Economics makes the incommensurable commensurable by money prices. On the other hand, there are varieties of goodness like the ethical that seem not to fit into the scale of prices of economics, but cannot be neglected in economizing. Ways of integrating ethics into economics must therefore be found. The aim of this book is the integration of the ethical discourse into the economic discourse about the economical and efficient. It investi§ gates into the structure of goodness. The (...) contribution of this volume to the current debate in economic ethics and business ethics lies in its analysis of the different meanings of the good and in its reflection on the possibilities of implementing ethical goods into the practice of the economist and the manager of the firm. Its essays investigate the role of ethics in social and individual choice. They examine and compare the cultural determinants of the Western and the Japanese economies, their ethical and cultural foundations. They look into the principles of good management. How can the management incorporate human goods and consider the virtues of impartiality and of due consideration to the particular in its business practice? The book develops the idea of an ethical economizing in economics and of an ethical managing in business administration. The business of business is ethical business. (shrink)

Metaphysics, morals and science -- The classics : value -- The neo-classics : utility -- The Keynesian revolution -- Development and under-development -- What are the rules of the game?

Economics today cannot predict the likely outcome of specific events any better than it could in the time of Adam Smith. This is Alexander Rosenberg's controversial challenge to the scientific status of economics. Rosenberg explains that the defining characteristic of any science is predictive improvability--the capacity to create more precise forecasts by evaluating the success of earlier predictions--and he forcefully argues that because economics has not been able to increase its predictive power for over two centuries, it (...) is not a science. (shrink)

There is an increasingly widespread belief, both within and outside the discipline, that modern economics is irrelevant to the understanding of the real world. Economics and Reality traces this irrelevance to the failure of economists to match their methods with their subject, showing that formal, mathematical models are unsuitable to the social realities economists purport to address. Tony Lawson examines the various ways in which mainstream economics is rooted in positivist philosophy and examines the problems this causes. (...) It focuses on human agency, social structure and their interaction and explores how the understanding of this social phenomena can be used to transform the nature of economic practice. Economics and Reality concludes by showing how this newly transformed economics might set about shaping economic policy. (shrink)

The economics profession has become a favourite punching bag in the aftermath of the global financial crisis. Economists are widely reviled and their influence derided by the general public. Yet their services have never been in greater demand. To unravel the paradox, we need to understand both the strengths and weaknesses of economics. This book offers both a defence and critique of economics. Economists' way of thinking about social phenomena has great advantages. But the flexible, contextual nature (...) of economics is also its Achilles' heel in the hands of clumsy practitioners. (shrink)

Morality and economic rationality: integrative economic ethics as the rational ethics of economic activity; Part II. Reflections on the Foundations of Economic ...

In this study, Don Ross explores the relationship of economics to other branches of behavioral science, asking, in the course of his analysis, under what interpretation economics is a sound empirical science. The book explores the relationships between economic theory and the theoretical foundations of related disciplines that are relevant to the day-to-day work of economics -- the cognitive and behavioral sciences. It asks whether the increasingly sophisticated techniques of microeconomic analysis have revealed any deep empirical regularities (...) -- whether technical improvement represents improvement in any other sense. Casting Daniel Dennett and Kenneth Binmore as its intellectual heroes, the book proposes a comprehensive model of economic theory that, Ross argues, does not supplant, but recovers the core neoclassical insights, and counters the caricaturish conception of neoclassicism so derided by advocates of behavioral or evolutionary economics. Because he approaches his topic from the viewpoint of the philosophy of science, Ross devotes one chapter to the philosophical theory and terminology on which his argument depends and another to related philosophical issues. Two chapters provide the theoretical background in economics, one covering developments in neoclassical microeconomics and the other treating behavioral and experimental economics and evolutionary game theory. The three chapters at the heart of the argument then apply theses from the philosophy of cognitive science to foundational problems for economic theory. In these chapters, economists will find a genuinely new way of thinking about the implications of cognitive science for economics, and cognitive scientists will find in economic behavior, a new testing site for the explanations of cognitive science. (shrink)

Emotional labor generally exists in organization members. Emotional labor will not only affect employees’ interpersonal relationships, but also affect employees’ mental health. Affected by many factors such as the economic environment, they often need to bear multiple pressures. The degree of stress is positively correlated with the depth of the development of the times and people’s education. As mental health research has become the frontier and hot spot in the field of psychology, the role of mental health in the process (...) of employee creativity has been paid more and more attention. Therefore, this paper proposes a study on the causes of employees’ psychological stress based on emotional feature clustering. Based on the clustering of emotional characteristics, this paper analyzes the causes of employees’ mental health stress from an economic perspective. For teams with low level of team openness, with the improvement of team heterogeneity, team task performance shows a slight upward trend. It is clear from the experiment that when the number of experiments reaches 100, the task performance of high atmosphere level is 12.14, while the task performance of low atmosphere level is only 9.89. Therefore, the atmosphere of team employees is very important to team task performance. Through the cluster analysis of employees’ mental health characteristics, it not only increases employees’ spare time life, but also reduces employees’ daily contradictions. It eases the work pressure of employees, and becomes a platform for employees to improve their awareness and a promoter of harmonious employee relations. (shrink)

_Examining inequality through the lenses of moral traditions_ Rising inequality has attracted a great deal of attention in recent years from scholars and politicians, but the moral dimensions of inequality tend to be ignored. Is inequality morally acceptable? Is it morally permissible to allow practices and systems that contribute to inequality? Is there an ethical obligation to try to alleviate inequality, and if so, who is obligated to take that action? This book addresses these and similar questions not through a (...) single lens of morality but through a comparative study of ethical traditions, both secular and religious, Western and non-Western. The moral and political traditions considered are: liberalism, Marxism, natural law, feminism, Buddhism, Judaism, Islam, Christianity, and Confucianism. The types of inequality examined include property, natural resources, products, wealth, income, jobs, and taxation. The editors open the book with an introduction providing information on contemporary dimensions of the problem of economic inequality, and the book concludes with a summary of the perspectives represented. _Economic Inequality and Morality_ is unusual in that it addresses similarities and differences on the questions of inequality within and across moral traditions. Authors of the individual studies answer a common set of topic-related questions, giving the reader a broad perspective on how a broad range of traditions view and respond to inequality. (shrink)

Law, Economics, and Morality examines the possibility of combining economic methodology and deontological morality through explicit and direct incorporation of moral constraints into economic models. Economic analysis of law is a powerful analytical methodology. However, as a purely consequentialist approach, which determines the desirability of acts and rules solely by assessing the goodness of their outcomes, standard cost-benefit analysis is normatively objectionable. Moderate deontology prioritizes such values as autonomy, basic liberties, truth-telling, and promise-keeping over the promotion of good outcomes. (...) It holds that there are constraints on promoting the good. Such constraints may be overridden only if enough good is at stake. While moderate deontology conforms to prevailing moral intuitions and legal doctrines, it is arguably lacking in methodological rigor and precision. Eyal Zamir and Barak Medina argue that the normative flaws of economic analysis can be rectified without relinquishing its methodological advantages and that moral constraints can be formalized so as to make their analysis more rigorous. They discuss various substantive and methodological choices involved in modeling deontological constraints. Zamir and Medina propose to determine the permissibility of any act or rule infringing a deontological constraint by means of mathematical threshold functions. Law, Economics, and Morality presents the general structure of threshold functions, analyzes their elements and addresses possible objections to this proposal. It then illustrates the implementation of constrained CBA in several legal fields, including contract law, freedom of speech, antidiscrimination law, the fight against terrorism, and legal paternalism. (shrink)

Joan Robinson was one of the greatest economists of the twentieth century and a fearless critic of free-market capitalism. A major figure in the controversial 'Cambridge School' of economics in the post-war period, she made fundamental contributions to the economics of international trade and development. In Economic Philosophy Robinson looks behind the curtain of economics to reveal a constant battle between economics as a science and economics as ideology, which she argued was integral to (...) class='Hi'>economics. In her customary vivid and pellucid style, she criticizes early economists Adam Smith and David Ricardo, and neo-classical economists Alfred Marshall, Stanley Jevons and Leon Walras, over the question of value. She shows that what they respectively considered to be the generators of value - labour-time, marginal utility or preferences - are not scientific but 'metaphysical', and that it is frequently in ideology, not science, that we find the reason for the rejection of economic theories. She also weighs up the implications of the Keynesian revolution in economics, particularly whether Keynes's theories are applicable to developing economies. Robinson concludes with a prophetic lesson that resonates in today's turbulent and unequal economy: that the task of the economist is to combat the idea that the only values that count are those that can be measured in terms of money. This Routledge Classics edition includes a new foreword by Sheila Dow. (shrink)

In this book, he applies economic theory to four areas of interest to students of social and legal institutions: the theory of justice, primitive and ancient ...

In this essay I discuss a powerful challenge to high-liberalism: the challenge presented by neoclassical liberals that the high-liberal assumptions and values imply that the full range of economic liberties are basic rights. If the claim is true, then the high-liberal road from ideals of democracy and democratic citizenship to left-liberal institutions is blocked. Indeed, in that case the high-liberal is committed to an institutional scheme more along the lines of laissez-faire capitalism than property-owning democracy. To present and discuss this (...) challenge, I let John Rawls represent the high-liberal argument that only a narrow range of economic liberties are basic rights and John Tomasi represent the neoclassical liberal argument that the full range of economic liberties are basic rights. I show that Rawls’s argument is inadequate, but also that Tomasi’s argument fails. I thus conclude that high-liberalism is in a precarious situation, but is not yet undone by the neoclassical liberal challenge. (shrink)

This book shows through argument and numerous policy-related examples how understanding moral philosophy can improve economic analysis, how moral philosophy can benefit from economists' analytical tools, and how economic analysis and moral philosophy together can inform public policy. Part I explores the idea of rationality and its connections to ethics, arguing that when they defend their formal model of rationality, most economists implicitly espouse contestable moral principles. Part II addresses the nature and measurement of welfare, utilitarianism and cost-benefit analysis. Part (...) III discusses freedom, rights, equality, and justice - moral notions that are relevant to evaluating policies, but which have played little if any role in conventional welfare economics. Finally, Part IV explores work in social choice theory and game theory that is relevant to moral decision making. Each chapter includes recommended reading and discussion questions. (shrink)

An important part of what it means for agents to be situated in the everyday world of human affairs includes their engagement with economic practices. In this paper we employ the concept of cognitive institutions in order to provide an enactive and interactive interpretation of market and economic reasoning. We challenge traditional views that understand markets in terms of market structures or as processors of distributed information. The alternative conception builds upon the notion of the market as a ‘scaffolding institution’. (...) Introducing the concept of market as a ‘socially extended’ cognitive institution we go beyond the notion of scaffolding to provide an enactive view of economic reasoning that understands the market participant in terms of social interactive processes and relational autonomy. Markets are more than inert devices for information processing; they can be viewed as ‘highly scaffolded’, where strong constraints and incentives predictably direct agents’ behavior. Building on this idea we argue that markets emerge from (a) the economic interaction of both supply and demand sides, in continual and mutual interplay, and (b) more basic social interactions. Consumer behavior in the marketplace is complex, not only determining the market price, but also extending the consumer’s cognitive processes to reliably attain a correct evaluation of the good. Moreover, this economic reasoning is socially situated and not something done in isolation from other consumers From a socially situated, interactive point of view buying or not buying a good is something that enacts the market. This shifts the status of markets from external institutions that merely causally affect participants’ cognitive processes to social institutions that constitutively extend these cognitive processes. On this view the constraints imposed by social interactions, as well as the possibilities enabled by such interactions, are such that economic reasoning is never just an individual process carried out by an autonomous individual, classically understood. In this regard, understanding the concept of relational autonomy allows us to see how economic reasoning is always embodied, embedded in, and scaffolded by intersubjective interactions, and how such interactions make the market what it is. (shrink)

In this paper, we examine the viability of avoiding value judgments encoded in thick concepts when these concepts are used in economic theories. We focus on what implications the use of such thick concepts might have for the tenability of the fact/value dichotomy in economics. Thick concepts have an evaluative and a descriptive component. Our suggestion is that despite attempts to rid thick concepts of their evaluative component, economists are often not successful. We focus on the strategy of explication (...) to remove the evaluative component of thick concepts and argue that often economists either have to make value judgments or are unable to individuate out the phenomenon under analysis. We support our claim with a case study, namely the concept of addiction in Gary Becker and Kevin Murphy’s Theory of Rational Addiction (1988). One consequence of our analysis is that theories containing thick concepts could commit economists to making value judgments and as such undermine the fact/value dichotomy. (shrink)

Real-world economies are open-ended dynamic systems consisting of heterogeneous interacting participants. Human participants are decision-makers who strategically take into account the past actions and potential future actions of other participants. All participants are forced to be locally constructive, meaning their actions at any given time must be based on their local states; and participant actions at any given time affect future local states. Taken together, these essential properties imply real-world economies are locally-constructive sequential games. This paper discusses a modeling approach, (...) Agent-based Computational Economics, that permits researchers to study economic systems from this point of view. ACE modeling principles and objectives are first concisely presented and explained. The remainder of the paper then highlights challenging issues and edgier explorations that ACE researchers are currently pursuing. (shrink)

Over the past three decades, economic sociology has been revealing how culture shapes economic life even while economic facts affect social relationships. This work has transformed the field into a flourishing and increasingly influential discipline. No one has played a greater role in this development than Viviana Zelizer, one of the world's leading sociologists. Economic Lives synthesizes and extends her most important work to date, demonstrating the full breadth and range of her field-defining contributions in a single volume for the (...) first time. Economic Lives shows how shared cultural understandings and interpersonal relations shape everyday economic activities. Far from being simple responses to narrow individual incentives and preferences, economic actions emerge, persist, and are transformed by our relations to others. Distilling three decades of research, the book offers a distinctive vision of economic activity that brings out the hidden meanings and social actions behind the supposedly impersonal worlds of production, consumption, and asset transfer. Economic Lives ranges broadly from life insurance marketing, corporate ethics, household budgets, and migrant remittances to caring labor, workplace romance, baby markets, and payments for sex. These examples demonstrate an alternative approach to explaining how we manage economic activity--as well as a different way of understanding why conventional economic theory has proved incapable of predicting or responding to recent economic crises. Providing an important perspective on the recent past and possible futures of a growing field, Economic Lives promises to be widely read and discussed. (shrink)

Researchers from across the social sciences have found consistent deviations from the predictions of the canonical model of self-interest in hundreds of experiments from around the world. This research, however, cannot determine whether the uniformity results from universal patterns of human behavior or from the limited cultural variation available among the university students used in virtually all prior experimental work. To address this, we undertook a cross-cultural study of behavior in ultimatum, public goods, and dictator games in a range of (...) small-scale societies exhibiting a wide variety of economic and cultural conditions. We found, first, that the canonical model – based on self-interest – fails in all of the societies studied. Second, our data reveal substantially more behavioral variability across social groups than has been found in previous research. Third, group-level differences in economic organization and the structure of social interactions explain a substantial portion of the behavioral variation across societies: the higher the degree of market integration and the higher the payoffs to cooperation in everyday life, the greater the level of prosociality expressed in experimental games. Fourth, the available individual-level economic and demographic variables do not consistently explain game behavior, either within or across groups. Fifth, in many cases experimental play appears to reflect the common interactional patterns of everyday life. Key Words: altruism; cooperation; cross-cultural research; experimental economics; game theory; ultimatum game; public goods game; self-interest. (shrink)

The democratic boundary problem raises the question of who has democratic participation rights in a given polity and why. One possible solution to this problem is the all-affected principle, according to which a polity ought to enfranchise all persons whose interests are affected by the polity’s decisions in a morally significant way. While AAP offers a plausible principle of democratic enfranchisement, its supporters have so far not paid sufficient attention to economic participation rights. I argue that if one commits oneself (...) to AAP, one must also commit oneself to the view that political participation rights are not necessarily the only, and not necessarily the best, way to protect morally weighty interests. I also argue that economic participation rights raise important worries about democratic accountability, which is why their exercise must be constrained by a number of moral duties. (shrink)

Introduction -- The commercialisation of science and the construction of the knowledge-based bio-economy -- The KBBE reality--the case of agriculture -- Intellectual property rights and the global commodification of knowledge -- Privatizing Chinese science : national development vs. neoliberal financialization -- Critical realism and the importance of ontological attention -- Critical realism and beyond in economics -- The realist transcendental argument.

In this essay I discuss a powerful challenge to high-liberalism: the challenge presented by neoclassical liberals that the high-liberal assumptions and values imply that the full range of economic liberties are basic rights. If the claim is true, then the high-liberal road from ideals of democracy and democratic citizenship to left-liberal institutions is blocked. Indeed, in that case the high-liberal is committed to an institutional scheme more along the lines of laissez-faire capitalism than property-owning democracy. To present and discuss this (...) challenge, I let John Rawls represent the high-liberal argument that only a narrow range of economic liberties are basic rights and John Tomasi represent the neoclassical liberal argument that the full range of economic liberties are basic rights. I show that Rawls’s argument is inadequate, but also that Tomasi’s argument fails. I thus conclude that high-liberalism is in a precarious situation, but is not yet undone by the neoclassical liberal challenge. (shrink)

Economic sanctions are envisaged as a sort of punishment, based on what should be an institutional decision not unlike a court ruling. Hence, the conditions for their lifting should be clearly stated and once those are met sanctions should be lifted. But this is generally not what happens, and perhaps is precluded by the very nature of international sanctioning. Sanctions clearly have political, economic, military and strategic consequences, but the question raised here is whether sanctions can also have moral justification. (...) Illustrated by the example of international sanctions against Yugoslavia, the authors show how the process of escalating demands on a target country, inherent to the very process of sanctioning, can lead ultimately even to overt aggression. As a result of this logic of escalation, economic sanctions cannot be articulated properly in any law-like system. Economic sanctions have much more in common with war than legal punishment, and in fact represent a form of siege. As such, they cannot be ended simply on the basis of their initial rationale, for the very process of sanctions implementation opens up possibilities for setting new goals and a continuous redefinition of the goal that sanctions are seen to have. (shrink)

Hermeneutics has become a major topic of debate throughout the scholarly community. What has been called the "interpretive turn" has led to interesting new approaches in both the human and social sciences, and has helped to transform divided disciplines by bringing them closer together. Yet one of the largest and most important social sciences economics has so far been almost completely left out of the transformation. Economics and Hermeneutics takes a significant step towards filling this gap by introducing (...) scholars on both sides of the divide to ways that hermeneutics might help economists address some of their most important problems. Among the topics addressed are entrepreneurship, price theory, rational expectations, monetary theory, welfare economics, and economic policy. The approaches to economics represented include the Austrian school, McCloskey's "rhetoric" approach, Marxian critical theory and institutionalism. (shrink)

Argues that economics is a cultural phenomenon, rather than a strictly mathematical entity, that is found in mythology, religion, philosophy, psychology, ...

Current debates between behavioural and orthodox economists indicate that the role and epistemological status of first principles is a particularly pressing problem in economics. As an alleged paragon of extreme apriorism, the methodology of Austrian economics in Mises’ tradition is often dismissed as untenable in the light of modern philosophy. In particular, the defence of the so-called fundamental axiom of praxeology—“Man acts.”—by means of pure intuition is almost unanimously rejected. However, in recently resurfacing debates, the extremeness of Mises’ (...) epistemological position has been called into question. Rather than directly engaging in these exegetical discussions, this paper aims to substantiate the possibility and plausibility of conventionalist defences of praxeology per se. The proposed shift includes settling for an analytic fundamental axiom and acknowledging the prima facie tenability of other research programs than praxeology. Since conventionalist praxeology is only moderately aprioristic, mainstream economists and philosophers might be more likely to engage in fruitful discussions with those Austrian scholars who elaborate pragmatic arguments for praxeology instead of invoking pure intuition. (shrink)

Economists and other social scientists in this century have often supported economic arguments by referring to positions taken by philosophers of science. This important new book looks at the reliability of this practice and, in the process, provides economists, social scientists, and historians with the necessary background to discuss methodological matters with authority. Redman first presents an accurate, critical, yet neutral survey of the modern philosophy of science from the Vienna Circle to the present, focusing particularly on logical positivism, sociological (...) explanations of science (Polanyi, Fleck, Kuhn), the Popper family, and the history of science. She then deals with economic methodology in the twentieth century, looking at a wide range of methodological positions, especially those supported by positions from the philosophy of science. She considers the myth of the feasibility of falsification in economics and, within the context of its significance for economics, discusses the interpretation of Kuhn's philosophy of science as consensus and the danger such a view represents to science. Appendices review the history of the is-ought dispute and list economists whose first works deal with methodological topics. Comprehensive, readable, and accessible to those with little background knowledge, Redman's book will appeal to a wide range of social scientists and philosophers of science. (shrink)

This eagerly anticipated new book from Tony Lawson contends that economics can profit from a more explicit concern with ontology than has been its custom. By admitting that economics is not exactly a picture of health at the moment, Lawson hopes that we can move away from the bafflingly intransigent belief that economics is at its core reliant upon mathematical modelling. This maths-envy is the reason why economics is in a state of such disarray. Far from (...) being a polemic against the mainstream, this excellent new book is concerned that if economics is to be saved from itself then there must be a realistic dialogue between the classical heterodox fields. Of interest to philosophers, sociologists and social scientists as well as economists, this comprehensive, logical book is a vital contribution to an important debate. (shrink)

Leading authors within economics have come together here to discuss the contribution of critical realism to economics. A wide range of opinions are offered from Ben Fine to Clive Grainger and the results are explosive.

The social sciences, and particularly economics, play an important role in business. This article reviews the account of the interdisciplinary conversation between Catholic Social Teaching and the social sciences (especially economics) over the last century, and describes Benedict XVI’s development of this account in Caritas in Veritate . Over time the popes recognized that the technical approach of economics was a barrier to fruitful collaboration between economics and Catholic Social Teaching, both because the economic approach is (...) reductionist, and because modern social science is skeptical of comprehensive accounts of human nature. Through an appeal to charity in truth, one can deduce from Caritas in Veritate that economists, along with business and management theorists, need to take seriously the project of reflecting on and promoting true human goods in society. To love the person one must reflect on what is truly good for the person; to discover the true good of the person, one must love the person. (shrink)

The primary aim of the text is to introduce the reader to the relationship between economics and ethics and to the application of economic ethics in the evaluation of the market. The reader will gain insight into: * The ethical and methodological strategy of economics and criticism of the core assumptions that underpin the economic defense of free market operation. * The characteristics of different ethical theories (utilitarianism, duty and rights ethics, justice and virtue ethics) that can be (...) used to evaluate the free market. * How to apply economics in conjunction with ethical theories to evaluate economic trends and policies that promote the free operation of the market and are subject to public debate. These insights will help to develop the reasoning and analytical skills needed to criticize economic analysis as well as to apply ethical concepts to moral issues in economic policy. (shrink)

The beliefs of economists are not solely determined by empirical evidence in direct relation to the theories and models they hold. Economists hold 'ontological presuppositions', fundamental ideas about the nature of being which direct their thinking about economic behaviour. In this volume, leading philosophers and economists examine these hidden presuppositions, searching for a 'world view' of economics. What properties are attributed to human individuals in economic theories, and which are excluded? Does economic man exist? Do markets have an essence? (...) Do macroeconomic aggregates exist? Is the economy a mechanism, the functioning of which is governed by a limited set of distinct causes? What are the methodological implications of different ontological starting points? This collection, which establishes economic ontology as a coordinated field of study, will be of great value to economists and philosophers of social sciences. (shrink)

The domain of “folk-economics” consists in explicit beliefs about the economy held by laypeople, untrained in economics, about such topics as, for example, the causes of the wealth of nations, the benefits or drawbacks of markets and international trade, the effects of regulation, the origins of inequality, the connection between work and wages, the economic consequences of immigration, or the possible causes of unemployment. These beliefs are crucial in forming people's political beliefs and in shaping their reception of (...) different policies. Yet, they often conflict with elementary principles of economic theory and are often described as the consequences of ignorance, irrationality, or specific biases. As we will argue, these past perspectives fail to predict the particular contents of popular folk-economic beliefs and, as a result, there is no systematic study of the cognitive factors involved in their emergence and cultural success. Here we propose that the cultural success of particular beliefs about the economy is predictable if we consider the influence of specialized, largely automatic inference systems that evolved as adaptations to ancestral human small-scale sociality. These systems, for which there is independent evidence, include free-rider detection, fairness-based partner choice, ownership intuitions, coalitional psychology, and more. Information about modern mass-market conditions activates these specific inference systems, resulting in particular intuitions, for example, that impersonal transactions are dangerous or that international trade is a zero-sum game. These intuitions in turn make specific policy proposals more likely than others to become intuitively compelling, and, as a consequence, exert a crucial influence on political choices. (shrink)

First published in 1986 and reprinted in 2010 in the Routledge Revivals series, this book presents the first detailed confrontation between the Austrian school of economics and Austrian philosophy, especially the philosophy of the Brentano school. It contains a study of the roots of Austrian economics in the liberal political theory of the nineteenth-century Hapsburg empire, and a study of the relations between the general theory of value underlying Austrian economics and the new economic approach to human (...) behaviour propounded by Gary Becker and others in Chicago. In addition, it considers the connections between Austrian methodology and contemporary debates in the philosophy of the social sciences. (shrink)

We claim that the process of theoretical model refinement in economics is best characterised as robustness analysis: the systematic examination of the robustness of modelling results with respect to particular modelling assumptions. We argue that this practise has epistemic value by extending William Wimsatt's account of robustness analysis as triangulation via independent means of determination. For economists robustness analysis is a crucial methodological strategy because their models are often based on idealisations and abstractions, and it is usually difficult to (...) tell which idealisations are truly harmful. (shrink)

ABSTRACT:In response to criticism of empirical or “positive” approaches to corporate social responsibility (CSR), we defend the importance of these approaches for any CSR theory that seeks to have practical impact. Although we acknowledge limitations to positive approaches, we unpack the neglected but crucial relationships between positive knowledge on the one hand and normative knowledge on the other in the implementation of CSR principles. Using the structure of a practical syllogism, we construct a model that displays the key role of (...) empirical knowledge in fulfilling a firm’s responsibility to society, paying special attention to the implications of the “ought implies can” dictum. We also defend the importance of one particular class of empirical claims; namely, claims from the field of economics. Even positive economic theory, which is often criticized for endorsing profits rather than values, can cooperate in intriguing ways with non-economic concepts in the implementation of CSR goals. (shrink)

The economics of science is a discipline with a long history, and yet one where there if often too little dialogue between its constituent parts. The articles in this issue's focused discussion begin to address that problem by examining recent developments in science's economic circumstances from a variety of disciplinary perspectives.

Economic forms of analysis have penetrated to many disciplines in the last 30 years: political science, sociology, law, social and political philosophy, and so forth. We wish to extend the economic paradigm to certain problems in epistemology and the philosophy of science. Scientific agents, and scholarly inquirers generally, act in some ways like vendors, trying to "sell" their findings, theories, analyses, or arguments to an audience of prospective "buyers". The analogy with the marketplace is imperfect. The ideas or discoveries that (...) a scientist offers are not private goods in the economist's sense. Nonetheless, there are parallels with the marketplace that are worth exploring. (shrink)

Samuelson's text was first published in 1948, and it immediately became the authority for the principles of economics courses. The book continues to be the standard-bearer for principles courses, and this revision continues to be a clear, accurate, and interesting introduction to modern economics principles. Bill Nordhaus is now the primary author of this text, and he has revised the book to be as current and relevant as ever.

This paper uses the economic crisis of 2008 as a case study to examine the explanatory validity of collective mental representations. Distinguished economists such as Paul Krugman and Joseph Stiglitz attribute collective beliefs, desires, intentions, and emotions to organizations such as banks and governments. I argue that the most plausible interpretation of these attributions is that they are metaphorical pointers to a complex of multilevel social, psychological, and neural mechanisms. This interpretation also applies to collective knowledge in science: scientific communities (...) do not literally have collective representations, but social mechanisms do make important contributions to scientific knowledge. (shrink)

The rise of behavioral economics since the 1980s led to richer mutual influence between economic and psychological theory and experimentation. However, as behavioral economics has become increasingly integrated into the main stream in economics, and as psychology has remained damagingly methodologically conservative, this convergence has recently gone into reverse. At the same time, growing appreciation among economists of the limitations of atomistic individualism, along with advantages in econometric modeling flexibility by comparison with psychometrics, is leading economists to (...) become more pluralistic than psychologists about the ontology of behavioral causation and structures. This, combined with economists’ growing interest in network models, is drawing economists closer in theory and practice to sociologists who use quantitative or mixed methods. (shrink)

The paper maps out an alternative to a behavioural (economic) approach to business ethics. Special attention is paid to the fundamental philosophical principle that any moral ‘ought’ implies a practical ‘can’, which the paper interprets with regard to the economic viability of moral agency of the firm under the conditions of the market economy, in particular competition. The paper details an economic understanding of business ethics with regard to classical and neo-classical views, on the one hand, and institutional, libertarian thought, (...) on the other hand. Implications are derived regarding unintentional and passive intentional moral agency of the firm. The paper moves on to suggest that moral agency can be economically viable in competitive ‘market’ interactions, which is conventionally disputed by classical/neo-classical and institutional, libertarian economics. The paper here conceptualises active moral agency of the firm as the utilisation of ethical capital in firm--stakeholder interactions. This yields a reinterpretation of instrumental stakeholder theory. (shrink)

This research aims at establishing the impact of information and communication technologies (ICT) on e-commerce development of industrial enterprises by means of economic and mathematical modelling. The goal was achieved using the following methods: theoretical generalization, analysis and synthesis (to critically analyse the scientific approaches of scientists regarding the expediency of using mathematical models in the context of enterprises’ e-commerce development), target, comparison and grouping (to reveal innovative methodological approach to assessing ICT impact on e-commerce development of industrial enterprises), tabular, (...) analytical and integral method (for summarizing the analysis results of enterprises readiness to implement ICT, ICT use in the activities of industrial enterprises of Ukraine and the analysis of e-commerce development), mathematical modelling (to build a regression model determining impact of changes in ICT use on the market share occupied by industrial enterprises), generalization (to determine promising directions of e-commerce developing of industrial enterprises). The implementation of a comprehensive approach to understanding the importance of ICT influence on e-commerce development of industrial enterprises will ensure acceleration of the digitalization of business processes, will contribute to the speed increase of enterprises response to customer requests, and increase the market share occupied by enterprises. A new vision of directions for developing e-commerce of industrial enterprises is suggested, which are determined by the need for enterprise rebranding, the development of e-commerce tools and technologies, the importance of outsourcing service automation and promotion of subscription trade. ICT is considered as integration factor that determines prospects for e-commerce development of industrial enterprises and contributes to increasing efficiency of online business management. Research results demonstrate that the use of economic and mathematical modelling is an important tool for assessing ICT impact, and its absence can negatively affect the accuracy and validity of online business management. (shrink)

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

This paper examines why fundamental freedoms are so unevenly distributed across the earth. Climato-economic theorizing proposes that humans adapt needs, stresses, and choices of goals, means, and outcomes to the livability of their habitat. The evolutionary process at work is one of collectively meeting climatic demands of cold winters or hot summers by using monetary resources. Freedom is expected to be lowest in poor populations threatened by demanding thermal climates, intermediate in populations comforted by undemanding temperate climates irrespective of income (...) per head, and highest in rich populations challenged by demanding thermal climates. This core hypothesis is supported with new survey data across 85 countries and 15 Chinese provinces and with a reinterpretative review of results of prior studies comprising 174 countries and the 50 states in the United States. Empirical support covers freedom from want, freedom from fear, freedom of expression and participation, freedom from discrimination, and freedom to develop and realize one's human potential. Applying the theory to projections of temperature and income for 104 countries by 2112 forecasts that (a) poor populations in Asia, perhaps except Afghans and Pakistanis, will move up the international ladder of freedom, (b) poor populations in Africa will lose, rather than gain, relative levels of freedom unless climate protection and poverty reduction prevent this from happening, and (c) several rich populations will be challenged to defend current levels of freedom against worsening climato-economic livability. (shrink)