Metaphysics, morals and science -- The classics : value -- The neo-classics : utility -- The Keynesian revolution -- Development and under-development -- What are the rules of the game?

The book investigates the relationship between the economic and political writings of four seminal authors: Adam Smith, Karl Marx, Joseph A. Schumpeter, and..

The purpose of this article is to demonstrate the consonant relationship between economics and ethics and how, together, they can be applicable to interpret economic trends within the media industry. The theory assumes that ethics may be quantified as either a cost or benefit and by using economic models and principles ethics can be used as a means to prevent potential losses and, therefore, sustain or increase its gains.

Introduction Marxism is a set of ideas from which sprang particular approaches to economics, sociology, anthropology, political theory, literature, art, ...

The authors delineate the nature and neglect of integrity capacity and global business citizenship by world business leaders. They discuss how the philosophical analysis of moral and economic complexity enhances judgment integrity capacity and global business citizenship. Finally, the authors recommend positive action steps to improve global business citizenship and leadership integrity capacity through a balanced and inclusive pluralistic economic philosophy.

The authors delineate the nature and neglect of integrity capacity and global business citizenship by world business leaders. They discuss how the philosophical analysis of moral and economic complexity enhances judgment integrity capacity and global business citizenship. Finally, the authors recommend positive action steps to improve global business citizenship and leadership integrity capacity through a balanced and inclusive pluralistic economic philosophy.

People have thought about economics for as long as they have thought about how to manage their households, and indeed Aristotle assimilated the study of the economic affairs of a city to the study of the management of a household. During the two millennia between Aristotle and Adam Smith, one finds reflections concerning economic problems mainly in the context of discussions of moral or policy questions. For example, scholastic philosophers commented on money and interest in inquiries concerning the justice (...) of "usury" (charging interest on money loans), and in the 17th century, there was a great deal of discussion of policy concerning foreign trade. Economics only emerged as a distinct field of study with the bold 18th-century idea that there were "economies"--that is autonomous law-governed systems of human interaction involving production, distribution and exchange. This view is already well developed in Adam Smith's Wealth of Nations, from which much of economics derives. (shrink)

This book is concerned with the role of economic philosophy ("ideas") in the processes of belief-formation and social change. Its aim is to further our understanding of the behavior of the individual economic agent by bringing to light and examining the function of non-rational dispositions and motivations ("passions") in the determination of the agent's beliefs and goals. Drawing on the work of David Hume and Adam Smith, the book spells out the particular ways in which the passions come to (...) affect our ordinary understanding and conduct in practical affairs and the intergenerational and interpersonal transmission of ideas through language. Concern with these problems, it is argued, lies at the heart of an important tradition in the British moral philosophy. This emphasis on the non-rational nature of our belief-fixation mechanisms has important implications: it helps to clarify and qualify the misleading claims often made by utilitarian, Marxist, Keynesian, and neo-liberal economic philosophers, all of whom stress the overriding power of ideas to shape conduct, policy, and institutions. (shrink)

Philosophy of Economics: A Contemporary Introduction is the first systematic textbook in the philosophy of economics. It introduces the epistemological, metaphysical and ethical problems that arise in economics, and presents detailed discussions of the solutions that have been offered. Throughout, philosophical issues are illustrated by and analysed in the context of concrete cases drawn from contemporary economics, the history of economic ideas, and actual economic events. This demonstrates the relevance of philosophy of (...) class='Hi'>economics both for the science of economics and for the economy. This text will provide an excellent introduction to the philosophy of economics for students and interested general readers alike. (shrink)

This book is concerned with the role of economic philosophy in the processes of belief-formation and social change. Its aim is to further our understanding of the behaviour of the individual economic agent by bringing to light and examining the function of non-rational dispositions and motivations in the determination of the agent's beliefs and goals. Drawing on the work of David Hume and Adam Smith the book spells out the particular ways in which the passions come to affect our (...) ordinary understanding and conduct in practical affairs and the intergenerational and interpersonal transmission of ideas through language. Concern with these problems, it is argued, lies at the heart of an important tradition in British moral philosophy. This emphasis on the non-rational nature of our belief-fixation mechanisms has important implications: it helps to clarify and qualify the misleading claims often made by utilitarian, Marxist, Keynesian and neo-liberal economic philosophers, all of whom stress the overriding power of ideas to shape conduct, policy and institutions. (shrink)

An anthology of works on the philosophy of economics, including classic texts and essays exploring specific branches and schools of economics. Completely revamped, this edition contains new selections, a revised introduction and a bibliography. The volume contains 26 chapters organized into five parts: Classic Discussions, Positivist and Popperian Views, Ideology and Normative Economics, Branches and Schools of Economics and Their Methodological Problems and New Directions in Economic Methodology. It includes crucial historical contributions by figures such (...) as Mill, Marx, Weber, Robbins, Knight, and Veblen and works by most of the leading contemporary figures writing on economic methodology, including five Nobel Laureates in Economics. (shrink)

Economists and other social scientists in this century have often supported economic arguments by referring to positions taken by philosophers of science. This important new book looks at the reliability of this practice and, in the process, provides economists, social scientists, and historians with the necessary background to discuss methodological matters with authority. Redman first presents an accurate, critical, yet neutral survey of the modern philosophy of science from the Vienna Circle to the present, focusing particularly on logical positivism, (...) sociological explanations of science (Polanyi, Fleck, Kuhn), the Popper family, and the history of science. She then deals with economic methodology in the twentieth century, looking at a wide range of methodological positions, especially those supported by positions from the philosophy of science. She considers the myth of the feasibility of falsification in economics and, within the context of its significance for economics, discusses the interpretation of Kuhn's philosophy of science as consensus and the danger such a view represents to science. Appendices review the history of the is-ought dispute and list economists whose first works deal with methodological topics. Comprehensive, readable, and accessible to those with little background knowledge, Redman's book will appeal to a wide range of social scientists and philosophers of science. (shrink)

This book shows through argument and numerous policy-related examples how understanding moral philosophy can improve economic analysis, how moral philosophy can benefit from economists' analytical tools, and how economic analysis and moral philosophy together can inform public policy. Part I explores the idea of rationality and its connections to ethics, arguing that when they defend their formal model of rationality, most economists implicitly espouse contestable moral principles. Part II addresses the nature and measurement of welfare, utilitarianism and (...) cost-benefit analysis. Part III discusses freedom, rights, equality, and justice - moral notions that are relevant to evaluating policies, but which have played little if any role in conventional welfare economics. Finally, Part IV explores work in social choice theory and game theory that is relevant to moral decision making. Each chapter includes recommended reading and discussion questions. (shrink)

This is a comprehensive anthology of works concerning the nature of economics as a science, including classic texts and essays exploring specific branches and schools of economics. Apart from the classics, most of the selections in the third edition are new, as are the introduction and bibliography. No other anthology spans the whole field and offers a comprehensive introduction to questions about economic methodology.

This volume serves as a detailed introduction for those new to the field as well as a rich source of new insights and potential research agendas for those already engaged with the philosophy of economics.

This book is a critical edition based on the Assisi and Merton College manuscripts of Scotus's question on restitution of ill-gotten goods. The question, entitled "Is one bound to restitution who may have unjustly taken or retained something belonging to another, so that he could not be truly penitent without making such restitution?" is theological in nature and pertains to Scotus's treatment of the sacrament of penance, but it provides him the occasion to set forth his philosophical theories of the (...) origin of private property, political authority, and the ethical rules governing a wide variety of business transactions, especially loans. It is in the latter sections of the question that Scotus treats of usury. The text is preceded by a detailed and very interesting historical introduction by Wolter which describes the struggle between King Philip the Fair of France and Pope Boniface VIII and how this political context affected the life and career of Scotus himself. Scotus reflected on the origin of the state at a time when some claimed that all political authority came through the pope, while others defended a king's right to resist a pope when necessary for the common good. But according to the Subtle Doctor, political authority is derived from the consent of the community. Rulers or legislators have the right and duty to regulate economic transactions between individuals for the sake of the common good. (shrink)

Austrian economics starts out from the thesis that the objects of economic science differ from those of the natural sciences because of the centrality of the economic agent. This allows a certain a priori or essentialistic aspect to economic science of a sort which parallels the a priori dimension of psychology defended by Brentano and his student Edmund Husserl. We outline these parallels, and show how the theory of a priori dependence relations outlined in Husserl’s Logical Investigations can throw (...) light on the Austrian account of entrepreneurship. (shrink)

This essay offers a history of the development of philosophy of economics from the 1830s until today, with a personal perspective on the developments of the last four decades. It argues that change...

The Oxford Handbook of Philosophy of Economics is a cutting-edge reference work to philosophical issues in the practice of economics. It is motivated by the view that there is more to economics than general equilibrium theory, and that the philosophy of economics should reflect the diversity of activities and topics that currently occupy economists. Contributions in the Handbook are thus closely tied to ongoing theoretical and empirical concerns in economics. Contributors include both philosophers (...) of science and economists. Chapters fall into three general categories: received views in philosophy of economics, ongoing controversies in microeconomics, and issues in modeling, macroeconomics, and development. Specific topics include methodology, game theory, experimental economics, behavioral economics, neuroeconomics, computational economics, data mining, interpersonal comparisons of utility, measurement of welfare and well being, growth theory and development, and microfoundations of macroeconomics. The Oxford Handbook of Philosophy of Economics is a groundbreaking reference like no other in its field. It is a central resource for those wishing to learn about the philosophy of economics, and for those who actively engage in the discipline, from advanced undergraduates to professional philosophers, economists, and historians. (shrink)

This paper draws a connection between recentdevelopments in naturalized philosophyof science and the Buchanan research programin economics. Economic approaches innaturalized philosophy of science canbe combined to form an economic philosophy ofscience. After giving an overview of someof these approaches, I lay out the fundamentalsof the Buchanan research program. I arguethat its main elements are a theory of interactionsand a normative foundation in consensus whichhelp to answer some important criticismsof economic philosophy of science.

This article is a prelude to an experimental study of the preference concept in economics. I argue that a new empirical approach called experimental philosophy of science is a promising approach to advance the philosophy of economics. In particular, I discuss two debates in the field, the neuroeconomics controversy and the commonsensible realism debate, and suggest how experimental and survey techniques can generate data that will inform these debates. Some of the likely objections from philosophers and (...) economists are addressed, and possible ways of operationalizing different preference concepts are illustrated. (shrink)

Relatively little contemporary philosophy of education employs economic concepts directly. Even where issues such as marketisation of education are discussed there may be little clarification of underlying concepts. The paper argues that while much contemporary economic thinking on education may be philosophically naive, it is also the case that philosophy of education can productively engage with particular economic insights and perspectives. The paper examines particular conceptualisations of 'economics' and 'the market', drawing upon these to consider aspects of (...) an issue that is significant for the philosophy of education: human becoming. An example, the notion of 'wellbeing' is briefly discussed. (shrink)

This collection brings together the essays of one of the foremost American philosophers of economics. Cumulatively they offer fresh perspectives on foundational questions such as: what sort of science is economics? and how successful can economists be in acquiring knowledge of their subject matter?

Hunting Causes and Using Them argues that causation is not one thing, as commonly assumed, but many. There is a huge variety of causal relations, each with different characterizing features, different methods for discovery and different uses to which it can be put. In this collection of new and previously published essays, Nancy Cartwright provides a critical survey of philosophical and economic literature on causality, with a special focus on the currently fashionable Bayes-nets and invariance methods - and it exposes (...) a huge gap in that literature. Almost every account treats either exclusively how to hunt causes or how to use them. But where is the bridge between? It's no good knowing how to warrant a causal claim if we don't know what we can do with that claim once we have it. This book will interest philosophers, economists and social scientists. (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 Philosophy of Economics is the first work to seriously and successfully bridge twentieth-century economics and twentieth-century philosophy. Subroto Roy draws these two disciplines together and examines the basic intellectual roots of economics. This is also the first work by an economist to employ the writings of Wittgenstein and to tackle seriously the import of modern philosophy for economic thought. Unlike others in the field, Roy discusses not only the contributions of Popper, Kuhn, and (...) Lakatos but also those of Frege, Moore, and Wittgenstein, as well as Plato and Aristotle. (shrink)

Behaviourism is the view that preferences, beliefs, and other mental states in social-scientific theories are nothing but constructs re-describing people's behaviour. Mentalism is the view that they capture real phenomena, on a par with the unobservables in science, such as electrons and electromagnetic fields. While behaviourism has gone out of fashion in psychology, it remains influential in economics, especially in ‘revealed preference’ theory. We defend mentalism in economics, construed as a positive science, and show that it fits best (...) scientific practice. We distinguish mentalism from, and reject, the radical neuroeconomic view that behaviour should be explained in terms of brain processes, as distinct from mental states. (shrink)

(1) What may be gained by applying concepts generalised from economics to methodological problems? The perspective of cost-benefit analysis ('CBA' for short) may help the researcher to see what sorts of questions he should take into account when dealing with particular methodological problems. This claim is supported by applying generalised CBA-thinking to two standard problems of methodology. (2) In the practice of research the handling of basic statements does not normally constitute any problem, and no conscious decision is involved. (...) In the methodological reconstruction the key questions are: 'How can a particular basic statement be criticised?' and 'What are the costs of defending a statement that is "problematic"?' The problem of the empirical 'base' is an investment problem: whether or not to invest time and effort into processing a particular basic statement into a falsifying hypothesis for the theory we wish to test. The valuation of the costs of rejecting or, as the case may be, of defending a basic statement, are objective. (3) With respect to theories, in basic science, the issue is not one of acceptance or rejection of a single theory, but rather of theory preference. Both the rational response to a falsification and rational theory preference are governed by CBA-considerations. The option for one of two competing theories is based upon a CBA where the valuation of benefits and costs is objective. Theory change is an objective process, at least in those fields, where theorising is closely controlled by empirical testing: the better theory drives out the less good theory. The costs of defending a theory that is less good than its competitor are mainly epistemic resources forgone. The use of CBA in methodology not only is compatible with Popper's position, but it may pay to view Popper's methodology as an application of CBA to epistemic situations. (shrink)

Economics today cannot predict the likely outcome of specific events any better than it could in the time of Adam Smith. This is Alexander Rosenberg's controversial challenge to the scientific status of economics. Rosenberg explains that the defining characteristic of any science is predictive improvability--the capacity to create more precise forecasts by evaluating the success of earlier predictions--and he forcefully argues that because economics has not been able to increase its predictive power for over two centuries, it (...) is not a science. (shrink)

The relationship between economics and the philosophy of natural science has changed substantially during the last few years. What was once exclusively a one-way relationship from philosophy to economics now seems to be much closer to bilateral exchange. The purpose of this paper is to examine this new relationship. First, I document the change. Second, I examine the situation within contemporary philosophy of science in order to explain why economics might have its current appeal. (...) Third, I consider some of the issues that might jeopardize the success of this philosophical project. (shrink)