The purpose of this research was to discover and describe the economic contribution one group of women entrepreneurs. The research participants were lowresource and laid-off women who had graduated from a Microenterprise Assistance Program . There was no differentiation among women by age, race, or ethnicity. The theoretical landscape that underpins this research includes economic geography and women entrepreneurs, and entrepreneurship and economic development. This research provided a geographic representation of the dispersion and volume of the (...) self-reported business expenses of women entrepreneurs located in one geographic area. In addition, this research developed and examined the viability of an assessment tool that maps the business payments made by entrepreneurs. (shrink)

The revised edition of Paul Seabright’s The Company of Strangers is critically reviewed. Seabright aims to help non-economists participating in the cross-disciplinary study of the evolution of human sociality appreciate the potential value that can be added by economists. Though the book includes nicely constructed and vivid essays on a range of economic topics, in its main ambition it largely falls short. The most serious problem is endorsement of the so-called strong reciprocity hypothesis that has been promoted by several (...) prominent economists, but does not pass muster with biologists. (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)

This chapter explores the idea of one variable making a causal contribution to another variable, and how this idea applies to economics. It also explores the related concept of what-if questions in economics. In particular, it contrasts the modular theory of causal contributions and what-if questions (advocated by interventionists) with the ceteris paribus theory (advocated by Jim Heckman and others). It notes a problem with the modular theory raised by Nancy Cartwright. And it notes how, according to the ceteris (...) paribus theory, causal contributions and what-if questions are often indeterminate in economics. (shrink)

Aleksandr Pushkin (1799-1837) occupies a special place in the development of Russian culture. He was at the same time a great poet, the reformer of Russian literary language, a historian and a political thinker. In the enormous mass of work devoted to Pushkin, a certain number of articles are concerned with his ideas on economics and the reflection of socio-economic problems in his writing. Until now, however, this theme has been studied in only a fragmentary way and less from (...) the point of view of the professional economist than from that of a literary historian. In an attempt to enlarge and complete the idea we may have of Pushkin's economic views, I propose also to show the importance the politico-economic thought of Western Europe had for his work. One person comes to the fore when we study the subject from this angle: Nikolai Turgenev, a Decembrist, one of the “masters” of the poet's youth, who played an important role in the rapprochement of Russian and Western European cultures. (shrink)

This study aimed to analyse the contribution of infaq funds to the social and economic resilience of the community during the COVID-19 pandemic in West Papua, Indonesia. This study uses a mixed-method approach, combining qualitative and quantitative studies. Qualitative data were collected through focus group discussions with administrators, Dai [Islamic preacher] and mosque congregations to obtain information about the form and mechanism for disbursing infaq funds. Furthermore, the state of distribution of infaq funds is confirmed to the recipient (...) community with an online survey as quantitative data. The data obtained were tabulated and analysed with descriptive and inferential statistics using multiple linear regression assisted by SPSS software 25 version. The research findings show that: firstly, the form of the social-economic contribution of infaq funds is carried out by: (1) financial assistance, (2) social assistance, and (3) health assistance. Secondly, infaq, an instrument of Islamic economics, can contribute to tackling the social and economic impacts of the community amid the COVID-19 outbreak. Thirdly, of the three forms of assistance provided, the health assistance aspect contributed 38.320%, the financial assistance aspect amounted to 37.173% and 24.339% to social assistance. This study shows that the community most needed health and financial assistance from infaq funds during the COVID-19 pandemic.Contribution: This study complements the existing literature and provides a new scientific treasure. That the infaq fund, as a philanthropy, turned out to be able to contribute to realising the social-economic resilience of the community during a disease outbreak. The form of health, financial and social assistance from infaq funds is a priority in accelerating the community’s economic recovery. It can be a countermeasure to socio-economic impacts during disasters and disease outbreaks. (shrink)

This work aims to study strategies used in Argentine local development experiences, focussing on industrial design, marketing and entrepreneurship. In order to this purpose, backgrounds are analysed with this approach adding the study of three strategic plans for national and provincial-level that are currently in force. With the analysis of the transport system in the last decade, an accelerated cost increase is evident, resulting in a relatively higher price of distributed products. This situation that was initially perceived as a disadvantage (...) finally set up an opportunity to produce locally. The goal of this paper is to provide tools that contribute to the work shipped by key institutions for local development (public, private and intermediary organisations), and the way these interact with the actors and the territory. In particular, the identification of productive sectors and the selection of goods that can be produced and consumed locally, as a key input for the formulation of projects. (shrink)

There is a famous character in one of Oscar Wilde's plays who knew the price of everything and the value of nothing. An economist wonders uneasily if the reference is not to him. The word “value” occurs in economic writings with high frequency, the frequency of meanings being almost as great as the frequency of occurrence. It has been the occasions of long and bitter disputes, some on the semantic level, some more substantive. What I want to accomplish in (...) this paper is a relatively humble task—to examine some of the concepts and related systems in economics which seem to be relevant to the general problem of value, and to see how far and in what directions they might be safely generalized. I do not claim that economics, even when generalized to the full, gives us a complete theory of value. Many of the most important and most difficult questions in value theory cannot be answered within the framework which I shall set up. But economics can, I hope, provide something of a foundation on which to build, or at least a launching platform from which to send off our philosophical rockets. (shrink)

This paper draws a connection between recent developments in naturalized philosophy of science and the Buchanan research program in economics. Economic approaches in naturalized philosophy of science can be combined to form an economic philosophy of science. After giving an overview of some of these approaches, I lay out the fundamentals of the Buchanan research program. I argue that its main elements are a theory of interactions and a normative foundation in consensus which help to answer some important (...) criticisms of economic philosophy of science. (shrink)

This paper draws a connection between recent developments in naturalized philosophy of science and the Buchanan research program in economics. Economic approaches in naturalized philosophy of science can be combined to form an economic philosophy of science. After giving an overview of some of these approaches, I lay out the fundamentals of the Buchanan research program. I argue that its main elements are a theory of interactions and a normative foundation in consensus which help to answer some important (...) criticisms of economic philosophy of science. (shrink)

This essay explores the profoundly gendered nature of the split between the disciplines of economics and sociology which took place in the late 19th and early 20th centuries, emphasizing implications for the relatively new field of economic sociology. Drawing on historical documents and feminist studies of science, it investigates the gendered processes underlying the divergence of the disciplines in definition, method, and degree of engagement with social problems. Economic sociology has the potential to heal this disciplinary split, but (...) only if the field is broadened, deepened, and made wiser and more self-reflective through the use of feminist analysis. (shrink)

In this paper I seek to establish that a widely held criticism of postmodern Marxism – that it is morally relativist and does not offer a basis for a systematic analysis of capitalism – is not warranted. I provide a systematic review of the postmodern Marxist literature in three distinct areas – value theory, class analysis of the household and state, and class justice – and I draw on these contributions to show that postmodern Marxism offers new insights into problems (...) of concern to Marxian theorists. I argue, further, that it provides the normative grounds for a class politics that is open to new alliances and new strategies for engaging in class struggle. (shrink)

This book is about the conceptual foundations of an intermediate way between liberalism and socialism: a synthesis of classical and Keynesian political economy. Classical theory deals with proportions between individuals or collectives and society in tackling problems of distribution and value. Keynesian theory is concerned with the scale of economic activity as explained by effective demand. The economy considered is primarily a monetary production economy, not a market or a planned economy. The author sets up a system linking political (...) economy with other social sciences, i.e. sociology, law and politics in the traditional sense, thus establishing the unity of the social sciences. To complete the picture, issues of method associated with the theory of knowledge in the social sciences and the problem of linking theory with historical reality are also covered. (shrink)

Contingent valuation of the environment has proven popular amongst environmental economists in recent years and has increased the role of monetary valuation in public policy. However, the underlying economic model of human psychology fails to explain why certain types of stated behaviour are observed. Thus, good scope exists for interdisciplinary research in the area of economics and psychology with regard to environmental valuation. A critical review is presented here of some recent research by social psychologists in the US attempting (...) to explain stated behaviour in contingent valuation. Attitudinal scales have been used to analyse the role of ecocentric, biocentric and altruistic motives for giving. However, the research is shown to draw some potentially misleading conclusions and be unrepresentative of contingent valuation. Two recent economic studies using contingent valuation are then reported and shown to have identified non-economic motives for WTP. The complexity of value formation and expression is found to go far beyond that generally accepted by economic models. Greater consideration of the role played by attitudes and ethical considerations then becomes relevant to the interpretation of results being used in standard cost-benefit analysis and environmental policy. (shrink)

Does the level of marketing activity in a country contribute to societal well-being or quality of life? Does economic efficiency also play a positive role in societal well-being? Does economic efficiency also moderate or mediate the marketing activity effect on societal well-being? Marketing activity refers to the pervasiveness of promotion expenditures and number of retail outlets per capita in a country. Economic efficiency refers to the extent to which the economy is unhampered by corruption, burdensome government regulation, (...) and a large informal economy. We used secondary data from the World Bank and other statistical sources to answer these questions. Our study findings suggest that both marketing activity and economic efficiency contribute positively to societal well-being, and that economic efficiency plays more of a mediator than moderator role between marketing activity and societal well-being. The public policy implication of this study is that increases in marketing activity and economic efficiency in countries characterized as low on both dimensions should significantly increase the quality of life in those countries. (shrink)

This paper draws a connection between recentdevelopments in naturalized philosophyof science and the Buchanan research programin economics. Economic approaches innaturalized philosophy of science canbe combined to form an economic philosophy ofscience. After giving an overview of someof these approaches, I lay out the fundamentalsof the Buchanan research program. I arguethat its main elements are a theory of interactionsand a normative foundation in consensus whichhelp to answer some important criticismsof economic philosophy of science.

The health sector is facing many challenges, and there is a need to maintain the delivery of high‐quality health‐care. Issues related to equity and access to health‐care have emerged in a context of an economic recession in which the sustainability of the health system depends on everyone, including the actions and decisions of professionals. Therefore, nurses and their skills may be the answer to ethical, professional and community health management, but this recession could lead to major problems in the (...) education of nurses in daily health‐care practice. Due to the limited availability of resources, nurses are increasingly taking leadership positions, continuing to develop their critical abilities and thinking skills, and considering sciences such as deontology and ethics. The main goals of this study were to reflect on the economic recession and its impact on health‐care and to demonstrate the contribution of nursing to the sustainability of health‐care and in the promotion of individuals' dignity. The authors conclude that health‐care depends on economic redistribution and, in this context, needs to be equitable and fair. Nurses have the responsibility to develop their profession according to the underlying sciences and can therefore strategically help the healthcare system. (shrink)

The presented study raises the issue of contribution payers in the field of social insurance, in particular based on the Covid-19 pandemic. Searching for ways of supporting was determined by the deterioration of the financial condition of entrepreneurs as payers of contributions. In 2020, there were no instruments or mechanisms to support entrepreneurs in a lockdown situation, which implied the need to build such tools and the legal environment for SMEs practically from the beginning. The Social Insurance Institution (ZUS) (...) was entrusted with the role of a stabilizer, consisting in servicing entrepreneurs as part of subsequent editions of the Anti-Crisis Shield. During the announcement of the COVID-19 pandemic, ZUS used the following forms of support for contribution payers: exemption from the obligation to pay contributions, postponement of the payment of contributions and payment of contributions in installments. The research question concerned the enforcement of the law and respect for the basic rights of entrepreneurs in the scope of the support used. In order to solve the research task legal interpretation were used in the work. The author’s considerations lead to the conclusion that forms of support used in connection with the Covid-19 pandemic turned out to be effective and may be used in the future in emergency situations. An important science contribution of the article results from the combination of the selected legal and economic aspects. (shrink)

According to conventional wisdom, Antonio Gramsci is a political philosopher lacking in, and who avoids, a serious interest in political economy. That is a serious misrepresentation of Gramsci’s works and thought. Equally wrong is the widespread view that anything Gramsci had to say about political economy is to be found in his scattered notes on ‘Americanism and Fordism’. On the contrary, a careful rereading of Gramsci’s Prison Notebooks shows that Marx’s great and unfinished project of the critique of political economy (...) plays a crucial rôle for Gramsci’s efforts to come to grips with the basics of a critical social science that could live up to the aspirations of a ‘scientific socialism’. As Gramsci was fully aware of the everyday battles of ideas in capitalist societies to be fought about the notions and tenets of popular or vulgar political economy, he did the best he could in order to understand and clarify the bases of a ‘critical’ and ‘scientific’ political economy. A political economy that was and still is urgently needed in order to fight the strongest of the strongholds of bourgeois hegemony - the ideas of vulgar economics in everybody’s heads. (shrink)

The year 2009 marked the 50th anniversary of Edith Penrose’s The Theory of the Growth of the Firm and saw the third edition of her now-classic book. Over the past twenty-five years or so, TGF has become a canonical reference to the currently dominant resource, knowledge, and capabilities-based approaches to business strategy, and to a lesser extent to the theory of the multinational enterprise, international business, and development scholarship. This article presents TGF’s ideas and assesses them critically. It discusses Penrose’s (...) early contributions to economics, subsequent ideas in economics that are related to her book, the book’s contribution to organizational economics, business strategy, strategic human resource management, strategic entrepreneurship, recent debates on value creation and capture, and the political economy of globalization and development. The article also touches upon Penrose’s epistemology. Lastly, it outlines possible ways in which TGF can be generalized, critiqued, and integrated with other theories. (shrink)

The aim of this work is to illustrate the psychological contributions of Pragmatism and of the Original Institutional Economics (also referred to as OIE or institutionalism), and their relevance for improving the process of social valuing and, as a consequence, the effectiveness of policy action. As a matter of fact, both institutionalist and pragmatist theories were well acquainted with various strands of psychology, and some of them also provided relevant contributions in this respect. Moreover, these theories reveal, along with various (...) differences, significant complementarities, both between themselves and with important concepts of social psychology and psychoanalysis. The work will address the following aspects: (I) The main characteristics of pragmatist psychology with particular attention to their social implications. For space reasons, we will focus attention on the contributions of authors – John Dewey, William James and George Herbert Mead – more oriented to social sciences. (II) The psychological contributions of institutionalism. We will pay particular attention to Thorstein Veblen's theory of instincts and John Rogers Commons' theory of negotiational psychology. We highlight that these theories present, despite a number of differences, relevant complementarities. (shrink)

A constantly changing social reality means economic theories, even if correct today, need to be constantly revised, updated, or abandoned. To maintain an up-to-date understanding of its subject matter, economists have to continuously assess their theories even those that appear to be empirically corroborated. Economics could gain from a method that describes and is capable of generating novel explanatory hypotheses. A pessimistic view on the existence of such a method was famously articulated by Karl Popper in The Logic of (...) Scientific Discovery. He wrote ‘there is no such a thing as a logical method of having ideas or a logical reconstruction of this process.’ Herbert Simon responded to Popper and argued the opposite, namely, that there is a model of discovery and its name is abduction. Simon acknowledges his debt to Charles Peirce – the first modern logician to explicitly formulate a theory of abduction – and explains that abduction is a model of discovery that works as a problem-solving heuristic encoded.. (shrink)

The concept of preference dominates economic theory today. It performs a triple duty for economists, grounding their theories of individual behavior, welfare, and rationality. Microeconomic theory assumes that individuals act so as to maximize their utility – that is, to maximize the degree to which their preferences are satisfied. Welfare economics defines individual welfare in terms of preference satisfaction or utility, and social welfare as a function of individual preferences. Finally, economists assume that the rational act is the act (...) that maximally satisfies an individual's preferences. The habit of framing problems in terms of the concept of preference is now so entrenched that economists rarely entertain alternatives. (shrink)

Firms are central to wealth creation and distribution, but their role in economic inequality in a society remains poorly studied. In this essay, we define and distinguish value distribution from value creation and value appropriation. We identify four value distribution mechanisms that firms engage in and argue that shareholder wealth maximization approach skews the value distribution toward shareholders and top executives, which in turn contributes to rising economic inequalities around the world. We call on organizational scholars to study (...) the value distribution role of firms and its consequences for society, and introduce the articles in this volume of the special issue on economic inequality, business, and society. (shrink)

The article discusses main contributions and results of the monograph Enrichment: A Critique of Commodities, written by the French sociologists Luc Boltanski and Arnaud Esquerre. Boltanski and Esquerre focus on the strategy to transform ‘the past’ (patrimony, luxury objects, tradition, collections) into new sources of richness. The book focuses on valuation forms and valuation discourses. Enrichment links Boltanski’s work again to the socio-economic movement of the economics and sociology of conventions (in short, EC/SC), which is part of the new (...) French social sciences and regards conventions as logics of valuation and interpretation. This approach of EC/SC is introduced as a frame to evaluate the recombination of pragmatism and structuralism which is proposed by Boltanski and Esquerre. Finally, open questions and desiderata are addressed from the standpoint of EC/SC. (shrink)

In this paper we discuss how Australian feminism has contributed to a better understanding of women’s economic position within Australian society. Through this analysis we seek to shed some light on the current implementation of the ‘women in business’ policy in Australia. We trace the development of this position from the early beginnings of unionism and wage centralisation through to the social change movements of the 1960s and 1970s. We then examine how the neo-liberal turn of the 1990s manifested (...) itself in a move from a focus on numerical representation of women, through Equal Employment Opportunity and Affirmative Action policies and initiatives, to one that concentrated on an individualist approach to women in business. We conclude that feminism has had its most significant impact at the level of public policy. However, recent epistemological turns in Australian feminism appear to have resulted in less attention being paid to materialist concerns, and furthermore have not been able to resolve the sameness/difference divide that continues to haunt feminist philosophy. (shrink)

Research on economic inequality has largely focused on understanding the relationship between organizations and inequality but has paid limited attention to the role of institutions in the creation and maintenance of inequality. In this article, we use insights from the caste system—an institution that perpetuates socio-economic inequalities and limits human functions—to elaborate on three elements of economic inequality: uneven dispersions in resource endowments, uneven access to productive resources and opportunities, and uneven rewards to resource contributions. We argue (...) that economic inequalities persist because these three different elements of inequality feed from and reinforce each other. Our study underscores the potential of the caste lens to inform research on economic inequality as well as organizational theory and practice. (shrink)

In a time imbued with civilisation crisis, José Manuel Naredo's work is of particular relevance. Naredo, one of the most prestigious economists in Spain and a pioneer of ecological economics, first published his most popular book ( La economía en evolución. Historia y perspectivas de las categorías básicas del pensamiento económico) in 1987. This article reviews its most recent and updated version released in 2015. Beyond a brilliant criticism of neoclassical economics, he discusses the underlying ideology and implications of the (...) notion of economic system uncritically endorsed by most schools of economic thought. Transcending the usual dichotomy between ‘orthodox’ and ‘heterodox’ economics, Naredo calls for an economic transition built on the integration of different kinds of scientific knowledge as well as other intuitive, metaphysical and ethical fields in favour of a truly inclusive economics. This is, he warns us, a sine qua non for a socioecological transformation to flourish. (shrink)

Many economic problems are also ethical problems: should we value economic equality? how much should we care about preserving the environment? how should medical resources be divided between saving life and enhancing life? This book examines some of the practical issues that lie between economics and ethics, and shows how utility theory can contribute to ethics. John Broome's work has, unusually, combined sophisticated economic and philosophical expertise, and Ethics Out of Economics brings together some of his most (...) important essays, augmented with an updated introduction. The first group of essays deals with the relation between preference and value, the second with various questions about the formal structure of good, and the concluding section with the value of life. This work is of interest and importance for both economists and philosophers, and shows powerfully how economic methods can contribute to moral philosophy. (shrink)

Economics has developed into one of the most specialised social sciences. Yet at the same time, it shares its subject matter with other social sciences and humanities and its method of analysis has developed in close correspondence with the natural and life sciences. This book offers an up to date assessment of economics in relation to other disciplines. -/- This edited collection explores fields as diverse as mathematics, physics, biology, medicine, sociology, architecture, and literature, drawing from selected contributions to the (...) 2005 Annual Conference of the European Society for the History of Economic Thought (ESHET). There is currently much discussion at the leading edges of modern economics about openness to other disciplines, such as psychology and sociology. But what we see here is that economics has drawn on (as well as contributed to) other disciplines throughout its history. In this sense, in spite of the increasing specialisation within all disciplines, economics has always been an open discipline and the chapters in this volume provide a vivid illustration for this. -/- Open Economics is a testament to the intellectual vibrancy of historical research in economics. It presents the reader with a historical introduction to the disciplinary context of economics that is the first of its kind, and will appeal to practising economists and students of the discipline alike, as well as to anybody interested in economics and its position in the scientific and social scientific landscape. -/- Table of Contents -/- Introduction: Economics in relation to other disciplines Richard Arena, Sheila Dow and Matthias Klaes Part I. Economics in relation to the humanities and social sciences 1. The social science of economics Brian J. Loasby 2. Economics and literature Bruna Ingrao 3. Happiness: what Kahneman could have learnt from Pietro Verri Pier Luigi Porta Part II. Economics in relation to the life and natural sciences 4. Newtonian physics, experimental moral philosophy and the shaping of political economy Sergio Cremaschi 5. Evolutionary biology and economic behaviour: re-visiting Veblen's instinct of workmanship Mark Harrison 6. Medicine and economics in pre-classical economics Alain Clément and Ludovic Desmedt Part III. Economics and mathematics 7. Mathematics as the role model for neoclassical economics Nicola Giocoli 8. The role of econometric method in economic analysis: A reassessment of the Keynes-Tinbergen debate, 1938-43 Giovanna Garrone and Roberto Marchionatti IV. Economics and architecture 9. Economics and architecture Maurice Lagueux 10. Economic policies and urban development in Latin America Michele Alacevich and Andrea Costa V. Economics and geography 11. ‘Space’ in economic thought Giovanna Vertova 12. Economics, geography and colonialism in the writings of William Petty Hugh Goodacre Part VI. Economics and sociology 13. Economics and sociology: Gustav Schmoller and Werner Sombart on social differentiation Joachim Zweynert 14. Is Homo Oeconomicus a 'bad guy'? Isabelle This Saint-Jean -/- . (shrink)

This is a major contribution to post-Keynesian thought. With studies of the key pioneers - Keynes himself, Kalecki, Kahn, Goodwin, Kaldor, Joan Robinson, Sraffa and Pasinetti - G. C. Harcourt emphasizes their positive contributions to theories of distribution, pricing, accumulation, endogenous money and growth. The propositions of earlier chapters are brought together in an integrated narrative and interpretation of the major episodes in advanced capitalist economics in the post-war period, leading to a discussion of the relevance of post-Keynesian ideas (...) to both our understanding of economics and to policy-making. The appendices include biographical sketches of the pioneers and analysis of the conceptual core of their discontent with orthodox theories. Drawing on the author's experience of teaching and researching over fifty years, this book will appeal to undergraduate and graduate students interested in alternative approaches to theoretical, applied and policy issues in economics, as well as to teachers and researchers in economics. (shrink)

In the climate ethics debate, scholars largely agree that individuals should promote institutions that ensure the reduction of greenhouse gas emissions. This paper aims to establish that there are individual duties beyond compliance with and promotion of institutions. Duties of individuals to reduce their emissions are often objected to by arguing that an individual’s emissions do not make a morally relevant difference. We challenge this argument from inconsequentialism in two ways. We first show why the argument also seems to undermine (...) the case for duties to promote institutions that the arguments’ proponents endorse. Second, we argue that individuals ought to cut emissions if they exceed their fair share of emissions entitlements and, by emitting, contribute to climate-related harm. In response to inconsequentialism, we specify the notion of ‘contribution’ via the so-called NESS theory, according to which an act is causally relevant for and contributes to an outcome if it is a Necessary Element of a Set of conditions that is Sufficient for the outcome. After refuting two objections to our approach, we conclude by discussing how to deal with possible conflicts between duties to promote institutions and to reduce one’s emissions. (shrink)

In contributions elsewhere to this volume, we considered the histories of Colombia and South Africa and how some of the values indigenous to those locales might plausibly bear on transitional justice in them. We advanced broadly relational and constructive (non-retributive) approaches to the social conflicts that had taken place there, ones that make victim compensation central. In this chapter we consider how Metz’s ubuntu-based reconciliatory approach to reparations might be relevant to Colombia in ways he did not consider, after which (...) we reflect on how the kinds of communitarian practices advanced by Bautista might apply to South Africa. We conclude that these cross-applications are revealing, pointing out how economic compensation in Colombia should plausibly be influenced by cultural factors, and how considerations of culture in South Africa call for compensation beyond economic factors. (shrink)

Institutions are the formal or informal 'rules of the game' that facilitate economic, social, and political interactions. These include such things as legal rules, property rights, constitutions, political structures, and norms and customs. The main theoretical insights from Austrian economics regarding private property rights and prices, entrepreneurship, and spontaneous order mechanisms play a key role in advancing institutional economics. The Austrian economics framework provides an understanding for which institutions matter for growth, how they matter, and how they emerge and (...) can change over time. Specifically, Austrians have contributed significantly to the areas of institutional stickiness and informal institutions, self-governance and self-enforcing contracts, institutional entrepreneurship, and the political infrastructure for development. (shrink)

This paper seeks to examine the relationship and the interaction between institutions, policy and the labour market in the light of the ideas of the first generation of institutional economists, who, in contrast to neoclassicals, conceived of the economy as a nexus of institutions, underlining, therefore, the significant role of institutional and non-market factors in the functioning of an economic system. They also criticised those who define (economic) welfare only in terms of efficiency and satisfaction of consumer interests; (...) institutionalists instead focus on issues related to justice, human self-development and labourers' welfare. In addition, early institutionalists paid considerable attention to the institutional framework of the labour market. In particular, the first generation of institutional economists highlighted the importance of institutions and other non-market parameters in determining the level of wages and employment (e.g. the role of the bargaining power of workers and employers). Furthermore, they made substantial contributions towards the field of labour policy and they were pioneers in the formulation of economic and social policy. Specifically, various modern institutions and labour market policies, such as unemployment benefits, industrial training and active employment policies, were implemented in the US, during the first decades of the 20th century, after the recommendation of the institutional labour economists. Therefore, their ideas, besides being interesting from a historical point of view, may also be useful in today's analysis of workers' problems and the functioning of modern labour markets. (shrink)

This intriguing new book examines and analyses the role of critical realism in economics and specifically how this line of thought can be applied to the real world. With contributions from such varying commentators as Sheila Dow, Wendy Olsen and Fred Lee, this new book is unique in its approach and will be of great interest to both economic methodologists and those involved in applied economic studies.

This contribution reviews the main normative and positive arguments that can used in the assessment of the costs and benefits of food marketing restrictions, focusing specifically on theoretical and empirical developments in the economics of advertising, consumer behaviour and industrial organization since the 70s.