In his lectures on neoliberalism, Michel Foucault argues that neoliberalism produces subjects as ‘entrepreneurs of themselves’. He bases this claim on Gary Becker’s conception of the utility-maximizing agent who solely acts upon cost/benefit-calculations. Not all neoliberalized subjects, however, are encouraged to maximize their utility through mere calculation. This article argues that Foucault’s description of neoliberal subjectivity obscures a non-calculative, more audacious side to neoliberal subjectivity. Precarious workers in the creative industries, for example, are encouraged not merely to rationally manage their (...) human capital, but also to take a leap of faith to acquire unpredictable successes. It is this latter risk-loving, extra-calculative side to neoliberal subjectivity that economists usually designate as ‘entrepreneurial’. By confronting Foucault with the theories of entrepreneurship of the Austrian School of Economics, Frank Knight, and Joseph Schumpeter, the Foucauldian analytical framework is enriched. Neoliberal subjectivation is not the monolithic promotion of utility-maximizing agents, but the generation of a multiplicity of modes for entrepreneurs to relate to oneself and the market. (shrink)

Robert Adcock, Mark Bevir, and Shannon C. Stimson, eds. Modern Political Science: Anglo-American Exchanges Since 1880, ix + 357 pp. $24.95/£15.95 p...

El presente trabajo se propone mostrar los puntos de contacto existentes entre el desarrollo de la noción de simpatía en La Teoría de los Sentimientos Morales y el desarrollo de la noción de valor en La Riqueza de las Naciones. En cada una de sus dos obras, Smith elige a la noción de simpatía y a la noción de valor como principios fundamentales para la armonía de la conducta social y del sistema de intercambio mercantil, respectivamente. Pero, en ambos casos, (...) esos principios rigen solamente en sociedades pequeñas y no en la sociedad de carácter universal que asomaba ya en la época smithiana, donde el individuo moderno ya no tiene lazos de afecto con todos los miembros de la sociedad y, asimismo, desconoce los esfuerzos necesarios para producir todas las mercancías necesarias para su vida cotidiana. (shrink)

This paper explores the methodological foundations of Thomas Piketty's recent book Capital in the twenty-first century. The current literature on Piketty's work lacks consensus as to which paradigm of economic thought Capital fits into. In response to that literature, this paper argues that Piketty offers a new methodological direction for economic science in the form of an analytical 'new-historicism'. The central emphasis of this methodology is an analysis of general dynamic laws on three levels: distribution, institutions, and history. A new-historical (...) methodological framework applies new analytical tools to old economic problems raised by Smith, Ricardo, Marx, and others. This distinguishes Piketty's framework from other contending paradigms or schools of economic thought, thereby alleviating confusion in the current literature surrounding Piketty's book. (shrink)

The dominant contemporary interpretation of Adam Smith’s thought endeavors to show his anti-state attitude. According to this interpretation, Smith, as the father of economics would also be an opponent of state interference in the activity of private entities. The purpose of this work is a comprehensive presentation of the social system described by a Scottish philosopher. This task is accomplished by drawing attention to Smith’s views on the state and the law, as well as on his participation in the creation (...) of an area of knowledge known then as political economy. In order to reconcile the seemingly inconsistent views presented in Smith’s most famous works, the main subject of this analysis are the less frequently studied _Lectures on Jurisprudence_. This book, which offers Smith’s views on the role of the state and law, is the key to the correct reading of the thesis put in _Theory of Moral Sentiments_ and _An Inquiry into the Nature and Causes of the Wealth of Nations_. The social system emerging from these works referred to by Smith as the civil government, can in retrospect be regarded as the progenitor of liberal democracy. The state and the law play a vital role in the economic life of this system. (shrink)

Mainstream views concerning the uselessness or usefulness of HET are illustrated. These rely on a hidden assumption: a 'cumulative view' according to which the provisional point of arrival of contemporary economics incorporates all previous contributions in an improved way. Critiques of positivism led philosophy of science to recognise the existence of different approaches – in economics, as in other sciences. Conceptualisation, recognised by Schumpeter as the first stage in economic theorising, is the stage in which the different visions of the (...) world underlying the different approaches, take shape – and are better recognised. In this, HET plays an essential role. As an illustration, the differences between the classical and marginalist conceptualisations of the economy are illustrated. Thus HET is essential in both undergraduate and graduate economic curricula, as a decisive help towards a better understanding and evaluation of formalised theories/models in the first case, and as an education to the philological method of research, essential in the first stage of theorising, in the case of graduate curricula. (shrink)