After almost fifty years of operation, government through a number of announcements declared that FELDA (Federal Land Development) schemes need to be revitalized so that it could play its role more effectively as a vehicle that would accelerate the country’s economic growth. Having raised this point, the major aim of this study is to examine the major socio-economic issues and the current socio-economic status of FELDA settlers.Information was gathered through face-to-face interview with the Mata Air FELDA (...) settlers and the Rimba Mas FELDA settlers in Perlis. Descriptive statistics such as mean, standard deviation and percentages were employed to describe the socio-economic problems and issues studied. The findings of the study indicate the implication of the ageing phenomenon of the FELDA settlers in Perlis to some extent affect the settlers’ ability to work effectively on their plantation. It is also found that the second generation issue has become the most significant factor contributing to the productivity and income increment of the FELDA settlers in Perlis as compared to other selected socio-economic variables. The result also suggested that, the ageing phenomenon, second generation issue and entrepreneurship problem must be seriously taken into consideration in order to accelerate the FELDA’s growth specifically and the country’s growth generally. (shrink)

Since the outbreak of the global financial crisis in 2008, the exchange rate between China and USA has drawn a lot of attention. Because of the balance of payments surplus, China has accumulated a large amount of foreign exchange reserves, and there is much pressure on the Renminbi (RMB) to appreciate. The appreciation of RMB has raised a series of intertwining economic and ethical concerns in China. This paper is an inter-disciplinary study to illustrate the inter-relationship between economics and (...) ethics. We analyze the major economic factors affecting the trend of exchange rate of RMB and the effects of its appreciation. We then discuss the ethical implications of the appreciation and conclude with some policy suggestions to address the economic and the ethical concerns. (shrink)

This paper presents an outline of a methodology of ‘evidence-based economics’. The question whether an economic statement is evidence-based must be answered on three different levels. The first level concerns measurement: it asks whether claims made about economic quantities such as inflation, unemployment, growth or poverty are justified by the data and measurement procedures. The second level concerns induction: it asks whether claims made about the relations between economic quantities (such as ‘number of babies born predicts growth’, (...) ‘change in money causes change in monetary income’, ‘non-borrowed reserves can be used to control the interest rate’), are justified by the inference procedures. The third level concerns idealisation: it asks whether the quantities and relations selected are justified by the stated aim of the inquiry. The paper provides a discussion of these three types of investigation and of some solutions that have been offered. (shrink)

The presented study raises the issue of contribution payers in the field of social insurance, in particular based on the Covid-19 pandemic. Searching for ways of supporting was determined by the deterioration of the financial condition of entrepreneurs as payers of contributions. In 2020, there were no instruments or mechanisms to support entrepreneurs in a lockdown situation, which implied the need to build such tools and the legal environment for SMEs practically from the beginning. The Social Insurance Institution (ZUS) was (...) entrusted with the role of a stabilizer, consisting in servicing entrepreneurs as part of subsequent editions of the Anti-Crisis Shield. During the announcement of the COVID-19 pandemic, ZUS used the following forms of support for contribution payers: exemption from the obligation to pay contributions, postponement of the payment of contributions and payment of contributions in installments. The research question concerned the enforcement of the law and respect for the basic rights of entrepreneurs in the scope of the support used. In order to solve the research task legal interpretation were used in the work. The author’s considerations lead to the conclusion that forms of support used in connection with the Covid-19 pandemic turned out to be effective and may be used in the future in emergency situations. An important science contribution of the article results from the combination of the selected legal and economic aspects. (shrink)

The air pollution generated by motor vehicles and by static sources is, in certain geographic areas, a very serious problem, a problem that exists because of a failure of the marketplace. To address this marketplace failure, the State of California has mandated that by 2003, 10% of the Light-Duty Vehicle Fleet (LDV) be composed of Zero-Emission Vehicles (ZEVs). However, the policy-making process that was utilized to generate the ZEV mandate was problematic and the resulting ZEV mandate is economically unsound. Moreover, (...) an ethical analysis, based primarily upon the work of John Rawls, suggests that implementation of the California ZEV mandate is—in spite of the wide latitude that ought to be given to policy decision makers—unethical. A more ethical and economically efficient approach to the pollution caused by marketplace failure is one that relies on market incentives and thereby achieves the desired improvement in air quality by appealing both to the self-interest of motorists and to those businesses that are directly or indirectly involved with the automobile industry. Such an approach would take better advantage of the creative forces of the market and improvements in technology over time and avoid the infringements on individual liberty and fairness embodied in the ZEV mandate. (shrink)

This paper challenges traditional views which oppose health economics and medical ethics by arguing that economic assessment is a necessary complement to medical ethics and can help to improve public participation and democratic processes in choices about resource allocation for health care technologies. In support of this argument, four points are emphasized: (1) Most current biomedical ethical debates implicitly deal with economic issues of resource allocation. (2) Clinical decisions, which usually respect the Hippocratic code of ethics, are (...) nevertheless influenced by economic incentives and constraints. (3) Economic assessment is concerned with both efficiency and equity and potential trade-offs between the two, which means that ethical judgements are always embedded in welfare economics. (4) The real debate is not between economics on the one side and medical ethics on the other. Rather it is between different ethical conceptions of social justice and the contrasting approaches they entail to reconciling individual interests and preferences with collective goods and welfare. (shrink)

Many industrialized countries, developing countries, and countries that have recently made the transition from communism to market-oriented economies are characterized by high and increasing income inequality. Trends in income inequality have been understood to have ethical significance for different reasons. Some have argued that lessening income inequality is a valuable goal in itself. This essay, on the other hand, focuses on three instrumental reasons for pursuing economic policies that engender less income inequality, particularly in developing countries.• Inequality can inhibit (...) growth and slow poverty reduction.• Inequality often undermines the political process: that may lead to an inadequate social contract and may trigger bad economic policies-with ill effects on growth, human development, and poverty reduction.• Inequality may undermine civic and social as well as political life, and inhibit certain kinds of collective decision-making; at the societal level it may also generate its own self-justifying tolerance, perpetuating a high inequality equilibrium despite the potential economic and political costs.The author concludes that while societies with relatively high income inequality can, in principle, be equitable, it is more likely that income differentials will compound and aggravate unfairness in the allocation of opportunities, the functioning of the political process, and efforts to improve the well-being of the least advantaged. (shrink)

The image of the Roman woman, which has survived to this day and imposed itself almost as the only possibility for the ancient scholarship, is the domiseda: the housewife, mother, and spinner. In addition to the investigations of this traditional depiction, which steered the research on Roman women, the issues of our time and the advances in scientific research constantly bring us new perspectives, approaches, and problems around this object of study. This inevitably motivates us to question the role (...) of women in the business and finance world in Ancient Rome. Is it possible to write an economic and financial history of Roman women? What are the limits of this endeavor? This article addresses the insertion of women in the business and finance world, as well as some of the multiple possibilities of writing the History of Women from the Economic and Social History viewpoint. The time frame is restricted to the end of the Republic and the imperial period. This article is therefore divided into three parts: first, an introduction to the discussion of the situation of women in the domus; secondly, methodological assumptions to the study of women and their placement in economic and financial life; and, finally, some examples ofwomen from three different social groups who appear involved in credit relations in the documentation. (shrink)

Can human social cognitive processes and social motives be grasped by the methods of experimental economics? Experimental studies of strategic cognition and social preferences contribute to our understanding of the social aspects of economic decisions making. Yet, papers in this issue argue that the social aspects of decision-making introduce several difficulties for interpreting the results of economic experiments. In particular, the laboratory is itself a social context, and in many respects a rather distinctive one, which raises questions of (...) external validity. (shrink)

Human beings are highly irrational, at least if we hold to an economic standard of ‘rationality’. Experimental economics studies the irrational behavior of human beings, with the aim of understanding exactly how our behavior deviates from the Homo economicus, as ‘rational man’ has been called. Insofar as philosophical theories depend upon rationality assumptions, experimental economics is the source of both problems and (at least potential) solutions to several philosophical issues. This article offers a programmatic and highly biased survey (...) of some of these issues, with the hope of convincing the reader that experimental economics is well-deserving of careful study by philosophers. (shrink)

Given the recent cuts in government budgets, issues such as taxation, welfare, health care, social security, and environmental protection ar e drawing increasing attention to the basic problems of how to divide resources equitably among all members of society. Social Issues provid es a framework for discussing and resolving these current, pressing so cial issues. As each issue is considered, the book clarifies the moral, political, and economic dimensions that must be weighed as current p rograms (...) and reform proposals are evaluated. Throughout, this book prov ides a forum for open discussion in which the moral values and politic al and economic viewpoints from different viewpoints are entertained, discussed, and evaluated. (shrink)

This book presents an exploration of the idea of the common or social good, extended so that alternatives with different populations can be ranked. The approach is, in the main, welfarist, basing rankings on the well-being, broadly conceived, of those who are alive. The axiomatic method is employed, and topics investigated include: the measurement of individual well-being, social attitudes toward inequality of well-being, the main classes of population principles, principles that provide incomplete rankings, principles that rank uncertain alternatives, best choices (...) from feasible sets, and applications. The chapters are divided, with mathematical arguments confined to the second part. The first part is intended to make the arguments accessible to a more general readership. Although the book can be read as a defense of the critical-level generalized-utilitarian class of principles, comprehensive examinations of other classes are included. (shrink)

The result of two key social developments in recent years are examined here: the partial dismantling of the welfare state and the progress of genetics. Genetic insights are increasingly valuable for risk assessment, and insurers would like to use these insights to help determine premiums. Combined with the fact that social welfare is being curtailed, this could potentially create an uninsured high-risk population. Along with considerations of autonomy and privacy, this is the basis for an ethical critique of insurer's access (...) to information. The result has often been regulation of such information; but the authors argues that due to adverse selection, regulation will not solve these problems, and this may jeopardize the survival of private personal insurance. Instead, we should look towards the resurrection of social insurance, a key component of the welfare state. This will interest academic researchers as well as professionals involved with genetics and insurance. (shrink)

Nearly all large policy decisions influence not only the quality of life for existing individuals but also the number-and even identities-of yet-to-exist individuals. Accounting for these effects in a policy evaluation framework requires taking difficult stances on concepts such as the value of existence. These issues are at the heart of a literature that sits between welfare economics and philosophical population ethics. Despite the inherent challenges of these questions, this literature has produced theoretical insights and subsequent progress on variable-population (...) welfare criteria. A surprisingly bounded set of coherent alternatives exists for practitioners once a set of uncontroversial axioms is adopted from the better-studied welfare criteria for cases where populations are assumed to be fixed. Although consensus has not yet been reached among these remaining alternatives, their recommendations often agree. The space has been sufficiently restricted and well explored that applications of the theoretical insights are possible and underway in earnest. (shrink)

There is no necessary connection between leadership in basic science and leadership in the applications of science, because scientific progress is a cooperative endeavour and not a competitive game; indeed, there may be a conflict between basic research and applied science. The notion of “a position of leadership”; in science raises questions of what leadership consists in and what its value is to the nation. The two main arguments for government support of science are cultural-social, and economic. The cultural-social (...) argument stresses scientific activity as a form of social consumption of wealth and raises the question of whether other uses of the resources employed would contribute more to the greatness of the society. The economic argument stresses basic scientific research as a form of investment for the future, and raises the questions of what the rate of return on such investment is and whether and to what extent government support is called for. Relevant economic research results bearing on this problem are scarce. Economic theory suggests that competition in the market will supply less than the optimal amount of basic research; but our society substantially supplements the market through private contributions to and government support of science, and the question is whether this supplementation is deficient or excessive. Here difficult problems arise, on which more economic research is needed; one of these concerns the relative merits of government and private support of science. The rule-of-thumb procedures generally recommended for determining the volume and allocation of government support to basic scientific research generally ignore these problems, and amount to endorsing the present level of government support or recommending that it be increased. Allocation of federal support of science should take account of the possibility of stimulating the economic development of poor regions of the country by locating scientific research facilities in them. (shrink)

The Law and Economics approach to law dominates the intellectual discussion of nearly every doctrinal area of law in the US and its influence is growing steadily outside America as well. 2013 marked the fortieth anniversary of the publication of Richard Posner's Economic Analysis of Law, the book that launched the Law and Economics movement. The eighth edition of the book was published in 2011, this time competing against over twenty textbooks, collections and casebooks on law and economics. Although (...) there has been phenomenal growth in this area questions remain. Why has Law and Economics movement become so successful? What is the current status of the Chicago School? What are the alternative theories and how much influence do they exert? What can be considered mainstream today? What are the norms and values underlying this impressive body of research? These issues, amongst others, are thoroughly explored by the contributors. (shrink)

First published in 1985, this title includes contributions from leading economists and addresses many seminal aspects of Keynes' work and methods. This revival will be of particular interest to lecturers and advanced students of economics.

Contemporary economic thought presumes that individuals in a society always act according to their self-interest or private economic incentives, while important ethical motivations for action, such as a concern for others and public interest, are largely ignored. This paper is based on my experience of teaching an undergraduate course that highlighted the divergence between economic incentives and ethical motives for action in present-day life and business. Teaching tools such as lectures, case and group discussions were employed to (...) address important ethical dilemmas of individuals and managers in contemporary societies. Readings underscored the evolving relationship of business ethics and economic incentives, and the relevance of ancient ethical principles (e.g., Ethics of Interdependence, and Ethics of Prudence and Self-Development) to present-day business ethics. The course emphasized the imminent need in contemporary societies to reduce the divergence between economic incentives and ethical motives for action, and called for a greater understanding of business ethics today, given the complex ethical concerns that managers confront in the current global environment. (shrink)

Numerous accounting and economics research studies employ an experimental research method requiring student participants to make representations about an individual characteristic (e.g., ability, cost) that provides a basis for payment of cash rewards. In response, many participants intentionally misrepresent the nature of that characteristic to receive a greater reward. Typically, such studies are deemed to be either exempt from review by institutional review boards (IRBs) or subject only to an expedited review. Moreover, investigators seldom debrief participants, purportedly to avoid contamination (...) of the participant pool. The authors question the ethics of inducing strategic misrepresentation and rewarding fraudulent behavior without appropriate debriefing. A theoretical framework of cognitive ethical development indicates that such research methods can be harmful to student participants. Furthermore, principles of operant conditioning suggest that the rewards reinforce fraudulent behavior. It is recommended that research studies inducing strategic misrepresentation should not be exempt from IRB review and should be required to include desensitization procedures for debriefing participants. (shrink)

In this paper I consider various shifts in my research and understanding stimulated by seeking how to combat social ecological crises connected to modern economies. The discussion and critical reflections are structured around five papers that were submitted to Environmental Values in an open call to address my work. A common aspect is the move away from neoclassical environmental economics, and its reductionist monetary valuation, to a more realist theory and multiple methods. This relates to my work on environmental ethics, (...) plural values, stated preference validity and deliberative monetary valuation. Expanding beyond the narrow confines of mainstream orthodoxy has involved exploring a range of other disciplines (e.g. applied philosophy, social psychology, human geography, political science, social anthropology, history of thought and philosophy of science) and learning from this literature to rethink economics and develop social ecological economics. A broad range of subjects are covered here, including: personal responsibility, social practice, psychology of the individual, participatory processes, value (intrinsic, instrumental and relational), Nature–society relationships and interdependencies, critical realism and the conduct of unifying interdisciplinary science. I end with a series of comments concerning the failings of orthodox economics and the conduct of scientific research for social ecological transformation. (shrink)

The aim of this paper is twofold: to review briefly the main policy implications of Kirzner’s work and to contrast these with the approach that is generally used in public policy. The following issues are discussed in the paper: taxation and entrepreneurial incentives; the effects of regulation on the entrepreneurial process and economic growth; monopoly and monopoly pricing; anti-trust laws and their impact on the market process; the coordination criterion of efficiency; and the notion of economic justice. (...) I argue that the standard criteria of efficiency are often not useful to policy-making and should be replaced by Kirzner’s “coordination criterion”, which states that the institutions of the market economy must be geared toward allowing the capture of profit in order to promote the speed and responsiveness of the market process. One of the main lessons of Kirzner’s work for policy making is that the market process is always competitive and takes place over time.Cet article a deux objectifs : a) passer brièvement en revue les principales implications politiques des contributions de Kirzner et b) distinguer ces implications kirzneriennes de l’approche généralement retenue dans l’élaboration des politiques publiques. Dans ce qui suit, nous discutons des questions suivantes : les impôts et les incitations entrepreneuriales ; les effets de la réglementation sur le processus entrepreneurial et la croissance économique ; les monopoles et leurs modes de fixation des prix ; les lois anti-monopole et leurs conséquences sur le processus marchand ; l’efficience en tant que critère de coordination ; et la notion de justice économique. Le papier soutient que le critère standard d’efficience est rarement utile au niveau politique et devrait être remplacé par le “critère de coordination” de Kirzner qui énonce que les institutions de marché doivent avoir comme point de repère la réalisation de profits de manière à promouvoir la vitesse de capacité d’ajustement du processus marchand. Une des principales leçons des contributions kirzneriennes pour les décisions politiques est que le processus marchand est toujours concurrentiel et s’inscrit dans le temps. (shrink)

(1993). Editorial introduction to special issue on evolution of socio‐economic systems. World Futures: Vol. 37, The Evolution of Socio-Economic Systems, pp. 1-3.

Numerous accounting and economics research studies employ an experimental research method requiring student participants to make representations about an individual characteristic (e.g., ability, cost) that provides a basis for payment of cash rewards. In response, many participants intentionally misrepresent the nature of that characteristic to receive a greater reward. Typically, such studies are deemed to be either exempt from review by institutional review boards (IRBs) or subject only to an expedited review. Moreover, investigators seldom debrief participants, purportedly to avoid contamination (...) of the participant pool. The authors question the ethics of inducing strategic misrepresentation and rewarding fraudulent behavior without appropriate debriefing. A theoretical framework of cognitive ethical development indicates that such research methods can be harmful to student participants. Furthermore, principles of operant conditioning suggest that the rewards reinforce fraudulent behavior. It is recommended that research studies inducing strategic misrepresentation should not be exempt from IRB review and should be required to include desensitization procedures for debriefing participants. (shrink)

Deciding which climate policies to enact, and where and when to enact them, requires weighing their costs against the expected benefits. A key challenge in climate policy is how to value health impacts, which are likely to be large and varied, considering that they will accrue over long time horizons (centuries), will occur throughout the world, and will be distributed unevenly within countries depending in part on socioeconomic status. These features raise a number of important economic and ethical (...) class='Hi'>issues including how to value human life in different countries at different levels of development, how to value future people, and how much priority to give the poor and disadvantaged. In this article we review each of these issues, describe different approaches for addressing them in quantitative climate policy analysis, and show how their treatment can dramatically change what should be done about climate change. Finally, we use the social cost of carbon, which reflects the cost of adding carbon emissions to the atmosphere, as an example of how analysis of climate impacts is sensitive to ethical assumptions. We consider $20 a reasonable lower bound for the social cost of carbon, but we show that a much higher value is warranted given a strong concern for equity within and across generations. (shrink)

First published in 1985, this title includes contributions from leading economists and addresses many seminal aspects of Keynes' work and methods. This revival will be of particular interest to lecturers and advanced students of economics.

Growth of the private sector and privatization of state companies around the world have led to the emergence of various stock markets, some of which are depicted by insider trading. Law literature uses the arguments of unfairness, breach of fiduciary rights and damage to others to define and rule against insider trading. Economic literature can be used to interpret insider trading from other perspectives. This study argues that the question of insider trading in developing markets can be resolved by (...) the extent stock markets generate externalities and are public goods. It advocates structural changes in the developing markets and examines the conditions under which the Coase Theorem would work. (shrink)

We attempt to clarify divisions made by us in previous work (Colander et al., 2004a,b) between “orthodox, mainstream, and heterodox” in economics, following very useful remarks in Dequech (2007-08), whom we thank. We also provide specific advice for heterodox economists, namely: worry less about methodology, focus on being economists first and heterodox economists second, and prepare ideas to leave the incubator of heterodoxy to enter the mainstream economic debate.

The growing acceptance and success of experimental economics has increased the interest of researchers in tackling philosophical and methodological challenges to which their work increasingly gives rise. I sketch some general issues that call for the combined expertise of experimental economists and philosophers of science, of experiment, and of inductive‐statistical inference and modeling. †To contact the author, please write to: 235 Major Williams, Virginia Tech, Blacksburg, VA 24061‐0126; e‐mail: [email protected].

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.

"Written in a racy, persuasive style, the book impresses the reader as a work of significant scholarship...I encourage students of comparative religions- and especially those of Islamic economics- to read it with great care."&$151; Islamic Studies The worlds of economics and theology rarely intersect. The former appears occupied exclusively with the concrete equations of supply and demand, while the latter revolves largely around the less tangible concerns of the soul and spirit. Intended as an interfaith clarification of the relationship between (...) the material and the spiritual worlds, this volume first inspects secular beliefs about the relationship between economics and ethics. Exploring the differences and similarities between the treatment of economic issues in each of the great monotheistic religions, Rodney Wilson reveals how each tradition considers such subjects as individual wealth, lending, economic regulation, usury, insurance capitalism, socialism, and banking. He concludes with an intriguing epilogue on the rapidly expanding field of business ethics. (shrink)

Randomized control trials (RCTs) are recognized as the preferred tool of analysis in modern development economics literature/research and policy evaluation. This may lead to methodologies, including case studies, tabular analysis, simple regressions, taking a back seat. This survey explores the implications of such a methodological hierarchy and the implications of preoccupation with a particular evidence/methodology for research and policy. Similar developments in macroeconomic modelling are also discussed. Major advantages and limitations of RCTs and the attempts to address them are highlighted. (...) The article argues that preoccupation with a methodology can sometimes lead to important inquiries for research and policy getting side-lined on methodological considerations. This leads to inferences favouring a particular technique/methodology or issue. Focusing solely on methodologies that emphasize quantifying the ‘effect’ may not be appropriate to address all questions relevant to development. As policies involve multiple and conflicting social concerns, methodological pluralism may be preferable. (shrink)