This book intends to renovate the view of social sciences in the German-speaking world. It explores the intellectual tension in the social science in Austria and Germany in the late-nineteenth and early-twentieth centuries. It deals with how the emergence of the new school changed the focus of social science in the German speaking world, and how it prepared the introduction of an evolutionary perspective in economics, politics, and sociology. Based on primary evidence, this development is lively described in a (...) series of encounters and decisions by each social scientists. (shrink)

The book highlights the ethical aspects and issues that are inherent to economics in the context of today's prominent social institutions. It reviews a range of problems concerning dominant social institutions, namely markets, government agencies, corporate entities, financial networks, and religious systems. Further, in each case, the book takes a detailed look at the economic problems as they arise within a broader sociological and political environment, taking into account the respective ethical/philosophical paradigms. It analyzes from an ethical point of (...) view topics like the evolution of economic thought, happiness and spirituality, and human values in relation to ethics. (shrink)

This intriguing new book examines and analyses the role of critical realism in economics and specifically how this line of thought can be applied to the real world. With contributions from such varying commentators as Sheila Dow, Wendy Olsen and Fred Lee, this new book is unique in its approach and will be of great interest to both economic methodologists and those involved in applied economic studies.

There is an embarrassing polarization of opinions about the status of economics as an academic discipline, as reflected in epithets such as the Dismal Science and the Queen of the Social Sciences. This collection brings together some of the leading figures in the methodology and philosophy of economics to provide a thoughtful and balanced overview of the current state of debate about the nature and limits of economic knowledge. Authors with partly rival and partly complementary perspectives examine how abstract (...) models work and how they might connect with the real world, they look at the special nature of the facts about the economy, and they direct attention towards the academic institutions themselves and how they shape economic research. These issues are thus analysed from the point of view of methodology, semantics, ontology, rhetoric, sociology, and economics of science. (shrink)

There is a growing perception among economists that their field is becoming increasingly irrelevant due to its disregard for reality. Critical realism addresses the failure of mainstream economics to explain economic reality and proposes an alternative approach. This book debates the relative strengths and weaknesses of critical realism, in the hopes of developing a more fruitful and relevant socio-economic ontology and methodology. With contributions from some of the leading authorities in economic philosophy, it includes the work of (...) theorists critical of this approach. In the first part, contributors develop and deepen economics as a realist social theory by considering the work of individuals, various schools of thought, socio- economic phenomena and methodology. In the second part, contributors weigh the strengths and weaknesses of critical realism. (shrink)

Markets can often be harsh in compelling people to make unpalatable economic choices any reasonable person would not take under normal conditions. Thus, workers laid off in mid-career accept lower-paid jobs that are beneath their professional experience for want of better alternatives. Economic migrants leave their families and cross borders in search of a livelihood. These are examples of economic compulsion. These economic ripple effects have been virtually ignored in ethical discourse because they are generally accepted (...) to be the very mechanisms that generate the market's much-touted allocative efficiency. Albino Barrera argues that Christian thought on economic security offers an effective framework within which to address the consequences of economic compulsion. (shrink)

This article focuses on an area of study that may be called folk economics and that is currently not on the social science agenda. Folk economics has as its task to analyze and explain how people view the economy and how it works; what categories they use in doing so; and what effect this has on the economy and society. Existing studies in economics and sociology that are relevant to this type of study are presented and discussed. A theoretical (...) framework for analyzing folk economic issues is suggested, centered on the distinction between episteme and doxa or between scientific knowledge, on the one hand, and everyday knowledge, on the other. This is then applied to an exploratory case study of the role that folk economics played in Trump’s presidential campaign. It is shown that Trump and his voters thought in a parallel way on key economic issues, especially protectionism. (shrink)

This article takes as its provocation Marx's intriguing statement about the disjunction between the flowering of Greek art and the underdeveloped stage of social and economic development made as an epilogue to the Introduction to the Grundrisse in order to ask what are the relations between that which has been considered art and what Marx calls `production as such'. In the elaborated conditions of contemporary capitalist societies, we can ask: Is art still being made? To examine this question I (...) juxtapose what Bauman has called `thinking sociologically' with a proposition that art thinks aesthetically. So how can art historians deal with that challenge of thinking aesthetic practices both socially and historically? I track a genealogy of art historians (Clark, Antal, Shapiro) who have attempted to think socially about artistic practices. This leads into a section about the necessity for both sociological and aesthetic education if we are to avoid totalitarianism or free-market individualism (Bahro). Finally, thinking sociologically, by taking as a case study the work of Aby Warburg, I explore the technological conditions of art historical production itself particularly in relation to photography and the way this shapes our access to the image. Warburg represents the possibility of another model for art historical thinking about the image as Kulturwissenschaft, a parallel to Sozialwissenschaft in its ambition and relation to the great intellectual revolutions c.1905 (Freud, Bergson, Einstein, Hussserl). Like Marx, Warburg questioned the continuity of the imaginary space of art thinking in the age of technological industrialism. Where art is now, where art history is, are not just sociological questions to which Marx might offer a dismal answer. I conclude that what is necessary is a constructive conversation between thinking sociologically and thinking aesthetically, knowing synthetically and knowing for oneself — curricular issues made more intense by the shared conditions in which all intellectual production is being transformed in contemporary sites of intellectual practice, the university, by `production as such' leading thought to risk the same fate as art in contemporary society, as Marx hypothesized. As a final thought, I suggest that in contemporary art work that confronts trauma and catastrophe, often using new technologies as aesthetic processes, we may find a counter-argument. (shrink)

This is an expanded second edition of Nicholas Mercuro and Steven Medema's influential book Economics and the Law, whose publication in 1998 marked the most comprehensive overview of the various schools of thought in the burgeoning field of Law and Economics. Each of these competing yet complementary traditions has both redefined the study of law and exposed the key economic implications of the legal environment. The book remains true to the scope and aims of the first edition, but (...) also takes account of the field's evolution. At the book's core is an expanded discussion of the Chicago school, Public Choice Theory, Institutional Law and Economics, and New Institutional Economics. A new chapter explores the Law and Economics literature on social norms, today an integral part of each of the schools of thought. The chapter on the New Haven and Modern Civic Republican approaches has likewise been expanded. These chapters are complemented by a discussion of the Austrian school of Law and Economics. Each chapter now includes an "At Work" section presenting applications of that particular school of thought. By providing readers with a concise, noncritical description of the broad contours of each school, this book illuminates the fundamental insights of a field with important implications not only for economics and the law, but also for political science, philosophy, public administration, and sociology. (shrink)

The articles brought together in this double-length section of the Annual Review of Theory, Culture & Society focus on two intertwined strands of the thought of Georg Simmel, both of them neglected until recent years. A first bears on what might be called Simmel’s metaphysics of the social, or what he himself once called ‘sociological metaphysics’. A second strand centres on the renewed contemporary relevance of Simmel’s ideas about money economies and their relation to precarious individual life-situations in an (...) age of global economic turbulence. Current sensibilities in the wake of global economic crisis and the demise of some of the more euphoric sociologies of globalization of the last two decades provide a timely setting for a reappraisal of Simmel’s thinking. With the completion in 2012 of the Suhrkamp edition of Simmel’s collected works, Simmel’s themes need to be explored more deeply, including particularly his thinking about lived experience, transcendence, death, fragmentary worlds of value, and allegorical representation. This issue of the journal showcases some of the latest scholarly work and foregrounds several pivotal primary pieces unavailable in English until now. (shrink)

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)

The connection between static and dynamic forces in society became, once again, a topic for debate at the sociological congress held in Amsterdam in 1955. The reason for this renewed interest is not far to seek. Dynamic phenomena of great intensity force themselves on the observer of the contemporary scene. Within the Soviet sphere of influence, the structure of society is undergoing radical changes. At the same time, the Orient and all those areas said, not without reason, to be “developing,” (...) are in the throes of modernization. And finally, even in countries ruled by liberalism and marked by stable institutions, the inner structure of such fundamental social concepts as “individual,” “family,” “stratification,” “organization” and “government” is rapidly being transformed. On the other hand, there are many countries in which society appears to be gravitating towards a static condition, characterized by Veblen more than fifty years ago, as a “new feudalism.” When all areas beyond the present-day borders of capitalism will have been industrialized, capitalism will no longer be able to rely on new resources elsewhere, and its economic expansion, which was once thought to be demanded by the very nature of the system, will have come to an end. Capitalism will then have to revert to simply reproducing itself. This prospect is reflected in our present-day culture. Thus, Olivier Messiaen, a composer of the group known as “La Jeune France,” said only recently, that the historical development of music had reached a ceiling beyond which no further development could be imagined; whether he was right or not, is not the point. What should be of most interest in a discussion of the conflict between static and dynamic forces, is the question which of these will prove to be the stronger; whether the trend of development prevailing since the Middle Ages will continue, or whether it will terminate in a state of paralysis of the kind that Himmler prophesied when he said that the Third Reich would last for ten or twenty thousand years, until the “end of modern times.” But before we can speculate about the outcome of the conflict between the static and dynamic, we must reflect on the ideas connected with them; otherwise it would be like trying to settle the course of world history by idly tossing a coin. (shrink)

Corrado Gini was a key intellectual in the Fascist establishment. His scientific programme included statistics, demography, eugenics, economics, and sociology, as well as occasional forays into political thought and anthropology. Historians have focused on his statistics and eugenics, in connection with his spell as head of the Italian bureau of statistics. This article, integrating economics with the other threads of Gini’s programme, takes economic anthropology as a standpoint to reassess the inspiration behind his whole oeuvre. That anthropology (...) consisted of two parts: the criticism of economists’ ‘economic man’ and the attempt to replace it with an instinctual economic agent, inspired by the nationalist rhetoric of ‘young peoples’ bound to conquer the world. Once the perspective is enlarged, the usual definition of Gini as a technocrat proves insufficient, for his science incorporated essential pieces of Fascism’s political ideology and cultural legitimacy. (shrink)

How has reason, believed since the Enlightenment to be the ally of freedom in the search for a better, more humanly satisfying world, been reduced to a technical rationality that has actually impoverished the bases of human freedom? What might be the options and obligations for sociologists who wish to restore reason to its proper status? -/- Working within the tradition of C. Wright Mills and Jurgen Habermas, Frank Hearn sets out to answer these questions. He surveys the treatment of (...) the relation between reason and freedom in both the classical tradition (especially the writings of Saint-Simon, Comte, Durkheim, Marx, Weber, and Freud) and an increasingly significant segment of social thought and criticism (and, for example, in the contrasting visions of Daniel Bell and Christopher Lasch.) He then analyses both the concrete social and historical forms of expression taken by what Mills calls 'rationality without reason' and their impact on individual autonomy and the freedoms associated with democratic politics. Finally, he develops Mills's and Habermas's claims that the cultivation of democratic publics and a critical social theory committed to a vibrant public life are indispensable to the protection and revitalization of the values of reason and freedom and of the practices they entail. -/- This book updates and enriches Mills's influential argument by demonstrating its affinity with critical theory, by showing its contributions to a critical understanding of the classical tradition, and by showing its implications for contemporary social, political, and economic developments. (shrink)

This dissertation examines the recent demands for diversifying economics, often advanced under the rubric of pluralism. The dissertation aims at illuminating questions that are foundational to this debate and thereby promoting the resolution of the disagreements. The focus is on the question of whether economics should be open to a wide range of methodological approaches, theoretical frameworks, schools of thought, and so on, in a way that would make the current relatively uniform mainstream approach to economics one among others. (...) The question is considered from the perspective of empirically informed philosophy of science. This approach combines the traditional tools of philosophy, such as critical examination of arguments and concepts, with a multifaceted understanding of science achieved by drawing on sociological, historical and economic research on science. -/- The dissertation consists of four research articles and an introductory essay. Three of these articles examine three corresponding epistemic benefits that increased diversity of approaches and perspectives may be expected to produce. These benefits are the stimulation of inquiry, the reliability of knowledge produced, and the comprehensiveness of attainable knowledge. Each benefit may be used as a premise in arguing that economics should be more diverse than it currently is. Of these three articles, two use Helen Longino’s Critical Contextual Empiricism as the theoretical framework. The fourth article examines the flipside of the benefits, namely, the various costs that securing the benefits may require or that may emerge as side-effects of diversity. -/- This study finds that all the arguments for pluralism examined face challenges. The most pressing challenge is that these arguments often presuppose views about the goals of economics without explicitly arguing for them. While plurality may have certain effects on the knowledge produced by economics, whether these effects are desirable depends on the kinds of epistemic outputs one thinks economics should deliver. However, there is no universal agreement on this. There is no uncontested Common Good against which to measure what changes are improvements. Arguments which do not confront this reality are unlikely to gain wide support. Thus this study highlights the urgency of openly discussing the research agenda and overall aims of the discipline, and helps articulate the views involved in such a discussion by developing suitable conceptual tools. -/- Nevertheless, the most substantial challenges are only faced by views according to which fundamental reform in economics is needed; economics would plausibly benefit from a moderate shift towards openness to non-mainstream approaches and perspectives. At the end, the desirability of a shift towards more intellectual diversity in economics is a matter of costs and benefits. The more modest variations of pluralism one considers, the more likely it is that the benefits outweigh the costs. (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)

Providing another key contribution to the immensely popular field of law and economics, this book, written by the doyen of the history of economic thought in the US, explores the dynamic relationship between economics, law and polity. Combining a selection of old and new essays by Warren J. Samuels that chart a number of key themes, it provides an important commentary on the development of an academic field and demonstrates how policy is structured and manipulated by human social (...) construction. The areas covered include: the role of manufactured belief power the nature and sources of rights the construction of markets by firms and governments and the problem of continuity and change in the form of the question of the selectively defined _status quo_ and its status the absolutist character of government, rights, markets and legal principles and the accepted ideational structure of law. _The Legal-Economic Nexus_ is an essential read both economists and legal professionals as well as those researching the history of economic thought and the social construction of law. (shrink)

The aim of this thesis is to discuss the nature of social phenomena, and to determine the appropriate way to explain them. Many of the contentions advanced rest largely upon the fact that social phenomena can be investigated only by methods which respect their distinctive character and status as social phenomena. In chapter I it is argued that the most important difference between the social and the natural sciences is that the former have to employ intentional criteria to identify their (...) explananda-phenomena. Because human and societal phenomena are intrinsically meaningful, the type of causation which prevails in the social realm is fundamentally different from that which prevails in the physical. In chapter II the claim of Popper and Hayek that the task of the social sciences is to trace the unintended consequences of human actions is critically examined. Two examples of economic explanation are given in order to show the importance of unintended consequences, and to illustrate the general form explanations of social phenomena should adopt. In chapter III the contention that the social sciences deal with inherently complex phenomena is examined and defended, and the main implications of this contention for social analysis are drawn. The extent to which social phenomena are in principle predictable is discussed. In chapter IV the structural properties of formal scientific theories are briefly characterised, and then Friedman's famous argument on the testability of economic theories is analysed and rejected. The role within a scientific theory of statements formulated with reference to idealisations of the phenomena being studied, and the role within a social explanation of the 'principle of rationality', are discussed. In chapter V the central questions behind the methodological individualism/methodological holism controversy are brought to light. Provided that methodological individualism is not construed as a reductionist or mechanistic principle, it can successfully avoid the main objections of its detractors. It is argued that the method of functional analysis in sociology is consistent with methodological individualism. Finally, it is claimed that the principle of methodological individualism does indeed recommend the appropriate way to explain societal phenomena. In chapter VI, the various strands of thought running through the five preceding chapters are drawn together in a brief summary of the most important points raised by this thesis. (shrink)

This study aims to evaluate the ideas on the scope and method of economics of Joseph Schumpeter who is one of the important economists of the 20th century. The study consists of four sections: In the first section we underline the interesting points of his life to understand the roots, background, or 'vision' of his thought system. In the second section, we will examine his methodological views that he asserted in his first (but translated into English only in 2010) (...) book. Third section will be concerned with his 'analysis of economics' which refers to his critics of Leon Walras's general equilibrium analysis (as static) and his own alternative (dynamics analysis of capitalist economies) about the central subject matter of economics. In the fourth section we will treat his approach about the development/evolution process of economic thought in time. The study concludes with a brief assessment: Schumpeter is one of the rare economists who can build his own thought system in the history of economics, and he embraced a pluralist perspective in the field of the methodology of economics. (shrink)

This book is an introduction to medieval economic thought, mainly from the twelfth to the fifteenth centuries, as it emerges from the works of academic theologians and lawyers and other sources - from Italian merchants' writings to vernacular poetry, Parliamentary legislation, and manorial court rolls. It raises a number of questions based on the Aristotelian idea of the mean, the balance and harmony underlying justice, as applied by medieval thinkers to the changing economy. How could private ownership of (...) property be reconciled with God's gift of the earth to all in common? How could charity balance resources between rich and poor? What was money? What were the just price and the just wage? How was a balance to be achieved between lender and borrower and how did the idea of usury change to reflect this? The answers emerge from a wide variety of ecclesiastical and secular sources. (shrink)

This edited volume of original contributions deals with the economic and political thought of Michael Polanyi. Requiring little prior knowledge of Polanyi, this volume further develops a somewhat neglected side of Polanyi's work. In particular it examines the 'tacit integration', of subsidiary details into focal objects or actions as central to all knowing and action. It traces ontological counterparts in the structures of comprehensive entities and complex actions, and a multi-level universe in which lower levels have their boundary (...) conditions, the extents to which they apply, determined by those of the next higher level, whilst each possessing its own laws or operative principles. This schema of 'dual control' preserves the reality and relative autonomy of each level, and its interactions with others, against the various reductions. The essays in this volume also employ and develop important additional concepts and distinctions such as: 'corporate' and 'spontaneous' order; 'public' and 'private' liberties; 'general' and 'specific authority'; and 'moral inversion'; which, as the essays show, are necessary for understanding and maintaining a free society and the freedom of institutions within it. Among the topics treated with them are: more of the prerequisites of freedom in public liberties dedicated to principles and transcendent values; totalitarianism and society as spontaneous order; the balance of general and specific authority in society and particular institutions; reductionism, totalitarianism and consumption in consumer societies, as moral inversions; the mutual interactions of economics and politics as distinct and autonomous but interacting levels; the sociological aspects of economics; and Polanyi's own contributions to sociology. Although, as indicated, Polanyi has his special terms, the essays in this volume, like his works, give them meaning with concrete examples and so avoid merely shuffling a mass of abstractions. Together the essays show that his work is a rich seam of ideas and inspiration for yet further extension and application--Publisher. (shrink)

Although the history of centrally planned economies has been widely studied, the development of socialist thinking on the subject has remained largely uncharted. In this 1991 work, Pekka Sutela presents a detailed analysis of Soviet economic thought and theory. Dr Sutela traces the competing currents in the Marxist tradition of socialist economies from the Revolution to the present day. In particular he shows how the Gorbachev economic reform programme of 1987 rose from the work of Nobel Prize (...) economist L. V. Kantorovich and his followers. However, this programme failed and the author explains in some detail why this happened. Since then, Soviet economists have tried to abandon their traditional theory of central planning and move along the path and long established contacts with leading Soviet economists, Pekka Sutela is able to show how Soviet economic thinking has moved from dogmatism through reformism to pragmatism. (shrink)

El objetivo de este artículo es fundamentar la aplicación de la sociología compleja del conocimiento al estudio de la formación de las principales teorías y marcos conceptuales de la historia del pensamiento económico. Tomando como punto de partida el problema de la inconmensurabilidad de los paradigmas científicos, se expone la propuesta de construcción de sistemas metateóricos para el análisis de los presupuestos no-contrastables que se encuentran en el núcleo de las teorías científicas. Posteriormente, se analizan las implicaciones principales que el (...) carácter social e histórico del objeto de estudio de las ciencias sociales tiene para esta propuesta. El artículo termina con algunas consideraciones metodológicas para la construcción de metasistemas en la historia del pensamiento económico.This article seeks to support the application of the complex sociology of knowledge to the history of economic thought, in order to study the formation of its main theories and conceptual frameworks. With the starting point of the incommensurability of research paradigms’ problem, the construction of metatheoretical systems is proposed to analyse non-verifiable assumptions at the core of scientific theories. Subsequently, the main implications of that proposal are analysed vis-a-vis the social and historical nature of social sciences. The article concludes with some methodological considerations for the construction of metasystems in the history of economic thought. (shrink)

The rise of behavioral economics since the 1980s led to richer mutual influence between economic and psychological theory and experimentation. However, as behavioral economics has become increasingly integrated into the main stream in economics, and as psychology has remained damagingly methodologically conservative, this convergence has recently gone into reverse. At the same time, growing appreciation among economists of the limitations of atomistic individualism, along with advantages in econometric modeling flexibility by comparison with psychometrics, is leading economists to become more (...) pluralistic than psychologists about the ontology of behavioral causation and structures. This, combined with economists’ growing interest in network models, is drawing economists closer in theory and practice to sociologists who use quantitative or mixed methods. (shrink)

Since the Middle Ages, Aristotle has been hailed as the father of economics. But recently classicists have maintained that he did no economics at all. This book clears up the anomaly. The author argues that Aristotle had a theory of money and commerce, but that it is ethical rather than economic. According to Aristotle ethics and economics are fundamentally opposed and can never be reconciled.

Contemporary scholarship interprets Sergej Bulgakov’s sophiology as an engagement of Orthodox theology with the modern world and as being on its way to becoming a political theology. In this paper I undertake a re-evaluation of the kind of engagement sophiology was and was intended to be, and of the kind of world it was destined for. It will be argued that sophiology was not so much a political-theological engagement with the world concentrating on the relation of religion and politics or (...) state and church, but rather an economic-theological engagement in the tradition of oikonomia theology that tried to understand the world in its relation to and as part of divine oikonomia. Furthermore, the world sophiology promotes engagement with is not only the real contemporary world, or the sociological ideal type of modernity, but primarily the world as such, this secular and human world over and against the divine and transcendent world. (shrink)

Swedberg's two-volume collection of essays covering New Developments in Economic Sociology contains some excellent material, worthy of study by both economists and sociologists. However, there are definitional and conceptual problems in the whole project of "economic sociology" exacerbated by the disappearance of any consensus concerning the boundaries between the disciplines of sociology and economics. Neither has "economic sociology" acquired an adequately clear identity through the use of distinctive concepts or theories. Its future prospects (...) are further questioned by recent changes within economics itself, including greater attention to institutional structures, and the abandonment of strictly self-interested and context-independent rationality. Key Words: economic sociology • economics • disciplinary boundaries • social sciences. (shrink)

This paper attempts to clarify the concept of relational work for understanding economic life as proposed by Viviana Zelizer. To do so, it first compares the concept to similar notions used in other disciplinary fields. Second, it reinterprets some exemplary economic sociology studies by using the relational work lens to clarify the concept’s utility for empirical analysis. Third, it speculates about the place of relational work in the theoretical toolkit of economic sociologists, in particular its relation (...) to embeddedness. The paper concludes by arguing for the utility of the concept to integrate structural, cultural, and power-focused analyses of economic life, to highlight the often-overlooked role of emotions in economic exchange, and to ground an alternative to rational action theory in economic sociology. (shrink)

The increasing frequency and scope of financial crises has made global financial stability one of the major concerns of economic policy and decision makers. Under this highly complex environment, supervision of the financial system has to be thought of as a systemic task, focusing not only on the strength of the institutions but also on the interdependent relations among them, unraveling the structure and dynamic of the system as a whole. In recent years, network science has emerged as (...) a leading tool for the investigation of complex systems. Here we review several applications of network science in finance and economics, and discuss existing challenges and future directions which will substantiate network science as a key tool for financial academics, practitioners, and policy and decision makers. (shrink)

This book reformulates the central questions of ethics in economic thought. It reconsiders the purpose of economic activity, the ethical values of entrepreneurs, and the Aristotelian dilemma of differentiating between needs and desires to better understand the rise of consumerism. The book also examines cultural factors, the role of religion, and the significance of informal institutions, ultimately showing how less developed countries can increase opportunities for all of their citizens.

Contemporary scholarship interprets Sergej Bulgakov's sophiology as an engagement of Orthodox theology with the modern world and as being on its way to becoming a political theology. In this paper I undertake a re-evaluation of the kind of engagement sophiology was and was intended to be, and of the kind of world it was destined for. It will be argued that sophiology was not so much a political-theological engagement with the world concentrating on the relation of religion and politics or (...) state and church, but rather an economic-theological engagement in the tradition of oikonomia theology that tried to understand the world in its relation to and as part of divine oikonomia. Furthermore, the world sophiology promotes engagement with is not only the real contemporary world, or the sociological ideal type of modernity, but primarily the world as such, this secular and human world over and against the divine and transcendent world. (shrink)

This review article continues the forum from Tradition and Discovery 47/1 (February 2021) on Gábor Bíró’s book, The Economic Thought of Michael Polanyi (London: Routledge, 2019; 178 pp. Hardback: 9780367245634, £120.00; eBook: 9780429283178, £22.50).

This 1994 collection of interdisciplinary essays was the first to investigate how images in the history of the natural and physical sciences have been used to shape the history of economic thought. The contributors, historians of science and economics alike, document the extent to which scholars have drawn on physical and natural science to ground economic ideas and evaluate the role and importance of metaphors in the structure and content of economic thought. These range from (...) Aristotle's discussion of the division of labour, to Marshall's evocation of population biology, to Hayek's dependence upon evolutionary concepts, and more recently to neoclassical economists' invocation of chaos theory. Resort to such images, contributors find, was more than mere rhetorical flourish. Rather, appeals to natural and physical metaphors serve to constitute the very subject matter of the discipline and what might be accepted as the 'economic'. (shrink)

Starting from a distinction made by the American philosopher, John Rawls, in 2000 between two kinds of liberalism, "liberalism of freedom" and "liberalism of happiness," this book presents a range of articles by economists and philosophers ...

The purpose of this book is to explore new developments in the field of economic sociology. It contains cutting-edge theoretical discussions by some of the world's leading economic sociologists, with chapters on topics such as the economic convention, relational sociology, economic identity, economy and law, economic networks and institutions.The book is distinctive in a number of ways. First, it focuses on theoretical contributions, by pulling together and extending what the contributors believe to be (...) the most important theoretical innovations within their own particular areas of the field. Second, there are contributions by leading economic sociologists from both the US and Europe, which gives the book both wider scope and appeal, while also creating the opportunity for some interesting dialogue between distinct theoretical traditions. The book will be of interest to researchers, Ph.D. students, and advanced students on both side of the Atlantic, and indispensible in advanced economic sociology courses. (shrink)

This volume addresses fundamental issues in the philosophy of science in the context of two most intriguing fields: biology and economics. Written by authorities and experts in the philosophy of biology and economics, Mechanism and Causality in Biology and Economics provides a structured study of the concepts of mechanism and causality in these disciplines and draws careful juxtapositions between philosophical apparatus and scientific practice. By exploring the issues that are most salient to the contemporary philosophies of biology and economics and (...) by presenting comparative analyses, the book serves as a platform not only for gaining mutual understanding between scientists and philosophers of the life sciences and those of the social sciences, but also for sharing interdisciplinary research that combines both philosophical concepts in both fields. -/- The book begins by defining the concepts of mechanism and causality in biology and economics, respectively. The second and third parts investigate philosophical perspectives of various causal and mechanistic issues in scientific practice in the two fields. These two sections include chapters on causal issues in the theory of evolution; experiments and scientific discovery; representation of causal relations and mechanism by models in economics. The concluding section presents interdisciplinary studies of various topics concerning extrapolation of life sciences and social sciences, including chapters on the philosophical investigation of conjoining biological and economic analyses with, respectively, demography, medicine and sociology. (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.

While the political aspects of the interwar dystopias have received much attention, less focus has been given to the specific correlation to the economic thinking and developments of the period, in particular the prominence of economic planning. This article suggests that such a connection is significant by examining a key Swedish novel from the period, Kallocain, in relation to the early economic theory of the Scandinavian welfare state. The article then relates these findings to links between Brave (...) New World and the thinking of John Maynard Keynes. Finally, the kinds of critique articulated in these fictional works are centered around the citizens’ emotional and interior lives in new planned societies, and around their views on bad, disloyal, or painful feelings. (shrink)