not Paul, like Jesus before him, hounded and persecuted for his notorious freedom in the use of norms—even those of Mosaic law? Did not the Gospel reduce the normative to a minimum in favor of life-shaping, person-responsive love as the free gift or “fruit of the Spirit”? All of us—the rich and powerful, along with the poor and oppressed—discover our corporate brokenness exposed before God’s grace. Yet in our concomitant response to that same grace, we find our actions newly motivated and gradually reshaped—bonded into covenant community through his judgment of healing re-creation.Again, Barrera does well to stress Sabbath law’s normative force, as mandating times of rest. But one could wish to hear more on how the apostles parleyed this priestly provision into something new, in joyful direct response to a gracious Lord—a freely sabbatic, playfully creative ethic. [End Page 206]Raymond Kemp AndersonWilson CollegeCopyright © 2015 Society of Christian Ethics... (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:Biblical Economic Ethics: Sacred Scripture’s Teachings on Economic Life by Albino BarreraRaymond Kemp AndersonBiblical Economic Ethics: Sacred Scripture’s Teachings on Economic Life By Albino Barrera LANHAM, MD: LEXINGTON BOOKS, 2013. 353 PP. $89.65; KINDLE, $54.49You will not find much direct application of biblical theology to pressing economic issues in this book. Albino Barrera, a Dominican monk who teaches economics and theology at Providence College, gave us that (...) in well-received earlier works on market complicity, political economy, and the evils of scarcity. Keeping to this book’s title, he now gives us a remarkable collation of recent studies on the social and theological contexts of the Bible itself. He seems quite confident that given a comprehensive review, we will intuit modern implications for ourselves and be drawn closer together by our common heritage.Written for a wide audience, Barrera’s clear and readable book compiles fascinating snapshots of the diverse cultural situations and beliefs that unfold across the millennium-spanning canon. Even biblical scholars will enjoy this lively, up-to-date tour of their field.As a monastic, Barrera is careful to show that those New Testament texts that seem to call for divestment of property describe a situation-related special calling and do not make poverty an end in itself. Yet he stresses how the “preferential status of the poor” and the “devaluation of wealth” are prime norms that recur throughout both the Old Testament and New Testament and that he sees backed by both revelation and natural experience.One may find the book limited by the procrustean selectivity that seems inevitable when pre-formed notions (e.g., what is proper to our modern discipline of ethics or to the field of economics) shape our apperceptions of ancient [End Page 205] peoples’ concerns. From Barrera’s viewpoint, ethics has to do primarily with the promulgation and refinement of set norms. So his main goal is to uncover abstract principles and norms for behavior that recur insistently across scripture’s enormous diversity. This, he does beautifully. But in the process, he lets the recurrent trump the emergent.For example, Barrera seems to not fully appreciate the revolutionary impact where Jesus finally declares it impossible for people to bolster their personal stature by pursuing such norms (see, e.g., Mk 10:27). Little attention is given the apostles’ insistence (with Ps 14 and Ps 53) upon this same ethical impasse. For when they find the normative redefined by Christ’s excruciatingly holistic love command, they not only discover their own incapacity but also find themselves catapulted into the totally grace-dependent motivational dynamic described by Paul’s Christian freedom (Rom 3:12, 5, passim, 11:32; Gal 3:22; Jas 2:10).Evidently preoccupied by his quest for the normative, Barrera bypasses the historical priority of Paul and virtually ignores how his grace-responsive freedom pervades the later Gospels and Acts. (He relegates the Paul material to the tail end and accords it but a fraction of the space.)Freedom for Barrera is a social norm—freedom from oppression, slavery, poverty, hunger, and so forth (and he forcefully shows how this is a recurrent theme). But was not Paul, like Jesus before him, hounded and persecuted for his notorious freedom in the use of norms—even those of Mosaic law? Did not the Gospel reduce the normative to a minimum in favor of life-shaping, person-responsive love as the free gift or “fruit of the Spirit”? All of us—the rich and powerful, along with the poor and oppressed—discover our corporate brokenness exposed before God’s grace. Yet in our concomitant response to that same grace, we find our actions newly motivated and gradually reshaped—bonded into covenant community through his judgment of healing re-creation.Again, Barrera does well to stress Sabbath law’s normative force, as mandating times of rest. But one could wish to hear more on how the apostles parleyed this priestly provision into something new, in joyful direct response to a gracious Lord—a freely sabbatic, playfully creative ethic. [End Page 206]Raymond Kemp AndersonWilson CollegeCopyright © 2015 Society of Christian Ethics... (shrink)

The current financial crisis is one rooted not in recent deregulation but in the breaking of ancient (religious) laws, and this crisis is one of many ethical problems today that have religious roots. The tone of this essay is informed by a document from the World Council of Churches, which affirms "greed as violence" and that Christians do not have all the answers to the problem of greed; therefore, Christians need to seek solutions with other religious communities. Furthermore, religious leaders, (...) theologians, and ethicists, by their very station in life, are not able to effectively listen to the voices of the poor and marginalized people of the world. Self-critically examining the mainstream traditions within Christianity for its allegiance to empires, the article calls for engaging the alternative, rather than the mainstream traditions within religions whose interpretations of Scripture have provided insights that are at variance with the mainstream. It calls those who engage in this work to be double-headed: to examine others' beliefs from the perspective of the other—while continuing to be rooted in one's own center—and to recognize that the voices of those in poor or marginalized communities are inaccessible, unless those who are poor themselves become the mediators of dialogue. (shrink)

In the face of unremitting faith in economic progress and the attendant environmental degradation that is, increasingly, one of its ugly fruits, Jürgen Moltmann’s rich conception of God’s Sabbath peace offers a compelling reorientation. When drawn upon for its contribution toward the fostering of one’s moral imagination and for the cultivation of ethical criteria, it offers an accessible yet rigorous lens through which to view a particular situation: the attempt by Nestlé Waters to build the largest bottled water plant (...) in North America. The author finds within Moltmann’s vision a way to critically assess the project, critique the underlying foundations of its character, and offer alternatives for seeking the flourishing of the whole of God’s creation. (shrink)

_Post-Postmodernism_ begins with a simple premise: we no longer live in the world of "postmodernism," famously dubbed "the cultural logic of late capitalism" by Fredric Jameson in 1984. Far from charting any simple move "beyond" postmodernism since the 1980s, though, this book argues that we've experienced an _intensification_ of postmodern capitalism over the past decades, an increasing saturation of the economic sphere into formerly independent segments of everyday cultural life. If "fragmentation" was the preferred watchword of postmodern America, "intensification" is (...) the dominant cultural logic of our contemporary era. _Post-Postmodernism_ surveys a wide variety of cultural texts in pursuing its analyses—everything from the classic rock of Black Sabbath to the post-Marxism of Antonio Negri, from considerations of the corporate university to the fare at the cineplex, from reading experimental literature to gambling in Las Vegas, from Badiou to the undergraduate classroom. Insofar as cultural realms of all kinds have increasingly been overcoded by the languages and practices of economics, Nealon aims to construct a genealogy of the American present, and to build a vocabulary for understanding the relations between economic production and cultural production today—when American-style capitalism, despite its recent battering, seems nowhere near the point of obsolescence. Post-postmodern capitalism is seldom late but always just in time. As such, it requires an updated conceptual vocabulary for diagnosing and responding to our changed situation. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:Business for the Common Good: A Christian Vision for the Marketplace by Kenman L. Wong and Scott B. Rae, and: Market Complicity and Christian Ethics by Albino BarreraAnn GibsonBusiness for the Common Good: A Christian Vision for the Marketplace Kenman L. Wong and Scott B. Rae Downers Grove, Ill.: InterVarsity Press, 2011. 285 pp. $24.00Market Complicity and Christian Ethics Albino Barrera New York: Cambridge University Press, 2011. 312 (...) pp. $91.00At first glance, Business for the Common Good and Market Complicity and Christian Ethics appear to be similar. Their respective authors seek to address the relationship of business and ethics—two words many readers have a difficult time putting into the same sentence, let alone into the same philosophical discussion. Both books are part of a publisher’s series: the first is part of InterVarsity’s Christian Worldview Integration series and the second is part of Cambridge University Press’s New Studies in Christian Ethics series. Nonetheless, their purposes and approaches to the subject of business ethics are quite different. Kenman Wong and Scott Rae address whether it is possible for a person to be in business for any purpose other than earning profits (28); Albino Barrera addresses whether we are morally responsible for the unintended consequences of our market transactions and, if so, to what extent would or could this be true (3).Wong and Rae lay the foundation for their argument that working in business is a calling and service to God by discussing the role of work in God’s original plan for humankind. They then contend that the biblically inspired qualities [End Page 208] of service, trust, and perseverance can be developed and nurtured in one’s business practices (114). Recognizing that business also reflects the consequences of sin—with its focus on wealth, success, and ambition (115)—they recommend that business persons cultivate spiritual disciplines such as remembering the Sabbath, considering the use of time from God’s perspective, and learning to see one’s work as a gift from God rather than as wearisome toil. They remind the reader of the following: God is the ultimate owner of all our material possessions (123); we are wise when we hold our wealth and possessions loosely (124); and the Bible measures success by the excellence with which we work (as a human reflection of God’s excellence) and by our faithfulness in pursuing this goal of excellence (133, 134).Although Wong and Rae sought to write a philosophy or theology of business (37), the book they wrote is practical; it does not have much theory and its theological assumptions are not fully explicated. Rather, it provides helpful suggestions for addressing problematic tensions in business—such as management and power, marketing and manipulation, and globalization and economic inequity. The authors remind the reader that God calls for justice and commands us to love our neighbor. In this light, they call business persons to reen-vision their work as an opportunity for serving God and neighbor. In their discussion of ethics in business they unequivocally state that “God requires integrity in the workplace not because it’s profitable but because it’s right and honors him” (188). Although they use footnotes, Wong and Rae write in a conversational style and sometimes use personal examples and stories to illustrate their points. The book contains only a scripture index, and it does not include a bibliography.In contrast, Barrera writes in a tight, logical, highly readable style; he uses extensive footnotes and provides an excellent bibliography. Drawing on concepts from tort law, economics, social philosophy, and theology, he argues for the necessity of considering the unintended consequences of our market activities. Such consideration is required because “we are the generation that ushered in the post-industrial era” with its economic reality of globalization, which both “creates new and more demanding economic obligations even as it greatly expands the occasion for our complicity in or indifference to one another’s economic misconduct” (3).Barrera’s study opens with a theory section that discusses problems in business ethics—accumulative harms, overdetermination, and interdependence—even as it seeks to answer three questions: who is complicit, why... (shrink)

This volume of studies in honor of Arthur Hyman contains various investigations in philosophy, Halakha, and Kabbala. While several focus upon ethico-legal issues pertinent to rabbinic law, such as economic public policy in the Torah and Sabbath laws in the writings of Philo, four concentrate on Maimonides' understanding of metaphysics and knowledge of God.

There is not, of course, a one-to-one relation between policy conclusions and the conclusions of positive economics; if there were, there would be no ...

In this paper, we examine the problems facing a policy maker who observes inconsistent choices made by agents who are boundedly rational. We contrast a model-less and a model-based approach to welfare economics. We make the case for the model-based approach and examine its advantages as well as some problematic issues associated with it.

Introduction : ethical economics? -- The sovereign consumer -- Two myths about economic growth -- The politics of pay -- Happiness -- Pricing life and nature -- New worlds of money : public services and beyond -- Conclusion.

The relationship between Friedrich Hayek and Michael Polanyi is documented and explored with respect to philosophy and economics. Their respective positions on epistemology and science are shown to fundamentally govern their differences with regard to the efficacy of government policy with regard to the economy.

Is economics a science? Deidre McCloskey says 'Yes, but'. Yes, economics measures and predicts, but - like other sciences - it uses literary methods too. Economists use stories as geologists do, and metaphors as physicists do. The result is that the sciences, economics among them, must be read as 'rhetoric', in the sense of writing with intent. McCloskey's books, The Rhetoric of Economics and If You're So Smart, have been widely discussed. In Knowledge and Persuasion in (...) Economics he converses with his critics, suggesting that they too can gain from knowing their rhetoric. The humanistic and mathematical approaches to economics, says McCloskey, fit together in a new 'interpretive' economics. Along the way he places economics within the sciences, examines the role of mathematics in the field, replies to critics from the left, right and centre, and shows how economics can again take a leading place in the conversation of humankind. (shrink)

Introduction -- Unintended consequences -- The origin of money -- Segregation -- The invisible hand -- The origin of money reconsidered -- Models and representation -- Game theory and conventions -- Conclusion.

Given the growing prominence of nudge economics both within and beyond the academy, it is a timely moment to reassess the philosophical and political arguments that sit at its core, and in particular what Richard Thaler and Cass Sunstein call libertarian paternalism. The first half of this paper provides a detailed account of the main features of this form of paternalism, before moving, in the second half, to a critical evaluation of the nudge agenda that questions, among other things, (...) the gendered basis of paternalistic governance; the idea of ‘nudging for good’; and the political values that underpin nudge. The final section of this paper builds on the existing work of John McMahon by asking whether libertarian paternalism should be understood as a new, hybrid form of neoliberalism, or, rather, as a post-neoliberal form of governance that has emerged out of, and flourished in, the post-crisis situation. (shrink)

Scientists and engineers seek to understand how real-world systems work and could work better. Any modeling method devised for such purposes must simplify reality. Ideally, however, the modeling method should be flexible as well as logically rigorous; it should permit model simplifications to be appropriately tailored for the specific purpose at hand. Flexibility and logical rigor have been the two key goals motivating the development of Agent-based Computational Economics (ACE), a completely agent-based modeling method characterized by seven specific modeling (...) principles. This perspective provides an overview of ACE, a brief history of its development, and its role within a broader spectrum of experiment-based modeling methods. (shrink)

Economics has become a monolithic science, variously described as formalistic and autistic with neoclassical orthodoxy reigning supreme. So argue Dimitris Milonakis and Ben Fine in this new major work of critical recollection. The authors show how economics was once rich, diverse, multidimensional and pluralistic, and unravel the processes that lead to orthodoxy’s current predicament. The book details how political economy became economics through the desocialisation and the dehistoricisation of the dismal science, accompanied by the separation of (...) class='Hi'>economics from the other social sciences, especially economic history and sociology. It is argued that recent attempts from within economics to address the social and the historical have failed to acknowledge long standing debates amongst economists, historians and other social scientists. This has resulted in an impoverished historical and social content within mainstream economics. The book ranges over the shifting role of the historical and the social in economic theory, the shifting boundaries between the economic and the non-economic, all within a methodological context. Schools of thought and individuals, that have been neglected or marginalised, are treated in full, including classical political economy and Marx, the German and British historical schools, American institutionalism, Weber and Schumpeter and their programme of Socialökonomik, and the Austrian school. At the same time, developments within the mainstream tradition from marginalism through Marshall and Keynes to general equilibrium theory are also scrutinised, and the clashes between the various camps from the famous Methodenstreit to the fierce debates of the 1930s and beyond brought to the fore. The prime rationale underpinning this account drawn from the past is to put the case for political economy back on the agenda. This is done by treating economics as a social science once again, rather than as a positive science, as has been the inclination since the time of Jevons and Walras. It involves transcending the boundaries of the social sciences, but in a particular way that is in exactly the opposite direction now being taken by "economics imperialism". Drawing on the rich traditions of the past, the reintroduction and full incorporation of the social and the historical into the main corpus of political economy will be possible in the future. (shrink)

An accessible analysis of the global expansion of financial markets in poor communities, incorporating the latest thinking and evidence.

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)

In the following review essay I explore the limitations of effective and constructive critique of Tony Lawson’s realism in economics as articulated in Ontology and Economics. In the first section I summarize the different framing procedures that shape the different critiques. In the second section I illustrate the limitations this creates using Caldwell’s contribution and in the third section I explore the way Lawson is conditioned to respond in terms of contestation, clarification and restatement. In the fourth section (...) I add some additional detail based on Samuelson’s approach to modelling in order to illustrate what is at issue between Caldwell and Lawson and to emphasize what this suggests in terms of a common pattern across the contributions to the text. In the fifth section and in the conclusion I link the limitations of the various critiques found in Ontology and Economics to a basic issue of the vulnerability of realism to critique in order to make some suggestions regarding constructive critique and development for realism in economics. (shrink)

The phenomenon of performativity has recently sparked debates about the status of the economic discourse. This paper aims to discuss the subjectivist idea that if economics ‘performs’ social reality, rather than merely reflects it, then every theory can be considered ‘true.’ My main goal is to point out three limits of performativity. First, not all theories can be performative since some do not produce empirical landmarks for agents. Second, social institutions restrict performativity. Third, I emphasize the necessity that a (...) theory to be self-fulfilling. This article is a prelude to a new kind of performative studies based on an original definition: a theory performs the world if it implies a behavioral regularity which leads to a general coordination between agents. That is to say, if it becomes a convention à la David Lewis. (shrink)

We advance the thesis that the method of experimental economics can make significant contributions to normative, as opposed to descriptive, business ethics. We contend that there are two basic ways in which experimental economics may make this contribution, and we exemplify these ways by pointing to experimental support of social contract theory as rational foundation for business ethics. These two ways are: (1) adding psychological realism; and (2) testing some quasi-empirical assumptions present in normative theory. In order to (...) make good our methodological claim, we first describe the methodological rules of experimental economics, distinguishing this method from other behavioral business ethics approaches. We also contemplate the possible objection that empirical methods cannot bear on normative ethics because there is no way of bridging the gap between descriptive theory (how people behave) and normative theory (how people ought to behave). (shrink)

Should we insist on prediction, i.e. on correctly forecasting the future? Or can we rest content with accommodation, i.e. empirical success only with respect to the past? I apply general considerations about this issue to the case of economics. In particular, I examine various ways in which mere accommodation can be sufficient, in order to see whether those ways apply to economics. Two conclusions result. First, an entanglement thesis: the need for prediction is entangled with the methodological role (...) of orthodox economic theory. Second, a conditional predictivism: if we are not committed to orthodox economic theory, then we should demand prediction rather than accommodation – against most current practice. (shrink)

Monetary intelligence theory asserts that individuals apply their money attitude to frame critical concerns in the context and strategically select certain options to achieve financial goals and ultimate happiness. This study explores the dark side of monetary Intelligence and behavioral economics—dishonesty. Dishonesty, a risky prospect, involves cost–benefit analysis of self-interest. We frame good or bad barrels in the environmental context as a proxy of high or low probability of getting caught for dishonesty, respectively. We theorize: The magnitude and intensity (...) of the relationship between love of money and dishonest prospect may reveal how individuals frame dishonesty in the context of two levels of subjective norm—perceived corporate ethical values at the micro-level and Corruption Perceptions Index at the macro-level, collected from multiple sources. Based on 6382 managers in 31 geopolitical entities across six continents, our cross-level three-way interaction effect illustrates: As expected, managers in good barrels, mixed barrels, and bad barrels display low, medium, and high magnitude of dishonesty, respectively. With high CEV, the intensity is the same across cultures. With low CEV, the intensity of dishonesty is the highest in high CPI entities —the Enron Effect, but the lowest in low CPI entities. CPI has a strong impact on the magnitude of dishonesty, whereas CEV has a strong impact on the intensity of dishonesty. We demonstrate dishonesty in light of monetary values and two frames of social norm, revealing critical implications to the field of behavioral economics and business ethics. (shrink)

We discuss in this paper the scope of abduction in Economics. The literature on this type of inference shows that it can be interpreted in different ways, according to the role and nature of its outcome. We present a formal model that allows to capture these various meanings in different economic contexts.

What is the correct concept behind measures of inflation? Does money cause business activity or is it the other way around? Shall we stimulate growth by raising aggregate demand or rather by lowering taxes and thereby providing incentives to produce? Policy-relevant questions such as these are of immediate and obvious importance to the welfare of societies. The standard approach in dealing with them is to build a model, based on economic theory, answer the question for the model world and then (...) apply the results to economic phenomena outside. Data come in, if at all, only in testing a limited number of the model's consequences. Despite some critical voices, economic methodology too has by and large subscribed to a "theory first" approach to applied economics. Error in Economics systematically develops an alternative to the theory-based orthodoxy. It places the methodical study of evidence at the centre of the scientific enterprise and thus provides a foundation for a methodology of evidence-based economics. But the book does not stop at the truism that claims should be based on the best available evidence. Rather, detailed studies in the areas of measurement, causal inference and policy analysis show what it means for a claim to be evidence-based in the context of a concrete case. The examples discussed concern topics as diverse as consumer price indices, radio spectrum auctions, the transmission mechanism, natural experiments on minimum wages and the evaluation of counterfactuals for policy. Error in Economics is essential reading for economic methodologists, philosophers of science and anyone interested in how claims about socio-economic matters are validated. (shrink)

From a pre-publication review by the late Austrian economist, Don Lavoie, of George Mason University: -/- "The book's radical re-interpretation of property and contract is, I think, among the most powerful critiques of mainstream economics ever developed. It undermines the neoclassical way of thinking about property by articulating a theory of inalienable rights, and constructs out of this perspective a "labor theory of property" which is as different from Marx's labor theory of value as it is from neoclassicism. It (...) traces roots of such ideas in some fascinating and largely forgotten strands of the history of economics. It draws attention to the question of "responsibility" which neoclassicism has utterly lost sight of. It is startlingly fresh in its overall approach, and unusually well written in its presentation. ... It constitutes a better case for its economic democracy viewpoint than anything else in the literature." . (shrink)

This article focuses on an area of study that may be called folk economics and that is currently not on the social science agenda. Folk economics has as its task to analyze and explain how people view the economy and how it works; what categories they use in doing so; and what effect this has on the economy and society. Existing studies in economics and sociology that are relevant to this type of study are presented and discussed. (...) A theoretical framework for analyzing folk economic issues is suggested, centered on the distinction between episteme and doxa or between scientific knowledge, on the one hand, and everyday knowledge, on the other. This is then applied to an exploratory case study of the role that folk economics played in Trump’s presidential campaign. It is shown that Trump and his voters thought in a parallel way on key economic issues, especially protectionism. (shrink)

This was the first cross-over book into the history of science written by an historian of economics. It shows how 'history of technology' can be integrated with the history of economic ideas. The analysis combines Cold War history with the history of postwar economics in America and later elsewhere, revealing that the Pax Americana had much to do with abstruse and formal doctrines such as linear programming and game theory. It links the literature on 'cyborg' to economics, (...) an element missing in literature to date. The treatment further calls into question the idea that economics has been immune to postmodern currents, arguing that neoclassical economics has participated in the deconstruction of the integral 'self'. Finally, it argues for an alliance of computational and institutional themes, and challenges the widespread impression that there is nothing else besides American neoclassical economic theory left standing after the demise of Marxism. (shrink)