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, assume (...) that any homogeneity will involve economic actors sharing the economist’s own putatively correct model of the economy, so that error can stem only from an exogenous shock. The financial crisis presents both an ethical and an intellectual challenge to economics, and an opportunity to reform its study by grounding it more solidly in reality. (shrink)

The goal of this article is to provide a slightly different spin on economists' use of the positive-normative distinction by providing some context for its use. The major difference is the following: philosophers and philosophically oriented economists, such as Hilary Putnam and John Davis, see the positive-normative distinction in economics as following from the logical positivist position, and they interpret comments made by economists as reflecting scientific methodological positions that have long since been repudiated by philosophers of science. This article (...) argues that economists' use of the positive-normative distinction developed from the Mill–Keynes methodological tradition, which did not hold logical positivist views. Instead, it had pragmatic purposes and was designed to encourage economists to be more modest in their claims for the implications of economic theory. We conclude by arguing that economist's current use of the positive-normative distinction is problematic, as Davis suggests, but th.. (shrink)

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, (...) assume that any homogeneity will involve economic actors sharing the economist’s own putatively correct model of the economy, so that error can stem only from an exogenous shock. The financial crisis presents both an ethical and an intellectual challenge to economics, and an opportunity to reform its study by grounding it more solidly in reality. (shrink)

This paper considers the debate between economists and philosophers about the role of values in economic analysis by examining the recent debate between Hilary Putnam and Sir Partha Dasgupta. It argues that although there has been a failure to communicate there is much more agreement than it seems. If Dasgupta's work is seen as part of the methodological tradition expounded by John Stuart Mill and John Neville Keynes, economists and philosophers will have a better basis for understanding each other. Unlike (...) the logical-positivist tradition, which treats facts and values as two mutually exclusive concepts, the Mill- Keynes tradition recognizes that facts and values are intertwined. Unlike the Smithian tradition, which blends the study of facts and normative rules, it divides economics into a science that studies "what is" and an art which considers "what ought to be done". (shrink)

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 (...) economics, macroeconomists should rather re-embrace the broader Classical economic tradition, of which Keynes was an important part. (shrink)

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 (...) economics, macroeconomists should rather re-embrace the broader Classical economic tradition, of which Keynes was an important part. (shrink)

(2013). The systemic failure of economic methodologists. Journal of Economic Methodology: Vol. 20, Methodology, Systemic Risk, and the Economics Profession, pp. 56-68. doi: 10.1080/1350178X.2013.774848.

Macroeconomics is evolving in an almost dialectic fashion. The latest evolution is the development of a new synthesis that combines insights of new classical, new Keynesian and real business cycle traditions into a dynamic, stochastic general equilibrium model that serves as a foundation for thinking about macro policy. That new synthesis has opened up the door to a new antithesis, which is being driven by advances in computing power and analytic techniques. This new synthesis is coalescing around developments in complexity (...) theory, automated general to specific econometric modeling, agent-based models, and non-linear and statistical dynamical models. This book thus provides the reader with an introduction to what might be called a Post Walrasian research program that is developing as the antithesis of the Walrasian DSGE synthesis. (shrink)

This book, first published in 1989, contains a spirited debate between eminent economists, journalists, and publishers about the spread of economic ideas. Using many of the same ideas as do the rhetorical and sociological philosophical schools, the contributors to this book discuss the spread of economic ideas in readily understandable English. The examination of the flow of ideas among economists and from economists to the public is followed by a discussion of the public policy use and abuse of these concepts. (...) A final section provides insights into the funding of ideas and the incentives to make economics more relevant. The dialogue among the book's contributors provides both the lay reader and the interested professional with fascinating insights into what happens behind the scenes in academia, publishing, and journalism. (shrink)

Bryan Caplan’s Myth of the Rational Voter overstates its case against democracy by not dealing with what might be called the historical/instrumentalist argument for democracy. The case for democracy that he attacks is primarily an academic exercise, which makes his argument against that case also an academic exercise. The supposed policy choice that Caplan presents between the market and democracy is not the correct choice, and the notion that economists should be given more voting weight in the democratic decision process (...) is normatively inappropriate. (shrink)

The issue of physician refusal of requested treatment has fueled a two-pronged debate in our society-one on the meaning of futility and the other on the limits of patient autonomy. The latter is a genuinely philosophic dispute; the former, it seems, is a modern relapse into nominalism.It is not the meaning of a word, but the moral basis for the actions of the par-ticipants that should be the focus of our attention, Yet the medical literature distracts us with articles titled (...) “Medical Futility: Its Meaning and Ethical Implica-tions” “The Problem with Futility” “Who Defines Futility?,” “The Illusion of Futility,” and even “Beyond Futility.”The history of the futility debate, which was launched by a 1983 study of Bedell and Delbanco that demonstrated the ineffectiveness of CPR for certain catego-ries of patients, has been documented elsewhere. Here we will inquire if the term, and its rapid intrusion into the medical lexicon, serves a useful purpose or if, as Truog suggested, we would all be better off if this new buzzword were jettisoned. (shrink)

We attempt to clarify divisions made by us in previous work (Colander et al., 2004a,b) between “orthodox, mainstream, and heterodox” in economics, following very useful remarks in Dequech (2007-08), whom we thank. We also provide specific advice for heterodox economists, namely: worry less about methodology, focus on being economists first and heterodox economists second, and prepare ideas to leave the incubator of heterodoxy to enter the mainstream economic debate.

This grounded study investigated the negotiation of authorship by faculty members, graduate student mentors, and their undergraduate protégés in undergraduate research experiences at a private research university in the northeastern United States. Semi-structured interviews using complementary scripts were conducted separately with 42 participants over a 3 year period to probe their knowledge and understanding of responsible authorship and publication practices and learn how faculty and students entered into authorship decision-making intended to lead to the publication of peer-reviewed technical papers. Herein (...) the theoretical model for the negotiation of authorship developed through the analysis of these interviews is reported. The model identifies critical causal and intervening conditions responsible for the coping strategies faculty and students employ, which, in our study, appear to often produce unfortunate consequences for all involved. The undergraduate student researchers and their graduate student mentors interviewed in this study exhibited a limited understanding of authorship and the requirements for authorship in their research groups. The power differential between faculty and students, the students’ limited epistemic development, the busy-ness of the faculty, and the faculty’s failure to prioritize authorship have been identified as key factors inhibiting both undergraduate and graduate students from developing a deeper understanding of responsible authorship and publication practices. Implications for graduate education and undergraduate research are discussed, and strategies for helping all students to develop a deeper understanding of authorship are identified. (shrink)

In this paper, I take up the conciliatory-steadfast debate occurring within social epistemology in regards to the phenomenon of peer disagreement. I will argue, because the conciliatory perspective al-lows us to understand argumentation pragmatically—as a method of problem-solving within a community rather than as a method for obtaining the truth—that in most cases, we should not simply agree to disagree.

Certainty The following article provides an overview of the philosophical debate surrounding certainty. It does so in light of distinctions that can be drawn between objective, psychological, and epistemic certainty. Certainty consists of a valuable cognitive standing, which is often seen as an ideal. It is indeed natural to evaluate lesser cognitive standings, in particular … Continue reading Certainty →.

Trust is a topic of longstanding philosophical interest. It is indispensable to every kind of coordinated human activity, from sport to scientific research. Even more, trust is necessary for the successful dissemination of knowledge, and by extension, for nearly any form of practical deliberation and planning. Without trust, we could achieve few of our goals and would know very little. Despite trust’s fundamental importance in human life, there is substantial philosophical disagreement about what trust is, and further, how trusting is (...) normatively constrained and best theorized about in relation to other things we value. This entry is divided into three sections, which explore key (and sometimes interconnected) ethical and epistemological themes in the philosophy of trust: (1) The Nature of Trust; (2) The Normativity of Trust, and (3) The Value of Trust. (shrink)

Existence Since Thales fell into the well while gazing at the stars, philosophers have invested considerable effort in trying to understand what, how and why things exist. Even though much ink has been spilled about those questions, this article focuses on the following three questions: What is the nature of existence? Are there … Continue reading Existence →.

The purpose of this article is to investigate how sex segregation, social class, and gender are analytically related to occupational stratification. Recent discussions of women and men in the labor force revolve around whether a sex-segregated model in which sex of the worker affects placement, a pure social class model using classical criteria, or a gendered social class model in which social organizational processes of a gendered social class structure affect positioning in the stratification system. This article addresses the influence (...) that social class and gender have on stratification in the labor market. Data from the 1972-82 General Social Survey on 371 occupations, representing 7,541 male and female workers, are used to formulate a social class scheme based on all workers' characteristics. In comparing the models, the analyses show that an integrated gendered social class perspective is consistent with the empirical differentiation found among women and men in the labor force. (shrink)

Sidgwick's seminal textThe Methods of Ethicsleft off with an unresolved problem that Sidgwick referred to as the dualism of practical reason. The problem is that employing Sidgwick's methodology of rational intuitionism appears to show that there are reasons to favour both egoism and utilitarianism. Katarzyna de Lazari-Radek and Peter Singer offer a solution in the form of an evolutionary debunking argument: the appeal of egoism is explainable in terms of evolutionary theory. I argue that like rational prudence, rational benevolence is (...) subject to debunking arguments and so problematic, but also – and more importantly – that debunking arguments are irrelevant in the debate over the dualism of practical reason on the view of reason and rational intuitionism that Lazari-Radek and Singer embrace. Either both egoism and utilitarianism are debunked, or neither are. If I am right, Sidgwick's dualism is left standing. (shrink)

Dynamic Epistemic Logic This article tells the story of the rise of dynamic epistemic logic, which began with epistemic logic, the logic of knowledge, in the 1960s. Then, in the late 1980s, came dynamic epistemic logic, the logic of change of knowledge. Much of it was motivated by puzzles and paradoxes. The number … Continue reading Dynamic Epistemic Logic →.

Duality in Logic and Language [draft--do not cite this article] Duality phenomena occur in nearly all mathematically formalized disciplines, such as algebra, geometry, logic and natural language semantics. However, many of these disciplines use the term ‘duality’ in vastly different senses, and while some of these senses are intimately connected to each other, others seem to be entirely … Continue reading Duality in Logic and Language →.

This collection of essays examines the ways in which disputes and controversies about the application of scientific knowledge are resolved. Four concrete examples of public controversy are considered in detail: the efficacy of Laetrile, the classification of homosexuality as a disease, the setting of safety standards in the workplace, and the utility of nuclear energy as a source of power. The essays in this volume show that debates about these cases are not confined to matters of empirical fact. Rather, as (...) is seen with most scientific and technical controversies, they focus on and are structured by complex ethical, economic, and political interests. Drs. Engelhardt and Caplan have brought together a distinguished group of scholars from the sciences and humanities, who sketch a theory of scientific controversy and attempt to provide recommendations about the ways in which both scientists and the public ought to seek more informed resolutions of highly contentious issues in science and technology. Scientific Controversies is offered as a contribution to the better understanding of the roles of both science and nonscientific interests in disputes and controversies pertaining to science and technology. (shrink)

ABSTRACT: In memory of Professor Louise Marcil, from the University of Montreal, who died prematurely in April 1995, this special issue of Dialogue is dedicated to Equality. In addition to presenting the various contributions, the Introduction traces the main strands of Louise Marcil’s work on equality. The impressive corpus of her writings on the subject is characterized throughout by sensitivity to the historical and conceptual complexity of egalitarian theories and policies and by a depth of scholarship, the richness of which (...) defies classification into traditional philosophical schools. Moreover, far from being merely abstract scholarship, this work was clearly intended to strengthen actual egalitarian social projects, to which Louise Marcil was passionately committed. The contributions to this special issue of Dialogue have been selected in large part to reflect the diversity and scholarly standards of Louise Marcil’s approach to equality as well as its engaged spirit. (shrink)

The main theme that pervades this Festschrift, written by fellow-scholars and students of Bodde for his seventy-fifth birthday, is that of the proper ordering of the universe as it obtains in the Chinese tradition.

Meaning and Context-Sensitivity Truth-conditional semantics explains meaning in terms of truth-conditions. The meaning of a sentence is given by the conditions that must obtain in order for the sentence to be true. The meaning of a word is given by its contribution to the truth-conditions of the sentences in which it occurs. What a speaker … Continue reading Meaning and Context-Sensitivity →.

Excerpts from the messages to the Giordano Bruno GlobalShift University on the occasion of its World Education Forum in Budapest, on September 9, 2011. compiled by Ervin Laszlo. It is fitting that...

This book is about the ethical issues arising in the course of business, especially those affecting people working in Asia. Each chapter offers a different perspective and the positions taken vary greatly from one writer to another.

Free swimming cells of the ciliated protozoan Tetrahymena are attracted to certain chemicals by chemokinesis. However, a special type of chemotaxis in response to a chemical gradient is found in cells gliding very slowly in semisolid media. In contrast to classical chemotaxis by leukocytes, which is solely positive towards chemo‐attractants, the oriented chemokinesis by gliding Tetrahymena involves both positive and negative elements. The major chemo‐attractants are peptides and/or proteins, and they may be compounds which signal the presence of food in (...) the natural environment of this freshwater phagotroph. (shrink)