In these two volumes, a group of distinguished economists debate the way in which evidence, in particular econometric evidence, can and should be used to relate macroeconomic theories to the real world. Topics covered include the business cycle, monetary policy, economic growth, the impact of new econometric techniques, the IS-LM model, the labour market, new Keynesian macroeconomics, and the use of macroeconomics in official documents.

Does economics hold the key to everything or does the recent financial crisis show that it has failed? This book provides an assessment of modern economics that cuts through the confusion and controversy on this question. Case studies of the creation of new markets, the Russian transition to capitalism, globalization, and money and finance establish that economics has been very successful where problems have been well defined and where the world can be changed to fit the theory, but that it (...) has been less successful in tackling bigger problems. The book then offers a historical perspective on how economists have, since the Second World War, tried to make their subject scientific. It explores the evolving relationship between science and ideology and investigates the place of heterodoxy and dissent within the discipline. (shrink)

The Inexact and Separate Science of Economics represents the most ambitious attempt to provide a systematic account of economic methodology since the first edition of Blaug's The Methodology of Economics. As such, it has been the subject of extensive critical commentary. For all the attention it has received, however, some important aspects of the book's thesis have not been developed properly. Two important ones are what might be called, following the terminology used in the experimental economics literature, the ‘framing effect’ (...) of Hausman's definition of economics, and the significance of Hausman's claim that economists are committed to developing economics as a ‘separate’ science. To understand these points it is important to make explicit the position from which Hausman approaches the philosophy of science. (shrink)

John Maynard Keynes was the most important economist of the twentieth century. He was also a philosopher who wrote on ethics and the theory of probability and was a central figure in the Bloomsbury Group of writers and artists. In this volume contributors from a wide range of disciplines offer new interpretations of Keynes's thought, explain the links between Keynes's philosophy and his economics, and place his work and Keynesianism - the economic theory, the principles of economic policy, and the (...) political philosophy - in their historical context. Chapter topics include Keynes's philosophical engagement with G. E. Moore and Franz Brentano, his correspondence, the role of his General Theory in the creation of modern macroeconomics, and the many meanings of Keynesianism. New readers will find this the most convenient, accessible guide to Keynes currently available. Advanced students and specialists will find a conspectus of recent developments in the interpretation of Keynes. (shrink)

John Maynard Keynes was the most important economist of the twentieth century. He was also a philosopher who wrote on ethics and the theory of probability and was a central figure in the Bloomsbury Group of writers and artists. In this volume contributors from a wide range of disciplines offer new interpretations of Keynes's thought, explain the links between Keynes's philosophy and his economics, and place his work and Keynesianism - the economic theory, the principles of economic policy, and the (...) political philosophy - in their historical context. Chapter topics include Keynes's philosophical engagement with G. E. Moore and Franz Brentano, his correspondence, the role of his General Theory in the creation of modern macroeconomics, and the many meanings of Keynesianism. New readers will find this the most convenient, accessible guide to Keynes currently available. Advanced students and specialists will find a conspectus of recent developments in the interpretation of Keynes. (shrink)

In these two volumes, a group of distinguished economists debate the way in which evidence, in particular econometric evidence, can and should be used to relate macroeconomic theories to the real world. Topics covered include the business cycle, monetary policy, economic growth, the impact of new econometric techniques, the IS-LM model, the labour market, new Keynesian macroeconomics, and the use of macroeconomics in official documents.

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

Philosophers have turned their attention in recent years to many previously unmined topics, among them love and friendship. In this collection of new essays in philosophical and moral psychology, philosophers turn their analytic tools to a topic perhaps most resistant to reasoned analysis: erotic love. Also included is one previously published paper by Martha Nussbaum.Among the problems discussed are the role that qualities of the beloved play in love, the so-called union theory of love, intentionality and autonomy in love, and (...) traditional issues surrounding jealousy and morality. (shrink)

The author discusses how Rand’s largely underdeveloped concept of the “dual-aspect objective,” first introduced in the 1960s, is vital for understanding how knowledge is grounded in reality. He defines it, then applies it to perception and introspection, and to concepts, propositions, and syllogisms. The author also defines content of awareness, carefully distinguishing it from both object and form of awareness, and applies those distinctions throughout. In addition, he discusses how truth is both dual-aspect and contextual, and he extends his discussion (...) in Part 1 of Rand’s “unit-perspective,” showing how units, too, have a dual-aspect, even on the level of syllogisms. (shrink)

In this third installment of his series on key, underappreciated ideas in Ayn Rand's epistemology, the author discusses the nature of differentiation and integration as the functional essence of consciousness and applies that insight to various cognitive and noncognitive processes of awareness, with a special emphasis on logic and illogic. He offers an extended analysis of the fallacies of “Frozen Abstraction” and “False Alternative,” as well as critiques of a long-standing Objectivist conflation of falsity and contradiction and a relatively more (...) recent Objectivist error, the fallacy of “genuine awareness.”. (shrink)

The author examines the canonical Objectivist model of free will and finds it wanting, amounting to a form of Agency—Indeterminism. Employing an Aristotelian Four Cause analysis, he explores the complementary roles of determinism and free will, as well as the conditional nature of necessity and contingency, in understanding how causality operates in the human realm. He proposes an integration of what he calls “value-determinism” and “conditional free will,” arguing that it amounts to a basic axiom of human choice and action, (...) and urges its acceptance in place of the Orthodox Objectivist view of free will. (shrink)

The author contends that the Objectivist epistemology has lacked a viable model of propositional knowledge for nearly fifty years, due to neglect of Rand's unit-perspective view of concepts. This pioneering insight, he says, not only is an essential building block of her concept theory, but also welds together the three levels of logical theory and provides the clearest X-ray picture of our multilayered conceptual knowledge. Using the unit-perspective to expand Rand's theory of concepts, the author then devises a theory of (...) the proposition, giving considerable attention to axioms and statements about nonexistent subjects. (shrink)

In two studies, we explored the frequency and phenomenology of musical imagery. Study 1 used retrospective reports of musical imagery to assess the contribution of individual differences to imagery characteristics. Study 2 used an experience sampling design to assess the phenomenology of musical imagery over the course of one week in a sample of musicians and non-musicians. Both studies found episodes of musical imagery to be common and positive: people rarely wanted such experiences to end and often heard music that (...) was personally meaningful. Several variables predicted musical imagery, including personality, musical preferences, and positive mood. Musicians tended to hear musical imagery more often, but they reported less frequent episodes of deliberately-generated imagery. Taken together, the present research provides new insights into individual differences in musical imagery, and it supports the emerging view that such experiences are common, positive, and more voluntary than previously recognized. (shrink)

The author provides another metaphysical argument to bolster his thesis of the logical harmony of determinism and volition. He shows how the typical mainstream and Objectivist doctrine of “libertarian” free will commits the same logical error as the Sophist attacks on the Law of Non-Contradiction—namely, an out-of-context interpretation of, respectively, the Law of Causality and the Law of Identity as being unconditional absolutes, which they are not and cannot be.

The author assures readers that Chris Matthew Sciabarra has met all Aristotelian requirements in full, providing not one but two definitions of “dialectics,” which, as the art of context-keeping, is indeed an essential part of Ayn Rand's philosophical method. He shows how Sciabarra's definitional process compares quite favorably in terms of timeliness, transparency, and benevolence to that of Rand and other Objectivists, and notes that Sciabarra's overriding concern, notwithstanding his obvious great respect for Rand's substantive philosophical achievements, has been to (...) identify and clarify the methods she and other thinkers have used to profound benefit. (shrink)

ABSTRACT The author continues his challenge to the “official” Objectivist view of free will by addressing the implications of his value-determinism/conditional-volition model for various Objectivist moral concepts including value, sacrifice, virtue, obligation, and moral and legal responsibility and accountability. He argues that based on Rand’s definitions, the conventional understandings of sacrifice or betrayal of values, lapses in virtue, and breaches in morality need considerable reconceptualizing. The author gives special attention to Rand and Kant with regard to lying, use of force, (...) and acts of generosity, finding not nearly as much difference between them as is commonly believed. (shrink)

The author argues that Rand’s ethical theory is much closer in essence to the eudaimonist, self-perfectionist perspectives of Aristotle and the neo-Aristotelians, Douglas Den Uyl and Douglas Rasmussen, than to the “selfish,” egoistic ethics many assume to be her basic position. He discusses Rand’s anti-hedonist and pro-rational selfishness positions as corollaries of man’s life as the standard of moral value, as well as Rand’s point that treating either happiness or personal benefit as the standard of moral value is a reversal (...) of cause and effect. He also identifies the oppressive negativism in Rand’s discussion of the seven canonical Objectivist virtues. (shrink)

This paper pursues two tasks: first, to criticize a number of prominent contemporary interpretations of the Pyrrhonism of Sextus Empiricus, especially Jonathan Barnes’s; and second, to outline an alternative interpretation of Sextus that (a) reconciles the opposing sides of the long-standing dispute over the scope of Pyrrhonian suspension of judgment, and (b) suggests a sympathetic alternative to some of the most influential accounts of the Pyrrhonian way of life.

The author explains that his previous philosophical arguments for compatibilism provide a robust basis for ethical and legal responsibility. He defends entity causation, arguing that no coherent model of the universe, including human action, can be formulated that rejects entities as the nexus of identity and causality. Finally, he contends, ontological compatibilism and ethical compatibilism are both best supported by a more fundamental methodological compatibilism of philosophical and scientific approaches to seeking truth.