This book is about the conceptual foundations of an intermediate way between liberalism and socialism: a synthesis of classical and Keynesian political economy. Classical theory deals with proportions between individuals or collectives and society in tackling problems of distribution and value. Keynesian theory is concerned with the scale of economic activity as explained by effective demand. The economy considered is primarily a monetary production economy, not a market or a planned economy. The author sets up a system linking (...) political economy with other social sciences, i.e. sociology, law and politics in the traditional sense, thus establishing the unity of the social sciences. To complete the picture, issues of method associated with the theory of knowledge in the social sciences and the problem of linking theory with historical reality are also covered. (shrink)

Stakeholder theorists have traditionally objected to the neoclassical conception of the firm as a vehicle for maximizing profit or shareholder wealth, thus opening up space for controversial engagement with neoclassical economics. The present paper fills some of this space by elaborating the parallels between stakeholder theory and classical institutional economics, a heterodox school of economic thought that has long been critical of a broad range of neoclassical ideas. Rooted in the writings of Veblen and Commons, (...) class='Hi'>classical institutional economics explores how the social provisioning process is coordinated or hindered by real-world business institutions. From this standpoint, stakeholder theory highlights the possibility of overcoming the institutionally ingrained conflicts and trade-offs for the sake of realizing common human interests in organizing the social provisioning process in an orderly and reasonable way. This argument not only illuminates the relationship of stakeholder theory to the wider societal context of modern capitalist economies but also elaborates novel aspects of the moral nature of stakeholder management. (shrink)

Joan Robinson was one of the greatest economists of the twentieth century and a fearless critic of free-market capitalism. A major figure in the controversial 'Cambridge School' of economics in the post-war period, she made fundamental contributions to the economics of international trade and development. In Economic Philosophy Robinson looks behind the curtain of economics to reveal a constant battle between economics as a science and economics as ideology, which she argued was integral to (...) economics. In her customary vivid and pellucid style, she criticizes early economists Adam Smith and David Ricardo, and neo-classical economists Alfred Marshall, Stanley Jevons and Leon Walras, over the question of value. She shows that what they respectively considered to be the generators of value - labour-time, marginal utility or preferences - are not scientific but 'metaphysical', and that it is frequently in ideology, not science, that we find the reason for the rejection of economic theories. She also weighs up the implications of the Keynesian revolution in economics, particularly whether Keynes's theories are applicable to developing economies. Robinson concludes with a prophetic lesson that resonates in today's turbulent and unequal economy: that the task of the economist is to combat the idea that the only values that count are those that can be measured in terms of money. This Routledge Classics edition includes a new foreword by Sheila Dow. (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)

This book introduces the moral philosophy of Immanuel Kant—in particular, the concepts of autonomy, dignity, and character—to economic theory, explaining the importance of integrating these two streams of intellectual thought. Mainstream economics is rooted in classical utilitarianism, recommending that decision makers choose the options that are expected to generate the largest net benefits. For individuals, the standard economic model fails to incorporate the role of principles in decision-making, and also denies the possibility of true choice, which can be (...) independent of preferences and principles altogether. For policymakers, standard decision-making frameworks recommend tradeoffs that are beneficial in terms of material goods or wealth, but may be morally questionable from a more person-centered perspective. Integrating Kantian ethics affects economics in three important ways. This integration allows for a more complete understanding of human choice, incorporating not just preferences and constraints, but also principles and strength of will or character. It demonstrates the broader impact of welfare economics, which generates policies that affect not only persons' well-being, but also their dignity and autonomy. Finally, it reconciles the traditional, individualist stance in economic models of choice with the social responsibility emphasized by many systems of philosophical ethics and heterodox schools of 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)

This monograph examines the domain of classical political economy using the methodologies developed in recent years both by the new discipline of econo-physics and by computing science. This approach is used to re-examine the classical subdivisions of political economy: production, exchange, distribution and finance. The book begins by examining the most basic feature of economic life – production – and asks what it is about physical laws that allows production to take place. How is it that human labour (...) is able to modify the world? It looks at the role that information has played in the process of mass production and the extent to which human labour still remains a key resource. The Ricardian labour theory of value is re-examined in the light of econophysics, presenting agent based models in which the Ricardian theory of value appears as an emergent property. The authors present models giving rise to the class distribution of income, and the long term evolution of profit rates in market economies. Money is analysed using tools drawn both from computer science and the recent Chartalist school of financial theory. Covering a combination of techniques drawn from three areas, classical political economy, theoretical computer science and econophysics, to produce models that deepen our understanding of economic reality, this new title will be of interest to higher level doctoral and research students, as well as scientists working in the field of econophysics. (shrink)

Classical political theorists such as Thucydides, Kant, Rousseau, Smith, Hegel, Grotius, Mill, Locke and Clausewitz are often employed to explain and justify contemporary international politics and are seen to constitute the different schools of thought in the discipline. However, traditional interpretations frequently ignore the intellectual and historical context in which these thinkers were writing as well as the lineages through which they came to be appropriated in International Relations. This collection of essays provides alternative interpretations sensitive to these political (...) and intellectual contexts and to the trajectory of their appropriation. The political, sociological, anthropological, legal, economic, philosophical and normative dimensions are shown to be constitutive, not just of classical theories, but of international thought and practice in the contemporary world. Moreover, they challenge traditional accounts of timeless debates and schools of thought and provide new conceptions of core issues such as sovereignty, morality, law, property, imperialism and agency. (shrink)

This book, the third in the series of Samuel Hollander's essays, covers twelve key studies on the economic theory and method of John Stuart Mill. This volume provides an accessible sourcebook on Mill's relationship with David Ricardo, and the 'Classical School', as well as confirming his relevance for modern economics and for the place of economics within the social sciences.

This volume includes the complete texts of two of John Stuart Mill's most important works, Utilitarianism and On Liberty, and selections from his other writings, including the complete text of his Remarks on Bentham's Philosophy. The selection from Mill's A System of Logic is of special relevance to the debate between those who read Mill as an Act-Utilitarian and those who interpret him as a Rule-Utilitarian. Also included are selections from the writings of Jeremy Bentham, founder of modern Utilitarianism and (...) mentor of John Stuart Mill. Bentham's _Principles of Morals and Legislation_ had important effects on political and legal reform in his own time and continues to provide insights for political theorists and philosophers of law. Seven chapters of Bentham's _Principles_ are here in their entirety, together with a number of shorter selections, including one in which Bentham repudiates the slogan often used to characterize his philosophy: The Greatest Happiness of the Greatest Number. John Troyer's Introduction presents the central themes and arguments of Bentham and Mill and assesses their relevance to current discussions of Utilitarianism. The volume also provides indexes, a glossary, and notes. (shrink)

Recent economic and financial crises have exposed mainstream economics to severe criticism, bringing present research and teaching styles into question. Building on a solid and vivid tradition of economic thought, this book challenges conventional thinking in the field of economics. The authors turn to the work of Luigi Pasinetti, who proposed a list of nine methodological and theoretical ideas that characterize the Classical Keynesian School. Drawing inspiration from both Keynes and Sraffa, this school has forged (...) a long-standing and ambitious research programme often advocated as a competing paradigm to mainstream economics. Overall, the Classical Keynesian School provides a comprehensive analytical framework into which most non-mainstream schools of thought can be integrated. In this collection, a group of leading scholars critically assess the nine main ideas that, in Pasinetti's view, characterize the Classical-Keynesian approach, evaluating their relevance for both the history of economics and for present economic research. (shrink)

Economics has long been the ‘dismal science’. The crisis in classical political economy at the end of the nineteenth century produced radically differing intellectual responses: Marx’s reconstitution of value theory on the basis of his dialectical method, the marginalists’ development of subjective value theory, and the historical school’s advocacy of inductive and historical reasoning. It is against this background that economics was established as a discrete academic discipline, consciously modelling itself on maths and physics and developing (...) its focus on theorising exchange. This entailed extraordinary reductionism, with humans regarded as rational, self-interested actors, and class, society, history and ‘the social’ being excised from economic analysis. On the basis of this narrowing of its concerns, particularly from the 1980s onwards, economics has sought to expand its sphere of influence through a form of imperialism which seeks to apply mainstream economic approaches to other social sciences and sees economics as ‘the universal grammar of social science’. The implications of this shift are discussed in Ben Fine and Dimitris Milonakis’s two volumes, where they analyse the fate of the social, the political and the historical in economic thought, and assess the future for an inter-disciplinary critique of economic reason. (shrink)

Peter Groenewegen's reputation as a chronicler of the history of economics is unparalleled. Building on his respected collection on eighteenth century economics, this new book focuses on the nineteenth and early twentieth centuries, reprinting essays on classical and modern economics. Several of the included essays have never been published before, whilst many have previously been difficult to access having been written across the 1970s, 1980s and 1990s. This important collection will be an invaluable resource for any (...) historian, student or academic involved in the history of economics. (shrink)

This second volume of essays on nineteenth and twentieth century economic thought, complements the first and continues the high standards of scholarship and academic rigour.

It is exhibited that mature scientific economical theory is a set of propositions that describe the relationship between theoretical objects of two types - basic objects and derivative ones. The set of basic objects makes up the aggregate of initial idealizations (the Fundamental Theoretical Scheme or FTS) with no direct reference to experimental data. The derivative theoretical objects are formed from the basic ones according to certain rules. The sets of derivative objects form partial theoretical schemes or PTS. Any mature (...) economics scientific theory grows due to transitions, in order to describe each new experimental situation, from FTS to PTS. Each PTS construction from the FTS represents a problem that cannot be reduced to a strict algorithm. (shrink)

It is exhibited that mature scientific economical theory is a set of propositions that describe the relationship between theoretical objects of two types - basic objects and derivative ones. The set of basic objects makes up the aggregate of initial idealizations (the Fundamental Theoretical Scheme or FTS) with no direct reference to experimental data. The derivative theoretical objects are formed from the basic ones according to certain rules. The sets of derivative objects form partial theoretical schemes or PTS. Any mature (...) economics scientific theory grows due to transitions, in order to describe each new experimental situation, from FTS to PTS. Each PTS construction from the FTS represents a problem that cannot be reduced to a strict algorithm. (shrink)

In this thought-provoking book, well known economists Kurz and Salvadori cover original findings and new vistas on old problems. They cover: alternative interpretations of classical economists new growth theory the relationship between Sraffian theory and Von Neumann the treatment of capital in neoclassical long-period theory. Incorporating cutting-edge research and new work, this book will be of great interest to those working in the field of the history of economic thought.

_Classic Papers in Natural Resource Economics Revisited_ is the first attempt to bring together a selection of classic papers in natural resource economics, alongside reflections by highly regarded professionals about how these papers have impacted the field. The seven papers included in this volume are grouped into five sections, representing the five core areas in natural resource economics: the intertemporal problem; externalities and market failure; property rights, institutions and public choice; the economics of exhaustible resources; and (...) the economics of renewable resources. The seven papers are written by distinguished economists, five of them Nobelists. The papers, originally published between 1960 and 2000, addressed key issues in resource production, pricing, consumption, planning, management and policy. The original insights, fresh perspectives and bold vision embodied in these papers had a profound influence on the readership and they became classics in the field. This is the first attempt to publish original commentaries from a diverse group of scholars to identify, probe and analyse the ways in which these papers have impacted and shaped the discourse in natural resource economics. Although directed primarily at an academic audience, this book should also be of great appeal to researchers, policy analysts, and natural resource professionals, in general. This book was published as a series of symposia in the _Journal of Natural Resources Policy Research_. (shrink)

1. The Real Claim of the Chicago School If anything dramatic has happened in economic theory over the last one hundred years – namely, since the advent of marginalism – then, everyone agrees, it was not the rise of the Chicago neo -classical school which, after all, only synthesized the various versions of marginalism, but the Keynesian Revolution. Assessments of this revolution were repeatedly invited, particularly by opponent, chiefly from Chicago. F. A. von Hayek has explicitly and (...) bitterly blames Keynes for all our economic troubles; Harry Johnson has repeatedly declared the most revolutionary work of Keynes, his General Theory of 1936, so poor that but for its author's name on its title page it would have totally flopped. Can such a flop cause so much damage? Are these two assessments – of Hayek and of Johnson – in conflict or no t? Don Patinkin has raised a different question: how different is Keynes from his Chicago opponents, say, Milton Friedman? How many heads need roll, to use his metaphor, before a revolution may be declared? Patinkin sees Keynes as slightly deviant but stil l a member of the mainstream – the mainstream of the mainstream being Friedman and his Chicago followers, of course. Now, can a minor deviant be a flop? Can minor deviations from the true blue doctrine be to blame for all of our economic woes? I do not kno w. Joan Robinson sees in Keynes a minor deviation from classical theory because he said once his correction of classical theory is implemented, that theory takes over once again. Moreover, Samuelson and Friedman have endorsed a (poor) version of Keynes' theory of shortterm relative price and ignored his general theory of price and money. (shrink)

It is frequently repeated that the rationality principle is the fundamental principle of economics and it is so much so that the same principle is equivalently designated as the «economic principle»1. However, it is often the doom of fundamental principles that they are so intimately associated with the science itself that those who practice this science rarely take notice of their presence and of their role. Consequently, it is not surprising not to find any entry for "rationality" or for (...) "rationality principle" in virtually any treaties on economy. If rational behaviour is the object of economics like living organism is the object of biology, specific references could hardly be expected in either of these sciences to what is nothing but the affirmation of the very existence of their subject matter. (shrink)

Microeconomic theory and the theory of natural selection share salient features. This has encouraged economics to appeal to the character of evolutionary theory in defending the adequacy of microeconomics, despite its evident weaknesses as an explanatory or predictive theory. This paper explores the differences and similarities between these two theories and the phenomena they treat in order to assess the force of the economist's appeal to evolutionary theory as a model for how economic theory should proceed.

This article contributes to the current debate regarding management education and research. It frames the current business school critique as a paradox regarding the arguments for ‘self-interest’ versus ‘altruism’ as human motives. Based on this, a typology of management with four representative types labeled: unguided, altruistic, egoistic, and righteous is developed. It is proposed that the path to the future of management education and research might be found by relegitimizing the ‘altruistic’ spirit of the classics of the great Axial (...) Age (900-200 BCE) and marrying those ideas with the self-interest ideal of mainstream management theories based on economics. By advocating this, a business school agenda that is simultaneously rigorous, relevant, and righteous is promoted. (shrink)

Classical Christian education has ancient roots in the Christian church. In recent days, Christians have attempted to recover this classical tradition. Many cite the intellectual rigor vis-à-vis public schools as the reason for choosing classical Christian education. However, intellectual rigor is only one part of the classical tradition. More importantly, classical Christian education seeks to develop morally upright Christians. This education forms the character of Christians so that they may live faithfully in the world. This (...) article describes how classical Christian education works at Highlands Latin School in Louisville, KY. Specifically, the implementation of the classical curriculum in middle school Latin and Greek courses is addressed with an eye toward spiritual/moral formation. (shrink)

This essay seeks to start a dialogue between two traditions that historically have interpreted the economy in opposing ways: the individualism of classic economic liberalism (CEL), represented by Adam Smith and Milton Friedman, and the communitarianism of Catholic social teaching (CST), interpreted primarily through the teachings of popes and secondarily the U.S. Catholic bishops. The present authors, an economist and a moral theologian who identify with one or the other of the two traditions, strive to clarify objectively their similarities and (...) differences with the opposing perspective. Section one focuses on each position''s perspective of love of self and love of others. We find both CEL and CST saying that self-love, rightly understood, constitutes a moral good and that the love of others serves as an important principle in the political economy. We find less agreement in section two regarding justice and rights, but even here, we discover a few surprises. Both traditions uphold justice (giving to each party what is due) as essential to the political economy, and recognize some similarity in that type of justice called commutative. We note, however, substantial differences regarding a second type of justice that we call "public justice." First, they differ over the extent to which government should be involved. Here the meaning of rights, especially that of individual freedom, arises. Secondly, the traditions diverge over whether benevolence as a motivator ought to serve as a partner for public justice. Thirdly, CEL in general opposes CST''s emphasis on social justice that calls upon institutions to be proactive in helping citizens and groups to become active participants in the economy. We conclude our essay by summarizing our discoveries and by suggesting areas for further dialogue. (shrink)

Rerum Novarum, the papal encyclical of Pope Leo XIII, has had a major impact on Catholic thinking. Issued in 1891 it immediately received much public attention. This was especially the case in the United States where it was seen as the response re-affirming the sanctity of private property long sought by the American bishops in the public debates with Henry George and his supporters. George was a central public figure in the United States, England and Ireland, whose speeches and writings (...) supported free market ideas, especially free trade. But, George's main idea was that the sole tax should be a singletax on land values.His justification seemed to place the sanctity of private property in doubt. Since some Catholics were strong supporters of George, the Catholic bishops were anxious that the Pope clearly state the morality of private property. Rather than condemn the writings of George directly, Leo XIII prefered to reaffirm the sanctity of private property in a positive form. The American origins of Rerum Novarum had not been appropriately recognized.Rerum Novarum, l’encyclique papale de Léon XIII, a eu un impact majeur sur la pensée catholique. Publiée en 1891 elle reçut immédiatement une très grande attention. Ce fut spécialement le cas aux Etats-Unis où elle fut prise comme une réponse réaffirmant le caractère sacré de la propriété privée longtemps recherchée par les évêques Américains dans leurs débats publics avec Henry George et ses partisans. George était un personnage public central aux Etats-Unis, en Angleterre et en Irlande, dont les discours et les écrits étaient en faveur des idées du libre marché et notamment celles qui concernent l’échange libre. Mais, l’idée majeure de George était que le seul impôt qui devait exister était celui sur la valeur des terrains.Sa justification semblait émettre des doutes à l’égard du caractère sacré de la propriété privée. Alors que quelques Catholiques étaient de forts partisans de George, les évêques catholiques tenaient beaucoup à ce que le Pape se positionne clairement sur la moralité de la propriété privée. Plutôt que de condamner directement les écrits de George, Léon XIII préféra réaffirmer le caractère sacré de la propriété privée de manière positive. Les origines américaines de Rerum Novarum n’ont pas été reconnues à leur juste valeur. (shrink)

The first set in Routledge's new _Critical Reviews_ series focuses on the period from the founding of the _Edinburgh Review_ to the end of the Napoleonic Wars. Exhibiting all the richness that characterises economic writing of the period, the 95 articles collected here include pieces by Brougham, Horner, Southey and James Mill. The subjects addressed include: * international trade * banking and currency questions * the poor laws * the national debt * population Unlike many other recently published collections of (...) economic articles this work includes appropriate explanatory notes and a long introduction placing the anthology within the context of the times. (shrink)

We provide an economic assessment of the operation of schooling quasi-markets, re-interpreting the findings of the mainly sociologically-based empirical research. We find that economic analysis is complementary to that of sociology, providing further explanations for the failure of greater competition to increase the diversity of provision and challenge traditional school hierarchies.

John Maurice Clark’s article “The Changing Basis of Economic Responsibility,“ published in the Journal of Political Economy, is the topical starting point for all scholars interested in economic responsibility and responsible economic action. John Maurice Clark, a leading institutional economist, reflected on the consequences of the social and economic change taking place at the turn of the last century for the responsibility of individuals, businesses, and corporations and called for the development of an economics of responsibility. This book contains (...) in-depth articles by scholars from within and beyond economics who continue on the Clark project or address actual problems calling for economic responsibility in the light of his approach. (shrink)

This paper responds to Professor John McMurtry, primarily to his critique of my recent book, Economics as Moral Science. Although agreeing with my attribution of a "moral a priorism" to orthodox or neo-classical economics, McMurtry takes issue with my "conversion thesis", that an a priori, ethically committed theory can be transformed into a testable empirical science of actual behaviour through the application of institutional constraints to individual motivations. McMurtry views such a thesis as "logically possible but morally (...) abhorrent". In so doing, he ascribes a version of economic determinism to me which, he claims, leads me to mistakenly understand the neo-classical paradigm as circumscribing the "boundaries of reality itself" and thereby entrenching the life-destructive values presupposed by this paradigm. I reject such a reading of Economics as Moral Science and explain the manner in which it is inconsistent both with the theoretical substance and practical agenda of my work. I propose that the irreducible basis of disagreement remains one wherein I believe that a more radical reform of the capitalist market order is mandatory to establish more defensible moral ideals than does McMurtry. My reply closes by recommending a constitutional partitioning of material goods such that we may more securely act outside the ethical constraints of neo-classical theory. (shrink)

The prevailing economic paradigm, in which a closed circular flow of production and consumption can be described in terms of 'natural laws ' of the equilibrium of market forces, is being challenged by our growing knowledge of complex systems, particularly ecosystems. It is increasingly apparent that neo-classical economics does not reflect social, economic and environmental realities in a world of limited resources. The best way to understand the problems implicit in the concept of 'sustainable development ' is provided (...) by Ecological Economics – a new synthesis in which the traditional virtue of thrift is justified using modern ideas from systems theory and thermodynamics. (shrink)

This book is a collection and reworking of research done by Pascal Salin since around 1990. Salin is an economist in the tradition of the Austrian school of economics. He emphasizes the centrality of individual choice in an uncertain world in which individual actions interact to produce spontaneous orders. But he is no mere conduit of established ideas. He also offers his own highly original insights honed after a lifetime as an economist, one who has earned the respect (...) in which he is now held by his peers worldwide. The book makes delightful reading. Salin covers a lot of ground in this book, mostly within the topics indicated by the title, though in the final two chapters he goes beyond these and into the foundations of economic science. The book is divided into five parts: (1) firms, markets and competition, (2) globalization and international economic problems, (3) monetary integration, (4) money, finance and economic policies, and (5) foundations of economic theory. (shrink)

This article examines shifts in educational and social governance taking place in Queensland, Australia, through Education Queensland's Industry School Engagement Strategy and Gateway Schools program. This significant educational initiative is set within the context of Queensland's social investment agenda first articulated in its education policy framework, Queensland State Education-2010. The article traces the historic extension of this overarching governmental strategy through establishment of the Gateway Schools concept, brokering state-wide industry-school partnerships with key global players in the Queensland economy. (...) Industry sectors that have formed partnerships in Gateway projects include Minerals and Energy, Aerospace, Wine Tourism, Agribusiness, Manufacturing and Engineering, Building and Construction and ICT, with more industries and schools forecast to join the program. It is argued that this ‘post-bureaucratic’ model of schooling represents a new social settlement of neoliberal governance, which seeks to align educational outcomes with economic objectives, thereby framing the conditions for community self-governance in Queensland. (shrink)

This article examines shifts in educational and social governance taking place in Queensland, Australia, through Education Queensland's Industry School Engagement Strategy and Gateway Schools program. This significant educational initiative is set within the context of Queensland's social investment agenda first articulated in its education policy framework, Queensland State Education‐2010. The article traces the historic extension of this overarching governmental strategy through establishment of the Gateway Schools concept, brokering state‐wide industry‐school partnerships with key global players in the Queensland economy. (...) Industry sectors that have formed partnerships in Gateway projects include Minerals and Energy, Aerospace, Wine Tourism, Agribusiness, Manufacturing and Engineering, Building and Construction and ICT, with more industries and schools forecast to join the program. It is argued that this ‘post‐bureaucratic’ model of schooling represents a new social settlement of neoliberal governance, which seeks to align educational outcomes with economic objectives, thereby framing the conditions for community self‐governance in Queensland. (shrink)

This article reviews and brings together two literatures: classical political economists’ views on the skilling or deskilling nature of technological change in England, during the eighteenth and nineteenth centuries when they wrote, are compared with the empirical evidence about the skill effects of technological change that emerges from studies of economic historians. In both literatures, we look at both the skill impacts of technological change and at the “inducement mechanisms” that are envisaged for the introduction of new technologies. Adam (...) Smith and Karl Marx both regarded the deskilling of the labour force as the predominant form of biased technical change, but other authors such as Charles Babbage also took account of capital-skill complementarities and skill-enhancing effects of technological change. For Smith, the deskilling bias was an unintended by-product of the increasing division of labour, which in his view “naturally” led to ever more simplification of workers’ tasks. As opposed to Smith, Marx considered unskilled-biased technical change as a bourgeois weapon in the class struggle for impairing the workers’ bargaining position. Studies of economic historians lend support to Marx’s hypothesis about the inducement mechanisms for the introduction of unskilled-biased innovations, but have produced no clear-cut empirical evidence for a deskilling tendency of eighteenth- and nineteenth-century technological change as a whole. Industrialization in the eighteenth and nineteenth centuries rather led to labour polarization, by simultaneously deskilling a large part of the workforce and raising the demand for some high-skilled workers. (shrink)

An important part of what it means for agents to be situated in the everyday world of human affairs includes their engagement with economic practices. In this paper, we employ the concept of cognitive institutions in order to provide an enactive and interactive interpretation of market and economic reasoning. We challenge traditional views that understand markets in terms of market structures or as processors of distributed information. The alternative conception builds upon the notion of the market as a “scaffolding institution.” (...) Introducing the concept of market as a “socially extended” cognitive institution we go beyond the notion of scaffolding to provide an enactive view of economic reasoning that understands the market participant in terms of social interactive processes and relational autonomy. Markets are more than inert devices for information processing; they can be viewed as “highly scaffolded,” where strong constraints and incentives predictably direct agents’ behavior. Building on this idea we argue that markets emerge from (a) the economic interaction of both supply and demand sides, in continual and mutual interplay, and (b) more basic social interactions. Consumer behavior in the marketplace is complex, not only contributing to determine the market price, but also extending the consumer’s cognitive processes to reliably attain a correct evaluation of the good. Moreover, this economic reasoning is socially situated and not something done in isolation from other consumers. From a socially situated, interactive point of view buying or not buying a good is something that enacts the market. This shifts the status of markets from external institutions that merely causally affect participants’ cognitive processes to social institutions that constitutively extend these cognitive processes. On this view the constraints imposed by social interactions, as well as the possibilities enabled by such interactions, are such that economic reasoning is never just an individual process carried out by an autonomous individual, classically understood. In this regard, understanding the concept of relational autonomy allows us to see how economic reasoning is always embodied, embedded in, and scaffolded by intersubjective interactions, and how such interactions make the market what it is. (shrink)

Folk-economic beliefs may be regarded as “evidential fictions” that exploit the natural tendency of human cognition to organize itself in narrative form. Narrative counter-arguments are likely more effective than logical debunking. The challenge is to convey sound economic reasoning in narratively conspicuous forms – an opportunity for economics to rethink its role and agency in public discourse, in the spirit of its old classics.

In this paper, I compare the methodology of the Austrian school to two alternative methodologies from the economic mainstream: the ‘orthodox’ and revealed preference methodologies. I argue that Austrian school theorists should stop describing themselves as ‘extreme apriorists’ (or writing suggestively to that effect), and should start giving greater acknowledgement to the importance of empirical work within their research program. The motivation for this dialectical shift is threefold: the approach is more faithful to their actual practices, it better (...) illustrates the underlying similarities between the mainstream and Austrian research paradigms, and it provides a philosophical foundation that is much more plausible in itself. (shrink)

ABSTRACTJohn Tomasi's Free Market Fairness claims to provide a principled defense of classical-liberal institutions. Respect for the development of our moral powers or “self-authorship,” according to Tomasi, requires that we make certain economic liberties basic, including freedom of contract and the right to accumulate property. Yet Tomasi's principles and his institutions are at odds. Tomasi has provided ethical grounds for defending not classical-liberal but radical-democratic, even socialist, economic freedoms. This is most vivid in Tomasi's account of the “liberties (...) of working.” He argues that it is not just the choice of work but control of the workplace experience that is a vital part of our self-authorship. If this is true, Tomasi has not given a defense of a robust right to “freedom of contract,” but rather of those rights of control over work and property that leftists have long argued for. (shrink)

The references to "Chicago" (meaning, of course, the University of Chicago) Schools of economics and history of religion, and the quotation of Allan Bloom, who may be considered to belong to a Chicago school of philosophy, may suggest a general endorsement of "Chicago" ideas. This is not the case.

Economics has developed into one of the most specialised social sciences. Yet at the same time, it shares its subject matter with other social sciences and humanities and its method of analysis has developed in close correspondence with the natural and life sciences. This book offers an up to date assessment of economics in relation to other disciplines. -/- This edited collection explores fields as diverse as mathematics, physics, biology, medicine, sociology, architecture, and literature, drawing from selected contributions (...) to the 2005 Annual Conference of the European Society for the History of Economic Thought (ESHET). There is currently much discussion at the leading edges of modern economics about openness to other disciplines, such as psychology and sociology. But what we see here is that economics has drawn on (as well as contributed to) other disciplines throughout its history. In this sense, in spite of the increasing specialisation within all disciplines, economics has always been an open discipline and the chapters in this volume provide a vivid illustration for this. -/- Open Economics is a testament to the intellectual vibrancy of historical research in economics. It presents the reader with a historical introduction to the disciplinary context of economics that is the first of its kind, and will appeal to practising economists and students of the discipline alike, as well as to anybody interested in economics and its position in the scientific and social scientific landscape. -/- Table of Contents -/- Introduction: Economics in relation to other disciplines Richard Arena, Sheila Dow and Matthias Klaes Part I. Economics in relation to the humanities and social sciences 1. The social science of economics Brian J. Loasby 2. Economics and literature Bruna Ingrao 3. Happiness: what Kahneman could have learnt from Pietro Verri Pier Luigi Porta Part II. Economics in relation to the life and natural sciences 4. Newtonian physics, experimental moral philosophy and the shaping of political economy Sergio Cremaschi 5. Evolutionary biology and economic behaviour: re-visiting Veblen's instinct of workmanship Mark Harrison 6. Medicine and economics in pre-classical economics Alain Clément and Ludovic Desmedt Part III. Economics and mathematics 7. Mathematics as the role model for neoclassical economics Nicola Giocoli 8. The role of econometric method in economic analysis: A reassessment of the Keynes-Tinbergen debate, 1938-43 Giovanna Garrone and Roberto Marchionatti IV. Economics and architecture 9. Economics and architecture Maurice Lagueux 10. Economic policies and urban development in Latin America Michele Alacevich and Andrea Costa V. Economics and geography 11. ‘Space’ in economic thought Giovanna Vertova 12. Economics, geography and colonialism in the writings of William Petty Hugh Goodacre Part VI. Economics and sociology 13. Economics and sociology: Gustav Schmoller and Werner Sombart on social differentiation Joachim Zweynert 14. Is Homo Oeconomicus a 'bad guy'? Isabelle This Saint-Jean -/- . (shrink)