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  1. Daron Acemoglu (2009). The Crisis of 2008: Lessons for and From Economics. Critical Review 21 (2-3):185-194.
    ABSTRACT The financial crisis is, in part, an embarrassment for economic theory. Economists tended to think that severe business cycles had been conquered; that free markets require no regulations to constrain self?interest; and that large, established companies could be trusted to monitor their own behavior so as to preserve their reputational capital. These three beliefs have proved to be inaccurate. On the other hand, economists justifiably believe that as a process of creative destruction, capitalism requires institutions that allow for innovation (...)
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  2. Viral V. Acharya & Matthew Richardson (2009). Causes of the Financial Crisis. Critical Review 21 (2-3):195-210.
    ABSTRACT Why did the popping of the housing bubble bring the financial system?rather than just the housing sector of the economy?to its knees? The answer lies in two methods by which banks had evaded regulatory capital requirements. First, they had temporarily placed assets?such as securitized mortgages?in off?balance?sheet entities, so that they did not have to hold significant capital buffers against them. Second, the capital regulations also allowed banks to reduce the amount of capital they held against assets that remained on (...)
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  3. Jonathan H. Adler (2012). Is the Common Law a Free-Market Solution to Pollution? Critical Review 24 (1):61-85.
    Whereas conventional analyses characterize environmental problems as examples of market failure, proponents of free-market environmentalism (FME) consider the problem to be a lack of markets and, in particular, a lack of enforceable and exchangeable property rights. Enforcing property rights alleviates disputes about, as well as the overuse of, most natural resources. FME diagnoses of pollution are much weaker, however. Most FME proponents suggest that common-law tort suits can adequately protect private property and ecological resources from pollution. Yet such claims have (...)
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  4. Lawrence A. Alexander (1983). Zimmerman on Coercive Wage Offers. Philosophy and Public Affairs 12 (2):160-164.
  5. Ash Amin & Joanne Roberts (eds.) (2008). Community, Economic Creativity, and Organization. OUP Oxford.
    It has long been an interest of researchers in economics, sociology, organization studies, and economic geography to understand how firms innovate. Most recently, this interest has begun to examine the micro-processes of work and organization that sustain social creativity, emphasizing the learning and knowing through action when social actors and technologies come together in 'communities of practice'; everyday interactions of common purpose and mutual obligation. These communities are said to spark both incremental and radical innovation. -/- In the book, leading (...)
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  6. Elizabeth Anderson (2013). Book Review: Free Market Fairness. [REVIEW] Political Theory 41 (1):163-166.
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  7. Elizabeth Anderson (1990). The Ethical Limitations of the Market. Economics and Philosophy 6 (02):179-.
  8. Elizabeth Anderson (1988). Review: Values, Risks, and Market Norms. [REVIEW] Philosophy and Public Affairs 17 (1):54 - 65.
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  9. E. Angner (2002). Review of Alan Ebenstein's Friedrich Hayek: A Biography. [REVIEW] Economics and Philosophy 18 (2):381-385.
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  10. Jonny Anomaly & Geoffrey Brennan (2013). Markets and Economic Theory. In Byron Kaldis (ed.), Encyclopedia of Philosophy and the Social Sciences. Sage Publications.
  11. N. Scott Arnold (1987). Marx And Disequilibrium in Market Socialist Relations of Production. Economics and Philosophy 3 (01):23-.
  12. Roger Backhouse (2012). Political Economy: History with the Politics Left Out? Historical Materialism 20 (3):24-38.
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  13. Roger E. Backhouse (2009). An Engine, Not a Camera: How Financial Models Shape Markets , Donald MacKenzie. Mit Press, 2006, X + 377 Pages. [REVIEW] Economics and Philosophy 25 (1):99-106.
  14. Neera Badhwar (2008). Friendship and Commercial Societies. Politics, Philosophy and Economics 7 (3):301-326.
    Critics of commercial societies complain that the free-market system of property rights and freedom of contract tends to commodify relationships, thus eroding the bonds of personal and civic friendship. I argue that this thesis rests on a misunderstanding of both markets and friendship. As voluntary, reciprocal relationships, market relationships and friendship share important properties. Like all relations and activities that exercise important human capacities and play an important role in a meaningful life, market relations and activities are essentially structured and (...)
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  15. Neera K. Badhwar, (Not for Citations. Published Copy Available on Request.).
    1.1 Are commercial societies unfriendly to friendship? Many critics of commercial societies, from both the left and the right, have thought so. They claim that the free-market system of property rights, freedom of contract, and other liberty rights – the “negative” right of individuals to peacefully pursue their own ends – is impersonal and dehumanizing, or even inherently divisive and adversarial. Yet (their complaint goes) the psychology and morality of markets and liberty rights pervade far too many relationships in a (...)
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  16. Christian Barry & Scott Wisor (2013). World Trade Organization. In Hugh LaFollette (ed.), International Encyclopedia of Ethics. Wiley.
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  17. Richard Bellamy (1994). Moralizing Markets. Critical Review 8 (3):341-357.
    The Austrian school tends to associate the morality of the market with its efficient operation. Consequently, it criticizes attempts to offer an ethical evaluation of the market for not understanding how the market works. This criticism proves correct with regard to those who would seek to run an economy according to a set of predetermined moral criteria, such as socialist advocates of central planning or Victorian moralists who regarded the market as the embodiment of the desert ethic. However, if the (...)
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  18. Stephen Earl Bennett & Jeffrey Friedman (2008). The Irrelevance of Economic Theory to Understanding Economic Ignorance. Critical Review 20 (3):195-258.
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  19. Adolf Augustus Berle (1960). The Motive Power of Political Economy. [New York]New York Society for Ethical Culture.
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  20. Amar Bhidé (2009). An Accident Waiting to Happen. Critical Review 21 (2-3):211-247.
    ABSTRACT Banks provide a valuable but inherently unstable combination of deposit?taking and lending functions that were successfully held together for several decades after the New Deal by tough banking rules. The weakening of the rules after the 1970s promoted the displacement of traditional relationship?based banking with securitized, arms?length alternatives that encouraged banks to undertake activities about which bankers lacked deep relationship?based knowledge of the risks. Ironically, this risky behavior, encouraged by loosened regulation, was reinforced by progressively tightened securities regulation, which (...)
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  21. Mark Blyth (2009). Coping with the Black Swan: The Unsettling World of Nassim Taleb. Critical Review 21 (4):447-465.
    ABSTRACT Nassim Taleb rightly points out that although people may acknowledge in the abstract that the world is uncertain, they still behave as if a large enough sample size is all that is needed to predict, and model, the future. He also rightly notes that ever?increasing quantities of information are relevant only in simple situations, such as in predicting the range of human height, but are misleading in more random arenas, such as financial markets. However, while Taleb decries the use (...)
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  22. Peter J. Boettke & Kyle W. O'Donnell (2013). The Failed Appropriation of FA Hayek by Formalist Economics. Critical Review 25 (3-4):305-341.
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  23. David Boonin (1988). Competition and Capitalism. Critical Review 2 (2-3):183-188.
    NO CONTEST: THE CASE AGAINST COMPETITION by Alfie Kohn Boston: Houghton Miffin, 1986. 257 pp., $16.95.
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  24. Timothy J. Brennan (1994). Markets, Information, and Benevolence. Economics and Philosophy 10 (02):151-.
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  25. Alex Broadbent (2011). Defining Neglected Disease. Biosocieties 6 (1):51-70.
    In this article I seek to say what it is for something to count as a neglected disease. I argue that neglect should be defined in terms of efforts at prevention, mitigation and cure, and not solely in terms of research dollars per disability-adjusted life-year. I further argue that the trend towards multifactorialism and risk factor thinking in modern epidemiology has lent credibility to the erroneous view that the primary problem with neglected diseases is a lack of research. A more (...)
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  26. Richard Bronk (2014). Reflexivity Unpacked: Performativity, Uncertainty and Analytical Monocultures. Journal of Economic Methodology 20 (4):343-349.
    This paper analyses Soros' theory of reflexivity by breaking it down into several component concepts that are individually well analysed in existing literature – including performativity, self-reinforcing feedback loops and uncertainty. By focusing on the cognitive myopia implied by analytical monocultures and on the indeterminacy implied by innovation, it helps establish boundaries of applicability for reflexivity (as opposed to standard economic) models. It argues that Soros largely ignores a key element in the formation of self-reinforcing delusions or market bubbles – (...)
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  27. Vivienne Brown (1997). 'Mere Inventions of the Imagination': A Survey of Recent Literature on Adam Smith. Economics and Philosophy 13 (2):281-312.
  28. Vivienne Brown (1995). Reading Adam Smith's Texts on Morals and Wealth. Economics and Philosophy 11 (02):344-.
    In his Comment , Richard Arlen Kleer accepts much of the argument in my article (Brown, 1991) but insists that I have (Kleer, 1993). Kleer agrees that there is a moral hierarchy in Adam Smith's Theory of Moral Sentiments (TMS) where benevolence and self-command are ranked higher than justice and prudence, but he is uneasy with the conclusion that economic activity and the pursuit of gain are activities and insists that they do have a significant moral standing. In addition, although (...)
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  29. Vivienne Brown (1991). Signifying Voices: Reading the “Adam Smith Problem”. Economics and Philosophy 7 (02):187-.
  30. Luigino Bruni (2012). The Genesis and Nature of the Ethos of the Market. Palgrave Macmillan.
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  31. Luigino Bruni (2012). The Genesis and Ethos of the Market. Palgrave Macmillan.
    In this book Luigino Bruni analyses the market and its ethos, illuminating the history of capitalism and highlighting the need for a new ethical direction.
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  32. Luigino Bruni & Robert Sugden (2000). Moral Canals: Trust and Social Capital in the Work of Hume, Smith and Genovesi. Economics and Philosophy 16 (1):21-45.
    It is a truism that a market economy cannot function without trust. We must be able to rely on other people to respect our property rights, and on our trading partners to keep their promises. The theory of economics is incomplete unless it can explain why economic agents often trust one another, and why that trust is often repaid. There is a long history of work in economics and philosophy which tries to explain the kinds of reasoning that people use (...)
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  33. James M. Buchanan & David I. Fand (1992). Monetary Malpractice: Intent, Impotence, or Incompetence? Critical Review 6 (4):457-469.
    Monetary policy prior to, during, and following the 1990?1991 recession was the tightest and most restrictive in over 30 years. Some have suggested that this policy was explicitly designed by the monetary hawks on the Federal Reserve to wring out the residues of inflationary expectations; others, that the central bank could not offset the real, and powerful, negative shocks buffeting the American economy. But a better explanation is that the monetary authorities were passive because they failed to appreciate the treacherous (...)
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  34. James M. Buchanan & Viktor J. Vanberg (1991). The Market as a Creative Process. Economics and Philosophy 7 (02):167-.
    Our purpose is to identify a body of criticism of orthodox equilibirum theory in economics that seems to correspond closely with the developments note in the natural sciences, and, second, to elaborate on the implications of this (the radical subjectivist) criticism in some detail and, particularly, in this relation to its near neighbour, the entrepreneurial conception of Israel Kirzner.
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  35. Bruce Caldwell (2006). Hayek, Social Science, and Politics: Reply to Hill and Friedman. Critical Review 18 (4):377-390.
    Hayek's case for the limits of economic agents? knowledge does not, as Greg Hill seems to suggest, imply that government should be in the business of engaging in countercyclical fiscal policy or paternalistic corrections of people's pursuit of ?imaginary goods.? In the latter case, markets have corrective learning mechanisms for consumer mistakes. In the former, public?choice and public?ignorance problems plague government efforts to correct the business cycle. The problem of public ignorance is, in turn, Jeffrey Friedman's topic, but he is (...)
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  36. Raphael Calel (2013). What Money Can't Buy: The Moral Limits of Markets, Michael Sandel. Allen Lane, 2012, 244 Pages. Strings Attached: Untangling the Ethics of Incentives, Ruth Grant. Princeton University Press, 2012, Xvi+ 202 Pages. [REVIEW] Economics and Philosophy 29 (2):277-283.
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  37. Simon Caney & Cameron Hepburn (2011). Carbon Trading: Unethical, Unjust and Ineffective? Royal Institute of Philosophy Supplement 69:201-234.
    Cap-and-trade systems for greenhouse gas emissions are an important part of the climate change policies of the EU, Japan, New Zealand, among others, as well as China (soon). However, concerns have been raised on a variety of ethical grounds about the use of markets to reduce emissions. In this paper we examine three types of concern. The first holds that emissions trading schemes are 'unethical'. We examine five ethical objections. These objections hold that emissions trading is unethical because it: involves (...)
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  38. Bryan Caplan (2005). Toward a New Consensus on the Economics of Socialism: Rejoinder to My Critics. Critical Review 17 (1-2):203-220.
    Abstract This has been an unusually productive exchange. My critics largely accept my main theoretical claims about economic calculation and socialism. They have also started to do what advocates of the Misesian view should have been doing for decades: offer empirical evidence that that the calculation problem is serious. While I continue to believe that incentive problems explain most of the failures of socialism, I am slightly less confident than I was before. Fortunately, there are many unexploited sources of information (...)
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  39. Fred Carstensen (1995). Civil Authority and the Articulation of Markets. Critical Review 9 (4):585-594.
    Markets, law, and regulation are intimately intertwined. Thus, recent studies (by Morton Keller and Donald McCloskey et al.) of the intersection between public policy and the economy are both necessary and welcome. But the absence in these works of a nuanced conceptualization of the critical, constructive role of civil authority in the creation and maintenance of open, competitive markets, and the virtual absence of a concern for and understanding of the engines of real economic growth, results in scholarship that only (...)
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  40. Rutger J. G. Claassen (2009). Institutional Pluralism and the Limits of the Market. Politics, Philosophy and Economics 8 (4):420-447.
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  41. Marc A. Cohen (2010). The Narrow Application of Rawls in Business Ethics: A Political Conception of Both Stakeholder Theory and the Morality of Markets. Journal of Business Ethics 97 (4):563-579.
    This paper argues that Rawls’ principles of justice provide a normative foundation for stakeholder theory. The principles articulate (at an abstract level) citizens’ rights; these rights create interests across all aspects of society, including in the space of economic activity; and therefore, stakeholders – as citizens – have legitimate interests in the space of economic activity. This approach to stakeholder theory suggests a political interpretation of Boatright’s Moral Market approach, one that emphasizes the rights/place of citizens. And this approach to (...)
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  42. 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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  43. David Colander, Michael Goldberg, Armin Haas, Katarina Juselius, Alan Kirman, Thomas Lux & Brigitte Sloth (2009). The Financial Crisis and the Systemic Failure of the Economics Profession. Critical Review 21 (2-3):249-267.
    ABSTRACT Economists not only failed to anticipate the financial crisis; they may have contributed to it?with risk and derivatives models that, through spurious precision and untested theoretical assumptions, encouraged policy makers and market participants to see more stability and risk sharing than was actually present. Moreover, once the crisis occurred, it was met with incomprehension by most economists because of models that, on the one hand, downplay the possibility that economic actors may exhibit highly interactive behavior; and, on the other, (...)
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  44. Ronald A. Cordero (2000). Morality and the Minimum Wage. Journal of Social Philosophy 31 (2):207–222.
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  45. Tyler Cowen (2002). Prelude to Political Economy, Kaushik Basu. Cambridge University Press, 2000, XV + 288 Pages. [REVIEW] Economics and Philosophy 18 (1):183-204.
  46. Tyler Cowen (1991). Can Keynesianism Explain the 1930s? Rejoinder to Smiley. Critical Review 5 (1):115-120.
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  47. Tyler Cowen (1989). Why Keynesianism Triumphed or, Could so Many Keynesians Have Been Wrong? Critical Review 3 (3-4):518-530.
    Defenders of laissez?faire have not successfully explained the historical experience of the Great Depression. Unemployment was widespread and persistent and cannot be ascribed to government intervention. Legal restrictions offer at best a partial explanation of why real wages did not fall. The Keynesian world view is also supported by experience with investment and equity market volatility, the conversion of Lionel Robbins, the wartime recovery, and the success of postwar macroeconomic performance. Some concluding remarks address how the case for laissez?faire might (...)
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  48. Frank Cunningham (2005). Market Economies and Market Societies. Journal of Social Philosophy 36 (2):129–142.
    One would be hard pressed these days to find any defenders of the sort of full-blown economic plannification characteristic of the late Soviet Union and other Communist states, and with good reason given their economic inefficiency. The departure from plannification is, of course, celebrated by neo-liberal champions of capitalism. Critics of unbridled capitalism are less enthusiastic about the embrace of economic markets, which are correctly seen as promoting inequalities and objectionably competitive values. A question put to themselves by the critics (...)
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  49. Herman E. Daly (1992). Free‐Market Environmentalism: Turning a Good Servant Into a Bad Master. Critical Review 6 (2-3):171-183.
    The virtue of internalizing environmental costs so that prices reflect full social opportunity costs at the margin, reaffirmed by Terry Anderson and Donald Leal, is unarguable. Beyond that, however, Anderson and Leal's Free Market Environmentalism neglects the classic works in the intellectual tradition to which it is supposed to be a contribution; is unconvincing and inconsistent in the functions it ascribes to the ?environmental entrepreneur?; conflates problems of distribution and scale with the problem of allocation; ignores international dimensions; and misrepresents (...)
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  50. John B. Davis (2013). Soros's Reflexivity Concept in a Complex World: Cauchy Distributions, Rational Expectations, and Rational Addiction. Journal of Economic Methodology 20 (4):368-376.
    George Soros makes an important analytical contribution to understanding the concept of reflexivity in social science by explaining reflexivity in terms of how his cognitive and manipulative causal functions are connected to one another by a pair of feedback loops (Soros, 2013). Fallibility, reflexivity and the human uncertainty principle. Here I put aside the issue of how the natural sciences and social sciences are related, an issue he discusses, and focus on how his thinking applies in economics. I argue that (...)
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