As a result of the increasing economical exploitation of outer space, humanity faces a new challenge that, as well as having economic advantages, also entails a great many ecological hazards. At present, the human race is encroaching on outer space, particularly in the form of almost 5000 active satellites and the corresponding space debris they produce. For the large part, this debris burns up on entering the Earth’s atmosphere, yet time and again it still does cause damage. However, this (...) could change dramatically if, as is now foreseeable, further uses of outer space, such as tourism, so-called satellite mega-constellations, regular transport flights to the moon or even Mars and the extraction of water and valuable rocks from celestial bodies, are expanded. There is a danger that ecological damage like that of the earlier phases of economic development will become externalised and ultimately pose a threat to the whole of humanity. Sautter’s ‘global “sustainability trilemma”’ remains unresolved. This trilemma consists in the fact that, in political resolutions, ‘the growth of resource-intensive prosperity is weighted far more highly than the conservation of functioning ecosystems and the implementation of inter- and intragenerational “justice”’ and that there are ‘up until now no efficient and ethically acceptable solutions’ for this problem. In this situation, it is therefore more important that rules for the sustainable use of outer space be established and enshrined as legally binding so that it becomes possible to minimise or even to preclude negative ecological consequences.Contribution: Although the commercial use of outer space does not seem to be a crucial point, it marks a new step of the dynamics of modern economics that has to be identified as an important ethical challenge. The article discusses aspects of ethics, law, religion and economy in a multidisciplinary way. (shrink)

This paper explores the implications of the recent revival of Hegel studies for the philosophy of economics. We argue that Hegel’s theory of Objective Spirit anticipates many elements of modern approaches in cognitive sciences and of the philosophy of mind, which adopt an externalist framework. In particular, Hegel pre-empts the theories of social and distributed cognition. The pivotal elements of Hegelian social ontology are the continuity thesis, the performativity thesis, and the recognition thesis, which, when taken together, imply that all (...) mental processes are essentially dependent on externalizations, with the underlying pattern of actions being performative. In turn, performative action is impossible without mutual recognition in an intersubjective domain. We demonstrate the implications for economic theory in sketching an externalist approach to institutions and preferences. (shrink)

While reflecting recently on what the historian means by greatness, I was led to examine Croce's theory of economic action. It seemed to promise an answer to the troublesome problem of the relationship between greatness and moral goodness. How those hopes were disappointed will be explained presently, but Croce's theory must first be considered on its merits. I shall confine the discussion as far as possible to Croce's philosophy of the practical, avoiding any detailed reference, e.g. , to (...) the somewhat artificial parallelism within the dialectic of the spirit between the forms of theoretical and those of practical activity. Since, however, Croce teaches—and his practice is in accordance with his teaching—that any severance of part from whole does violence to philosophy, it will be necessary to touch on certain larger questions before we close. (shrink)

There is a gap between self-interest and morality that is caused not only by individual shortcomings but also by the interdependence of the outcome of individual action with the actions of others. If the others can be expected to be ethical this uncertainty about the others’ behaviour is reduced but not eliminated. Failure of economic motivation will be followed by failure of ethical motivation. Christianity or monotheistic religion in general comes into the picture to assure ethical behaviour of (...) being advantageous in the long run. The paper analyses the sequence ethics as compensation of the failure of economic motivation — religion as the compensation of the failure of ethical motivation. (shrink)

Personalist Economics: Moral Convictions, Economic Realities, and Social Action examines the nature of the worker and consumer from a personalist perspective, comparing that body of knowledge to what is received from conventional economics. A running theme throughout this book is that personalist economics is attentive to both aspects of human material need - physical need and the need for work as such - in a way that does not disregard human wants. Accordingly, this book is more concerned about (...) the philosophical base and description of the economy's significant characteristics than social economic policy. Personalist Economics explores four dimensions of particularly acute human physical need: unemployment, poverty, homelessness, and death. In addressing these four aspects of need, the book delves into the second and third domains of social economics: description of the significant characteristics of the economy, and social economic policy. In the same way, Personalist Economics explores two types of economic cooperation - supra-firm alliances and inter-firm partnerships - as means for addressing certain aspects of human material need. This book concludes with a lengthy discussion of the challenges facing personalist economics in the years ahead. (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)

In the economical changing and political disturbing times we are living a question concerns us all: Is this the society I want to live in? What are the opportunities I have to pursue in my socio-cultural environment? Which echoes the ancient Greek ethical questions: What is the best city to live in? What do I want to do with my live? In this book the author goes back to the primary reality of our lives: human action. From the analysis (...) of the anthropological elements of human action -culture, society, individual action- the book will help the reader to understand the construction of our economic reality and how to approach the perennial ethical question: How can I develop excellence in my life? (shrink)

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

Economists’ conceptions about the “nature of the economic agent” are central to understanding their economic thinking, the phenomena that deserve their attention, the way they build models and theories—as well as the scope and relevance of those theories. Moreover, according to the “psychological” traits of the agent, the subsequent economic theory can accommodate (or not) certain economic phenomena. These claims certainly apply to Brian J. Loasby’s economics. The objective of this article is to survey and analyse (...) Loasby’s reconstruction of economics based on the revision of the psychological foundations of economic agent. We show the influence that George A. Kelly, Adam Smith, Alfred Marshall, Friedrich Hayek and Herbert Simon (among others) play in his work. According to Loasby, concepts such as uncertainty, motivation, imagination, and connecting principles, are central to explaining the growth and organization of knowledge, complexity, and the evolution of economic systems. (shrink)

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

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

Over the past three decades, economic sociology has been revealing how culture shapes economic life even while economic facts affect social relationships. This work has transformed the field into a flourishing and increasingly influential discipline. No one has played a greater role in this development than Viviana Zelizer, one of the world's leading sociologists. Economic Lives synthesizes and extends her most important work to date, demonstrating the full breadth and range of her field-defining contributions in a (...) single volume for the first time. Economic Lives shows how shared cultural understandings and interpersonal relations shape everyday economic activities. Far from being simple responses to narrow individual incentives and preferences, economic actions emerge, persist, and are transformed by our relations to others. Distilling three decades of research, the book offers a distinctive vision of economic activity that brings out the hidden meanings and social actions behind the supposedly impersonal worlds of production, consumption, and asset transfer. Economic Lives ranges broadly from life insurance marketing, corporate ethics, household budgets, and migrant remittances to caring labor, workplace romance, baby markets, and payments for sex. These examples demonstrate an alternative approach to explaining how we manage economic activity--as well as a different way of understanding why conventional economic theory has proved incapable of predicting or responding to recent economic crises. Providing an important perspective on the recent past and possible futures of a growing field, Economic Lives promises to be widely read and discussed. (shrink)

COVID-19 is compromising all aspects of society, with devastating impacts on health, political, social, economic and educational spheres. A premium is being placed on scientific research as the source of possible solutions, with a situational imperative to carry out investigations at an accelerated rate. There is a major challenge not to neglect ethical standards, in a context where doing so may mean the difference between life and death. In this paper we offer a rubric for considering the ethical challenges (...) in COVID-19 related research, in the form of an ethics toolkit for global research developed at the University of Edinburgh in collaboration with more than 200 global researchers from around the world. This toolkit provides a framework to support confrontation of ethical conflicts through the integrated and iterative analysis of Place, People, Principles and Precedents, throughout the research journey. Two case analyses are offered to exemplify the utility of the toolkit as a flexible and dynamic tool to promote ethical research in the context of COVID-19. (shrink)

On the basis of PM2.5 data of the national air quality monitoring sites, local population data, and baseline all-cause mortality rate, PM2.5-related health economic benefits of the Air Improvement Action Plan implemented in Wuhan in 2013–2017 were investigated using health-impact and valuation functions. Annual avoided premature deaths driven by the average concentration of PM2.5 decrease were evaluated, and the economic benefits were computed by using the value of statistical life (VSL) method. Results showed that the number of (...) avoided premature deaths in Wuhan are 21,384 (95% confidence interval (CI): 15,004 to 27,255) during 2013–2017, due to the implementation of the Air Improvement Action Plan. According to the VSL method, the obtained economic benefits of Huangpi, Wuchang, Hongshan, Xinzhou, Jiang’an, Hanyang, Jiangxia, Qiaokou, Jianghan, Qingshan, Caidian, Dongxihu, and Hannan District were 8.55, 8.19, 8.04, 7.39, 5.78, 4.84, 4.37, 4.04, 3.90, 3.30, 2.87, 2.42, and 0.66 billion RMB (1 RMB = 0.1417 USD On 14 October 2019), respectively. These economic benefits added up to 64.35 billion RMB (95% CI: 45.15 to 82.02 billion RMB), accounting for 4.80% (95% CI: 3.37% to 6.12%) of the total GDP of Wuhan in 2017. Therefore, in the process of formulating a regional air quality improvement scheme, apart from establishing hierarchical emission-reduction standards and policies, policy makers should give integrated consideration to the relationship between regional economic development, environmental protection and residents’ health benefits. Furthermore, for improving air quality, air quality compensation mechanisms can be established on the basis of the status quo and trends of air quality, population distribution, and economic development factors. (shrink)

The aim of this work is to illustrate the psychological contributions of Pragmatism and of the Original Institutional Economics (also referred to as OIE or institutionalism), and their relevance for improving the process of social valuing and, as a consequence, the effectiveness of policy action. As a matter of fact, both institutionalist and pragmatist theories were well acquainted with various strands of psychology, and some of them also provided relevant contributions in this respect. Moreover, these theories reveal, along with (...) various differences, significant complementarities, both between themselves and with important concepts of social psychology and psychoanalysis. The work will address the following aspects: (I) The main characteristics of pragmatist psychology with particular attention to their social implications. For space reasons, we will focus attention on the contributions of authors – John Dewey, William James and George Herbert Mead – more oriented to social sciences. (II) The psychological contributions of institutionalism. We will pay particular attention to Thorstein Veblen's theory of instincts and John Rogers Commons' theory of negotiational psychology. We highlight that these theories present, despite a number of differences, relevant complementarities. (shrink)

Philosophers and economists write about collective action from distinct but related points of view. This paper aims to bridge these perspectives. Economists have been concerned with rationality in a strategic context. There, problems posed by “coordination games” seem to point to a form of rational action, “team thinking,” which is not individualistic. Philosophers’ analyses of collective intention, however, sometimes reduce collective action to a set of individually instrumental actions. They do not, therefore, capture the first person plural (...) perspective characteristic of team thinking. Other analyses, problematically, depict intentions ranging over others’ actions. I offer an analysis of collective intention which avoids these problems. A collective intention aims only at causing an individual action, but its propositional content stipulates its mirroring in other minds. (shrink)

So you're an economist? You study everything that can be gauged by the measure rod of money? You view human interaction in terms of supply and demand in the market? You depict human action as seeking self-interest in a calculative manner? Is this indeed your view of the world? If you are an economist and somebody has attempted, or might attempt, to embarrass you with such questions, you should read this book. If you are a non-economist inclined to raise (...) such questions, you too should study the essays collected in this volume. If you are a philosopher interest in the peculiar characteristics of the 'dismal science', this is a book to read. The book examines aspects of the economic world view from a variety of perspectives by raising shamelessly deep questions. This is a book in the ontology of economics. (shrink)

In recent years, there has been an increasing interest in thedevelopment of ontologically well-founded conceptual models for Information Systems in areas such as Service Management, Accounting Information Systems and Financial Reporting. Economic exchanges are central phenomena in these areas. For this reason, they occupy a prominent position in modelling frameworks such as the REA (Resource-EventAction) ISO Standard as well as the FIBO (Financial Industry BusinessOntology). In this paper, we begin a well-founded ontological analysisof economic exchanges inspired by a (...) recent ontological view on the nature of economic transactions. According to this view, what counts asan economic transaction is based on an agreement on the actions thatthe agents are committed to perform. The agreement is in turn based on convergent preferences about the course of action to bring about. This view enables a unified treatment of economic exchanges, regardless the object of the transaction, and complies with the view that all economictransactions are about services. In this paper, we start developing our analysis in the framework of the Unified Foundational Ontology (UFO). (shrink)

Fascinating and thought-provoking, this book shows how the methodology of Austrian economics can be justified and strengthened by grounding it in the philosophy of Wittgenstein. Frege and Wittgenstein argued that whatever counts as thought must embody logical principles. Their arguments also support the conclusion that whatever constitutes action must embody economic principles. In this incisive text, the author shows that this confirms the claims of Austrian economists such as Mises and Hayek that the laws of economics are a (...) priori rather than empirical  . (shrink)

This chapter offers a subtle but subversive thesis: There is no difference between everyday action and creativity and, consequently, evolution. This thesis is subversive. It goes against the dominant dogmas in economics (i.e., neoclassical theory) and evolutionary biology (i.e., neo-Darwinian theory). Both dogmas draw a radical divide between action and evolution. For neo-Darwinian theory, action is phenotype ultimately determined by genotype—while the genotype evolves according to another mechanism. For neoclassical economics, action is determined by rational calculation (...) of the efficient allocation of given resources—while resources evolve according to another mechanism. To undermine the radical divide between the theory of action and the theory of evolution, this chapter shows how everyday action—from walking, fetching water, to fishing—is entrepreneurial at first approximation—and hence should be the basis of the theory of evolution. (shrink)

We review the recently proposed universal concept of dynamic complexity and its new mathematics based on the unreduced interaction problem solution. We then consider its progress-bringing applications at various levels of complex world dynamics, including complex-dynamical nanometal physics and living condensed matter, unreduced nanobiosystem dynamics and the integral medicine concept, causally complete management of complex economical and social dynamics, and the ensuing concept of truly sustainable world governance.

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)

: The point of this book is to exhibit the deficiencies in the classical and neoclassical arguments that underpin the claim that a territorial monopoly of force is both desirable and inevitable to ground the supposedly public goods of law and defence. When you have finished reading this book, you might be inclined to think […].

The paper aims to analyse the potentiality of Schutzian phenomenological approach on institutions. We will maintain that this point of view has to take into account at least three aspects of institutions. Firstly, institutions should be considered as objective and sedimented configurations of meaning. Secondly, the historicity and the genesis of the institutional objectified meaning should be explored. Thirdly, life in modern societies shows how reference to the generating activities has been lost in our institutions and how that process has (...) led to the disaffection of the citizens towards them. Motivated by understanding the process through which certain actors question their relative-natural concept of economic life and institute alternative types of economic actions, the article explores a case study of an economic institution in the City of Buenos Aires belonging to the so-called “Other” economy. Following the model of the well-informed citizen, the manuscript describes a type of “economic citizen” who transforms the imposed economic relevances experienced in everyday life into the centre of interest. The emergence of that interest is analysed by tracing back this particular economic institution to the process of sedimentation and of genesis of meaning. It is demonstrated that the process of institutionalization is shaped in contrast to dominant anonymous economic institutions. (shrink)

Two disciplines claim to provide justification of action. Ethics gives you moral reasons to act upon, whereas economics exploits the concept of rationality. The paper discusses two theories of interdisciplinarity of ethics and economics in order to clarify the relationship. The traditional view of a hierarchical ordering of ethics and economics is rejected, and it is claimed that there are substantial economic contributions to ethical justification.

In this study, we explore the sincerity of the rhetorical tone of 664 annual letters to shareholders (CEO letters). Prior studies adopt Impression Management theory to predict that firms obfuscate failures and emphasize successes to unfairly enhance their image and maintain organizational legitimacy. Yuthas et al. (J Bus Ethics 41:141–157, 2002) challenged such a view, showing that firms reporting earnings surprises engage in ethical discourse with shareholders. We adopt the methodology of Yuthas et al. (J Bus Ethics 41:141–157, 2002) to (...) explore the association between firm performance and the rhetorical features of CEO letters in a large sample of Fortune 500 firms in the wake of the global economic crisis. In contrast to most prior research, we find that optimistic tone is congruent with both past and future performance. We conclude that under tough macroeconomic conditions, incentives to distort public information strategically are low. Rather, firms tend to engage in communicative action aimed at dialoguing with shareholders through sincere disclosure. However, in our conclusions, we warn about the impact of accounting and rhetorical manipulation on the congruence between optimistic tone and financial performance. (shrink)

This essay analyzes the relations between Austrian Praxeology and sociology. It argues that Praxeology is not only a codification and ramification of pure market economics but also to some degree the Austrian school's variant or proxy of sociology. This argument particularly applies to Mises' Praxeology as the general theory of human action, with Weber's sociology understood as the science of social action, taken as Mises' acknowledged sociological source, inspiration or anticipation. The essay develops and substantiates the argument by (...) identifying certain sociological premises, concepts and observations in Mises' Praxeology, which are classified into the fields of general sociology, economic sociology and political sociology. The essay builds on and contributes to the growing economics and sociological literature on the relationship between Austrian economics and Weberian (and other) sociology. (shrink)

Economic sociologists have developed and applied theories and concepts in close connection with broadly economic phenomena, including, recently, embeddedness and actor network theory. Key to these theories is understandings of action given uncertainty in which actors develop calculative capabilities, and an emphasis on markets with boundaries and interstices as essential properties. This article reflects upon the connections between Parsons' and Smelser's economic sociology and that of contemporary authors including Granovetter, Callon and White. As a strange other (...) to economics and to sociology, economic sociology can develop research questions in considering arbitrage generally, rather than only restricted to financial markets. (shrink)

In Economics individuals are defined by their preferences over the consequences of their own actions and the actions carried out by others. In contrast, Simone Weil depicts the individual as continuously re-constituted by the contact that he establishes with reality via his action. Such an action is aimed at achieving an effect in the physical world, but what makes it human is not success per se, but rather the fact that it stems from reasoning and planning. Affliction is (...) caused by effort carried out mechanically like that of a beast of burden, when the individual has no opportunity to exercise reason for choosing how to confront reality's ever-challenging hazards and necessity. (shrink)

In recent years, business ethics and economic scholars have been paying greater attention to the development of commons organizing. The latter refers to the processes by which communities of people work in common in the pursuit of the common good. In turn, this promotes commons organizational designs based on collective forms of common goods production, distribution, management and ownership. In this paper, we build on two main literature streams: the ethical approach based on the theory of the common good (...) of the firm in virtue ethics and the economic approach based on the theory of institutions for collective action developed by Ostrom’s research on common-pool resources to avert the tragedy of the commons. The latter expands to include the novel concepts of new commons, “commoning” and polycentric governance. Drawing on the analysis of what is new in these forms of organizing, we propose a comprehensive model, highlighting the integration of two sets of organizing principles—common good and collective action – and five problem-solving processes to explain the main dimensions of commons organizing. We contribute to business ethics literature by exploring the convergence between the ethical and economic approaches in the development of a commons organizing view. (shrink)

From its very beginnings economic anthropology had to tackle a major obstacle: the very nature of its object of study. What in fact is meant by the use of the term ‘economics’ or its corresponding adjective? Does ‘economics’ refer to a specific relationship between ends and means, as some think, or is it defined, more prosaically, as the satisfaction of material needs? Is it a category of specific facts or a praxeology of goal-oriented action? Some interesting debates on (...) the matter, which have brought formalist, substantivist, and Marxist writers into conflict, have revealed marked ideological distortions, some reductionism, and finally epistemological positions that were difficult to reconcile. (shrink)

This book studies the interfaces of ethics, economics, and politics. Public policy issues involve all three of these subjects. Although it may be seen as suggesting the nucleus of a joint university course, the book is accessible to and should interest all those concerned with political decisions. Any such decision needs a criterion for judging whether one action or outcome is better than another. Even a dictator must to some extent be concerned about the economic welfare of the (...) citizens; and a democratic government more so. But how is a person's economic welfare to be judged? Furthermore, any political decision affects the economic welfare of different people differently. How then is the welfare of a community to be judged? This is an ethical question. Underlying any coherent public policy there must be a relevant moral code. (shrink)

The connection between economics and ethics is as old as economics itself, and central to both disciplines. It is an issue that has recently attracted much interest from economists and philosophers. The connection is, in part, a result of the desire of economists to make policy prescriptions, which clearly require some normative criteria. More deeply, much economic theory is founded on the assumption of utility maximization, thereby creating an immediate connection between the foundations of economics and the philosophical literature (...) on utilitarianism and reasons for action. In fact, some influential contemporary approaches to ethics advocate decision-theoretic or game-theoretic foundations of some sort for moral principles, while several economic theorists are now prepared to take into account the ethical dimensions of rational decisions. As a result, it appears that economics and ethics are somehow inextricably linked through theories of rational decision-making. Most of us would probably find it disturbing to concede that there are contradictions between the prescriptions of rationality and the requirements of moral `rightness'. The essays included in the present volume provide a detailed analysis of the connections between ethics and economics as viewed from several different - sometimes conflicting - perspectives. This book, the outcome of a joint meeting of philosophers and economists, has three main themes: the validity of utilitarianism much used by economists, the notion of fairness and equity, and the coherence of the rationality postulate of economics. The book does not reach any final conclusions, but it greatly illuminates the exact areas of possible disagreement and indeed the open-ended nature of ethical reasoning. There is much that economists, and especially welfare economists, can learn from these papers - not least circumspection. (shrink)

Taking an innovative look at the origins of economics, this forward-thinking book relocates economics from a materialistic general theory of rational action into an idealistic theory of social organization and individual action. Adding new insightful analytical methods such as complexity theory, graph theory and computational modelling to the original insights of the Scottish Enlightenment, Richard Wagner explores economics in an ever-changing society, looking at the key civilizing processes and the important social questions. Rethinking Economics as Social Theory moves (...) away from the traditional review of analytical exercises and associated data and illustrates an enlightening scheme of thought where human societies are heterogeneous and not homogeneous and where change is continually in motion. Furthermore, Wagner theorises that economizing is a universal form of human action that plays out in numerous substantive directions and shows cooperation and conflict to have a yin-and-yang relationship. This illuminating book will prove an excellent resource for economists interested in working outside of comparative statics as well as social scientists looking for a broader vision of economics. Philosophers and those working in the field of biological sciences will also find this an informative read. (shrink)

Carl Menger’s Principles of Economics published in 1871 is usually regarded as the founding document of the Austrian School of economics. Many of the School’s prominent representatives, including Friedrich Wieser, Eugen Böhm-Bawerk, Ludwig Mises, Hans Mayer, Friedrich August Hayek, Fritz Machlup, Oskar Morgenstern, and Gottfried Haberler, as well as Israel Kirzner, Ludwig Lachmann, Murray Rothbard, and Don Lavoie, advanced and modified Menger’s research program in sometimes conflicting ways. Yet, some characteristics of the Austrian School remain (nearly) consensual from its foundation (...) through to contemporary neo-Austrian economists. In eight sections, we will briefly discuss some of the philosophical and methodological characteristics of Austrian economics: Austrian action theory and interpretative understanding, a relatively thoroughgoing subjectivism, methodological individualism, ontological individualism, apriorism, essentialism, an often overstated rejection of formal methods, and alertness to economic semantics. (shrink)

This chapter describes an economic ethic implicit in the Daoist tradition that envisages economic health, not as synonymous with growth, but akin to stability. The Daoist notion of health aspires to achieving longevity of body, of political rule, and, in contemporary applications, of our natural environment. Longevity is possible through alignment with patterns of nature, and by shunning anthropocentric urges to dominate. In the context of contemporary economic discussion, the Daoist maxim of ‘noncoercive action’, or wuwei, (...) is often likened to the notion of laissez-faire in classical liberal economics. While both traditions advocate a lack of intervention, Smithian classical economics views self-interested desire as a positive force for increasing economic prosperity within society. By contrast, the Daoists of ancient China cautioned against excessive desire and self-interest. This chapter begins with a very brief history of Daoism and goes on to draw primarily from the core teachings of the Daoist tradition: the Zhuangzi and particularly the Daodejing. (shrink)