Marx develops his economic theory in Capital in a rather peculiar way. This paper focuses on some of these peculiarities, especially his attempt to base his account of prices and derivative entities (profit, rate of profit, etc.) on the labour theory of value. Although he may be said to have failed in this, there is still some kind of Marxist theory of prices possible. This is due to both, the so-called fundamental theorem (linking profit and (...) surplus-value) and the possibility, shown by Sraffa and others, to determine prices from the physical parameters of production. By adding on an earlier paper of mine, in which the surplus-value theory has been reconstructed within the structuralistic framework, this paper sketches such a reconstruction for the basic parts of a full-blown Marxist economic theory of capitalistic production. (shrink)

Contemporary mainstream economics cannot be seen as disconnected from philosophical concerns. On the contrary, it should be understood as a defence for a specific philosophy, namely, crude quantitative hedonism where money would measure pleasure and pain. Disguised among a great mathematical apparatus involving utility functions, supply, and demand, lies a specific hedonist philosophy that every year is lectured to thousands of economic and business students around the world. This hedonist philosophy is much less sophisticated than that in ancient hedonist (...) philosophers as Epicurus or Lucretius. Furthermore, it does not solve any of the systematic difficulties regularly faced by hedonist philosophy. However, the argument that economics is detached from philosophy works as a rhetorical artifice to protect its dominant underlying philosophy: Philosophical disputes would have to be addressed within the biased mathematical apparatus of quantitative hedonism. Economists and business students must learn to identify the underlying philosophy in mainstream economics and alternative philosophical systems. (shrink)

This book, together with Marx's Economic and Walras' Economics, completes a sequence of titles by Professor Morishima on the first generation of scientific economists. The author's assessment of Ricardo differs substantially from the established views adopted by economists and historians of economic thought. While economists such as Pasinetti, Caravale and Samuelson have concentrated on macroeconomic interpretations of Ricardo, and historians of economic thought have emphasised his labour theory of value, Morishima takes a different course. In (...) this book the author concentrates on Ricardo's main work, The Principles, and shows that his economics is the prototype of mathematical economies without the symbols and formulae. Morishima then translates Ricardo's economics into mathematical language to find a general equilibrium system concealed within. The analysis also contradicts the conventional view that marginalism emerged in opposition to classical economics, showing instead that Ricardian analysis is firmly based on marginalist principles, using prices, wages and profits rather than labour values. The book ends with a discussion of the historical character of economic theory and an attempt to specify the epoch of Ricardian economics. (shrink)

Until the end of the early 1970s, from a history of economic thought perspective, the mainstream in economics was pluralist, but once neoclassical economics became totally dominant it claimed the mainstream as its own. Since then, alternative views and schools of economics increasingly became minorities in the discipline and were considered heterodox. This book is in honour of John Edward King who has an impressive publication record in the area of economic theory with specific interest in how (...) economic thought in the past shapes current economic theory and enforces certain paths of economic policy and economic development. This book is divided into five themes based on King s interests. The first theme looks at the challenge in trying to reclaim pluralism in economics. The second faces head-on the direct collision of mainstream economics with history of economic thought and heterodox economics. The third addresses classical economic ideas, their central influence in the past and how they can still primarily guide modern pluralist economics. The fourth examines Post Keynesian and Kaleckian economics with a view to providing a more coherent and extensive branch of heterodox economics. The final theme critiques the policy of neoliberalism that has entrenched itself in capitalist economies which have led to financial, industrial, labour, and behavioural/consumerist crises. This text aims to provide a clear path for pluralism to serve the economics discipline as its standard bearer, and to no longer be merely a heterodox challenge to the mainstream. This book is of interest to those who study history of economic thought, political economy and heterodox economics. ". (shrink)

The term neoclassical economics delineates a distinct and relatively homogenous school of thought in economic theory that became prominent in the late nineteenth century and that now dominates mainstream economics. The term was originally introduced by Thorstein Veblen to describe developments in the discipline (of which Veblen did not entirely approve) associated with the work of such figures as William Jevons, Carl Menger, and Leon Walras. The ambition of these figures, the first neoclassicists, was to formalize and mathematize (...) the subject in the aftermath of the so-called marginalist revolution. Economics is, according to one definition, the science that studies human behavior as a relationship between ends and scarce means that have alternative uses. Neoclassical economics pursues this study by means of supply and demand models that determine prices based on the subjective preferences of producers and consumers. Neoclassical economics relies on subjective preferences for determining prices in order to escape from the so-called objective value theory of classical economics, according to which the value of goods could be established by reference to some basic commodity (usually corn) or the labor input required to produce a good. Neoclassicists hoped that by jettisoning objective value, economics could be placed on a more scientific basis as an essentially descriptive and predictive theory of human behavior. Political theory, by contrast, involves both positive and normative elements. It is a positive science to the extent to which it aims to describe and predict political behavior. It is a normative science to the extent to which it prescribes how agents should behave in the political arena and what the best political institutions are. Neoclassical economics is relevant to both of these elements. (shrink)

interpretation of Marx's economic theory of value. which has been widely accepted up to this day, is based on Marx's approach to a theory of value in his third volume of Capital. But the theory of value of the first volume of Capital, implied by Marx's analyses in the first volume of Capital and only summarized in its first chapter, is inconsistent with the third volume's approach. It is consistent with theories of value which do (...) not hold that prices are deter mined by labour. (shrink)

Propornography and antipornography literatures have failed to elucidate the complexity of women's consumption of pornography. This article submits that a reconstructed theory of emotional labor, developed from the perspective of the consumer, explains some of women's ambivalence toward pornography. Findings are based on interviews with 30 women who enjoy porn films. The women's ambivalence reflected their perception of emotional labor in pornographic production. Although they found pornography arousing, they faced uncertainty over the authenticity of the porn actresses' pleasure. (...) Furthermore, they perceived emotional authenticity through the lens of their personal biographies. Specifically, their economic backgrounds and experiences with sexual coercion are discussed. This study fills two gaps: By linking the production and consumption of pornography, it enables a deeper exploration of women's ambivalence and the subsequent implications for understanding sexuality, and it features the experiences of working-class and minority women, whose voices have been marginal in the literature. (shrink)

Jamie Morgan's commentary (Morgan, 2016) on my paper 'The Labour Theory of Property and Marginal Productivity Theory' (Ellerman, 2016) and Ted Burczak's later comments (Burczak, 2016) raise a number of issues that surely will occur to other readers and that need to be addressed. I take the occasion to expand upon the arguments and to explore some related issues. In the narrative that unfolds, Frank H. Knight plays the role of the sophisticated defender of the system of (...) renting, hiring and employing human beings. He was quite clear that the social role of economics is to develop an idealised model, the competitive free enterprise model, and then to frame the normative discussion in terms of that model. Knight would agree with the whole thread of heterodox 'criticism' that the actual economy falls far short of the ideal – which is why I largely eschewed the descriptive shortcomings of ideal model as a purported model of the actual economy. Instead my paper focused on developing a critique of the key part of the idealised model, the marginal productivity theory of distribution under competitive conditions. That critique is based on the usual juridical principle of imputing legal responsibility in accordance with factual responsibility – the principle whose property-theoretic application is the modern treatment of the labour theory of property. Historically, heterodox economics faced a fork in the road in the 19th century: whether to criticise 'the system' by developing the inchoate 'labour theory' as a theory of value or a theory of property. Marx and much of left-wing economics took the labour-theory-of-value road, whereas my paper is part of a modern attempt – Thomas Hodgskin (1832) being an earlier attempt – to take the labour-theory-of-property road. As we will see, much of the debate still revolves around these two roads. Read David Ellerman's original paper "The Labour Theory of Property and Marginal Productivity Theory" › Read Jamie Morgan's commentary on David Ellerman's paper ›. (shrink)

This dissertation concerns justifications for how economic activity is organized. The dissertation considers the role of economic theory in the process of justification and assesses justifications for specific capitalist institutions. The three essays that comprise this dissertation pursue this inquiry by addressing questions respectively in the history of thought, distributive justice, and the ethics of work. ;To advance our general understanding about the development of nineteenth-century Irish political economy in the wake of the Great Irish Famine , (...) the first essay analyzes the Famine's impact on a previously unstudied, yet uniquely authoritative, element of the discipline: the questions given to candidates for the Whately Professorship of Political Economy at Trinity College, Dublin. The essay concludes, contrary to previous arguments, that the Famine did not fundamentally influence the discipline's development. Examining justifications for government responses to the Famine in light of this conclusion, the essay considers the role of economic theory in justifying how economic activity is organized. ;Challenging the position that people morally deserve their market earnings often relies on showing that there is little that people can be said to deserve or that market imperfections undermine desert claims. The second essay argues that even if people can generally be deserving and absent market imperfections, people cannot claim to deserve their earnings with respect to four common desert bases: social contribution, effort, compensation and promise of payment. A principle of fairness that requires fulfilling legitimate expectations might ground a moral claim to market earnings, but it is much weaker than moral desert in limiting income redistribution or in justifying use of the market. ;Given the nineteenth-century American labor movement's objection to the employment relationship on grounds that it was a form of servitude, the third essay assesses the extent to which a similar objection applies in contemporary society. The essay argues that despite changes in employment practices, from the standpoint of legitimate authority the employment relationship represents a form of servitude. Given ethical objections to voluntary servitude more generally, this analysis suggests the need for alternatives to the employment relationship, such as worker-owned cooperatives, in a just economy. (shrink)

Popular representations of third-world sex workers as sex slaves and vectors of HIV have spawned abolitionist legal reforms that are harmful and ineffective, and public health initiatives that provide only marginal protection of sex workers' rights. In this book, Prabha Kotiswaran asks how we might understand sex workers' demands that they be treated as workers. She contemplates questions of redistribution through law within the sex industry by examining the political economies and legal ethnographies of two archetypical urban sex markets in (...) India.Kotiswaran conducted in-depth fieldwork among sex workers in Sonagachi, Kolkata's largest red-light area, and Tirupati, a temple town in southern India. Providing new insights into the lives of these women--many of whom are demanding the respect and legal protection that other workers get--Kotiswaran builds a persuasive theoretical case for recognizing these women's sexual labor. Moving beyond standard feminist discourse on prostitution, she draws on a critical genealogy of materialist feminism for its sophisticated vocabulary of female reproductive and sexual labor, and uses a legal realist approach to show why criminalization cannot succeed amid the informal social networks and economic structures of sex markets. Based on this, Kotiswaran assesses the law's redistributive potential by analyzing the possible economic consequences of partial decriminalization, complete decriminalization, and legalization. She concludes with a theory of sex work from a postcolonial materialist feminist perspective. (shrink)

Intersectional feminist scholars emphasize how overlapping systems of oppression structure gender inequality, but in focusing on the gendered, classed, and racialized bases of stratification, many often overlook disability as an important social category in determining economic outcomes. This is a significant omission given that disability severely limits opportunities and contributes to cumulative disadvantage. We draw from feminist disability and intersectional theories to account for how disability intersects with gender, race, and education to produce economic insecurity. The findings from (...) our analyses of 2015 American Community Survey data provide strong empirical support for hierarchies of disadvantage, where women and racial minority groups with disabilities and less education experience the highest poverty levels, report the lowest total income, and have a greater reliance on sources outside the labor market for economic security. By taking disability into account, our study demonstrates how these multiple characteristics lead to overlapping oppressions that become embedded and reproduced within the larger social structure. (shrink)

The interpretation of economic theories varies along several dimensions. First, models can describe reality, illustrate a recommended state of affairs, or analyze the structure and implications of a theory. Second, theories can be used for prediction or for explanation. Third, theories can relate to reality in a rule-based or case-based manner. Fourth, theories can be statements about economic reality or about the act of economic reasoning itself. Fifth, theories can offer predictions or merely critique (...) reasoning. We argue that theories are often open to multiple interpretations which can shift depending on the context in which the theory is applied, the surrounding economic literature, and the argument made by the interpreter. (shrink)

When we read On the Origin of Species, we cannot help but hear echoes of the Wealth of Nations. Darwin’s “economy of nature” features a “division of labour” that leads to complexity and productivity. We should not, however, analyze Darwin’s ethics through this lens. Darwin did not draw his economic ideas from Smith, nor did he base his ethics on an economic foundation. Darwin’s ethics rest on Smith’s notion—from the Theory of Moral Sentiments—of an innate human (...) faculty of sympathy. Darwin gave this notion an evolutionary interpretation, concluding that any species of social animals that develops a high enough level of intelligence will evolve moral principles. But the specific moral principles evolved by any particular species will vary, depending on that species’ particular evolutionary history. Darwin’s theory of moral sentiments thus diverged profoundly from Smith’s, while remaining in the same intellectual lineage. Although my reading of Darwin’s ethics departs from the dominant trend, it is not without precedent. A century ago, William James propounded a similar interpretation of Darwin. James’s interpretation has been largely forgotten, but he had Darwin right. It seems that James then developed his own moral philosophy on what he saw as a Darwinian foundation. It may be that James read Darwin’s evolutionary ethics through a pragmatic lens and so refashioned it, in his turn, into something again profoundly different from what Darwin had conceived, but again remaining in the same intellectual lineage. (shrink)

Abstract:What if a prostitute had expressed the idea of individual rights to property based on labor, even before John Locke? The London Jilt presents Cornelia, a prostitute who endorses her stigmatized job on the grounds that sexual labor is the same as any other profession. By analyzing self-ownership embodied in the prostitute figure, I claim that The London Jilt significantly anticipates Locke's labor theory. Cornelia adopts the emerging discourse of labor and property and situates prostitutes as economic (...) subjects who turn female sexuality into profits. This fiction also reveals marriage is an unfair financial trade that exploits women's sexual labor. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Rhetoric and Capitalism:Rhetorical Agency as Communicative LaborRonald Walter GreeneIt is a commonplace to describe rhetorical agency as political action. From such a starting point, rhetorical agency describes a communicative process of inquiry and advocacy on issues of public importance. As political action, rhetorical agency often takes on the characteristics of a normative theory of citizenship; a good citizen persuades and is persuaded by the gentle force of the (...) better argument. More radical visions of argument might include strikes, sit-ins, and boycotts in the rhetorical arsenal of good citizenship, and some might even flirt with violence as rhetorical action. This model of rhetorical agency requires a translation of the conceptual apparatus of rhetoric and its alignment with the problematics of democratic theory and actually existing democratic regimes. Classical models that hoped to harness rhetorical agency to the making of the "orator-statesman" (sic) must reimagine political participation in terms of publics and counterpublics, social movements, electoral campaigns, communication media and technologies, as well as supra- and sub-national institutional settings. As the classical norms of citizenship rub against (post) modern realities, a permanent anxiety over the meaning and potential of rhetorical agency seems destined to be lodged in the critical imagination of rhetorical studies. If politics today is, in Jodi Dean's words, "a domain of financially mediated and professionalized practices centered on advertising, public relations, and the means of mass communication," then actually existing rhetorical agency manifests itself in efforts to "raise the money, buy the television time, register the domain names, build the website, and craft the accessible, user-friendly, spectacular message" (2003, 96).If we recognize Dean's description of the political as an accurate description of the rhetorical situation today, rhetorical studies is left with three strategies: It can refashion a deliberative vision of rhetorical agency into a normative ideal for critiquing the structural conditions (capital, media [End Page 188] concentration) of political participation. Second, it can enlarge the field of normatively acceptable ways and means of political participation, for example, by embracing the more spectacular politics associated with visual and body rhetorics. Finally, rhetorical studies can work on the "demand" side and design new strategies and tactics for activating the rhetorical participation of citizens, for example, by encouraging the creation of communicative norms necessary for reinvigorating voluntary and civic organizations. However, while each of these approaches provides a research agenda, none of them gets at the root cause of the anxiety over agency: the attachment of rhetorical agency to a vision of political change. The anxiety over agency pushes rhetorical critics and theorists into becoming moral entrepreneurs scolding, correcting, and encouraging the body politic to improve the quality and quantity of political participation.The purpose of this paper is to offer an escape route from theorizing rhetorical agency as a model of political communication.1 In opposition to a political-communicative vision of rhetorical agency, this paper suggests a different materialist ontology, one that imagines rhetorical agency as a form of living labor. I will argue that rhetorical agency belongs to the domain of communicative labor, a form of labor increasingly necessary to the workings of contemporary capitalist production. In other words, I want to replace a political-communicative model of rhetorical agency with a materialist-communicative model. To highlight the similarities and differences between the two models, I will focus on how the interface between politics, communication, and economics plays out in the Marxist tradition of rhetorical studies. I will organize this tradition into two sections: the first, represented by James Aune, advocates a hermeneutic approach to rhetorical agency, and the second, represented by Dana Cloud, argues for imagining rhetorical agency as a class-based social movement. By focusing on the work of my comrades, the paper risks being received as a "left sectarian" polemic.2 As I will demonstrate in each section, the problem with these two approaches has less to do with Marxism and more to do with how they turn to hermeneutics and social movements to imagine rhetorical agency in the idiom of communication theory. In the third section of the paper I will resituate rhetorical agency into a materialist ontology of labor and capitalist production. In so... (shrink)

This article argues that the (epi)genetic, cultural, symbolic, and environmental transmission channels are insufficient to explain the structure of modern human societies. Economic exchange of knowledge embodied in goods and services constitutes an additional transmission channel that makes more efficient use of limited human cognitive capacity. Economic exchange results in a gradual shift in societies from task-based division of labor to cognitive specialization. This shifts scarce cognitive resources away from production and into learning. It accelerates learning and (...) reinforces the drive towards specialization. Cognitive specialization may constitute another “major transition” towards a higher level of aggregation in human societies, with properties that differ from symbolic transmission. Collective control of individual market-based exchange is ensured by means of economic institutions that put a constraint on individual behavior. (shrink)

Feminist economists have demonstrated that interrogating hierarchies based on gender, ethnicity, class and nation results in an economics that is biased and more faithful to empirical evidence than are mainstream accounts. This rigorous and comprehensive book examines many of the central philosophical questions and themes in feminist economics including: · History of economics · Feminist science studies · Identity and agency · Caring labor · Postcolonialism and postmodernism With contributions from such leading figures as Nancy Folbre, Julie Nelson and (...) Sandra Harding, Toward a Feminist Theory of Economics looks set to become the book on feminist economics for some time to come and will be greatly appreciated by all those interested in gender studies, economic methodology and social theory. (shrink)

Our paper is an exploratory analysis of the role religion can still have today with respect to directing students’ economic behaviour. We evaluated and grouped the theories dealing with the relationship between religion and economics in three categories: theories that consider the two areas as incompatible, theories that identify mutual determination between them and theories that admit the coexistence or the mutual support between economics and religion. We sought to clarify the degree of religiosity of students and its relationship (...) with the economic behaviour (employment during studies, job seeking, characteristics of the desired job etc.), relying our conclusions on the data of the questionnaire-based survey conducted among students in the Hungary-Romania cross-border area. Our study results indicate a decline regarding the degree of religiosity among students of both countries, but also important differences with respect to the religiosity degree recorded in the case of the students in the two countries, indicating a higher degree of religiosity among the students from Romania. Our research reveals the lack or the little effect concerning the influence that religiosity exerts on the economic behaviour, suggesting the need for other explanatory models of higher education students’ labour market participation. (shrink)

Justifying intellectual property on the basis of labour is an understandably popular strategy, but there is a tension in basing some intellectual property claims on labour that has gone largely unnoticed in treatments of the subject: many forms of innovation cause people to lose their jobs, which seriously hampers the ability of those who lose work to productively use their own labour. This article shows that even under Lockean and other labour‐based justifications of intellectual property (...) rights those who claim property rights to innovations of this type have special obligations to compensate those who lose work because of their inventions. By examining the problem that such innovations create, I hope to contribute to larger debates about automation and the job losses it often brings. Lockean and other labour‐based theories of intellectual property are generally taken to secure strong, noninstrumental rights to intellectual property if they are successful. So, if even these theories imply that those who profit from the innovations driving automation have special obligations to those left jobless by it, that is strong evidence that they do in fact have such obligations. (shrink)

This study analyses Soviet socialism by applying Marx’s theory. The Soviet system did not realize Marx’s notion of non-instrumental production (abolition of labor) and hence inevitably developed into a new form of exploitation. Soviet socialism represented a revival of the ancient Asiatic mode of production, characterized by Marx as exploitation based on the negation of private property. Marx shows that Asiatic despotism was brought to Russia by the Mongolian conquest. The Mongols had adopted this despotism earlier, upon conquering (...) China, an Asiatic-despotic (hydraulic) river country. Lenin was aware of Russia’s Asiatic-despotic heritage and feared it might re-emerge under socialism. Following Marx, he adopted a socialist conception advocating an interim stage: a radical welfare state. This conception emerged victorious in the New Economic Policy (NEP). Yet, socialism as a modern version of Asiatic despotism, first developed by Trotsky, temporarily triumphed during the short War Communism period preceding the NEP. Under Stalin’s rule it ultimately prevailed. Marx’s legacy still points to the road to freedom. (shrink)

The article starts with a clarification of the economic importance of certain material elements which underlie the agricultural labor process — land and water. Artificial irrigation has the significance of a primary determining factor, for, by requiring relatively intense forms of labor, it excludes slave labor as an essential element. The true „oriental“ form of production first arises when waterworks must be undertaken on a larger scale (for purposes of protection and irrigation). On a lower level of technical development, (...) the state then acquires a specific economic function : public works and astronomy. A differentiated form of society comes into being ; at its base are the peasants, either bound to the village or — later — free ; the upper ranks comprise the autocratic sovereign and an administrative, religious, and military bureaucracy. The pure oriental type in its simple form is exemplified by the old Inca society before its destruction. The higher form (with the development of inner contradictions) was attained by India, Babylonia, Assyria, Egypt, China, among others. The concentrated irrigational type, e.g. Babylonia, displays a different form of crisis from the less compact „B“ type of China. In the latter, the agricultural crisis is conditioned by extensive mobilization of arable land and by the cooperation of commercial capitalists with the centrifugal upper strata of society. Feudal or pseudo-feudal traits may be operative in creating a crisis, as in Egypt or China, but they are not the basis of the society, which is different from feudalism in its system of production, social organization, and state. Japan is feudal, or more correctly, „Asiatic“ - feudal. At most, the true oriental societies pass through an early feudal stage before developing into their own specific form based on large scale water works.The analysis of the organization of the productive forces makes it possible to explain the stagnation of the oriental agricultural society from the particular, centralized structure of the system of production based on irrigation. This is in contrast to the decentralized non-irrigational agriculture of feudal society, which did not hinder the development of towns and of an industrial capitalism fostered by late feudal absolutism.The theory of oriental society constitutes an attempt to describe both the western and eastern worlds as sectors of one human society, which develops and stagnates as movements of the same total historical process.L'article commence par éclaircir le rôle des deux éléments qui constituent le processus de travail agricole : la terre et l'eau. L'irrigation artificielle, premier facteur spécifique, exclut le travail des esclaves comme forme prédominante, du fait qu'il implique un mode de travail relativement intense. Cependant le type de production authentiquement „oriental“ apparaît seulement lorsque sont entreprises des constructions de grande envergure aux fins de protection ou d'irrigation. L'état assume alors une fonction économique propre : travaux publics et astronomie. C'est l'origine d'une société hiérarchisée qui va des paysans — liés d'abord au village, libres par la suite — au souverain autocrate, en passant par la bureaucratie administrative, sacerdotale et guerrière. La vieille société péruvienne des Incas représentait le type oriental pur dans sa forme simple. Les Indes, Babylone, l'Assyrie, l'Égypte, la Chine — entre autres — atteignirent une forme plus élevée avec développement des contradictions internes. Le type à technique hydraulique concentrée, exemple Babylone, manifeste des crises d'un autre caractère que le type à technique plus dispersée comme la Chine. Dans ce dernier pays, la crise était déterminée par une large mobilisation des terres cultivables et par l'action des capitalistes commerçants, jointe à celle du groupe supérieur centrifuge. Des caractères féodaux, ou pseudo-féodaux, peuvent bien contribuer — comme en Égypte et en Chine — à déterminer des crises, mais ne deviennent pas le fondement de la société qui, par la production, l'ordre social et l'État, diffère essentiellement de la féodalité. (Le Japon est féodal : c'est une féodalité „asiatique“ ; les sociétés authentiquement orientales traversent tout au plus une étape „pré-féodale“ avant de développer leur forme spécifique liée à la technique hydraulique.)L'analyse sociologique permet d'expliquer la stagnation de la société agraire orientale à partir de la structure spécifique centralisée du système de production inséparable de la technique hydraulique. En revanche, l'agriculture sans technique hydraulique de la société féodale n'oppose pas d'obstacles au développement des villes bourgeoises et d'un capitalisme industriel, favorisé, au terme de l'époque féodale, par l'absolutisme.La théorie de la Société orientale essaie d'esquisser un tableau où le monde occidental et le monde oriental sont comme des secteurs d'une société humaine. L'évolution de cette société aussi bien que sa stagnation représentent des mouvements partiels du même devenir historique total. (shrink)

Each developed economic system is based on the principle of division of labor and can’t be imagined without the delegation of certain powers to agents. Any economic activity, particularly carried out through legal entity, is not able to function without the party’s right to authorize other persons to negotiate and make contracts on behalf of the principal. Due to the complexity of the economic order it is sometimes difficult to a third party to ascertain whether the (...) agent acts with authority. Therefore legal regulation expands the scope of authority of the representatives beyond the actually granted powers—often the need to check the credentials of the representatives is rejected, when it is obvious from the facts that they have been granted necessary powers. (shrink)

Economies are complicated systems encompassing micro behaviors, interaction patterns, and global regularities. Whether partial or general in scope, studies of economic systems must consider how to handle difficult real-world aspects such as asymmetric information, imperfect competition, strategic interaction, collective learning, and the possibility of multiple equilibria. Recent advances in analytical and computational tools are permitting new approaches to the quantitative study of these aspects. One such approach is Agent-based Computational Economics (ACE), the computational study of economic processes (...) modeled as dynamic systems of interacting agents. This chapter explores the potential advantages and disadvantages of ACE for the study of economic systems. General points are concretely illustrated using an ACE model of a two-sector decentralized market economy. Six issues are highlighted: Constructive understanding of production, pricing, and trade processes; the essential primacy of survival; strategic rivalry and market power; behavioral uncertainty and learning; the role of conventions and organizations; and the complex interactions among structural attributes, institutional arrangements, and behavioral dispositions. (shrink)

In contrast to industrial markets based on mass-production of material goods, postindustrial markets hinge on images, experiences, and emotions produced and exchanged on screens and in real life. Because postindustrial markets tend to be highly concentrated and technology-driven, they pose a threat to small businesses and low-skill workers in both advanced industrial economies and the Global South, where a large share of the population makes a living in the informal economy. Using the 2014 World Cup as a case of (...) postindustrial economic activity hinged on spectacle, emotional experience, and intellectual property, I analyze the income-making strategies used by street vendors in São Paulo, Brazil. I show that organizers’ control of fan markets was limited by local conceptions of ownership over national symbols as well as informal workers’ flexible relation to legal norms and enforcement-dodging practices. Circumventing market barriers required risky and sophisticated strategies, however, which were more readily available to the more marginal section of the street vending population. (shrink)

Action-based legal theory is a discrete branch of praxeology and the basis of an emerging school of jurisprudence related to, but distinct from, natural law. Legal theory and economic theory share content that is part of praxeology itself: the action axiom, the a priori of argumentation, universalizable property theory, and counterfactual-deductive methodology. Praxeological property-norm justification is separate from the strictly ethical “ought” question of selecting ends in an action context. Examples of action-based jurisprudence (...) are found in existing “Austro-libertarian” literature. Legal theory and legal practice must remain distinct and work closely together if justice is to be found in real cases. Legal theorizing was shaped in religious ethical contexts, which contributed to confused field boundaries between law and ethics. The carrot and stick influence of rulers on theorists has distorted conventional economics and jurisprudence in particular directions over the course of centuries. An action-based approach is relatively immune to such sources of distortion in its methods and conclusions, but has tended historically to be marginalized from conventional institutions for this same reason. (shrink)

Political oeconomy in the 18th century operated in the absence of the conception of an autonomous social order articulated in the later concepts of `the economy' and `society'. Without a self-sustaining mechanism oriented to stability and endogenous economic growth, national prosperity and social order were assumed to depend upon the detailed interventions in economic life that are characteristic of mercantilism and the police of the poor. Smith's theory that autonomous economic growth underpinned a stable order of (...) social interdependencies based upon the division of labour allowed him to move beyond or modify these assumptions. It freed him from the ideas that constant interference in the relationship between agriculture and manufacturing was necessary in order to guarantee food security and that social order and national prosperity depended upon enforcing constraints upon the interests of wage earners. (shrink)

Building on a base of simple economic theory and elementary linear algebra and calculus, this broad treatment of static and dynamic optimization methods discusses the importance of shadow prices and functions defined by solutions of optimization problems.

At a time when trade union activity is becoming more global, the article provides a theoretical framework that places a moral obligation on unions towards work migrants from the time they take a first step in the direction of movement, and continuing after they enter the receiving country and throughout the period of their work. The argument is based on theories of global justice and offers a three-axis framework that enables a complex analysis of union responsibility: direct and political (...) responsibility, labour connectedness and solidarity. The moral obligation of unions stemming from global justice differs from the citizenship-based model or that of human rights. Its basis is global. Such an obligation should be recognized by various institutions, including the courts, thereby adding a global dimension to rights relating to collective action, such as the right to unionize, the right to collective bargaining and the right to strike. The article analyses the ECJ’s decisions in the Viking and Laval cases, showing how the court failed to recognize this global dimension, and claiming that if such recognition were to be extended, a more accurate balance could be achieved between rights relating to collective action and economic interests in an era of globalization. (shrink)

This book covers a broad range of topics in the history of economics that have relevance to economic theories. The author believes that one of the tasks for a historian of economics is to analyze and interpret theories currently outside the mainstream of economic theory, in this case non-Walrasian economics. By doing so, he argues, new directions and new areas for research can be developed that will extend the current theories. Familiar topics covered include: the division of (...) labor, economies of scale, wages, profit, international trade, market mechanisms, and money. These are considered in the light of the well-known non-Walrasian schools of thought: the classical, Marxian, Austrian, and Cambridge schools. (shrink)

In recent years, labour markets have been characterised by stagnant wages, reduced incomes and growing insecurity supplemented by the ongoing proliferation of outstanding payment obligations at almost all levels of economy and society. We draw upon current debates in social and economic theory to explore the disconnect between the deterioration of late capitalism’s distributive measures and the relative vitality of consumer cultures, suggesting that the latter relies substantially on immaterial, credit-based payment means to bridge the gap (...) between the fundamental fantasy of ‘more and better’ and the decline of material productivity denoted by base rate of profit. We then use this disconnect as a breach-point for an in-depth interdisciplinary discussion of the substantive and ideological function of credit. (shrink)

Personnel Decision Making of Chosen Czech Banking Subjects During the Economic Recession The article focuses on personnel decision making of important banking subjects during the ongoing economic recession with the specialization on financial crisis in 2008. Main objective of the article is to verify the implicit contract theory and to answer the question of how the selected banks solve problem of reducing labour costs during the crisis. Four important banks in years 2005 - 2010 are examined. (...) To identify the economic crisis, is used model, which is based on the model, indicating the U. S. business cycle, which uses analytical team in Raiffeisenbank. Model used in this article is based on three variables. Employment rate is separate variable. The values of business sales are adjusted to the values of basis indices, for which the year 2005 is the basis. The development of all those three variables is similar and it is possible to determine the period from the graphical representation, in which all variables reached their maximum and reversed their trend. To support this, a trend line was added to the graphs. The trend line was determined as a moving average for the four seasons. Based on the model, the beginning of the economic recession was indentified to the turn of 2007 and 2008. The biggest slumps can be seen during the year 2009. The investigated periods are therefore the years 2008 and 2009.The calculations of other variables, describing the current condition of the studied subject, are adjusted to the values of basis indices in the same way as the business sales. The year 2005 is set as a basis. Data from chosen banks' annual reports were used to study their current condition. The basic monitored data are: labour costs, number of employees and earnings after tax. This article focuses attention on the personal decisions of banks, especially on the monitoring of costs of employees and their evolution over time in the context of economic recession. The essential conclusion is the confirmation of the implicit contract theory of the new Keynesian economics, which appeared at all observed subject. It is possible to see a year delay between the reduction of the employees and reduction of salary costs. This delay causes further costs. The reduction was observed in all subjects. (shrink)

This is a review of the book “The Future of Law and Economics” by American legal philosopher and judge Guido Calabresi (Moscow: Institut Gaidara, 2016). Author considers the theoretical aspects of the bilateral relations between the economic theory and legal studies developed by Calabresi. The author analyzes the differences between the previous tradition of the economic approach to law, which was based on the principle of epistemological expansion of economic theory into the field of (...) legal studies, and the common program of “law and economic”, which is aimed to find the basis for the bilateral dialogue between these sides of social knowledge. Both programs assume some alternatives for the formal analysis of law. The author discusses the concept of merit good and evaluates the prospects for the reception of this concept in legal philosophy. (shrink)

Context: Due to its grounding in a simplistic core model, mainstream theoretical work in economics is heavily conditioned by a realist epistemic framework that may be viewed as the “paradogma” – sensu Mitterer – of economics. Problem: The contribution delineates theoretical developments on the basis of a realist epistemology and their problem-laden consequences for the economic sciences. The subsequent critical discussion seeks to clarify whether economic theory formation is a suitable field for the application of Mitterer’s non-dualist (...) ideas. Method: In the context of a review of their historical background, the paper will explore the possibilities and limits of an application of Mitterer’s non-dualist argumentation to the economic sciences, and present a diagnosis of compatibility and a characterisation of necessary steps towards amplification. Results: It can be shown that the economic sciences would gain in expert knowledge and applicability by adopting the alternative of non-dualism, whose potential has been little appreciated so far. The solution to the meta-scientific problems caused by the pre-structuring of economics in terms of a realist epistemology seems at hand. To take up this new meta-scientific perspective, however, theoretical progress in both non-dualism and economics is required, particularly by paying more serious attention to the theoretical component of communication. Implications: Non-dualism can certainly be utilised by the economic sciences to induce radical innovations and conceptional revisions involving higher meta-scientific consistency. In future, pragmatic gaps will increasingly have to be filled conceptually in order to develop more highly-reflected economic theory formation and corresponding scientific practice. Hence the main idea is that economic actions are inevitably, but not exclusively, based on communication. Constructivist content: Theoretical approaches embracing epistemic relativism in the economic sciences will be properly assessed and developed further along the lines of a non-dualist conceptual revision on the basis of an ontology-free understanding of reality. (shrink)

This work focuses on the analysis of Paul Virilio, an important representative of the Contemporary French Thought, pertaining to society. Virilio sees modern society as the transformation of time-space relations within the context of the proliferation of speed-producing vehicles. The proliferation of speed and speed producing tools has brought about the end of space and also has reconstructed time as accelerated time. Speed is seen as a dominant logic in the organization of economic, political, military, social and urban spheres. (...) In other words, modern society is built on the basis of a new logic of speed in which not only merely economic transformations but also political, military, spatial and technological changes occur. According to Virilio, the modern age brought a model of society based on movement through the proliferation of speedgenerating tools. He defines the transformations in modern society with the concept of "dromology" (speed science). This approach evaluates the speed as a central category in formation and development of all socities. To Virilio, speed is an important tool determining both power and controlling means and the distribution of money and wealth. The study discusses the transformation of the speed, which is questioned by Virilio by means of such concepts as dromologic revolution, dromologic progress, dromocratic society, within the social and historical processes as well as the change of military and spatial organizations within the mdoernity. The study, in a way, draws a framework that aims to understand the new social organization of information, information, money and labor flows caused by globalization as a radical dromologic situation. (shrink)

In these two volumes, David P. Levine undertakes the systematic clarification and further development of the theoretical contributions of classical political economy. It focuses on such central issues in economic theory as: * need, value and exchange * capital and its production * the concept of labour * growth * the firm * price determination. Throughout the treatment is at a high level of abstraction.

Professor Roemer's goal in this book is to give a rigorous view of classical Marxian economic theory by presenting specific analytic models. The theory is not extended to deal with new problems, but it is deepened: Marxian theory is given micro-foundations and upon those foundations the author begins to rebuild a tightly constructed Marxian economics. The book begins, after a methodological introduction, with an examination of the Marxian notion of equilibrium and the theory of exploitation, (...) and goes on to deal with the theory of the falling rate of profit. The next section explores one of the points made in the first section of the book, that the Marxian theory of exploitation can be constructed completely independently of the labor theory of value as a theory of exchange. Technical study of this problem allows comment on various issues, such as the relative importance of 'marginal utilities' and 'class struggle' in determining relative prices. The final part examines models of various Marxian concepts. (shrink)

The Oxford Handbook of the Economics of Networks represents the frontier of research into how and why networks they form, how they influence behavior, how they help govern outcomes in an interactive world, and how they shape collective decision making, opinion formation, and diffusion dynamics. From a methodological perspective, the contributors to this volume devote attention to theory, field experiments, laboratory experiments, and econometrics. Theoretical work in network formation, games played on networks, repeated games, and the interaction between linking (...) and behavior is synthesized. A number of chapters are devoted to studying social process mediated by networks. Topics here include opinion formation, diffusion of information and disease, and learning. There are also chapters devoted to financial contagion and systemic risk, motivated in part by the recent financial crises. Another section discusses communities, with applications including social trust, favor exchange, and social collateral; the importance of communities for migration patterns; and the role that networks and communities play in the labor market. A prominent role of networks, from an economic perspective, is that they mediate trade. Several chapters cover bilateral trade in networks, strategic intermediation, and the role of networks in international trade. Contributions discuss as well the role of networks for organizations. On the one hand, one chapter discusses the role of networks for the performance of organizations, while two other chapters discuss managing networks of consumers and pricing in the presence of network-based spillovers. Finally, the authors discuss the internet as a network with attention to the issue of net neutrality. (shrink)

Here is the first book to present Karl Marx as one of the great systematic philosophers, a man who went beyond the traditional bounds of the discipline to work out a philosophical system in terms of a concrete social theory and politico-economic critique. Basing her work on the Grundrisse (probably Marx's most systematic work and only translated into English for the first time in 1973), Gould argues that Marx was engaged in a single enterprise throughout his works, specifically (...) the construction of a systematic and philosophical theory of society. Gould examines five basic themes of Marx's social ontology: society, labor, causality, freedom, and justice, in five separate chapters, preceded by an introductory chapter explicating thesis and methods. The book shows how Marx's ontology, or theory of social reality, may be reconstructed from concrete details of his account of the historical stages of social development and from his analyses and critiques of capitalist economy. It clarifies further the value theory underlying Marx's critique of modern society and explores the question of how philosophy can play a major role in understanding and resolving social issues. This book will be of interest to all students of society, since it raises issues of the relationship of technologies to society and of the forms and prospects for socialism as a possible future society. It has deliberately been written in a style that makes the difficult, technical issues accessible to undergraduates just beginning to read Marx, as well as, of course, graduate students of social theory and specialized scholars. The lay reader will also be drawn to the particular content of this book and will enjoy the lucid, straightforward presentation. Marx's Social Ontology proposes a solution to a long-standing problem in interpretations of Marx: the apparent dilemma of his insistence on the ideal of full self-realization of the individual and his equal insistence on the ideal of full self-realization of the community. This is a book of major significance dealing with topics of enduring and current interest. (shrink)

This study aims to draw a gender based analysis of social and economic conditions of child labourers living in Karachi. Globally the issue of child labour is growing constantly and children are engaged in all sorts of hazardous forms of work, like adults, which deprives them from education, healthy life, child hood activities and balanced diet. In Pakistan the child labour is very common in all economic sectors, but it is mainly found in the informal (...) sector and the household sector. Purposive and convenience sampling techniques of non-probability sampling are used to collect data through structured questionnaire from 900 respondents from eighteen administrative districts of Karachi, which is based upon primarily quantitative and narrowly focused qualitative research methods. The findings of the study reveal that mostly children between the ages of 12 to 14 years are commonly inducted in different economic sectors. This clear violation of child rights makes them vulnerable to health and safety threats and putting them forcefully in hazardous occupations to earn bread and butter for their family by compromising their education. (shrink)

Places have very different faces. My place can be the home where I live, the country where I was born, the town where I work, the garden I cultivate, the continent of our shared past or even the cosmos as a whole. If we look at the history of modern economic thought, land as a scarce resource has played an important role. For the school of Physiocrats in the eighteenth century, land was the main if not the only source (...) of value creation. With modern industrialization and the rise of classical economics labor became the creator and measure of monetary worth. Later on, neoclassical economists considered utility (pleasure, happiness) as the measure of value creation and price formation.In today’s economics ‘place’ only becomes relevant when it is perceived as a scarce good. An economist is not interested in the uniqueness of a specific locale, nor in its memories and stories. The laws of economics apply to every place and hence to no specific place. Space and place are considered factors in a production function or elements of consumption and entertainment. From the moment scarcity arises, opportunity cost, competition and price formation and regulation become part of the game. When, e.g., the oceans become the subject of intensive human exploitation and competition, they need political and economic regulation. All these features can be subsumed under the umbrella of ‘economics of place’. However, by place-based economics we mean something altogether different. While the economics of place primarily envisage place as an instrumental good used for the maximization of human utility, the proposed alternative views place as an existential good that creates meaning and identity for people.In a first section I will now explore the existential meaning of ‘place’ starting from Martin Heidegger’s definition of the human being as Da-sein which means literally being-there, being rooted in a specific place. In the second section I will reconstruct a well-known theorem in economics called the tragedy of the commons. It explains how places can be degraded from communal property where relations matter to instrumental goods for individual profit maximization. The third section revisits the first theoretical model of place-based economics in Western philosophy developed by Aristotle in the fourth century BC. It is fascinating to see how this Aristotelian model of oiko-nomia gradually lost its grip in subsequent centuries. In the last section I reflect on some proposals of E.F. Schumacher to recontextualize the Aristotelian model of place-based economics. (shrink)

From the early 1840s on, Jeremy Bentham’s utilitarian doctrine aroused the joint interest of Marx and Engels, who saw the English philosopher as one of the forerunners of socialism. Later, however, in the various editions (German, French, English) of Book 1 of Capital (1867/90), Bentham would be sarcastically branded by Marx as a “genius of bourgeois stupidity”. In their youth, both Engels and Marx had independently become interested in Bentham’s ideas, admiring some social-ethical themes, seen as heralding interesting developments for (...) the cause of the proletariat. On Engels’s suggestion, Marx included Bentham’s name, alongside those of the major 18th–19th century English and French exponents of protosocialism, in a planned Library of the most outstanding foreign socialist writers (1845), which however remained only a draft. From his first stay in England (1842/44), the young Engels had embraced in particular the famous utilitarian principle of “the greatest happiness of the greatest number” advocated by Bentham. Marx, on the other hand, after initially praising Bentham’s work, which he had read in a French translation during his exile in Paris (1844), harshly criticized the ambiguous implications of this principle. In fact, he believed thatbehind a misleading progressive façade, it constituted the philosophical equivalent of the later economic theory of labour productivity propounded by D. Ricardo in opposition to the theory of its mere quantitative extension put forward by A. Smith. In the London Manuscripts (1861/63) Marx will reveal the affinity betweenBentham’s principle of the happpiness of the greatest number of people, and Ricardo’s assumption of the ineliminable misery of the minority condemned to productive labour. Based on the collection of Marx’s and Engels’s texts (letters, drafts, notebooks, manuscripts, printed works), made available today thanks to the critical edition by MEGA1, this paper sets out to re-examine, im großen und ganzen, the main moments in their critique of Bentham’s Utilitarianism. (shrink)

Georges Bataille considered The Accursed Share, his radical critique of economic theories based on rational categories of need, scarcity, and utility, his most important project. In Volume I, he announced two further volumes, The History of Eroticism and Sovereignty, but he never published them in book form. This Zone edition includes in a single volume a reconstruction of completed versions of these texts as published in Bataille’s posthumous collected works. Here, Bataille expands on the notion developed in Volume (...) I of an economics based not on the management of scarce resources but on the exuberant consumption of excess production, the accursed share. In its first part, Bataille identifies eroticism as an ideal form of consumption, since in his view it is useless, purposeless. As this expenditure of excess energy demarcates the realm of human autonomy, the study of eroticism leads naturally to an examination of sovereignty, in which Bataille defines the sovereign individual as one who consumes and does not labor, creating a life beyond the realm of utility. (shrink)

In this article I give an overall interpretation of the development of the Budapest School in Australia as political emigres, who initially worked and wrote in Melbourne and Sydney until the final years when Heller and Feher moved on to New York in the mid-1980s and then back to Budapest in 1993. The translation of How Is Critical Economic Theory Possible? has allowed us to better grasp the motivations and theoretical innovations of the Budapest School, to appreciate their (...) internal disputes and to recognise fundamental continuities and difference in these two key thinkers. This book was a gallant retrieval of democratic potentials in Marx. It excavated Marx’s own appreciation of needs produced by, and critical of, the alienations of the capitalist system. Ultimately, this early work was unable to realise its ambition to educate the diverse progressive movements of the times. I will show later that the retrieval of progressive potentials took a more social democratic form in the work of Maria Márkus on needs as she encountered them later in the Hawke Labor Government of Australia from 1983. Introducing the world media to the Budapest School in The Times Literary Supplement on 15 February 1971, Lukács described Márkus as ‘75% mensch’. When Lukács first met him, George already had his own philosophical interests, which he would bring with him when he became a key figure in ‘the Budapest School’. Márkus had studied in Moscow where he wrote his dissertation on the topic History and Consciousness and met his Polish wife, Maria. George used to modestly say that he was an expert only on the works of Karl Marx. That was despite that he had taught the history of modern philosophy at Eotvös Loránd University to Hungary’s most promising philosophers for a decade and later to philosophy students at Sydney University for the next 20 years. In the early 1970s, George invited Janos Kis and György Bence to work on his next project that would become the Hungarian version of Überhaupt, which was to become How Is Critical Economic Theory Possible? The new English translation published by Brill this year opens this important rethinking of the work of Marx to an international readership. (shrink)

While it is well known that Carl Menger and Stanley Jevons adopted very different views on the role of mathematics in economics1, it is usually admitted that their respective views on the theory of value were relatively close. Indeed, both strongly objected to the classical theory of value which is based on objective costs of production, whether these be labour or capital costs. Moreover, each elaborated, roughly at the same time, an alternative economic theory (...) based on a comparison between the various degrees to which needs are fulfilled thanks to goods whose effect tends progressively to diminish with the fulfilment of these needs. Furthermore, each managed to ground a theory of economic exchange on the fact that people are rational enough to choose which of two goods will provide them with the greatest benefit. In the face of such similarities, it is tempting to conclude that, while using very different terminologies, these two economists developed quite similar analyses whose key element is a subjective theory of value which was opposed to the objective theory of the classical economists. It is true that specialists of Austrian economics have often underscored the originality of Menger's position and its differences with those of the two other fathers of the so-called marginalist revolution, but while they have seriously questioned the.. (shrink)

Recent feminist critiques of development have questioned some fundamental assumptions of feminist political theory; such critiques have also been successful in subverting long-held assumptions of conventional economic development. Viewed in the context of women’s subordination in third world countries, a redefinition of development must not only be about economic growth, but ensure a redistribution of resources, challenge the gender-based division of labour and also seek to provide for an egalitarian basis in social arrangements. Further, as (...) this article argues, any starting point for feminist critiques of development must also seek to link the end of gender oppression to multiple theories of justice – a justice not juridical but one that recognises the cultural membership of women in the community. (shrink)

I argue that, since Marx's theory of the cause of alienation is inadequate in accounting for all cases of alienation, his solution to overcoming alienation by abolishing private ownership and the capitalist mode of production is not tenable. The socialist society envisioned by Marx cannot overcome the alienation that he ascribed to the capitalist system and cannot avoid systematically producing its own form of alienation. ;Marx was unable to discover any necessary causal link between alienation and "the movement of (...) private property." Nevertheless, Marx's theory of socialism and communism is based on the assumption that private property is the cause of alienation and that the elimination of private property will eliminate alienation. Marx transformed Hegel's idea of alienation to fit a different context, wherein the solution to alienation was found in an examination of the material conditions of human existence rather than in an overall intellectual understanding of reality. ;Even granted the truth of Marx's belief that the alienation of labor can be entirely eliminated by abolishing private ownership, it does not follow that the other forms of alienation in the realm of the superstructure will necessarily disappear with the transformation of the economic structure. The recognition of the fact that the source of alienation can be something other than private ownership is important to an understanding of the problems that have existed in the twentieth-century socialist societies. ;My analyses of the political alienation caused by the effects of Mao's ideology and the economic alienation caused by the state's control of labor are intended to show the inadequacy of classical Marxist theory in accounting for the realities of not only Mao's regime but of all modern socialist regimes. The irrationality of central planning and the government's exploitation of labor are embedded in the fundamental structure of the socialism envisioned by Marx. These features inevitably become a prominent hindrance to the realization of socialist goals and eventually render these goals impossible. (shrink)

The economic theory of the consumer, which assumes individual satisfaction as its goal and individual freedom to pursue satisfaction as its sine qua non, has become an important ideological element in political economy. Some have argued that the political dimension of economics has evolved into a kind of “secular theology” that legitimates free market capitalism, which has become a kind of “religion” in the United States [Nelson: 1991, Reaching for Heaven on Earth: The Theological Meaning of Economics. (Rowman (...) & Littlefield Publishers, Inc, Savage, Maryland); 2001, Economics as Religion: From Samuelson to Chicago and Beyond (The Pennsylvania State University Press, University Park, Pennsylvania); Thurow: 1983, Dangerous Currents: The State of Economics (Random House, New York); Milbank: 1990, Theology and Social Theory, Beyond Secular Reason (Basil Blackwell, Cambridge, Massachusetts)]. Consumer theory in its ideological form provides an important base for this religion and is no longer merely a positive framework for understanding consumer choice or estimating market demand. The paper explores the view of the human being, the “anthropology,” that is implicit in the economic theory of the consumer and compares its “theological” implications with the corresponding theological anthropologies in the Judaeo-Christian tradition. The paper outlines the assumptions of consumer theory and then focuses on three aspects of the theory from a critical theological perspective: the individual in community, property ownership, and human destiny (or “eschatology” in theological terminology). The principal conclusion is that consumer theory, viewed from this perspective, leads to a reductionist and existentially harmful view of human beings. The maximization of individual satisfaction raises genuine ethical issues when viewed as a political and religious value. The paper argues that the issues could be ameliorated if economists would include more explicit treatment of a social dimension and ethical alternatives in consumer theory and if theologians would give greater attention to economic theory. (shrink)

In the article "A Few Problems Regarding the Theory of Man" , Comrade Huang Tongsen argued that Marx's theory of alienation 1) "comprehends the essence of man" from "the starting point of individual person" or "isolated, abstract individual"; 2) "turns upside down the true relationship between alienated labor and private ownership" and "sums up the problem of economic system as the alienation of man's essence"; and 3) ascribes the driving force behind alienation and sublation to "the requirement (...) of the negation of negation." Thus the theory, in a historical perspective, "is idealism in the final analysis," and has "a touch of sophism." On top of that, it "violates historical facts" and "can in no way appraise correctly the historical position of class society." Based on the above, Comrade Huang concluded in the article that we should not take Marx's theory of alienation as "an important component part of Marxism." As I see it, all such viewpoints do not hold water theoretically. (shrink)