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  1. Daniel Egiegba Agbiboa (2012). Between Corruption and Development: The Political Economy of State Robbery in Nigeria. [REVIEW] Journal of Business Ethics 108 (3):325-345.
    The study is based on the hypothesis that there is a link between corruption and underdevelopment and that corruption is responsible for the shortcomings and poor performance of the Nigerian political economy. In addition to examining the historical trajectory of corruption in Nigeria, this paper delves into the underlying causes of corruption as well as its cumulative impact on national development in the country. Lastly, the paper assesses some public and private sector initiatives that have been taken and that might (...)
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  2. George T. Andrews (1937). Order in Industrial Economy. Modern Schoolman 14 (3):56-58.
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  3. Jonny Anomaly & Geoffrey Brennan (2014). Social Norms, The Invisible Hand, and the Law. University of Queensland Law Journal 33 (2).
  4. Jonny Anomaly & Geoffrey Brennan (2013). Markets and Economic Theory. In Byron Kaldis (ed.), Encyclopedia of Philosophy and the Social Sciences. Sage Publications.
  5. Peter S. Arno, Christopher J. L. Murray, Karen A. Bonuck & Philip Alcabes (1993). The Economic Impact of Tuberculosis in Hospitals in New York City: A Preliminary Analysis. Journal of Law, Medicine and Ethics 21 (3-4):317-323.
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  6. Walter Block, Samuel Bostaph, Ricardo F. Crespo, Jeffrey M. Herbener, Richard C. B. Johnsson, Tibor R. Machan, Douglas B. Rasmussen, Murray N. Rothbard, Chris Matthew Sciabarra, Larry J. Sechrest, Barry Smith & Gloria Zúñiga (2005). Philosophers of Capitalism: Menger, Mises, Rand, and Beyond. Lexington Books.
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  7. Marcel J. Boumans, Built-in Justification.
    In several accounts of what models are and how they function a specific view dominates. This view contains the following characteristics. First, there is a clear-cut distinction between theories, models and data and secondly, empirical assessment takes place after the model is built. This view in which discovery and justification are disconnected is not in accordance with several practices of mathematical business-cycle model building. What these practices show is that models have to meet implicit criteria of adequacy, such as satisfying (...)
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  8. Jason Brennan (2007). Rawls' Paradox. Constitutional Political Economy 18:287-299.
    Rawls’ theory of justice is paradoxical, for it requires a society to aim directly to maximize the basic goods received by the least advantaged even if directly aiming is self-defeating. Rawls’ reasons for rejecting capitalist systems commit him to holding that a society must not merely maximize the goods received by the least advantaged, but must do so via specific institutions. By Rawls’ own premises, in the long run directly aiming to satisfy the difference principle is contrary to the interests (...)
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  9. Emanuela Ceva & Andrea Fracasso (2010). Seeking Mutual Understanding. A Discourse Theoretical Analysis of the WTO Dispute Settlement System. World Trade Review 9 (3):457-485.
    The WTO Dispute Settlement System (DSS) has been the object of many studies in politics, law, and economics focusing on institutional design problems. This paper contributes to such studies by accounting for the argumentative nature and sophisticated features of the DSS through a philosophical analysis of the procedures through which it is articulated. Jürgen Habermas's discourse theory is used as a hermeneutic device to disentangle the types of ‘orientations’ (compromise, consensus, and mutual understanding) pertaining to DSS procedures. We show that (...)
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  10. David Colander (2011). How Economists Got It Wrong: A Nuanced Account. Critical Review 23 (1-2):1-27.
    In the wake of the financial crisis of 2008, many economists have blamed economics for having failed to warn us. Paul Krugman, for example, in a well-known New York Times Magazine article, suggests that Classical economists were blinded by the beauty of mathematics, and that Keynesian economics is the path of the future. This paper argues that the evolution of economic thinking is much more nuanced than Krugman portrays it, and that instead of embracing what has become known as Keynesian (...)
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  11. R. G. Collingwood (1926). Economics as a Philosophical Science. International Journal of Ethics 36 (2):162-185.
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  12. Tyler Cowen (1991). Can Keynesianism Explain the 1930s? Rejoinder to Smiley. Critical Review 5 (1):115-120.
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  13. Douglas den Uyl (2005). Review of Samuel Fleischacker: On Adam Smith's Wealth of Nations: A Philosophical Companion. [REVIEW] Journal of Scottish Philosophy 3 (2):171-180.
  14. Andy Denis, Some Notes on Methodological Individualism: Orthodox and Heterodox Views.
    methodology both of neoclassical and Austrian economics, as well as other approaches, from New Keynesianism to analytical Marxism. Yet there is considerable controversy as to what the phrase means. Moreover, the methodologies of those to whom the theoretical practice of MI is ascribed differ profoundly on the status of the individual economic agent: economics.
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  15. Andy Denis, Dialectics and the Austrian School?
    In a recent paper (Denis, 2004b) I argued that the neoclassical use of the concept of equilibrium was guilty of a hypostatisation: an equilibrium which is only an abstraction and extrapolation, the logical terminus of a component process taken in isolation, is extracted and one-sidedly substituted for the whole. The temporary is made permanent, and process subordinated to stasis, with clearly apologetic results. I concluded by suggesting that this hypostatisation exemplified the contrast between formal and dialectical modes of thought, and (...)
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  16. Andy Denis, Methodology and Policy Prescription in Economic Thought: A Response to Mario Bunge.
    Bunge (2000) distinguishes two main methodological approaches of holism and individualism, and associates with them policy prescriptions of centralism and laissez-faire. He identifies systemism as a superior approach to both the study and management of society. The present paper, seeking to correct and develop this line of thought, suggests a more complex relation between policy and methodology. There are two possible methodological underpinnings for laissez-faire: while writers such as Friedman and Lucas fit Bunge’s pattern, more sophisticated advocates of laissez-faire, such (...)
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  17. Andy Denis (2008). Dialectics and the Austrian School? The Search for Common Ground in the Methodology of Heterodox Economics. Journal of Philosophical Economics 1 (2):151-173.
    In a recent paper (Denis, 2004b) I argued that the neoclassical use of the concept of equilibrium was guilty of a hypostatisation: an equilibrium which is only an abstraction and extrapolation, the logical terminus of a component process taken in isolation, is extracted and one-sidedly substituted for the whole. The temporary is made permanent, and process subordinated to stasis, with clearly apologetic results. I concluded by suggesting that this hypostatisation exemplified the contrast between formal and dialectical modes of thought, and (...)
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  18. Andy Denis (2006). Hayek’s Challenge: An Intellectual Biography of F. A. Hayek. [REVIEW] Review of Political Economy 18 (4):579-583.
    Hayek’s Challenge is subtitled ‘an intellectual biography’ of Hayek, and the publisher describes it as ‘the first full intellectual biography’ of Hayek (front flap). But Caldwell himself appears to disagree: it was ‘never my goal’ to write ‘a comprehensive intellectual biography’ (177, note 10). Further, the book has a ‘secret title’: Caldwell’s Challenge (4). To assess what Caldwell has done, it is important to be very clear about what he was trying to do. Caldwell spells out in detail, in engaging (...)
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  19. Andy Denis (2004). Two Rhetorical Strategies of Laissez-Faire. Journal of Economic Methodology 11 (3):341-357.
    To understand the work of economic theorists it is often helpful to situate it in the context of the rhetorical strategy they were pursuing. Two ontologically distinct rhetorical strategies of laissez-faire may be distinguished by the way they articulate the individual interest with the general interest. A reductionist approach, exemplified by Friedman and Lucas, suggests that the properties and behaviour of an entity can be understood in terms of the properties and behaviour of the constituent lower-level components, taken in isolation. (...)
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  20. Franz Dietrich & Christian List (2007). Arrow's Theorem in Judgment Aggregation. Social Choice and Welfare 29 (1):19-33.
    In response to recent work on the aggregation of individual judgments on logically connected propositions into collective judgments, it is often asked whether judgment aggregation is a special case of Arrowian preference aggregation. We argue for the converse claim. After proving two impossibility theorems on judgment aggregation (using "systematicity" and "independence" conditions, respectively), we construct an embedding of preference aggregation into judgment aggregation and prove Arrow’s theorem (stated for strict preferences) as a corollary of our second result. Although we thereby (...)
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  21. David Ellerman (forthcoming). Listen Libertarians!: A Review of John Tomasi's Free Market Fairness. [REVIEW] Conversations in Philanthropy.
    John Tomasi's new book, Free Market Fairness, has been well-received as "one of the very best philosophical treatments of libertarian thought, ever" (Tyler Cowen) and as a "long and friendly conversation between Friedrich Hayek and John Rawls—a conversation which, astonishingly, reaches agreement" (D. McCloskey). The book does present an authoritative state-of-the-debate across the spectrum from right-libertarianism on the one side to high liberalism (that shares some shades of opinion with democratic socialism) on the other side. My point is not to (...)
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  22. Iskra Fileva (2012). T. Schelling. Strategies of Commitment and Other Essays. Journal of Value Inquiry 46 (4):485-490.
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  23. Danny Frederick, Values in Education and the Community.
    The UK School Curriculum and Assessment Authority proposes a set of values to which everyone can subscribe, which can provide schools with a secure basis for the provision of spiritual, moral, social and cultural education. The proposal is misguided. The code would be determined by political negotiation, which would bring the whole idea of moral education into disrepute, and it would be an impediment to moral advancement, which requires trial and error experimentation. Imposing a code on all state schools would (...)
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  24. Ulrich J. Frey & Hannes Rusch (2013). Using Artificial Neural Networks for the Analysis of Social-Ecological Systems. Ecology and Society 18 (2).
    The literature on common pool resource (CPR) governance lists numerous factors that influence whether a given CPR system achieves ecological long-term sustainability. Up to now there is no comprehensive model to integrate these factors or to explain success within or across cases and sectors. Difficulties include the absence of large-N-studies (Poteete 2008), the incomparability of single case studies, and the interdependence of factors (Agrawal and Chhatre 2006). We propose (1) a synthesis of 24 success factors based on the current SES (...)
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  25. Roger W. Garrison (1994). High Interest, Low Demand, and Keynes: Rejoinder to Hill and Felix. Critical Review 8 (3):451-460.
    Keynes's theory of interest is central to his broader argument. However, short?run policy, which takes the so?called normal rate of interest as given and aims at affecting the prevailing rate, must be distinguished from long?run reform, which aims at changing the normal rate. The low demand that Keynes associated with high interest was believed to be inherent in a decentralized, consumption?oriented economy. Consequently, he advocated reform in the direction of central control. Despite his ?moral and philosophical? agreement with Hayek's Road (...)
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  26. Allan Gibbard & Hal R. Varian (1978). Economic Models. Journal of Philosophy 75 (11):664-677.
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  27. Charles A. E. Goodhart (1994). The Free Banking Challenge to Central Banks. Critical Review 8 (3):411-425.
    The numerous historical episodes of free banking have invariably ended in the establishment of central banking. Was the failure of free banking due to ?theory,? ?seignorage??the attempt by governments to use central banks for revenue purposes?or to ?crises?? Would a free banking system be stable, free of crises? This is the crux of the theoretical and historical debate.
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  28. Leonid Grinin (2012). Macrohistory and Globalization. Uchitel Publishing House.
    The present monograph considers some macrohistorical trends along with the aspects of globalization. Macrohistory is history on the large scale that tells the story of the entire world or of some major dimensions of historical process. For the present study three aspects of macrohistory have been chosen. These are technological and political aspects, as well as the one of historical personality. Taken together they give a definite picture of unfolding historical process which is described from the beginning of human society (...)
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  29. Leonid Grinin, Andrey Korotayev & Sergey Malkov (2010). A Mathematical Model of Juglar Cycles and the Current Global Crisis. In Leonid Grinin, Peter Herrmann, Andrey Korotayev & Arno Tausch (eds.), History & Mathematics: Processes and Models of Global Dynamics.
    The article presents a verbal and mathematical model of medium-term business cycles (with a characteristic period of 7–11 years) known as Juglar cycles. The model takes into account a number of approaches to the analysis of such cycles; in the meantime it also takes into account some of the authors' own generalizations and additions that are important for understanding the internal logic of the cycle, its variability and its peculiarities in the present-time conditions. The authors argue that the most important (...)
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  30. Greg Hill (2006). Knowledge, Ignorance, and the Limits of the Price System: Reply to Friedman. Critical Review 18 (4):399-410.
    In ?Popper, Weber, and Hayek: The Epistemology and Politics of Ignorance,? Jeffrey Friedman argues that markets are superior to democratic institutions because the price system doesn't require people to make the kind of difficult counterfactual judgments that are necessary in order to evaluate public?policy alternatives. I contend that real?world markets require us to make all kinds of difficult counterfactual judgments, that the nature of these judgments limits the effectiveness of the price system in coordinating our activities, and that the market (...)
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  31. Greg Hill (1996). Capitalism, Coordination, and Keynes: Rejoinder to Horwitz. Critical Review 10 (3):373-387.
    Abstract In the ideal market of general equilibrium theory, choices are made in full knowledge of one another, and all expectations are fulfilled. This pre?harmonization of individual plans does not occur in real?world markets where decisions must be taken in ignorance of one another. The Austrian school grants this, but claims that real?world price systems are nonetheless effective in coordinating saving and investment decisions, which are motivated by disparate considerations. In contrast, Keynes held that without the pre?reconciliation of individual plans, (...)
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  32. Geoffrey M. Hodgson & Thorbjørn Knudsen (2011). Generalized Darwinism and Evolutionary Economics: From Ontology to Theory. Biological Theory 6 (4):326-337.
    Despite growing interest in evolutionary economics since the 1980s, a unified theoretical approach has so far been lacking. Methodological and ontological discussions within evolutionary economics have attempted to understand and help rectify this failure, but have revealed in turn further differences of perspective. One aim of this article is to show how different approaches relate to different levels of abstraction. A second purpose is to show that generalized Darwinism is some way from the most abstract level, and illustrates how it (...)
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  33. Walter Horn (1985). Coase's Theorem and the Speculative Withholding of Land. Land Economics 61 (2):208-217.
    In his classic paper on social costs, social scientist R. H. Coase has argued that in a world without transaction costs in the "buying and selling," of social benefits and damages, resource allocation would be unaffected by a change in the apportioning of liabilities. That is, whether or not a social nuisance-causer must pay damages to those to whom he is a nuisance, will not, in an efficient economy with no transaction costs, have any effect on resource allocation. In this (...)
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  34. Walter Horn (1985). Coase's Theorem and the Speculative Withholding of Land. Land Economics 61 (2):208-217.
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  35. Walter Horn (1985). Coase's Theorem and the Speculative Withholding of Land. Land Economics 61 (2):208-217.
    In his classic paper on social costs, social scientist R. H. Coase has argued that in a world without transaction costs in the "buying and selling," of social benefits and damages, resource allocation would be unaffected by a change in the apportioning of liabilities. That is, whether or not a social nuisance-causer must pay damages to those to whom he is a nuisance, will not, in an efficient economy with no transaction costs, have any effect on resource allocation. In this (...)
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  36. Walter Horn (1985). Coase's Theorem and the Speculative Withholding of Land. Land Economics 61 (2):208-217.
    In his classic paper on social costs, social scientist R. H. Coase has argued that in a world without transaction costs in the "buying and selling," of social benefits and damages, resource allocation would be unaffected by a change in the apportioning of liabilities. That is, whether or not a social nuisance-causer must pay damages to those to whom he is a nuisance, will not, in an efficient economy with no transaction costs, have any effect on resource allocation. In this (...)
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  37. Walter Horn (1985). Coase's Theorem and the Speculative Withholding of Land. Land Economics 61 (2):208-217.
    In his classic paper on social costs, social scientist R. H. Coase has argued that in a world without transaction costs in the "buying and selling," of social benefits and damages, resource allocation would be unaffected by a change in the apportioning of liabilities. That is, whether or not a social nuisance-causer must pay damages to those to whom he is a nuisance, will not, in an efficient economy with no transaction costs, have any effect on resource allocation. In this (...)
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  38. Walter Horn (1985). Libertarianism and Private Property in Land II. American Journal of Economics and Sociology 44 (1):67-80.
    Whether or not we have any natural right to landownership, like life and liberty, the institution of private property is agood. The utility produced by private property in land is overshadowed by the evils produced by the speculative withholding of supramarginal land unless compensatory payments are required of landowners. Such payments should be made to those living in the same “rental area” and should be of an amount that will eliminate all incentive to land speculation. It is not always either (...)
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  39. Walter Horn (1984). Libertarianism and Private Property in Land I. American Journal of Economics and Sociology 43 (3):341-356.
    The positions on private landownership of two libertarian scholars thought to have a wide following in that movement are examined The libertarians —Murray Rothbard and Robert Nozick—hold positions which are untenable. Rothbard's theory is almost indistinguishable from John Locke's and rests on the labor theory of ownership and the admixture theory of labor; standards which are too vague. Nozick believes that making something valuable gives a right of ownership, but again the standard is too ambiguous. And it is necessary to (...)
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  40. Michael Huemer, The Theory of Economic Value.
    People want things, and they tend to act in such a way as to get the things they want, to the best of their ability.1 Sometimes our wants conflict with each other, so that we are forced to choose between different things that we want. When this happens, we normally choose the thing that we want more, over the thing that we want less. Behaving in this way is what we call “rational”; more specifically, it is “instrumentally rational.” Instrumental rationality (...)
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  41. Ian Hunt (2001). How the Laws of Economics Lie. Journal of Applied Philosophy 18 (2):119–133.
  42. Aj Julius (2013). The Possibility of Exchange. Politics, Philosophy and Economics 12 (4):361-374.
    I first characterize a moral mistake in coercion. The principle of independence with which I criticize coercion seems also to condemn exchange. I propose an account of exchange from which it follows that exchange upholds independence after all. In support of that account I argue that, of the accounts of exchange that occur to me, only this one has the consequence that, on general assumptions, a person can take part in exchange while acting, intending, and believing with sufficient reason. I (...)
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  43. Christian List & Philip Pettit (2002). Aggregating Sets of Judgments: An Impossibility Result. Economics and Philosophy 18 (1):89-110.
    Suppose that the members of a group each hold a rational set of judgments on some interconnected questions, and imagine that the group itself has to form a collective, rational set of judgments on those questions. How should it go about dealing with this task? We argue that the question raised is subject to a difficulty that has recently been noticed in discussion of the doctrinal paradox in jurisprudence. And we show that there is a general impossibility theorem that that (...)
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  44. Christian List & Ben Polak (2010). Introduction to Judgment Aggregation. Journal of Economic Theory 145 (2):441-466.
    This introduces the symposium on judgment aggregation. The theory of judgment aggregation asks how several individuals' judgments on some logically connected propositions can be aggregated into consistent collective judgments. The aim of this introduction is to show how ideas from the familiar theory of preference aggregation can be extended to this more general case. We first translate a proof of Arrow's impossibility theorem into the new setting, so as to motivate some of the central concepts and conditions leading to analogous (...)
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  45. Domenic Marbaniang (forthcoming). Roots of Corruption: A Christian Philosophical Examination. In Paul Cho (ed.), CMS Papers. Union Biblical Seminary.
    At the root of the corruption problem is its moral and economic nature. The economic problem is a moral problem. Modern theories of corruption are usually empirical in nature. However, they are not without their ideological dimensions though in the modern scheme of things, a normative framework is usually not rationally entertained. Empiricism combined with materialism takes on the reins of economies; however, disregard of the spiritual will not bring any lasting solution. A vision of the absolute is needed. There (...)
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  46. Domenic Marbaniang (2013). The Corrosion of Gold In Light of Modern Christian Economics. Journal of the Contemporary Christian 5 (1):61-76.
    One of the important assets that Gutenberg’s printing press gifted to modern political economies is the ability to print paper money. The common man usually thinks that paper money is the real money, while in fact it is only a promissory note promising the bearer of the note the payment of the same amount (in coins, if not in gold) by the Reserve Bank. In the past, however, governments did deny such payment in exchange of the notes and one government (...)
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  47. Sergiy Melnyk, ALGEBRA OF FUNDAMENTAL MEASUREMENTS AS A BASIS OF DYNAMICS OF ECONOMIC SYSTEMS. arXiv.
    We propose an axiomatic approach to constructing the dynamics of systems, in which one the main elements 9e8 is the consciousness of a subject. The main axiom is the statements that the state of consciousness is completely determined by the results of measurements performed on it. In case of economic systems we propose to consider an offer of transaction as a fundamental measurement. Transactions with delayed choice, discussed in this paper, represent a logical generalization of incomplete transactions and allow for (...)
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  48. Philippe Mongin (2008). Factoring Out the Impossibility of Logical Aggregation. Journal of Economic Theory 141:p. 100-113.
    According to a theorem recently proved in the theory of logical aggregation, any nonconstant social judgment function that satisfies independence of irrelevant alternatives (IIA) is dictatorial. We show that the strong and not very plausible IIA condition can be replaced with a minimal independence assumption plus a Pareto-like condition. This new version of the impossibility theorem likens it to Arrow’s and arguably enhances its paradoxical value.
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  49. Nikil Mukerji & Christoph Schumacher (2008). How to Have Your Cake and Eat It Too: Resolving the Efficiency- Equity Trade-Off in Minimum Wage Legislation. Journal of Interdisciplinary Economics 19:315-340.
    Minimum wages are usually assumed to be inefficient as they prevent the full exploitation of mutual gains from trade. Yet advocates of wage regulation policies have repeatedly claimed that this loss in market efficiency can be justified by the pursuit of ethical goals. Policy makers, it is argued, should not focus on efficiency alone. Rather, they should try to find an adequate balance between efficiency and equity targets. This idea is based on a two-worlds-paradigm that sees ethics and economics as (...)
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  50. Olaf L. Müller (2004). Autodetermination in Microeconomics – A Methodological Case Study on the Theory of Demand. Analyse Und Kritik. Zeitschrift für Sozialtheorie 26 (2):319-345.
    My philosophical case study concerns textbook presentations of the theory of demand. Does this theory contain anything more than just a collection of tautologies? In order to determine its empirical content, it must be viewed holistically. But then, the theory implies false factual claims. We can avoid this result by embracing the theory’s normative character. The resulting consequences will be illuminated with the new autodetermination thesis recently proposed in the philosophy of physics by Oliver Timmer. Applying his ideas to the (...)
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