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  1. Hayek's Epistemic Theory of Industrial Fluctuations.Scott Scheall - manuscript
    F.A. Hayek essentially quit economic theory and gave up the phenomena of industrial fluctuations as an explicit object of theoretical investigation following the publication of his last work in technical economics, 1941’s The Pure Theory of Capital. Nonetheless, several of Hayek’s more methodologically-oriented writings bear important implications for economic phenomena, especially those of industrial fluctuations. Decisions (usually, for Hayek, of a political nature) taken on the basis of a “pretence” of knowledge impede the operation of the price system’s belief-coordinating function (...)
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  2. Identity Economics by Akerlof and Kranton [Review].John Davis - forthcoming - Economics and Philosophy.
  3. Triangulation: A Retroduction Approach in the Reorientation of Social Science Research for Central Bank Policy in Sierra Leone.Emerson Abraham Jackson - forthcoming - African Journal of Economic and Management Studies 9 (2).
    The article addresses critical discourses pertaining to triangulation methodology as a step forward in dealing with policy formulation, particularly at the Bank of Sierra Leone. Alternative prescriptive measure like critical discourse analysis have been proposed as a means to the cutting head development in bridging the gap between orthodox and heterodox views of economic sciences investigations.
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  4. Two Strands of Field Experiments in Economics: A Historical-Methodological Analysis.Michiru Nagatsu & Judith Favereau - 2020 - Philosophy of the Social Sciences 50 (1):45-77.
    While the history and methodology of laboratory experiments in economics have been extensively studied by philosophers, those of field experiments have not attracted much attention until recently. What is the historical context in which field experiments have been advocated? And what are the methodological rationales for conducting experiments in the field as opposed to in the lab? This article addresses these questions by combining historical and methodological perspectives. In terms of history, we show that the movement toward field experiments in (...)
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  5. The General Theory of Second Best Is More General Than You Think.David Wiens - 2020 - Philosophers' Imprint 20 (5):1-26.
    Lipsey and Lancaster's "general theory of second best" is widely thought to have significant implications for applied theorizing about the institutions and policies that most effectively implement abstract normative principles. It is also widely thought to have little significance for theorizing about which abstract normative principles we ought to implement. Contrary to this conventional wisdom, I show how the second-best theorem can be extended to myriad domains beyond applied normative theorizing, and in particular to more abstract theorizing about the normative (...)
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  6. How to Read The Wealth of Nations.Jonathan Hearn - 2018 - Sociological Theory 36 (2):162-184.
    This article challenges the idea that competition was central to Adam Smith’s thinking by scrutinizing the concept’s role in Smith’s work, particularly The Wealth of Nations. We will understand Smith’s perspective better if we avoid reading later developments of the concept, particularly in economics, back into Smith’s times and writings. Conversely, I argue that the division of labor is the governing idea providing the basic organizational structure of Wealth of Nations. Clarifying (and demoting) the role of competition in Smith’s thinking (...)
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  7. Robots and Us: Towards an Economics of the ‘Good Life’.C. W. M. Naastepad & Jesse M. Mulder - 2018 - Review of Social Economy:1-33.
    (Expected) adverse effects of the ‘ICT Revolution’ on work and opportunities for individuals to use and develop their capacities give a new impetus to the debate on the societal implications of technology and raise questions regarding the ‘responsibility’ of research and innovation (RRI) and the possibility of achieving ‘inclusive and sustainable society’. However, missing in this debate is an examination of a possible conflict between the quest for ‘inclusive and sustainable society’ and conventional economic principles guiding capital allocation (including the (...)
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  8. Strategizing with Others' Misperceptions of Luck in Extreme Performances.Chengwei Liu - 2017 - Academy of Management Proceedings 2017 (1).
    Research suggests that people tend to be fooled by randomness and mistake luck for skill, particularly when evaluating extreme performances. I argue that these predictable mistakes can be translated into a source of competitive advantage: informed managers can exploit others’ misperceptions of luck, such as by arbitraging in strategic factor markets. I then discuss limits to this arbitrage strategy due to social constraints: stakeholders may not be able to accurately evaluate performances and may disapprove atypical strategic activities, suggesting that only (...)
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  9. Linguistic Structures and Economic Outcomes.Clas Weber & Astghik Mavisakalyan - 2017 - Journal of Economics Surveys 32 (3):916-939.
    Linguistic structures have recently started to attract attention from economists as determinants of economic phenomena. This paper provides the first comprehensive review of this nascent literature and its achievements so far. First, we explore the complex connections between language, culture, thought and behaviour. Then, we summarize the empirical evidence on the relationship between linguistic structures and economic and social outcomes. We follow up with a discussion of data, empirical design and identification. The paper concludes by discussing implications for future research (...)
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  10. Idealization Xiv: Models in Science.Giacomo Borbone & Krzysztof Brzechczyn (eds.) - 2016 - Brill | Rodopi.
    The book "Idealization XIV: Models in Science" offers a detailed ontological, epistemological and historical account of the role of models in scientific practice. The volume contains contributions of different international scholars who developed many aspects of the use of idealizations and models both in the natural and the social sciences. This volume is particularly relevant because it offers original contributions concerning one of the main topic in philosophy of science: the role of models in such branches of the sciences and (...)
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  11. Between Isolations and Constructions: Economic Models as Believable Worlds.Lukasz Hardt - 2016 - Poznan Studies in the Philosophy of the Sciences and the Humanities 106.
    As the title of this essay suggests, my concern is with the issue of what are economic models. However, the goal of the paper is not to offer an in-depth study on multiple approaches to modelling in economics, but rather to overcome the dichotomical divide between conceptualizing models as isolations and constructions. This is done by introducing the idea of economic models as believable worlds, precisely descriptions of mechanisms that refer to the essentials of the modelled targets. In doing so (...)
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  12. Genuine, Non-Calculative Trust with Calculative Antecedents: Reconsidering Williamson on Trust.Marc A. Cohen - 2014 - Journal of Trust Research 4 (1):44-56.
    This short paper defends Oliver Williamson’s (1993) claim that talk of trust is ‘redundant at best and can be misleading’ when trust is defined as a form of calculated risk (p. 463). And this paper accepts Williamson’s claim that ‘Calculative trust is a contradiction in terms’ (p. 463). But the present paper defends a conception of genuine, non-calculative trust that is compatible with calculative considerations and calculative antecedents. This conception of trust creates space for genuine (non-calculative) trust relationships in the (...)
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  13. Logic, Rationality and Knowledge in Ramsey's Thought: Reassessing 'Human Logic'.Marion Gaspard - 2014 - Journal of Economic Methodology 21 (2):139-157.
    This paper reconsiders Frank Ramsey's essay on subjective probability (1926) as a consistent way to articulate logic, rationality and knowledge. The first part of the essay builds an axiomatic theory of subjective probability based on ‘formal logic’, defining rationality as choice-consistency. The second part seems to open up different horizons: the evaluation of degrees of belief by ‘human logic’. Because of the interest Keynes (1931) had taken in ‘human logic’, it was considered to be a possible alternative to the formal (...)
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  14. Norm Manipulation, Norm Evasion: Experimental Evidence: Cristina Bicchieri and Alex K. Chavez.Cristina Bicchieri & Alex K. Chavez - 2013 - Economics and Philosophy 29 (2):175-198.
    Using an economic bargaining game, we tested for the existence of two phenomena related to social norms, namely norm manipulation – the selection of an interpretation of the norm that best suits an individual – and norm evasion – the deliberate, private violation of a social norm. We found that the manipulation of a norm of fairness was characterized by a self-serving bias in beliefs about what constituted normatively acceptable behaviour, so that an individual who made an uneven bargaining offer (...)
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  15. A Reply to Lehtinen, Teschl and Pattanaik.Daniel M. Hausman - 2013 - Journal of Economic Methodology 20 (2):219-223.
  16. Teoría fenomenológica general del bienestar y la elección social.Rodrigo Lopez-Pablos - 2013 - Revista de Economía Política de Buenos Aires 12 (7):105-133.
    By introducing elements of phenomenological philosophy to the analysis of human needs in economics; from Sartrean postulates as well as the nature and essence of individual’s needs, has been revealed a theorethical framework that serves to ponder human being’s existential behavior by means of their phenomenologic social choices and welfare. Defining a planning agent under strong assumptions of rationality and projective efficacious capabilities, the Arrow’s theorem has been proved for the economic agent aware of its finitude in this world.
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  17. Evolution and Rationality: Decisions, Co-Operation and Strategic Behaviour, Samir Okasha and Ken Binmore (Eds.). Cambridge University Press, 2012, X + 281 Pages. [REVIEW]Ryan Muldoon - 2013 - Economics and Philosophy 29 (3):425-430.
  18. Corporations, Profit Maximization and the Personal Sphere.Waheed Hussain - 2012 - Economics and Philosophy 28 (3):311-331.
    The efficiency argument for profit maximization says that corporations and their managers should maximize profits because this is the course of action that will lead to an ‘economically efficient’ or ‘welfare maximizing’ outcome. In this paper, I argue that the fundamental problem with this argument is not that markets in the real world are less than perfect, but rather that the argument does not properly acknowledge the personal sphere. Morality allows each of us a sphere in which we are free (...)
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  19. Unacceptable Risks and the Continuity Axiom.Karsten Klint Jensen - 2012 - Economics and Philosophy 28 (1):31-42.
    Consider a sequence of outcomes of descending value, A > B > C >... > Z. According to Larry Temkin, there are reasons to deny the continuity axiom in certain ‘extreme’ cases, i.e. cases of triplets of outcomes A, B and Z, where A and B differ little in value, but B and Z differ greatly. But, Temkin argues, if we assume continuity for ‘easy’ cases, i.e. cases where the loss is small, we can derive continuity for the ‘extreme’ case (...)
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  20. Comments on 'Error in Economics: Toward a More Evidence-Based Methodology' by Julian Reiss.John E. DiNardo - 2011 - Journal of Economic Methodology 18 (1):87-92.
    We find prejudices in favor of theory, as far back as there is institutionalized science. Plato and Aristotle frequented the Academy at Athens. That building is located on one side of the Agora, or market place. It is almost as far as possible from the Herculaneum, the temple to the goddess of fire, the patron of the metallurgists. It is ?on the other side of the tracks?. True to this class distinction, we all know a little about Greek geometry and (...)
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  21. Why We Cooperate. [REVIEW]Mattia Gallotti - 2011 - Economics and Philosophy 27 (2):183-190.
  22. On Becker’s Studies of Marijuana Use as an Example of Analytic Induction.Martyn Hammersley - 2011 - Philosophy of the Social Sciences 41 (4):535-566.
    Analytic induction (AI) is an interpretation of scientific method that emerged in early twentieth-century sociology and still has some influence today. Among the studies often cited as examples are Becker’s articles on marijuana use. While these have been given less attention than the work of Lindesmith on opiate addiction and Cressey on financial trust violation, Becker’s work has distinctive features. Furthermore, it raises some important and interesting issues that relate not only to AI but to social scientific explanation more generally. (...)
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  23. The Moral Basis of Prosperity and Oppression: Altruism, Other-Regarding Behaviour and Identity: Kaushik Basu.Kaushik Basu - 2010 - Economics and Philosophy 26 (2):189-216.
    Much of economics is built on the assumption that individuals are driven by self-interest and economic development is an outcome of the free play of such individuals. On the few occasions that the existence of altruism is recognized in economics, the tendency is to build this from the axiom of individual selfishness. The aim of this paper is to break from this tradition and to treat as a primitive that individuals are endowed with the ‘cooperative spirit’, which allows them to (...)
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  24. Review of Reciprocity: An Economics of Social Relations. [REVIEW]Luigino Bruni - 2010 - Economics and Philosophy 26 (2):241-247.
  25. Varieties of Altruism.Philip Kitcher - 2010 - Economics and Philosophy 26 (2):121-148.
    Discussions of altruism occur in three importantly different contexts. During the past four decades, evolutionary theory has been concerned with the possibility that forms of behaviour labelled as altruistic could emerge and could be maintained under natural selection. In these discussions, an agent A is said to act altruistically towards a beneficiary B when A's action promotes the expected reproductive success of B at expected reproductive cost to A. This sort of altruism, biological altruism, is quite different from the kind (...)
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  26. Philosophical Egoism: Its Nature and Limitations: Hans Bernhard Schmid.Hans Bernhard Schmid - 2010 - Economics and Philosophy 26 (2):217-240.
    Egoism and altruism are unequal contenders in the explanation of human behaviour. While egoism tends to be viewed as natural and unproblematic, altruism has always been treated with suspicion, and it has often been argued that apparent cases of altruistic behaviour might really just be some special form of egoism. The reason for this is that egoism fits into our usual theoretical views of human behaviour in a way that altruism does not. This is true on the biological level, where (...)
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  27. Opportunity as Mutual Advantage.Robert Sugden - 2010 - Economics and Philosophy 26 (1):47-68.
    This paper argues that measurements of opportunity which focus on the contents of a person's opportunity set fail to capture open-ended aspects of opportunity that liberals should value. I propose an alternative conception of which does not require the explicit specification of opportunity sets, and which rests on an understanding of persons as responsible rather than rational agents. I suggest that issues of distributive fairness are best framed in terms of real income, and that meaningful measurements of real income are (...)
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  28. Inductive Modeling Using Causal Studies in Neuroeconomics: Brains on Drugs.Moana Vercoe & Paul J. Zak - 2010 - Journal of Economic Methodology 17 (2):133-146.
    This paper introduces a new approach to economic analysis. We show how to move from deductive to inductive modeling and thereby reunite economics with approaches used in the natural sciences. This paper presents the empathy-generosity-punishment model as an example of research based on observation, experimentation, and the elimination of alternatives. Inductive modeling in neuroeconomics allows the identification of the physiologic mechanisms that produce behavior. Unlike most neuroeconomics studies, we show how to establish causation by using drugs to manipulate brain activity. (...)
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  29. Fuzzy Logic and Keynes's Speculative Demand for Money.Sheila C. Dow & Dipak Ghosh - 2009 - Journal of Economic Methodology 16 (1):57-69.
    The purpose of the paper is to explore the potential for using fuzzy logic to analyse economic decision?making under Keynesian uncertainty, and in particular in circumstances where variety of opinion is important. Fuzzy logic is shown to apply where expectations may differ because the nature of the subject matter impedes any ?crisp? way of describing the underlying variables. The particular case of the speculative demand for money is considered, since it explicitly reflects variety of opinion as to whether interest rates (...)
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  30. Foundations of Ambiguity and Economic Modelling.Sujoy Mukerji - 2009 - Economics and Philosophy 25 (3):297-302.
    Are foundations of models of ambiguity-sensitive preferences too flawed to be usefully applied to economic models? Al-Najjar and Weinstein (2009) say such is indeed the case. In this paper, first, we point out that many of the key arguments by Al-Najjar and Weinstein do not apply to quite a few of the ambiguity preference models of more recent vintage, and therefore to that extent do not undermine the foundational aspects or applicability of ambiguity models in general. Second, we argue the (...)
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  31. A Response to Bruni and Sugden: Julie A. Nelson.Julie A. Nelson - 2009 - Economics and Philosophy 25 (2):187-193.
    An article by Luigino Bruni and Robert Sugden published in this journal argues that market relations contain elements of what they call ‘fraternity’. This Response demonstrates that my own views on interpersonal relations and markets – which originated in the feminist analysis of caring labour – are far closer to Bruni and Sugden's than they acknowledge in their article, and goes on to discuss additional important dimensions of sociality that they neglect.
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  32. Why Friedman's Methodology Did Not Generate Consensus Among Economists?David Teira - 2009 - Journal of the History of Economic Thought 31 (2):201-214.
    In this paper I study how the theoretical categories of consumption theory were used by Milton Friedman in order to classify empirical data and obtain predictions. Friedman advocated a case by case definition of these categories that traded theoretical coherence for empirical content. I contend that this methodological strategy puts a clear incentive to contest any prediction contrary to our interest: it can always be argued that these predictions rest on a wrong classification of data. My conjecture is that this (...)
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  33. Creativity, Probability and Uncertainty.Matthew C. Wilson - 2009 - Journal of Economic Methodology 16 (1):45-56.
    Keynesian concepts of probability and uncertainty emphasize the basis of knowledge available to economic decision makers. Conditions of uncertainty, which involve missing evidence or doubtful arguments, are distinguished from probable risk. Beyond this, on the basis of the claim that the future is yet to be created, some authors argue for further distinctions among different kinds of uncertainty. The paper reviews this particular argument, distinguishing it from Keynesian uncertainty theory generally, and provides a critique of its implication that, due to (...)
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  34. Review of The Grammar of Society: The Nature and Dynamics of Social Norms. [REVIEW]Graciela Küchle & Diego Ríos - 2008 - Economics and Philosophy 24 (1):117-123.
  35. Review of Economics and Social Interaction: Accounting for Interpersonal Relations. [REVIEW]Luis Miguel Miller - 2008 - Economics and Philosophy 24 (2):283-287.
  36. Econopower: How a New Generation of Economists is Transforming the World.Mark Skousen - 2008 - Wiley.
    The power of economic thinking can be explained by seven core principles which include accountability, investments, economy, incentive, freedom of choice, nondiscrimination and one price. By understanding and incorporating these principles, better decisions will be made on individual, corporate and government levels. To explain this thesis, the author offers analyses of key economists who have changed their views over time, an examination of major domestic and international issues, and an explanation of how economists can predict which politicians will be successful.
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  37. Comments on the Potential Significance of Neuroeconomics for Economic Theory.Ran Spiegler - 2008 - Economics and Philosophy 24 (3):515-521.
    In this short note I speculate about the various ways in which the study of neurological aspects of decision making could be fruitful for economic modelling.
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  38. Teamwork: Multi-Disciplinary Perspectives, Edited by Natalie Gold. Palgrave Macmillan, 2005, XXVI+253 Pages. [REVIEW]Nicholas Bardsley - 2007 - Economics and Philosophy 23 (2):237-240.
  39. The Importance of Defining the Feasible Set.Tyler Cowen - 2007 - Economics and Philosophy 23 (1):1-14.
    How should we define the feasible set? Even when individuals agree on facts and values, as traditionally construed, different views on feasibility may suffice to produce very different policy conclusions. Focusing on the difficulties in the feasibility concept may help us resolve some policy disagreements, or at least identify the sources of those disagreements. Feasibility is most plausibly a matter of degree rather than of kind. Normative economic reasoning therefore faces a fuzzy social budget constraint. Iterative reasoning about feasibility and (...)
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  40. A Prolegomenon to Nonlinear Empiricism in the Human Behavioral Sciences.Charles Efferson & Peter J. Richerson - 2007 - Biology and Philosophy 22 (1):1-33.
    We propose a general framework for integrating theory and empiricism in human evolutionary ecology. We specifically emphasize the joint use of stochastic nonlinear dynamics and information theory. To illustrate critical ideas associated with historical contingency and complex dynamics, we review recent research on social preferences and social learning from behavioral economics. We additionally examine recent work on ecological approaches in history, the modeling of chaotic populations, and statistical application of information theory.
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  41. Economic Sociology as a Strange Other to Both Sociology and Economics.John H. Finch - 2007 - History of the Human Sciences 20 (2):123-140.
    Economic sociologists have developed and applied theories and concepts in close connection with broadly economic phenomena, including, recently, embeddedness and actor network theory. Key to these theories is understandings of action given uncertainty in which actors develop calculative capabilities, and an emphasis on markets with boundaries and interstices as essential properties. This article reflects upon the connections between Parsons' and Smelser's economic sociology and that of contemporary authors including Granovetter, Callon and White. As a strange other to economics and to (...)
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  42. The Renewal of Critique in Neocapitalism.Claude Gautier - 2007 - Critical Horizons 8 (1):116-129.
  43. What Does Tacit Knowledge Actually Explain?Jonathan Perraton & Iona Tarrant - 2007 - Journal of Economic Methodology 14 (3):353-370.
    The concept of tacit knowledge has come a long way from its origins in Michael Polanyi's work and its championing by Hayek and other Austrian economists. It is now widely, even routinely, cited not only in Austrian economics, but also in institutional economics work, industrial economics and economic geography. Further, rather than being viewed as a hypothesis requiring conceptual clarification and empirical testing, the concept of tacit knowledge is almost invariably treated as established, even incontrovertible, virtually as a fact. Conceptual (...)
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  44. Money as Tool, Money as Drug: The Biological Psychology of a Strong Incentive.Stephen E. G. Lea & Paul Webley - 2006 - Behavioral and Brain Sciences 29 (2):161-209.
    Why are people interested in money? Specifically, what could be the biological basis for the extraordinary incentive and reinforcing power of money, which seems to be unique to the human species? We identify two ways in which a commodity which is of no biological significance in itself can become a strong motivator. The first is if it is used as a tool, and by a metaphorical extension this is often applied to money: it is used instrumentally, in order to obtain (...)
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  45. Methods of Evolutionism and Rivalry with Neoclassical Analysis. The Example of the National System of Innovation Concept.Patrick Eparvier - 2005 - Journal of Economic Methodology 12 (4):563-579.
    This paper focuses on the implications for the economic analysis of growth and innovation in relation to the NSI concept being part of the evolutionary research programme. We show that the modern evolutionism associates descriptive and theoretical works following specific methodological reasons. It is then argued that the NSI concept has a particularly important place within the evolutionary research programme, because it challenges and is challenged by the new neoclassical theories of growth concerning the explanation of the convergence/divergence process among (...)
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  46. Ambiguity and Logic, by Frederic Schick. Cambridge University Press, 2003, IX + 154 Pages. [REVIEW]Erik J. Olsson - 2005 - Economics and Philosophy 21 (1):161-164.
  47. Monetary Incentives, What Are They Good For?Daniel Read - 2005 - Journal of Economic Methodology 12 (2):265-276.
    This paper is a critical reflection on the use of monetary incentives in economic experiments. The argument is that incentives have their effect through their influence on one or more of three factors: (1) cognitive exertion; (2) motivational focus; (3) emotional triggers. I suggest that these effects can often be achieved without monetary incentives, and incentives are not even guaranteed to achieve those effects. There are also disadvantages to requiring the use of incentives in experiments. The paper concludes by suggesting (...)
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  48. Evaluating the Historiography of the Great Depression: Explanation or Single‐Theory Driven?Rick Szostak - 2005 - Journal of Economic Methodology 12 (1):35-61.
    Following James Rule and Colin Clark, a single?theory?driven approach to scientific inquiry which focuses on testing particular theories can be distinguished from an explanation?driven approach which is open to all observations and whose results do not cease to have value with the passing of a particular theory. Several ?decision points? in the historiography of the Great Depression are examined and it is shown that the decisions made at each point reflect a single?theory?driven orientation. It is argued that the single?theory?driven approach (...)
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  49. Workfare: The Subjection of Labour.Daniel Attas & Avner de-Shalit - 2004 - Journal of Applied Philosophy 21 (3):309-320.
    When viewed as a question of distributive justice the evaluation of workfare typically reflects exclusively on the distribution of income: do the physically capable have a justified claim for state support, or is it fair to demand from those who do work to subsidise this support? Rarely is workfare appraised in terms of how it affects other parties such as employers or other workers, and on the structural effects the pattern of incentives it generates brings about, or as an issue (...)
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  50. Authority in the Firm (and the Attempt to Theorize It Away).David Ciepley - 2004 - Critical Review: A Journal of Politics and Society 16 (1):81-115.
    Abstract The classical case for market society appeals to the complementary goods of economic liberty and maximum wealth. A market society overgrown with economic firms, however, partly sacrifices liberty for the sake of wealth. This point was accepted by prewar, theorists of the economic firm, such as Frank Knight and Ronald Coase, and the attempt to moderate, or compensate for, the constriction of economic liberty was a central struggle of the Progressive Era. Since World War II, however, neoclassical economists have (...)
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