Virtue ethics is widely recognized as one of three major approaches in contemporary moral philosophy and arguably the most influential normative theory in business ethics. Despite its rich pedigree in Western and Eastern philosophy, most work in contemporary virtue ethics is part of the Western tradition. The purpose of this Thematic Symposium is to foster dialogue between Western and Eastern conceptions of virtue in business and engage them with questions about the nature, justification, and content of the virtues in each (...) tradition. This Editorial offers a brief introduction to the problem, a summary of Western and Eastern varieties of virtue ethics, an overview of the six articles included in this Thematic Symposium, and a section with five common themes for further exploration and future collaborative research. (shrink)

This original book brings together some of the world's leading critics of economics orthodoxy to debate Lawson's contribution to the economics literature.

A guide to the pluralist movement threatening to revolutionise mainstream economics. It looks at how neoclassical economics gained its stranglehold, particularly in the United States, and how the social and intellectual underpinnings of economics have enabled it to maintain this in the face of inconsistent evidence from the real world.

The dominant academic paradigm and the main inspiration of anticorruption policies is the economic theory of corruption, according to which anticorruption policies should be focused on raising the costs associated with corrupt behavior. In this article, I provide three reasons to explain why anticorruption interventions in organizations inspired by the economic theory of corruption frequently fail. I contribute to the current literature by integrating the literature on constructive deviance, on personality psychology, and on managerial biases in ethical decision-making (...) into the study of corruption and into the design and implementation of anticorruption interventions. Research propositions are advanced. Research and practice implications are discussed. (shrink)

Economics is probably the most subtle, precise and powerful of the social sciences and its theories have deep philosophical import. Yet the dominant alliance between economics and philosophy has long been cheerfully simple. This is the textbook alliance of neo-Classicism and Positivism, so crucial to the defence of orthodox economics against by now familiar objections. This is an unusual book and a deliberately controversial one. The authors cast doubt on assumptions which neo-Classicists often find too obvious to defend or, indeed, (...) to mention. They set out to disturb an influential concensus and to champion an unpopular cause. Although they go deeper into both philosophy and economics than is usual in interdisciplinary works, they start from first principles and the text is provokingly clear. This will be a stimulating book for all economic theorists and philosophers interested in the philosophy of science and social science. (shrink)

Modern economics does not have much use for the classical scheme of virtues and vices. Yet, it appears to recognise prudence, or something lying in the same general region as prudence. In classical philosophy, prudence is the virtue of practical rationality, or rationality in action. Economics too has a theory of rationality in action. This paper asks if this is a good theory – if the actions prescribed by economics are indeed the actions that an ideally prudent counsellor would prescribe. (...) As I argue in what follows, there is reason to think that they are not, and the reason is to be traced back to the crucial dimension of time that is neglected in the economic theory of rational action. (shrink)

Eleventh-century Europe was dominated by a single political and economic elite with position based on control of the means of coercion; by the end of the fifteenth. century there were various elites with power based on control of some form of production. Theories based on trade, population, and the class struggle have been advanced to account for this change but are inadequate because they posit causal relationships running from some single independent factor. A different form of explanation emphasizes the (...) network of relationships among economic and political units. Here economic power is crucial. The development of new technology shifted the economic leverage of the nobility to the mer chants, then to town craftsmen, with detailed effects on all other economic relationships. The argument is primarily theoretical, not a reconstruction of events, and a mathematical model is provided. (shrink)

This article provides a summary of economic issues found in Atlas Shrugged. It discusses the role of individual initiative, creativity, and productivity in economic progress as illustrated in this novel. It also shows the novel's depiction of the benefits of trade—and the destruction of exchange relationships and production that results from government intervention in the economy. Rand included a great many valuable insights about money in the novel's famous “money speech.” In addition, the book analyzes Galt's Gulch as (...) a free market economy. The novel is, in part, a treatise on economics providing a literary treatment of proper economic principles. (shrink)

Traditional economics treats the defining subjective properties of economic agents as if they are determined independently of individual and collective relations with other agents. This collection of essays reflects the increasingly common view that economics cannot continue to disregard all economic phenomena inconsistent with this conception. The volume is especially concerned with the idea of intersubjective influences on market outcomes. A team of expert international contributors have been brought together to address the question of intersubjectivity from a variety (...) of perspectives. Using methods of description and analysis they explore the structures and effects of concrete interdependencies between individual subjectivities engaged in economic activity, and develop conceptual and analytical tools for this task. Many of the essays are interdisciplinary in scope and in addition to economics the book should provide valuable lessons in psychology, sociology, social theory, philosophy, political science and history. (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)

This article explains and criticizes several of Hume's arguments regarding British economic policy. I focus on Hume's methodology, which is essentially utilitarian but also depends heavily on his philosophical account of human psychology. I claim that the arguments examined prevail over competing 18th century approaches to economic policy. And I explain the relevance of this methodology for present day public policy debates.

Economic methodologists join economists in crediting market designers for taking a pragmatic approach toward improving markets for the common good. Accordingly, the new wave of market design, designated ‘tech economics,’ now accepts responsibility for pursuing efficiency, as well as a myriad of other policy goals. Yet, ambiguity surrounds the targets they hold out for intervention and therefore the justifications they have offered for the continued deployment of their designs. By scrutinizing the theoretical and practical features of these designers’ ‘markets,’ (...) this paper finds that market designers have offered to assist platforms in extending their domains of governance. While this stance has opened up multitudes of design opportunities, the attendant conceptual shift raises questions not only about the activities undertaken by specific tech economists, but more generally about the plausibility of the economist’s professed stance to improve markets for the benefit of all. (shrink)

The appropriateness of economic valuations of the natural environment is defended on the basis of an objective analysis of individuals’ preferences. The egoistic model of “economic man” substantiates economic valuations of instrumental values even when markets do not exist and when consumption and use are not involved. However, “altruistic man’s” genuine commitment to the well-being of others, particularly wildlife and future generations, challenges economic valuations at a fundamental level. In this case, self-interest and an indifference between (...) states of the world are secondary and undefined respectively, since preferences are not based on tradeoffs between the welfare of others and self. The appropriateness of economic valuations rests solely with the empirical validity of the assumptions that give rise to economic man. (shrink)

After the global economic collapse triggered by the Great Recession, there has been an increased interest in the potential psychological implications of periods of economic decline. Recent evidence suggests that negative personal experiences linked to the economic crisis may lead to diminished generalized trust (i.e., the belief that most of the people of the society are honest and can be trusted). Adding to the growing literature on the psychological consequences of the economic crisis, we propose that (...) the perceived personal impact of the economic crisis not only would undermine generalized trust but also may lead to increased interpersonal trust (i.e., directed to specific and close people) and depersonalized in-group trust (i.e., directed to individuals who, while strangers, belong to the same group [e.g., social class]). Across three studies (N = 1379), we tested these central hypotheses and ascertained whether the perceived personal impact of the crisis would predict these types of trust (assessed using questionnaire and behavioral measures) independent of individuals’ socioeconomic status. Non-experimental data from Study 1 revealed that a higher perceived personal impact of the crisis is related to lower levels of generalized trust and higher levels of interpersonal trust. These effects were independent of participants’ socioeconomic status. Non-experimental data from Study 2 replicated the findings obtained in Study 1 and also showed a positive association between the perceived personal impact of the crisis and depersonalized in-group trust. This pattern of results emerged even after controlling for socioeconomic status, gender, age, political orientation, religiosity, and unemployment status. In Study 3, using an experimental design, we found that the salience of a possible economic downturn led to decreased generalized trust and increased interpersonal and depersonalized in-group trust—independently of socioeconomic status—compared with the control condition. These results challenge the conventional wisdom that economic crises invariably undermine trust in others. The implications of the present research as well as future research directions are discussed. (shrink)

I am not sure who said that liberalism merely alternates between ethics and economics – was it Karl Kraus? – but at first glance the claim is plausible. In this paper I argue that there are varieties of liberalism which do not. Some depend on a nature-culture distinction and some appeal to simplicity in a way that seems aesthetic. In the appendix I introduce a problem for utilitarianism.

This paper attempts to better define the areas of conflict and agreement between value ethics and the theoretical ethics of the market processes at work in the biotechnology industry. Despite the apparent lack of ethics in an oligopolistically competitive pharmaceuticals industry, the paper concludes that the current stage of development of the medical biotechnology subindustry offers unparalleled opportunities for ethical systems to influence the market-based development of biotechnology. Ethical conversations between doctors and biologists with ethicists can help the market absorb (...) more of the reflective wisdom that ethics brings when discussing such issue areas as justice, patents of the human genome, and modifications of the human genome. If conversations between ethicists and biotechnological managers and doctors are successful the metaphors of market-based financing may be refined and the knowledge base of the good increased. (shrink)

Instead of relying on the usual price elasticity technique, this book combines economic and engineering analysis to study economic growth and energy demands to the year 2000. It asserts that future energy demand will be determined by two basic factors--the gross national product and the efficiency with which energy is used to produce this output in the household, commercial, industrial, and transport sectors of the economy.Labor hours multiplied by a productivity factor results in the GNP. This study predicts (...) that, in the long run, productivity in the United States will recover most of the sharp losses registered in the past five years. The study points out the decelerating population growth, the higher number of women in the labor force, and new investments as having an influence on this situation.After projecting the size and composition of each of the four energy consuming sectors that account for the total GNP. Energy and Economic Growth estimates efficiency improvements for each. It shows, for example, that higher levels of thermal insulation will reduce sharply energy needs for household heating and cooling. Similarly, the study notes that improvements in energy consumption per dollar of output can be made for each of the energy intensive manufacturing industries, nothing that although the savings in energy are significant, none is a consequence of pushing improvements to known technological limits. Finally, the book establishes the price elasticities that are inherent in the calculated energy requirements and checks these against elasticity estimates made by other researchers. (shrink)

Ayn Rand wrote and lectured on economic concepts and topics. This volume addresses the economic and business aspects of her writings. The authors of this anthology are from a variety of fields and all of them are enthusiastic supporters of her ideas.

The literature of comparative economics as well as economic history is replete with references to productivity differences as reflecting relative efficiency in production. In socialist economics, for example, the longevity of the relative-productivity/relative-efficiency theme is apparent from Abram Bergson's early survey where, commenting on a productivity debate that had already been going on for over twenty years, he identified “the only issue outstanding” as the question “which is more efficient, socialism or capitalism?” The issue has continued to be addressed (...) vigorously since then, and it is still outstanding. Again, in European economic history, John Nye recently pointed out that relative efficiency as reflected in relative productivity has been part and parcel of the postwar debate on French industrialization: the view that less productive and, therefore, “inefficient” family firms led to French “backwardness” in production. (shrink)

This article interprets the accounts and testimonies of native Chilean Pentecostalism, from a philosophical approach. In these accounts Pentecostal dilemmas are expressed and that oppressed beings prove by the economical and social conditions that the Chilean society lived in the 20th century. These dilemmas manifest anguish produced by absurd, emptiness and loneliness; that rise due to illness, alcoholism and poverty, which leads the individual to critical situations that push him to choose being Pentecostal, stigmatized beings and socially excluded, or to (...) suffer and death. Once they have chosen being Pentecostal the symbolic exodus starts, interpreting the past, the society and individuality in a tragic way. (shrink)

A long-standing theoretical tradition in clinical psychology and psychiatry sees deliberate self-harm , such as wrist-cutting, as “functional”—a means to avoid painful emotions, for example, or to elicit attention from others. There is substantial evidence that DSH serves these functions. Yet the specific links between self-harm and such functions remain obscure. Why don’t self-harmers use less destructive behaviors to blunt painful emotions or elicit attention? Economists and biologists have used game theory to show that, under certain circumstances, self-harmful behaviors by (...) economic agents and animals serve important strategic goals. In particular, “costly signals” can credibly reveal a “private state” in situations where verbal claims and other “cheap” signals might be disbelieved. Here, DSH is scrutinized using signaling theory, and a variant, the theory of bargaining with private information. The social contexts and associated features of DSH suggest that it might be a costly, and therefore credible, signal of need that compels social partners to respond. (shrink)

Amartya Sen has recently told us how he feels he has not yet made his mark as an economist. I notice that he is strangely not named in the background information to an essay competition. It concerns why some nations are wealthy and others poor, names other economists, and even discusses freedom and capabilities. Here I address the question of why Sen is absent and, more generally, at risk of devaluation.

This paper responds to material from Scott Soames’s wide ranging book The World Philosophy Made, material which I am actually tempted to overlook. Soames adds a detail to a criticism H.L.A. Hart makes of John Rawls, but I argue that Soames cannot consistently endorse this criticism, given his acceptance of trickle-down economics and his aspiration to cohere with a dominant strand of right-wing American philosophy.

In this paper, we analyse the current China urban and rural income disparity. Our analysis demonstrates that the Economic and Policy reforms instituted by the Chinese government over the past decade or so have had two primary aims: Firstly, to maintain political stability at all costs and secondly to transform China into a modern industrial state. To ensure political stability, it has eschewed the current Russian model for a unique Chinese model where state owned enterprises co-exist with market driven (...) businesses. This all began in 1978, after two disastrous near revolutions where the hard-line Marxist-Socialists had to concede that all was not well for the future of China, in a modern world. Beginning with the rural sector, where the pool of greatest poverty existed and improving in that sector firstly, allowed the market-oriented to greatly improve their incomes, thus changing the disparities between urban and rural economics. The period of 1985 to 2005 was a period of almost exponential growth, and the raising of millions out of poverty was only part of the positive results, but the greatest social negative was that inequality became worse, as is found in most Capitalist societies. There seems to be an initial jump in the incomes of rural China to jump out of poverty, but the effects have slowed, and it is now up to government agencies to aid the remaining impoverished to escape the traps of poverty through education and relocation incentives for industry, domestic and foreign. This does not mean throwing money at the problem, it means preventing destitution, as destitution adds to crime and other anti-social events and greatly increases instability, the anti-thesis of current Chinese policy. Perhaps the question ought to be a rethink of agricultural policies, to generate corporate farming, as opposed to collective farming, all in order to reduce rural poverty and make rural businesses into a proper and profitable sector of employment. (shrink)

I examine the main anticosmopolitan Rawslian argument, the ‘basic structure argument.’ It holds that distributive justice only applies to existing basic structures, there are only state basic structures, so distributive justice only applies among compatriots. Proponents of the argument face three challenges: 1) they must explain what type of basic structure relation makes distributive justice relevant only among compatriots, 2) they must explain why distributive justice (as opposed to allocative or retributive) is the relevant regulative concept for basic structures, and (...) 3) they must put forth a plausible concept of distributive justice. I show that Rawlsians support what I will call the ‘division of labor thesis’ to answer the first two challenges. Briefly, the division of labor thesis holds that distributive justice only becomes relevant where members of a division of labor jointly produce some socioeconomic product. To meet the third challenge, Rawlsians seem to accept what Elizabeth Anderson calls the ‘modern systemic concept of distributive justice’ – the idea that distributive justice organizes entire economic systems with respect to their distributive consequences or the relationships they maintain. I argue that if Rawlsians accept the systemic concept, they should reject the anticosmopolitan basic structure argument. (shrink)

This book emphasizes the compatibility of Aristotelianism, Austrian economics, and Ayn Rand's Objectivism, arguing that particular ideas from these areas can be integrated as a potential paradigm of human flourishing and happiness in a free society. It constructs an understanding from various disciplines into a clear, consistent, and systematic whole.

This article presents a skeleton of a potential paradigm of human flourishing and happiness in a free society. It is an exploratory attempt to construct an understanding from various disciplines and to integrate them into a clear, consistent, coherent, and systematic whole. Holding that there are essential interconnections among objective ideas, the article specifically emphasizes the compatibility of Aristotelianism, Austrian Economics, Positive Psychology, and Ayn Rand’s Objectivism arguing that particular ideas from these areas can be integrated into a paradigm of (...) human flourishing and happiness based on the nature of man and the world. Such a paradigm will help people to understand the world and to survive and flourish in it. It is hoped that the paradigm will grow and evolve as scholars engage, question, critique, interpret, and extend its ideas. Our goal is to have a paradigm that accords with reality and there is always more to learn from reality. (shrink)

Donald Davidson has claimed that for every logical truth 5 of a language L, a theory of meaning for L will entail that S is a logical truth of L. Jim Edwards has argued (2002) that this claim is false if we take 'entails' to mean 'has as a logical consequence. In this paper, I first show that, pace Edwards, Davidson's claim is correct even under this strong reading. I then discuss the argument given by Edwards and offer a diagnosis (...) of where he went wrong. (shrink)

Amazon Book Review Series of “Better Economics for the Earth: A Lesson from Quantum and Information Theories”.

This paper tries to distinguish MIddlemarch's Rosamond from a rational actor economist.

This article is concerned with four questions. How are decisions made in economic affairs? What role does freedom play in a market economy? How important is freedom in a market economy? How best to preserve freedom of economic initiative? Based on responses to those questions, we argue that a personalist economy with its reliance on intermediary groups and preservation of economic freedom represents an alternative to the individualism of capitalism and the collectivism of socialism. The evidence presented (...) breaks the stereotype of private group decision-making as collusive and demonstrates that a personalist economy is a functioning reality in the United States. (shrink)

In this research we analyzed the relationship between threatening economic contexts and trust in authoritarian ideologies and leaders, regardless of the left–right political axis. Based on two theoretical approaches, we argue that this relationship is mediated by dangerous worldview and low perceived sociopolitical control. We conducted two correlational studies with samples of the general population. In Study 1, we found that perceived threat from the economic crisis and low socioeconomic status were correlated with a higher dangerous worldview, which (...) resulted in a more authoritarian ideology and finally in greater trust in an authoritarian political leader. In Study 2, we replicated the findings of Study 1 and demonstrated that low perceived sociopolitical control was associated with higher authoritarianism. Moreover, low perceived sociopolitical control partially mediated the relationship between dangerous worldview and authoritarianism. Overall, our results show that two economically threatening contexts promote authoritarianism and trust in authoritarian leaders through psychological processes. These results are useful to understand and combat the rise of authoritarianism in our societies during financially difficult times such as economic crises. (shrink)