John Komlos’s Foundations of Real-World Economics is an ambitious book that aims at taking down the foundations of modern mainstream economics that students are taught at Econ 101 classes and replace them with a more reality-based alternative. However, Komlos’s falls way short of the stated objective. First, he fails to genuinely engage the introductory textbooks with which he supposedly argues. Komlos also appears to misunderstand the purpose of introductory-level economic models like perfect competition, as well as to entertain the idea (...) that their rejection may lead to different conclusions from those that he seems to favor. Finally, Komlos does not cite sufficient research and evidence for his own potential building blocks for a new economics, such as the claim that the basic assumption of scarcity should be scrapped in favor of that of abundance. (shrink)

John Komlos’s Foundations of Real-World Economics is an ambitious book that aims at taking down the foundations of modern mainstream economics that students are taught at Econ 101 classes and replace them with a more reality-based alternative. However, Komlos’s falls way short of the stated objective. First, he fails to genuinely engage the introductory textbooks with which he supposedly argues. Komlos also appears to misunderstand the purpose of introductory-level economic models like perfect competition, as well as to entertain the idea (...) that their rejection may lead to different conclusions from those that he seems to favor. Finally, Komlos does not cite sufficient research and evidence for his own potential building blocks for a new economics, such as the claim that the basic assumption of scarcity should be scrapped in favor of that of abundance. (shrink)

When a handful of people thrive while whole industries implode and millions suffer, it is clear that something is wrong with our economy. The wealth of the few is disconnected from the misery of the many. In Civilizing the Economy, Marvin Brown traces the origin of this economics of dissociation to early capitalism, showing how this is illustrated in Adam Smith's denial of the central role of slavery in wealth creation. In place of the Smithian economics of property, Brown proposes (...) that we turn to the original meaning of economics as household management. He presents a new framework for the global economy that reframes its purpose as the making of provisions instead of the accumulation of property. This bold new vision establishes the civic sphere as the platform for organizing an inclusive economy and as a way to move toward a more just and sustainable world. (shrink)

The ongoing economic overhaul of medicine creates two basic imperatives – boosting profits and containing costs – that pose special ethical and philosophical challenges for psychiatry. Because insurance coverage still favors inpatient care, pressures to raise renevues translate into a corresponding pressure on psychiatry as a whole to expand its diagnostic categories, and on individual psychiatrists to ascribe these diagnoses liberally and to hospitalize as many patients as possible. Reciprocally, cost containment requires all physicians to justify their care as clearly (...) as possible and to eliminate those interventions that are not of demonstrable value. Scientific outcome studies are markedly more difficult in psychiatry than elsewhere in medicine, particularly for psychotherapeutic as opposed to pharmacologic modes of care. An emphasis on biological over psychological conceptions of mental illness and treatment might result, not because it is more likely to be correct, but because it is easier to document in conventional ways and less expensive to deliver. An economicsdriven reorganization of psychiatry therefore poses serious philosophical challenges, not only for the profession and its future, but for the clinical care of patients. Keywords: cost containment, epistemology, ethics, economics, metaphysics, psychiatry CiteULike Connotea Del.icio.us What's this? (shrink)

This 1995 volume views important social and political issues through the eyes of economists. Pioneered by Gary Becker, this approach asserts that all actions, whether working, playing, dating, or mating, have economic motivations and consequences, and can be analysed using economic reasoning. Intended as an introduction to the current state of the field, the essays are informal and non-technical, while still using up-to-date economic reasoning to illuminate such topics as crime, marriage, discrimination, immigration, fads and fashions. The expanding domain of (...) economics is illustrated, as problems from sociology, political science, anthropology, and public policy are all included in this Beckerian view: the world of human interaction, as seen by an economist. (shrink)

Book reviewed in this article: Balancing Act: The New Medical Ethics of Medicine's New Economics. By E. Haavi Morreim.

In discussing Elster's views on the use of counterfactuals and on the nature of contradictions in society, it is contended that, in general, these will not seem especially controversial to those trained in neoclassical economics. Similarly, there is little disagreement in principle between the views of many 'new economic historians' and Elster on the use of counterfactuals in the study of historical problems. In evaluating Elster's critique of several applications of counterfactuals in the 'new economic history', it is argued that (...) the concentration on broad philosophical questions may obscure the point that much recent controversy is based upon disagreements concerning factual issues and the nature of empirical relationships and magnitudes. (shrink)

During the second half of the twentieth century, economics exported its logic - utility maximization - to the analysis of several human activities or realities: a tendency that has been called "economic imperialism". This book explores the concept termed by John Davis as "reverse imperialism", whereby economics has been seen in recent years to have taken in elements from other disciplines. Economics and Other Disciplines sheds light on the current state and possible future development of economics by focusing on it (...) from a philosophical perspective, broadening the concept of rationality in economic theory. The beliefs that prevail in the world today make up a physicalist worldview. This book argues that this pervasive view is harmful for economics as a social science. Do new economic currents like behavioral economics, evolutionary economics, neuroeconomics, institutional economics, happiness economics, the capability approach and civil economy, escape this widespread mentality? What would be an adequate underlying economic ethos? Do these approaches fit into this ethos? Ricardo F. Crespo appraises the contributions from a classical philosophy angle, emphasizing their implications regarding practical reason. This volume is of great importance to those who are interested in political economy, economic theory and philosophy, as well as philosophy of social science. (shrink)

ArgumentIn the decades following World War II, the Cowles Commission for Research in Economics came to represent new technical standards that informed most advances in economic theory. The public emergence of this community was manifest at a conference held in June 1949 titledActivity Analysis of Production and Allocation. New ideas in optimization theory, linked to linear programming, developed from the conference's papers. The authors’ history of this event situates the Cowles Commission among the institutions of postwar science in-between National Laboratories (...) and the supreme discipline of Cold War academia, mathematics. Although the conference created the conditions under which economics, as a discipline, would transform itself, the participants themselves had little concern for the intellectual battles that had defined prewar university economics departments. The authors argue that the conference signaled the birth of a new intellectual culture in economic science based on shared scientific norms and techniques un-interrogated by conflicting notions of the meaning of either science or economics. (shrink)

In this article I take as my starting point the economist, Jeremy Rifkin's, claims about the rise of what he calls the ‘collaborative commons’. For Rifkin, this is nothing less than the emergence of a new economic paradigm where traditional consumers exploit the possibilities of technology, and position themselves as ‘pro-sumers’. This emphasises their role in production rather than consumption alone, and shows how they aim to bypass a range of capitalist markets, from publishing to the music industry. In asking (...) how education is situated in relation to the collaborative commons, I consider the growth in technology-driven, cost-negative services as a response to the current market in higher education. This raises the issue of what we mean by ‘collaboration’ in the university, and how this might be different from, for example, cooperation or teamwork. In seeking to provide a richer conception of collaboration in higher education, I look to Martin Buber's concept of the relational act and the life of dialogue, and to some of the seminal work of Ronald Barnett on the philosophy and economics of higher education. The article suggests that these concepts afford a new perspective on collaboration that amount to a new economics for education. Such economics require a radical shift in how we perceive the role of responsibility, reciprocity and the educative possibilities of conversation. (shrink)

The rest of the book addresses a variety of theoretical and empirical issues that relate to this conception, concluding with a response from Sen to his critics.

@font-face { font-family: "Times New Roman"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: "Times New Roman"; }table.MsoNormalTable { font-size: 10pt; font-family: "Times New Roman"; }div.Section1 { page: Section1; } Questo libro offre una lettura di Marx che tratta sia l’origine filosofica del suo pensiero economico che ll’esame approfondito della storiografia scientifica prodottasi in vari periodi. Le principali difficoltà che si incontrano oggi nello studio di Marx e del marxismo sono quelle di trovarsi ben oltre la sua (...) crisi, già manifestatasi da più di venticinque-trenta anni a questa parte, dopo una di dissoluzione e di smantellamento dei “classici” originato dall’azione di una generazione di intellettuali e dirigenti politici socialisti e comunisti che hanno fondamentali principi ispiratori. (shrink)

Applying fresh tools from economics to explain puzzling behaviors of religious radicals: Muslim, Christian, and Jewish; violent and benign. How do radical religious sects run such deadly terrorist organizations? Hezbollah, Hamas, Lashkar-e-Taiba, and the Taliban all began as religious groups dedicated to piety and charity. Yet once they turned to violence, they became horribly potent, executing campaigns of terrorism deadlier than those of their secular rivals. In Radical, Religious, and Violent, Eli Berman approaches the question using the economics of organizations. (...) He first dispels some myths: radical religious terrorists are not generally motivated by the promise of rewards in the afterlife (including the infamous seventy-two virgins) or even by religious ideas in general. He argues that these terrorists (even suicide terrorists) are best understood as rational altruists seeking to help their own communities. Yet despite the vast pool of potential recruits—young altruists who feel their communities are repressed or endangered—there are less than a dozen highly lethal terrorist organizations in the world capable of sustained and coordinated violence that threatens governments and makes hundreds of millions of civilians hesitate before boarding an airplane. What's special about these organizations, and why are most of their followers religious radicals? Drawing on parallel research on radical religious Jews, Christians, and Muslims, Berman shows that the most lethal terrorist groups have a common characteristic: their leaders have found a way to control defection. Hezbollah, Hamas, and the Taliban, for example, built loyalty and cohesion by means of mutual aid, weeding out “free riders” and producing a cadre of members they could rely on. The secret of their deadly effectiveness lies in their resilience and cohesion when incentives to defect are strong.These insights suggest that provision of basic social services by competent governments adds a critical, nonviolent component to counterterrorism strategies. It undermines the violent potential of radical religious organizations without disturbing free religious practice, being drawn into theological debates with Jihadists, or endangering civilians. (shrink)

Population Dynamics fills the gap between the classical supply-side population theory of Malthus and the modern demand-side theory of economic demography. In doing so, author Cyrus Chu investigates specifically the dynamic macro implications of various static micro family economic decisions. Holding the characteristic composition of the macro population to always be an aggregate result of some corresponding individual micro decision, Chu extends his research on the fertility-related decisions of families to an analysis of other economic determinations. Within this framework, Chu (...) studies the income distribution, attitude composition, job structure, and aggregate savings and pensions of the population. While in some cases a micro-macro connection is easily established under regular behavioral assumptions, in several chapters Chu enlists the mathematical tool of branching processes to determine the connection. Offering a wealth of detail, this book provides a balanced discussion of background motivation, theoretical characterization, and empirical evidence in an effort to bring about a renewal in the economic approach to population dynamics. This welcome addition to the research and theory of economic demography will interest professional economists as well as professors and graduate students of economics. (shrink)

The last financial crisis revealed a gap between business practice and ethics. In Value Economics, Griffiths and Lucas examine some of the reasons for this ethical gap and discuss the resulting loss of confidence in the financial system. One of the reasons has been hazy or inadequate thinking about how we value economic enterprises. With the close link between the creation of value and business ethics in mind, this book proposes that economic value should become the basic metric for evaluating (...) performance in the creation of value, and for establishing fair and reasonable standards for executive compensation. Value Economics considers a number of rational philosophical principles for business management, on which practical codes of business ethics can be based. As the creation of value has moral implications for economic justice, the book reaffirms the argument for economics as a moral science, and seeks, within the context of proposed changes in the regulation and control of financial services, to answer the following question: will things really change after the last financial crisis? (shrink)

This book concentrates upon the historic associations of the marketplace in the work of Aristotle, Adam Smith, Karl Marx, and demonstrates how what markets were imagined to entail for society was critical to each author's understanding of the central social problems of their time.

The world has been going through the process of economical, political and cultural integration for a long time. At the end of the 20th century, the integration received a new meaning. In the world?s policy, sovereign countries were in conflict or collaborated earlier. A stricter hierarchy of economical and political power hubs is being established now. In such processes of globalization, differences in development, wealth and power arise, people are less safe, the sovereignity of national states is being (...) violated. The story of equality remains in the sense of disappearance of cultural differences in floods of non-cultural culture. It is difficult to talk about democracy when the world?s power is getting stronger and stronger. Is it possible to have a globalization which would not affect human rights, and which would not prevent people from taking care of truth, freedom and happiness? Svet se odavno ekonomski, politicki i kulturno objedinjuje. Krajem 20. veka je objedinjavanje dobilo novo znacenje. U svetskoj politici su se ranije podrazumevali sukobi ili saradnja suverenih drzava. Sada se uspostavlja sve cvrsca hijerarhija medju raznim ekonomskim i politickim sredistima moci. Kod ovakvog globalizovanja se razlike u razvijenosti, bogatstvu i snazi povecavaju, ljudi postaju sve manje bezbedni, a suverenost nacionalnih drzava se osipa. Prica o jednakosti ima smisla samo kao nestajanje kulturnih razlika u poplavi nekulturne kulture. O demokratiji je tesko govoriti uz sve cvrscu dominaciju svetske moci. Da li bi moglo da postoji globalizovanje koje ne bi ugrozavalo ljudska prava, koje ne bi sprecavalo ljude da brinu o istini, slobodi i sreci? PR Projekat Ministarstva nauke Republike Srbije, br. 179006. (shrink)

Book Reviews Miriam Teschl, Economics and Philosophy, FirstView Article.

Wherever a government or state is concerned with the welfare of its citizens, there will probably also exist policies which compel the individual citizen to undertake or abstain from activities which affect that citizen alone. The set of theories behind such policies is collectively known as ‘paternalism’. It is not hard to understand why this term has developed strong pejorative overtones. Policies of this type appear to offend a fundamental tenet of liberal societies: namely, that the individual is best placed (...) to know what is in his or her interests. Paternalistic policies imply, and are concerned with correcting, failures of precisely this kind of judgement. And yet, at the same time, there is a popular consensus that compelling people to wear a seat belt when driving a car is a reasonable restriction of personal liberty. Paternalism may be difficult to accept in principle, but it is equally difficult to avoid in practice. Not surprisingly, the literature reveals a long heritage of debate in a wide range of academic disciplines. This debate reveals a failure to make progress in two areas in particular. First, analyses of paternalism often confuse policies which are actually concerned with correcting failures of market exchange — in particular, those concerned with insufficient or imperfect information — with those which are genuinely paternalistic. One objective of this paper will be to clarify the difference between these two kinds of policy. (shrink)

In this article, the author focuses on Philip Kitcher's and Alvin Goldman's economic models of the social character of scientific knowledge production. After introducing some relevant methodological issues in the social sciences and characterizing Kitcher's and Goldman's models, the author goes on to show that special problems arise directly from the concept of an agent invoked in the models. The author argues that the two distinct concepts of agents, borrowed from economics and cognitive psychology, are inconsistent. Finally, the author discusses (...) some of the normative implications that arise from adopting economic concepts of agents in the study of science. (shrink)

A mutual interpretation and theoretical transplant of ethical-economical concepts is a process of the dialogue and discussion on its “meaning,” and also a process of the transmission and interaction of values. However, over-interpretation, which is inevitable in “understanding” “meaning,” and the plight of the “hegemony of values,” bring potential risks to value dissimilation in the interpretation and transplant. Value migration—value hegemony—value dissimilation is its general process of development. The academic reasoning behind overcoming the risk of value dissimilation is value (...) ecology. The essence of value ecology is to enable the meaning-dialogue and value interlocutions of ethics-economy follow the rules of ecology. Therefore, the process of mutual interpretation and transplantation becomes a process of the ecological interlocution of ethics-economy, creating a new value, eco-value. (shrink)

Applying fresh tools from economics to explain puzzling behaviors of religious radicals: Muslim, Christian, and Jewish; violent and benign. How do radical religious sects run such deadly terrorist organizations? Hezbollah, Hamas, Lashkar-e-Taiba, and the Taliban all began as religious groups dedicated to piety and charity. Yet once they turned to violence, they became horribly potent, executing campaigns of terrorism deadlier than those of their secular rivals. In Radical, Religious, and Violent, Eli Berman approaches the question using the economics of organizations. (...) He first dispels some myths: radical religious terrorists are not generally motivated by the promise of rewards in the afterlife (including the infamous seventy-two virgins) or even by religious ideas in general. He argues that these terrorists (even suicide terrorists) are best understood as rational altruists seeking to help their own communities. Yet despite the vast pool of potential recruits—young altruists who feel their communities are repressed or endangered—there are less than a dozen highly lethal terrorist organizations in the world capable of sustained and coordinated violence that threatens governments and makes hundreds of millions of civilians hesitate before boarding an airplane. What's special about these organizations, and why are most of their followers religious radicals? Drawing on parallel research on radical religious Jews, Christians, and Muslims, Berman shows that the most lethal terrorist groups have a common characteristic: their leaders have found a way to control defection. Hezbollah, Hamas, and the Taliban, for example, built loyalty and cohesion by means of mutual aid, weeding out “free riders” and producing a cadre of members they could rely on. The secret of their deadly effectiveness lies in their resilience and cohesion when incentives to defect are strong.These insights suggest that provision of basic social services by competent governments adds a critical, nonviolent component to counterterrorism strategies. It undermines the violent potential of radical religious organizations without disturbing free religious practice, being drawn into theological debates with Jihadists, or endangering civilians. (shrink)

Alarmed by Three Mile Island, Love Canal, and other disastrous deployments of new technologies, the public is demanding more voice in the decision-making on technology. To make this possible, it is proposed that metatechnology be evolved that will provide a practical technology for the safe, effective, and economical use of technology. A case history of a specific metatechnology is presented. Here the metatechnology enabled a realistic balancing of the benefits of mass screening of women by mammography against the hazards (...) from the X-rays. By showing that the screening of women under 50 was counterproductive, this metatechnology helped to ban such screening in a program involving a quarter of a million women. The strategic mistake in setting up this and other technological programs was that the decisions were made by the technologists. They benefited the technologists but were not beneficial to the women. One of the potentials of metatechnology is that in its fully computerized versions it could be used directly by the public for decision-making on the deployment of technologies. (shrink)

New trends in the economic systems management in the context of modern global challenges: collective monograph / scientific edited by M. Bezpartochnyi, in 2 Vol. // VUZF University of Finance, Business and Entrepreneurship. – Sofia: VUZF Publishing House “St. Grigorii Bogoslov”, 2020. – Vol. 1. – 309 p.

One of the central tenets of mainstream economics is Adam Smith's proposition that, given certain conditions, self-interested behavior by individuals leads them to the social good, almost as if orchestrated by an invisible hand. This deep insight has, over the past two centuries, been taken out of context, contorted, and used as the cornerstone of free-market orthodoxy. In Beyond the Invisible Hand, Kaushik Basu argues that mainstream economics and its conservative popularizers have misrepresented Smith's insight and hampered our understanding of (...) how economies function, why some economies fail and some succeed, and what the nature and role of state intervention might be. Comparing this view of the invisible hand with the vision described by Kafka--in which individuals pursuing their atomistic interests, devoid of moral compunction, end up creating a world that is mean and miserable--Basu argues for collective action and the need to shift our focus from the efficient society to one that is also fair. Using analytic tools from mainstream economics, the book challenges some of the precepts and propositions of mainstream economics. It maintains that, by ignoring the role of culture and custom, traditional economics promotes the view that the current system is the only viable one, thereby serving the interests of those who do well by this system. Beyond the Invisible Hand challenges readers to fundamentally rethink the assumptions underlying modern economic thought and proves that a more equitable society is both possible and sustainable, and hence worth striving for. By scrutinizing Adam Smith's theory, this impassioned critique of contemporary mainstream economics debunks traditional beliefs regarding best economic practices, self-interest, and the social good. (shrink)

In the present world order unbridled forces of free market capitalism are frequently cited for much of the social injustice, inequity, and disparity of wealth between the rich and the poor. Although history''s verdict in favor of the free markets could hardly be harsher or clearer, it is clear that after the initial wave of triumph, the free market paradigm has developed some cracks in its façade. What marks the trail of such sustained and pronounced move toward free markets in (...) terms of ethics, morality, social welfare and social justice? How does one keep a social score in this seemingly relentless and irreversible move all over the world toward free market capitalism?In this paper we shall attempt to address these and related questions. Drawing on concepts from organization theory and social philosophy and using publicly available financial information, we shall illustrate how, amidst the myriad and mixed noises, some sense of order and signal can be discerned in addressing issues of equity and social justice. Toward this end, first, we provide a broad contrast between two models of financial markets: the command model and the free market model and proceed to examine publicly available financial information and analyze the trends and patterns with graphical representations using publicly available data from Handbook of International Economic Statistics. Next, we explore the implications of financial performance measures for social welfare and social justice and discuss the social perils of free markets using the Mexican and Asian Financial crises as the focal points. Finally, we present a set of recommendations for smoother structural transition. (shrink)

Designing policy for climate change requires analyses which integrate the interrelationship between the economy and the environment. We argue that, despite their dominance in the economics literature and influence in public discussion and policymaking, the methodology employed by Integrated Assessment Models (IAMs) rests on flawed foundations, which become particularly relevant in relation to the realities of the immense risks and challenges of climate change, and the radical changes in our economies that a sound and effective response require. We identify a (...) set of critical methodological problems with the IAMs which limit their usefulness and discuss the analytic foundations of an alternative approach that is more capable of providing insights into how best to manage the transition to net-zero emissions. (shrink)

The argument presented here is that we live in a nihilistic culture founded on a nihilistic metaphysics, and to recover ethics it is not merely a matter of returning to virtue ethics, as called for by Alasdair MacIntyre, but the development of a new metaphysics and the incorporation of this into a new socio-economic order.

New Approaches to Monetary Economics brings together presentations of innovative research in the field of monetary economics. Much of this research develops and applies approaches to modelling financial intermediation, aggregate fluctuations, monetary aggregation and transactions-motivated monetary equilibrium. The contents of this volume comprise the proceedings of the second in a conference series entitled International Symposia in Economic Theory and Econometrics. This conference was held in 1985 at the IC2 Institute at the University of Texas at Austin. The symposia in this (...) series are sponsored by the IC2 Institute and the RGK Foundation. New Approaches to Monetary Economics, edited by Professors William A. Barnett and Kenneth J. Singleton, consists of five parts. Part I examines transactions-motivated monetary holding in general equilibrium; Part II, financial intermediation; Part III, monetary aggregation theory, Part IV, issues in aggregate fluctuation; and Part V, theoretical issues in the foundations of monetary economics and macroeconomics. (shrink)

L’approche contrefactuelle désigne, pour les historiens, une forme particulière que peut prendre le récit historique ou la pratique de l’histoire. Raisonner contrefactuellement, dans ce cadre, c’est se demander ce qui se serait passé si la réalité avait été différente. Le plus souvent, il s’agit de supprimer en pensée un événement ou une réalité historique et de s’interroger sur les conséquences de cette suppression. Que se serait-il passé si Hitler était mort pendant la Première Guerre mondi..