What’s in a Price? History of Economic Ideologies vs. History of Economic Ideas. This paper suggests applying the approach of a historical epistemology to the field of economics. We observe that an assumedly fundamental opposition between the market and the state dominates popular images of the history of economic ideas. Two conflicting ideologies are roughly assigned to the two opposing sides in the Cold War. To this historical narrative the paper opposes a different view. The argument is that when taking (...) the technical practices of economic knowledge production in the twentieth century into view, similarities abound across ideological ruptures. The chief characteristic change in the recent history of economics was a radical turn towards quantification, measurement, and mathematical modelling. A historical epistemology of economics could show how deeply both, admirers of the state and of the market, share a history. The paper concludes that to‐date critique of political economy should also take into consideration a critical perspective towards the unfolding of this measurement revolution in the social sciences. (shrink)

This article proposes a new social welfare measure based on Aristotle’s theory of reciprocity. Unlike existing metrics of social welfare, the proposed Aristotelian social welfare function measures reciprocity in a society, that is, the degree to which members of a society cooperate to benefit each other. We provide numerical estimates of the welfare function using data from income distribution quintiles in the recent past for the U. S., Germany, Russia, Ukraine, and Iran. The numerical results show that, starting from different (...) initial values, the U. S. and Germany have experienced declining social welfare, while Iran and Ukraine have experienced increasing social welfare. GDP per capita appears to be inversely correlated with social welfare in the U. S. and Germany. Europeans seem to enjoy higher social welfare than Americans. The article introduces its topic by advancing criticism that contemporary approaches to social welfare, such as the capabilities approaches, estimate a presumed welfare of individuals, rather than social welfare. (shrink)