A review of U. Mäki (ed.). Fact and Fiction in Economics, Cambridge: Cambridge University Press, 2003. pp. xvi 384. ISBN 0521 00957. As people interested mainly in theory, methodologists and philos...

This paper challenges the first Gettier counterexample to the tripartite account of knowledge. Noting that 'the man who will get the job' is a description and invoking Donnellan's distinction between their 'referential' and 'attributive' uses, I argue that Smith does not actually believe that the man who will get the job has ten coins in his pocket. Smith's ignorance about who will get the job shows that the belief cannot be understood referentially, his ignorance of the coins in his pocket (...) shows that it cannot be understood attributively. An explanation for why Smith appeared to have justified true belief is given by distinguishing between 'belief' and 'belief in truth'. Smith believes the sentence 'the man who will get the job has ten coins in his pocket' to be true (he mistakenly believes that Jones will get the job, of whom he knows that he has ten coins in his pocket) (hence his 'belief'), the sentence is true (hence 'truth'), and he has sufficient reason to assent to it (hence his 'justification'). But he does not believe the proposition expressed. Hence he does not know it either. (shrink)

Economics is probably the most subtle, precise and powerful of the social sciences and its theories have deep philosophical import. Yet the dominant alliance between economics and philosophy has long been cheerfully simple. This is the textbook alliance of neo-Classicism and Positivism, so crucial to the defence of orthodox economics against by now familiar objections. This is an unusual book and a deliberately controversial one. The authors cast doubt on assumptions which neo-Classicists often find too obvious to defend or, indeed, (...) to mention. They set out to disturb an influential concensus and to champion an unpopular cause. Although they go deeper into both philosophy and economics than is usual in interdisciplinary works, they start from first principles and the text is provokingly clear. This will be a stimulating book for all economic theorists and philosophers interested in the philosophy of science and social science. (shrink)

Hausman and McPherson provide an evidential defense of welfare economics, arguing that preferences are not constitutive of welfare but nevertheless provide the best evidence for what promotes welfare. Behavioral economics identifies several ways in which some people's preferences exhibit anomalies that are incoherent or inconsistent with rational choice theory. I argue that the existence of these behavioral anomalies calls into question the evidential defense of welfare economics. The evidential defense does not justify preference purification, or eliminating behavioral anomalies before conducting (...) welfare analysis. But without doing so, the evidential defense yields implausible welfare implications. I discuss how the evidential defense could be modified to accommodate behavioral anomalies. (shrink)

Introduction -- Why we need a holistic economic model -- What is Buddhist economics? -- Interdependent with each other -- Interdependent with our environment -- Prosperity for both rich and poor -- Measuring quality of life -- Leap to Buddhist economics.

Nietzsche distinguished between two forces in art: Apollonian, which represents order and reason, and Dionysian, which represents chaos and energy. Economists, Ward argues, have operated for too long under the assumption that their work reflects the scientific, Apollonian principals that inform physics when they simply do not apply to economics: 'constants' in economics stand in for variables, and the core scientific principles of prediction and replication are all but ignored by economists. Ward encourages economists to reintegrate the standard rigor of (...) the scientific method into their work while embracing the fact of the shape-shifting changeability of human beings. Economists can still aspire to scientific standards, as is demonstrated by the success of biology, in which there is considerable Dionysian variability. Economists must avoid the temptation to wish away dynamic complexity and diversity and must recognize, among other things, that the desire to take risks is fundamentally human. The second half of the book takes some first steps toward creating this new Dionysian Economics. (shrink)

Part I. Political questions -- To the peacemakers -- New sceptisism -- Jewish problems -- The struggle between truth and propaganda -- Rights and duties of science -- History and hope : an analysis of our age -- A postscript -- Why we did we destroy Europe? -- Part II. Economic and social theory -- Collectivist planning -- Profits and enterprise -- The foolishness of history -- Toward a theory of conspicuous production -- The determinants of social actions -- (...) On liberalism and liberty -- Part III. The theory and practice of science -- Science : observation and belief -- Science and reality -- Creative imagination -- Genius in science -- Life transcending physic and chemistry -- Do life processes transcend physics and chemistry? -- Part IV. Mind, religion, art -- The hypothesis of cybernetics -- The body-mind revolution -- The scientific revolution -- Polanyi's logic-answer -- What is a painting. (shrink)

The notion of economic violence has long been recognized in the work of Johan Galtung and others. The work of Thomas Pogge and the field of global justice have addressed the impact of economic disparities between the Global North and the Global South, and their impact on human well-being, and social and economic development more broadly. Patents, publication in scholarly journals, academic collaborations, access to academic journals, and so forth do not on their face seem to be (...) closely tied to indicators of human well-being. However, disparities in knowledge production, including access to academic resources and publication venues, are tied directly or indirectly to infrastructure, food security, health and mortality rates, employment, and gender equity. (shrink)

This book examines the relationship between race, religion, and economics within the black church. The book features unheard voices of individuals experiencing economic deprivation and the faith communities who serve as their refuge. Thus, this project examines the economic ethics of black churches in the rural South whose congregants and broader communities have long struggled amidst persistent poverty. Through a case study of communities in Alabama's Black Belt, this book argues that if the economic ethic of the (...) Black Church remains accommodationist, it will continue to become increasingly irrelevant to communities that experience persistent poverty. Despite its historic role in combatting racial oppression and social injustice, the Church has also perpetuated ideologies that uncritically justify unjust social structures. Wilson shows how the Church can shift the conversation and reality of poverty by moving from a legacy of accommodationism and toward a legacy of empoweri ng liberating economic ethics. (shrink)

The possibility of enhancing human abilities often raises public concern about equality and social impact. This chapter aims at one particular group of technologies, cognitive enhancement, and one particular fear, that enhancement will create social divisions and possibly expanding inequalities. The chapter argues that cognitive enhancements could offer significant social and economic benefits. The basic forms of internal cognitive enhancement technologies foreseen today are pharmacological modifications, genetic interventions, transcranial magnetic stimulation, and neural implants. Cognitive enhancements can influence the economy (...) through reduction of losses, individual economic benefits, and society‐wide benefits. The strongest objection to the introduction of any enhancement technology is that it will create inequality, injustice, and unfairness. While there are clear economic and social benefits to cognitive enhancement, there exist anumber of obstacles to its development and use. One obstacle is the present system for licensing drugs and medical treatments. (shrink)

In an attempt to re-envision economics, the paper analyses Robert Heilbroner’s philosophy of economics through the lens of Max Weber’s philosophy of science. Specifically, Heilbroner’s position on vision, ideology and value-freedom is examined by contextualising it within a framework of … More ›.

In the economic debate, power is defined and studied mainly as an interpersonal relation occurring out of perfect competition. This is a consequence of the combination of methodological individualism and the assumption of competition as a natural and everlasting coordinating mechanism, operating without any sort of coercion. This methodology, however, is not adequate to analyze the forms of social coercion that characterize capitalism. " Economics and Power" criticizes the main theories of power developed in economic literature, analyzing ultraliberal (...) contractualism to radical political economics, and ultimately suggesting a Marxist conception of power and coercion in capitalism. Palermo s ontological argument is rooted in the philosophy of critical realism.This unique volume presents his main finding as being that the essential coercive mechanism of capitalism is competition. Capitalist power is not caused by a lack of competition, but by the central role it plays in this mode of production. Following this, the chapters reconstruct a Marxian conception of power where it is analyzed as a social relation and argues that perfect competition does in fact exist under the disguise of capitalist power. This book criticizes the construct of power and the underlying ideas surrounding perfect competition. This book is of interest to those who study political economy, as well as economic theory and philosophy. ". (shrink)

There is an increasingly widespread belief, both within and outside the discipline, that modern economics is irrelevant to the understanding of the real world. Economics and Reality traces this irrelevance to the failure of economists to match their methods with their subject, showing that formal, mathematical models are unsuitable to the social realities economists purport to address. Tony Lawson examines the various ways in which mainstream economics is rooted in positivist philosophy and examines the problems this causes. It focuses on (...) human agency, social structure and their interaction and explores how the understanding of this social phenomena can be used to transform the nature of economic practice. Economics and Reality concludes by showing how this newly transformed economics might set about shaping economic policy. (shrink)

The centenary of E.F. Schumacher's birth (1911-1977) offered an urgent opportunity to revisit his work and life. Against the background of the crisis at the beginning of this century, reconsidering Schumacher's Small is Beautiful or frugality paradigm makes clear that advances in responsible economics continue to be a priority. This book contains the proceedings of the 2001 Annual Conference of the European SPES Forum on "Responsibility in Economics and Business: The Legacy of E.F. Schumacher", which was organised in September 2011 (...) by the Centre for Ethics of the University of Antwerp. (shrink)

Our socio-economic innovation ecosystem is riddled with ever-increasing complexity, as we are faced with more frequent and intense shocks, such as COVID-19. Unfortunately, addressing complexity requires a different kind of economic governance. There is increasing pressure on economics to not only going beyond its traditional mainstream boundaries but also to tackle real-world problems such as fostering structural change, enhancing sustained growth, promoting inclusive development in the era of the digital economy, and boosting green growth, while addressing the divide (...) between the financial sector and the real economy. This book demonstrates how to apply complexity science to economics, in an effective and instructive way, in the interest of life-enhancing policies. The book revolves around the non-negligible problem of why economics, to date, seems to be insufficient in guiding economic governance to navigate through real and ever-intensifying complex socio-economic and environmental challenges. With its interdisciplinary approach, the book scans the nuanced nexus between complexity and economics by incorporating, as well as transcending the state-of-the-art literature. It identifies ways to trigger opportunities for behaviour change in the economic profession with respect to how to teach and what, introducing and developing further complexity economics thinking with the configuration of its main principles and outlining the silhouette of next-generation economic governance. The book deciphers recommendations both for economic theory, practice, and education and economic governance. It will be of interest to students, scholars, academics, think tank researchers and economic policy practitioners at the national and/or supranational level. Olivér Kovács is a senior research fellow in the Department of Economics and International Economics at the University of Public Service, Budapest, Hungary. (shrink)

INTRODUCTION STATEMENT OF THE THESIS To the student of the social sciences it is interesting to observe the process by which, in one respect at least, ...

This chapter describes how Buddhist economics can proactively contribute to the concept of conscious capitalism by importing Buddhist ethical principles to give concrete content to the aspirational idea of conscious capitalism. Conscious capitalism becomes ethically conscious capitalism with its Buddhist complement. For Buddhism, the central motivation for human behavior is deep compassion for all sentient beings. In Buddhist economics, compassion is translated into compassion for the poorest. Hunger, thirst, homelessness, lack of medical care and education are the needs of a (...) huge percentage of the human population on earth who exist in continuing poverty. The argument of this chapter is that poverty is not a cause; it is an effect. It is only by altering our economic motivations and practices that we can apply Buddhist ethics to addressing the problem of world inequality. Seeing ourselves as consumers is a key to the problem. If we identify ourselves as consumers, we cannot be thinking of others. We are thinking of what we can acquire and accumulate for ourselves. It is this primal attitude that is the source of the philosophical problems that are at the root of inequality and inequity in the world. A frequent interpretation of Buddhist economics is to counsel us to be minimalist in our consumption needs. In this chapter, it is argued that we need to focus on ourselves as ethical producers. We should focus on producing economic goods and services that better the life conditions of the global poor. Such a focus considers the consequences of our economic production of goods and services and meets the definition of practicing capitalism with mindful awareness. Such an alteration of economic motivation and action fulfills the principal ethics of Buddhism and gives concrete design and purpose to the idea of conscious capitalism. Ethically conscious Buddhist economics enables universal compassion to reach all human beings. (shrink)

The book highlights the ethical aspects and issues that are inherent to economics in the context of today's prominent social institutions. It reviews a range of problems concerning dominant social institutions, namely markets, government agencies, corporate entities, financial networks, and religious systems. Further, in each case, the book takes a detailed look at the economic problems as they arise within a broader sociological and political environment, taking into account the respective ethical/philosophical paradigms. It analyzes from an ethical point of (...) view topics like the evolution of economic thought, happiness and spirituality, and human values in relation to ethics. (shrink)

In this paper I consider various shifts in my research and understanding stimulated by seeking how to combat social ecological crises connected to modern economies. The discussion and critical reflections are structured around five papers that were submitted to Environmental Values in an open call to address my work. A common aspect is the move away from neoclassical environmental economics, and its reductionist monetary valuation, to a more realist theory and multiple methods. This relates to my work on environmental ethics, (...) plural values, stated preference validity and deliberative monetary valuation. Expanding beyond the narrow confines of mainstream orthodoxy has involved exploring a range of other disciplines (e.g. applied philosophy, social psychology, human geography, political science, social anthropology, history of thought and philosophy of science) and learning from this literature to rethink economics and develop social ecological economics. A broad range of subjects are covered here, including: personal responsibility, social practice, psychology of the individual, participatory processes, value (intrinsic, instrumental and relational), Nature–society relationships and interdependencies, critical realism and the conduct of unifying interdisciplinary science. I end with a series of comments concerning the failings of orthodox economics and the conduct of scientific research for social ecological transformation. (shrink)