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

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

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

Recent calls for reinstituting mandatory home economics education have emphasized its potential to advance gender egalitarian aims. The thought is that, because women’s disproportionate performance of caregiving and household labor is partially caused by gender socialization that better prepares women than men for such work, we can disrupt gender inegalitarian work distributions by preparing everyone for the sort of work in question. The curricula envisioned in these calls are gender-neutral, in the sense that they recommend identical educational interventions (...) for all genders. By exploiting a parallel between gender-neutral educational policies and gender-neutral family leave policies, we argue first that gender-neutral home economics instruction is unlikely to advance gender egalitarian aims, and may in fact reinforce the very outcomes it is meant to disrupt. However, we further argue that a more radical home economics curriculum could avoid these difficulties. To the extent that we value educational interventions as a possible means for advancing gender egalitarian aims, we have good reason to seriously consider adopting a gender non-neutral program in which all and only boys receive mandatory caregiving instruction. (shrink)

Intellectual property has traditionally been a matter for the legal professions, but with the shift to evidence-based policy, the global economic upheaval, and the advent of the digital age, intellectual property is increasingly informed by economic perspectives. This book provides a clear and practical guide to economic approaches to intellectual property, written for a legal audience. It introduces basic concepts in economics and finance that inform the law of intellectual property. Topics discussed offer additional perspectives include the economics (...) of innovation, development, crime, law, industrial organisation and welfare. Next, it considers the economics of specific intellectual property rights, including copyright, patents, trademarks, trade secrets, geographical indicator and design rights, as well as a section on competition. Finally, a section on applied approaches to the valuation of IP will help readers to understand the use of these topics in practice.This practical text offers readers a better understanding of economic debates in intellectual property, as well as tools to enhance their ability to critique evidence-based policy. (shrink)

The goal of “Inclusive Economics” is to tie together various authoritative strands of contemporary economic theory into an easily comprehensible whole that illuminates the need for a broader approach to contemporary economic policymaking undistorted by obsolete 18th century rationalist assumptions about utility, ethics, worthiness and traditional culture. This is accomplished by elaborating the rationalist competitive ideal along the optimizing lines pioneered by Paul Samuelson (neoclassical economics); plumbing modifications necessitated by Herbert Simon's realist concepts of “bounded rationality” and “satisficing”; (...) refined further by applying a pragmatist outlook to probe the consequences of relaxing Enlightenment teleological, ethical, spiritual and cultural taboos. The exercise will explain why competitive market economies guided by rational utility-seeking invariably are less productive, efficient, just and beneficent than most theorists concede, and will illuminate the full range of interventions needed to achieve better outcomes. We call this program in its entirety “Inclusive Economics”, including the integration of micro and macroeconomics. (shrink)

In Bettering Humanomics: A New and Old Approach to Economic Science, Deirdre Nansen McCloskey offers a critique of contemporary economics and a proposal for a better humanomics. McCloskey argues for an economic science that accepts the models and mathematics, the statistics and experiments of the current orthodoxy, but also attests to the immense amount we can still learn about human nature and the economy. From observing human actions in social contexts, to the various understandings attained by studying history, (...) philosophy, and literature, McCloskey presents the myriad ways in which we think about life and how we justify and understand our actions in a synergistically human approach towards economic theory and practice. (shrink)

A 121-nation study of societal collectivism and a 174-nation study of political autocracy show that parasitic stress does not account for any variation in these components of culture once the interactive impacts of climatic demands and income resources have been accounted for. Climato-economic livability is a viable rival explanation for the reported effects of parasitic stress on culture.

Economics today cannot predict the likely outcome of specific events any better than it could in the time of Adam Smith. This is Alexander Rosenberg's controversial challenge to the scientific status of economics. Rosenberg explains that the defining characteristic of any science is predictive improvability--the capacity to create more precise forecasts by evaluating the success of earlier predictions--and he forcefully argues that because economics has not been able to increase its predictive power for over two centuries, (...) it is not a science. (shrink)

The search for symmetry is part of the fundamental scientific paradigm in mathematics and physics. Can this be valid also for economics? This book represents an attempt to explore this possibility. The behavior of price-taking producers, monopolists, monopsonists, sectoral market equilibria, behavior under risk and uncertainty, and two-person zero- and non-zero-sum games are analyzed and discussed under the unifying structure called the linear complementarity problem. Furthermore, the equilibrium problem allows for the relaxation of often-stated but unnecessary assumptions. This unifying (...) approach offers the advantage of a better understanding of the structure of economic models. It also introduces the simplest and most elegant algorithm for solving a wide class of problems. (shrink)

This paper examines why fundamental freedoms are so unevenly distributed across the earth. Climato-economic theorizing proposes that humans adapt needs, stresses, and choices of goals, means, and outcomes to the livability of their habitat. The evolutionary process at work is one of collectively meeting climatic demands of cold winters or hot summers by using monetary resources. Freedom is expected to be lowest in poor populations threatened by demanding thermal climates, intermediate in populations comforted by undemanding temperate climates irrespective of (...) income per head, and highest in rich populations challenged by demanding thermal climates. This core hypothesis is supported with new survey data across 85 countries and 15 Chinese provinces and with a reinterpretative review of results of prior studies comprising 174 countries and the 50 states in the United States. Empirical support covers freedom from want, freedom from fear, freedom of expression and participation, freedom from discrimination, and freedom to develop and realize one's human potential. Applying the theory to projections of temperature and income for 104 countries by 2112 forecasts that (a) poor populations in Asia, perhaps except Afghans and Pakistanis, will move up the international ladder of freedom, (b) poor populations in Africa will lose, rather than gain, relative levels of freedom unless climate protection and poverty reduction prevent this from happening, and (c) several rich populations will be challenged to defend current levels of freedom against worsening climato-economic livability. (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)

Understanding moral philosophy can help one to do economics better, and philosophers can learn by drawing on economic insights and analytical tools. This book argues that standard views of rationality lead economists to espouse questionable moral principles, and discusses methods of economic evaluation in terms of welfare and other moral criteria. It also contains a brief discussion of the relevance of social choice and game theory to philosophy. There is a glossary and at the end of each chapter (...) are suggestions for further reading. (shrink)

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

This paper reconsiders whether rational choice and game theory represent cases of economics imperialism. It follows the work of Uskali Maki who analyzes the significance and characteristics of disciplinary imperialism in natural science and social science. "Economics Imperialism" is a term often used to describe the increasing impact and reach of economics with respect to its encroachment on other disciplines including political science and psychology. Maki provides a framework for assessing whether the influence of one discipline on (...) another could be a case of "good imperialism" consistent with unification and greater explanatory power. The paper examines whether in the case of economics, "rational choice imperialism" is a better understanding of the question of contention. Rational choice has been used to model addiction, sex, marriage, sleep, and suicide. Applying tools offered by Maki, this paper argues that although the imperialism of rational choice over multiple disciplines provides a unified means of modeling human action, it does not demonstrably achieve deeper understanding of either individual or collective action. Furthermore, rational choice modeling may alter the human practices it analyzes if it is used in public policy. Thus although rational choice offers a means to check for deductive consistency within and among its models, it has elements suggestive of the "bad disciplinary imperialism" that Uskali provides a means to critique. (shrink)

Is economics a proper science at all? Or if it qualifies as a science, does it underperform, does it fail to fulfil its scientific duties? Does it perhaps just pretend to proceed as a science by applying principles and techniques that are not suitable for addressing its proper subject matter and for meeting the legitimate expectations? There is a long and live tradition of economics-bashing and economics apology in posing and answering such questions. One popular current in (...) this tradition is to blame economics for being theory-driven or method-driven or driven by whatever else but the world or empirical evidence or observation. Economics thus does not care about the real world – indeed, being so deeply shaped by its favourite theories and methods disconnects economics from the world. The alternative to this gloomy scenario is for a discipline to be evidence-driven or world-oriented or to be guided by some such proper scientific ethos. Being theory-driven involves stressing scientific virtues such as simplicity, coherence, convenience, tractability, formal rigor, theoretical elegance, and so on. Being observation-driven or world-oriented means emphasizing the importance of truth, complexity, empirical testing, practical relevance, and so on. Sometimes the former is characterized as a deductive approach, in contrast to the latter inductive approach. Diagnosis of the failures of economics and advice for how to do better economics is often put in such dichotomous terms. This popular way of framing the issues and debates is all too simplistic and outright distortive.... (shrink)

We argue the case for a combination of rhetoric and pragmatics in the analysis of economic discourse. We contend that such a rhetorico-pragmatic approach is a viable alternative to both the excesses of the “rhetorical turn” and to the over-reaction of methodologists who discard as irrelevant a careful textual analysis and stick to the belief that economic knowledge progresses only through the conscientious application of Method. We examine two privileged grounds where the rhetorico-pragmatic approach does better than either Pure (...) Rhetoric or Pure Methodology: first, a study of economic controversies as the framework within which economic works take shape; secondly, a study of the cognitive role of metaphors in economic discourse. (shrink)

Identity Economics provides an important and compelling new way to understand human behavior, revealing how our identities--and not just economic incentives--influence our decisions. In 1995, economist Rachel Kranton wrote future Nobel Prize-winner George Akerlof a letter insisting that his most recent paper was wrong. Identity, she argued, was the missing element that would help to explain why people--facing the same economic circumstances--would make different choices. This was the beginning of a fourteen-year collaboration--and of Identity Economics. The authors explain (...) how our conception of who we are and who we want to be may shape our economic lives more than any other factor, affecting how hard we work, and how we learn, spend, and save. Identity economics is a new way to understand people's decisions--at work, at school, and at home. With it, we can better appreciate why incentives like stock options work or don't; why some schools succeed and others don't; why some cities and towns don't invest in their futures--and much, much more. Identity Economics bridges a critical gap in the social sciences. It brings identity and norms to economics. People's notions of what is proper, and what is forbidden, and for whom, are fundamental to how hard they work, and how they learn, spend, and save. Thus people's identity--their conception of who they are, and of who they choose to be--may be the most important factor affecting their economic lives. And the limits placed by society on people's identity can also be crucial determinants of their economic well-being. (shrink)

The complexity that we observe in nature can often be explained in terms of cooperative behavior. For example, the major transitions of evolution required the emergence of cooperation among the lower-level units of selection, which led to specialization through division-of-labor ultimately resulting in spontaneous order. There are two aspects to address explaining how such cooperation is sustained: how free-riders are prevented from free-riding on the benefits of cooperative tasks, and just as importantly, how those social benefits arise. We review these (...) problems from an economic perspective, and highlight how ideas from economics can help us to better understand how the benefits of social interactions arise, how they are sustained, and how they affect the underlying social dilemmas. (shrink)

The need for a better understanding of the role location plays in economic life was first and most famously made explicit by Bertil Ohlin in 1933. However it is only recently, with the development of computer packages able to handle complex systems, as well as advances in economic theory, that Ohlin's vision has been met and a framework developed which explains the distribution of economic activity across space. This book is an integrated, non-mathematical, first-principles textbook presenting geographical economics (...) to advanced students. Never avoiding advanced concepts, its emphasis is on examples, diagrams, and empirical evidence, making it the ideal starting point prior to monographic and journal material. Contains copious computer simulation exercises, available in book and electronic format to encourage learning and understanding through application. Uses case study material from North America, Europe, Africa and Australasia. (shrink)

This chapter contains sections titled: The Indictment Background Institutions for Distributive Justice A Non‐Capitalist Property‐Owning Democracy Economic Democracy ED Versus POD POD Modified References.

In lieu of an abstract, here is a brief excerpt of the content:Buddhist-Christian Studies 22 (2002) 47-60 [Access article in PDF] Economic Aspects of Social and Environmental Violence from a Buddhist Perspective Sulak Sivaraksa Pacarayasara I have been asked to write on some economic aspects of social and environmental violence, approaching the subject from a Buddhist perspective. Indeed this invitation offers a wide range of choices, but I shall try to keep my subject matter fairly general and straightforward. The present (...) economic reality, widely known as neoliberal capitalism, prizes the accumulation of profits over human well-being and environmental sustainability. As such, it is criminal and hence definitely not the way to regulate or organize the global society. The present trend, however, is increasingly giving the agents and institutions of capital a free hand to do so.The main beneficiaries of this violent and highly unjust system are invariably transnational corporations (though some critics prefer to call them transnational tyrannies), big financial investors, and their supporters. Roughly two-thirds of what is known today as world trade are simply intrafirm or interfirm trade. Small wonder that they are virtually the present-day "masters of the universe," increasingly accumulating special rights, influence, and power vis-à-vis the mass of humanity. An open secret is that the wealthiest 20 percent of the world's population receive 83 percent of the world's total income—a fact that no longer creates consternation or moral outrage in the mainstream; rather, it is taken as a healthy phenomenon that will contribute to human progress. Moreover, the environment is being plundered to quench the greed—which happens to be a bottomless pit—of the few. Inevitably, this creates a two-tiered system both within and between countries; a small opulent minority builds their castles on the suffering and impoverishment of the absolute majority of humanity. A large segment of humanity enjoys freedom with no opportunities and has the freedom to starve but does not enjoy freedom from poverty. Everyday thousands of children are dying from easily preventable disease. Millions more are malnourished or starving. It is against this backdrop that we need to discuss some of the economic aspects of social and environmental violence from a Buddhist perspective.Let us first deal with the production side of the capitalist equation. What is its main driving force and value system? How do they impact social organization and the environment? [End Page 47] Undeniably, the fuel that keeps the capitalist engine running is profit: the more of it, the better, the argument goes. Hence, corporations must be free to pursue it at all costs. The ends justify the means. It is also argued that the profit generated by the system will eventually trickle down to benefit the mass of humanity. The available evidence points otherwise. To be fair, capitalism does generate some benefits to humanity, but they are largely unintended by-products of the system.In the mainstream discourse, profit is said to derive solely from entrepreneurship —a concept that acts as a bicarbonate of soda for intellectual and moral indigestion. In reality, the easiest and cheapest way to reap massive profit is exploitation or ostracism: One is rich by keeping or making others poor, directly or otherwise. The masters then seek solace in the tenuous assumption that the global economy utilizes the best and disposes the rest. Furthermore, the environment is seen as a subsystem of international capitalism, not vice versa. Hence it is to be raped in order to lubricate the wheels of the capitalist machine. Put differently, the insatiable quest for profit upheld by capitalism really reflects greed, hatred, moral callousness, and wanton criminal negligence toward the well-being of the people and environment. The name of the game is getting ahead even at another's expense, to rise to the top of the pecking order. If one frequents any bookstore, one is likely to find business books with interesting titles such as Divide and Rule and Colonizing the Market. This nefarious aggressiveness is benignly known as "free competition" in mainstream parlance. Those who succeed to the top are lauded as "efficient." If allowed to have a firm... (shrink)

This paper seeks to analyse the effects on Economics of Research Assessment Systems, such as the Research Assessment Exercise (or RAE) which was carried out in the UK between 1986 and 2008. The paper begins by pointing out that, in the 2008 RAE, economics turned out to be the research area which was accorded the highest valuation of any subject in the UK, even though economists were then under attack for failing to predict the global financial crash which (...) had occurred a few months earlier. One aim of the paper is to explain this economics anomaly in research assessment. The paper goes on to point out a key difference between economics and the natural sciences. Most areas of the natural sciences are dominated for most of the time by a single, generally accepted, paradigm, whereas there are always in economics different schools of thought which have different and highly conflicting paradigms. Given this situation, it is argued that the effect of research assessment systems in economics is to strengthen the majority school in the subject (whatever that is), and weaken the minority schools. This conclusion is supported by empirical data collected by Frederic Lee for the UK. It is then shown that the greater the dominance of the majority school, the higher the overall valuation of the subject is likely to be, and this is used to explain the anomaly noted earlier. It is argued that research in economics flourishes better in a situation in which there are a number of different schools treated equally, than in one in which a single school dominates. The conclusion is that research assessment systems have a negative effect on research in economics and give misleading results. Instead of such systems, an attempt should be made to encourage pluralism in the subject. (shrink)

Together, China and India account for almost two fifths of mankind. In purchase power parity terms the Chinese economy is the second largest in the world ahead of Japan, and the Indian economy is the fourth largest ahead of Germany. In less than two decades these two big Asian economies together might account for a quarter of the global product. Currently, however, both countries are still poor.Both countries might outgrow poverty, because potential advantages of backwardness as well as fairly strong (...) domestic investment favor growth. Concerning human capital formation China and India differ. China is much better than India in primary school education. Eradication of analphabetism is in sight in China, but far in the future in India. India, however, is much stronger in tertiary education than China. Another major difference between China and India is their degree of integration in the global economy. China benefits much more from the global division of labor than India does. China attracts much more foreign direct investment, too.In the past fifty years, Chinese economic performance was superior to the Indian performance. Nevertheless I reject the interpretation that either China’s autocracy or China’s communist ideology is responsible for China’s better performance. China started to grow faster than the global economy only after Deng Xiaoping liberalized and opened up the economy. Under Mao Zedong and during the great leap forward more than 30 million Chinese starved to death. Similar disasters did not happen in poorer India. If China and India teach a lesson about the impact of regime characteristics on growth, it is the following: Democracy promotes performance quite similar to the global average, autocracy as a constitution of arbitrariness permits much better performance or much worse performance.In the long run, the growth prospects of both China and India depend not only on their own economic policies, but also on Western readiness to take their exports. Open Western markets together with sensible policies in China and India may promote global prosperity and peace.A eux deux, la Chine et l’Inde représentent deux cinquièmes de l’humanité. En termes de capacité de pouvoir d’achat comparé, l’économie chinoise est la deuxième plus grande au monde, devant le Japon, et l’économie indienne est la quatrième plus grande, devançant l’Allemagne. Dans moins de deux décennies, ces deux gigantesques économies asiatiques pourraient représenter conjointement un quart du produit global. Aujourd’hui cependant, ces deux pays sont toujours pauvres.Les deux pays pourraient surmonter la pauvreté car les potentialités que recèle un retard économiq- ue ajoutées à un investissement intérieur relativement soutenu favorisent la croissance. En ce qui concerne la formation du capital humain, des différences existent entre la Chine et l’Inde. La Chine est meilleure que l’Inde dans le domaine de l’éducation primaire. L’éradication de l’analphabétisme semble être en vue en Chine mais est loin d’être une partie gagnée en Inde. A l’inverse, l’Inde devance la Chine dans le domaine de l’éducation tertiaire. Une autre différence majeure entre la Chine et l’Inde concerne leur degré d’intégration dans l’économie globale. La Chine bénéficie davantage de la division globale du travail que l’Inde. De plus, la Chine attire plus d’investissements directs de l’étranger. Durant les cinquante dernières années, la performance de l’économie chinoise a été supérieure à celle de l’Inde. Néanmoins, l’auteur rejette l’interprétation suivant laquelle ce serait ou l’autocratie chinoise ou l’idéologie communiste qui serait à l’origine de cette supériorité. La Chine commença à croître plus rapidement que l’économie globale seulement après que Deng Xiao Ping a libéralisé l’économie chinoise et ouvert ses frontières. Sous le règne de Mao Tsé Tung, et durant le “grand bond en avant”, plus de 30 millions de chinois sont morts de famine. De tels désastres n’ont pas été observés en Inde qui est relativement plus pauvre. Si une leçon peut être tirée des expériences chinoise et indienne à propos de l’impact des caractéristiques des régimes sur la croissance économique, c’est la suivante : la démocratie promeut des performances assez identiques à la moyenne globale, et l’autocratie en tant que constitution de l’arbitraire donne lieu à des performances bien meilleures ou bien pires. A long terme, les perspectives de croissance de la Chine et de l’Inde dépendent non seulement de leurs propres politiques, mais aussi de la volonté des pays occidentaux de digérer leurs exportations. Des marchés occidentaux ouverts et des politiques intelligentes en Chine et en Inde peuvent promouvoir la prospérité et la paix au niveau global. (shrink)

I discuss three families of methodologies that could be used to assign values to the normative parameters relevant to social discounting in welfare economics generally, and climate economics more specifically. First, I argue that in particular circumstances, there cannot be philosophical argumentation for normative questions; specifically, this occurs when the particular values being sought are both non-critical and from a quantitative range. Second, I argue that social preferences are insufficient if we take the problem to be normative and (...) that proposals for informed social preferences face significant challenges in implementation. Finally, I argue in favour of expert elicitation for experts in welfare economics, construed as those who understand the theoretical implications of adopting particular judgments. Those who understand the theoretical implications of adopting particular judgments will be better placed to develop coherent social plans while integrating relevant empirical data. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist by Kate RaworthYoko NagaseKate Raworth, Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist. London: Random House Business Books, 2017. 372 pp. £20. ISBN 9781847941374.Question: Is this a book about utopia? Answer: Yes, indeed; it is a book about a twenty-first-century utopia represented by the Doughnut.The author presents a vision of a pragmatic utopia, represented (...) by the inside of her Doughnut that is both distributive and regenerative. According to the author, a distributive economy is "one whose dynamics tend to disperse and circulate value as it is created, rather than concentrating it in ever-fewer hands." A regenerative economy is "one in which people become full participants in regenerating Earth's life-giving cycles so that we thrive within planetary boundaries" (156).The emphasis on the fair distribution of income, wealth, and means of production is an ideal pursued by famous utopians, from perfectly equal distribution of everything in Thomas More's Utopia to very libertarian position of "whatever he has justly made he has a right to keep" by H. G. Wells.1 The distributive Doughnut community aims to enable individuals to be, in Amartya Sen's words, "healthy, empowered and creative—so that they can choose to be and do things in life that they value" (43). This ideal of individuals' rights to choose their life and to realise their ends is the centerpiece of libertarians' ideal society.2 The Doughnut, however, leans heavily toward democratic socialism. Arguments for redistributive measures such as a universal basic income and taxes on land and wealth put forward by the author go beyond promoting equal opportunity and emphasize the necessity of economic means to make the best out of the opportunities (164, 180, 200). [End Page 528]The issue of sustainability at the global level is a concept that does not appear in the classical utopian literature, even though the idea of living happily in perpetuity is very much the tenet of many classical utopian societies. Given the extent of the geographical knowledge that existed by the time Wells explored his idea of a utopia, he was no longer able to set it in some not-yetdiscovered place on Earth like his predecessors did—hence the adaptation of "another planet."3 But this setup had nothing to do with the concept of the ecological limit of Earth. Pre-nineteenth-century utopians would be familiar with the contents of the Doughnut's foundation, the inner shell that consists of the social and economic factors such as food, health, education, and housing. However, the outer shell of the Doughnut is very twenty-first century, enclosing the nine planetary boundaries of the Doughnut as a life-support system, such as ozone layer depletion, ocean acidification, biodiversity loss, and climate change (44–48).The author points out that we need to get a grip on understanding how we belong in the world. Instead of relying on the power of words as George Orwell's Thought Police, the author takes full advantage of the power of the visual, by drawing the Doughnut as a map for a new economy and society.4 If studying economics is tantamount to "mastering the mother tongue of public policy" (287), Doughnut Economics is a critical introduction to and the foundation of economic, environmental, and social policymaking.Rather than utopias as purely thought exercise by Plato or More, Raworth, like David Hume, presents a model of a utopia that is meant to be achievable.5 The economics of the Doughnut does not depend on any unrealistic assumptions of human nature. The author proposes means to reaching inside the Doughnut without abolishing the market system or private property rights. But a strong emphasis is placed on additional redistributive policies and regulations that are deemed critical toward sustainability. This position is consistent with that of the former chancellor of Germany who reportedly said that she "wanted as much market economics as possible, but as much state intervention as necessary."6 In promoting the open-source circular economy movement, the author wonders if it may seem "unfeasibly utopian" (231). Yet given the pace... (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)

First published in 2005, Economics and Social Interaction is a fresh attempt to overcome the traditional inability of economics to deal with interpersonal phenomena that occur within the sphere of markets and productive organizations. It makes use of traditional economic concepts for understanding interpersonal events, while venturing beyond those concepts to give a better account of personalised interactions. In contrast to other books, Economics and Social Interaction offers the reader a rigorous effort at extending economic analysis (...) to a difficult field in a consistent manner, sensitive to insights from other behavioural and social sciences. This collection represents an important contribution to a growing research agenda in the social sciences. (shrink)

The ongoing series of global financial crises offers some important philosophical lessons and insights for educators. The epistemological lesson is stark: we should beware of certainty and all claims to it. Were the disposition of generic skepticism in place at all levels of schooling, then the intellectual rigidity that has characterized economics as a “discipline” would be balanced by demands to consider possible alternatives. The ethical lessons to be learned include ensuring that ethics, as a form of rigorous but (...) openended inquiry into key questions about the kind of world in which we want to live, be included in every classroom and curriculum. At the center of this inquiry are relationships, most notably those between and among individual persons, on the one hand, and those between persons and the groups to which they belong and on which they are often said to depend, on the other. Such relationships also have an aesthetic dimension, in terms of their place in building, not just an ethically better world, but a more wholesome, integrated and harmonious world. (shrink)

Migration is a key driver of economic and societal transformation, touching people’s lives worldwide. Understanding why people decide to migrate is crucial for fostering inclusive and diverse societies and informing effective policy-making. This paper focuses on economic migrants, a particular group of migrants whose study has primarily been confined to narrow areas of interest and characterized by inconsistent terminology, limiting cross-study comparability and the synthesis of findings. Viewed through the interdisciplinary lens and derived from theoretical, empirical, and analytical research outcomes, (...) the present paper concludes that economic migrants’ movements are influenced by the socio-demographic factors of ‘age’ and ‘education’ and are motivated by both the economic motives of ‘expected income’ and ‘employment’ and the economic-related motives of ‘corruption’, ‘amenities’, and ‘happiness’. These motives also reveal a typical profile of economic migrants: working-age, highly educated, predominantly male individuals who seek opportunities in developed countries to achieve a fulfilling life. The presented findings contribute to a better understanding of the dynamic decision-making process of economic migrants and offer valuable insights for policymakers to design more nuanced and targeted strategies for integrating migrants into societies. (shrink)

The failure of neoclassical economic theories to explain the nature and significance of the phenomenon of technological change is critically looked at in this article. Although there are numerous excellent works in the literature on technological change that criticize the inadequacy of neoclassical economists’ approach to this phenomenon, my objective, however, is to open a new discourse on technological change by emphasizing the epistemological significance of technology. It is argued that the concept of technology as essentially a process of knowledge (...) created for doing things and solving problems, and technological change as essentially a process of knowledge change occurring within the contexts of the political economic and social constructivist frameworks that inform the dynamics of this essentially qualitative process can address this failure. Empirically based analytical methodologies may be able to measure the impact of technological change, an evolutionary epistemology of technological change may be better equipped to understand and explain this phenomenon. (shrink)

Intellectual property has traditionally been a matter for the legal professions, but with the shift to evidence-based policy, the global economic upheaval, and the advent of the digital age, intellectual property is increasingly informed by economic perspectives. This book is a comprehensive, critical analysis of economic interpretations of intellectual property, written for researchers, practitioners and policymakers. It analyses the interface between economics, finance, accountancy and intellectual property law. Commencing with a critical analysis of the economics of innovation, law, (...) industrial organisation and welfare, the book then critiques the economics of specific intellectual property rights, including copyright, patents, trade marks, geographical indications and design rights. It further assesses the interaction between economics, IP and competition. Finally, it examines why, when and how IP generates value, reviewing contemporary approaches to valuation and accounting, and the emerging use of IP to facilitate business finance. This analytical text offers readers a better understanding of IP's contribution to macro- and microeconomics, as well as insights that inform the debate on evidence-based IP policy. (shrink)

It is the economic buzz-word of the 1990s, it destroys our jobs, it hollows out the decision-making power of governments, it even threatens the nation-state as the central institution of western type democracies — `it' is globalization and we are only at the beginning of it. Whether all of this is for good or ill is a topic of heated debate. One positive view is that globalization is an unmixed blessing, with the potential to boost productivity and living standards everywhere.This (...) is because a globally integrated economy can lead to a better division of labour between countries, allowing low-wage countries to specialize in labour-intensive tasks while high-wage countries use workers in more productive ways. It will allow firms to exploit bigger economies of scale. And with globalization, capital can be shifted to whatever country offers the most productive investment opportunities, not trapped at home financing projects with poor returns. In fact, the arguments in favour of globalization differ little from the arguments in favour of a free market in a closed economy.Critics of globalization take a gloomier view. They predict that increased competition from low-wage developing countries will destroy jobs and push down wages in today's rich economies. There will be a `race to the bottom' as countries reduce wage taxes, welfare benefits and environmental controls to make themselves more `competitive'. Pressure to compete will erode the ability of governments to set their own economic policies. The critics also worry about the increased power of financial markets to cause economic havoc, as in the European currency crises of 1992-93, Mexico in 1994-95 and South-East Asia in 1997-98. And “chaos theorists” have even predicted a clash of civilizations, as Western norms and values attempt to impose themselves on other societies through the medium of globalization.But despite all the buzz about globalization, or rather because of it, globalization has turned into a notoriously difficult concept to define. It is an inflated term that is employed so loosely that almost anything can be used to illustrate its operation. This limits the analytical usefulness of the concept. In what follows, we shall introduce a more precise definition and point out the political consequences of this type of globalization. (shrink)

Education is increasingly vocational and structured to serve the ongoing exponential increase in economic growth. Climate change is an outcome of these same economic values and praxes. Attempts to shift these values and our approach to technology are continually absorbed and overcome by the pressing motif of economic growth. In this article, Ruth Irwin uses Martin Heidegger's concept of the technological enframing of modernity to view economic growth. John Maynard Keynes's notion of economic growth has impacted the pace of consumerism (...) that now permeates every aspect of knowing about the world we live in. Irwin asks us to think through technological enframing anew by looking to an early mechanical Greek artifact, the Antikythera mechanism, which depicts a cyclical notion of time used by ancient cultures to define the rhythm of economic productivity. The earth-centric cosmos embodied by this mechanism helped the Mesopotamian economy stay within the parameters of the local ecology and demonstrates that cyclical economic growth may enable a civilization to maintain a steady state over time and survive for millennia. An earth-centric cosmology creates a different set of values, one that emphasizes the need to regulate the pace of consumerism rather than allowing it free rein “as by an Invisible Hand.” The role of education in this exploration is twofold: first, it is a pivotal site for cultural exploration and transformation; and second, the expectations of the state strictly limit the forms education can take, so that as long as promoting economic growth defines state expectations, education will remain subservient to these values. If we aim to overcome climate change, Irwin concludes, we need to transform the expectations for education from society as well as from teachers. (shrink)

'Trade in Health is a timely reflection on the interface of economics with the ethics and public policy facets of the international movement of patients. Health issues such as these are at the forefront of modern political economy."National" health is increasingly less so. Reisman's previous scholarship in this area is brought to bear in an insightful and eminently readable and engaging fashion. In an area where uncovering the facts is more difficult than "decyphering the Dead Sea Scrolls", such a (...) reflective work on the critical aspects of political economy helps to fill a void in considering whether such trade is likely to be in the interests of patients, nations and the global community. In addition to the rosy picture of healthy and wealthy tourists having a sojourn for medical care during a vacation, Reisman is not afraid to tackle the thorny issues concerning trade in organs, eggs and even death, in this sobering and comprehensive volume. It is a rare skill to bring the luminaries of Smith, Marshall, Mill and Confucius to bear on such a contemporary tale! International travel by patients is at the nexus of a revolution in global health. It is driving and affecting aspects of foreign investment, health worker migration and e-health provision. Reisman skilfully links these foundations of health care, and as such provides critical text for consideration by those seeking to build and strengthen future health systems. Trade in Health is an excellent overview. It provides critical insights for those new to the area as well as new information and challenges for those of us involved for a number of years.' - Richard Smith, Professor of Health Ssytem Economics and Dean of Faculty of Public Health and Policy, London School of Hygiene & Tropical Medicine, UK. Once exports and imports meant agriculture and industry. In the global economy and the electronic age, trade is also expanding into the service sector. This timely book closely examines trade in health. It documents the growth of a cross-national service that in the past was mainly consumed at home. Following from his highly successful book Health Tourism, Professor David Reisman offers a comprehensive and searching multidisciplinary account of the way in which medical services, patients, capital and professionals are making up a global healthcare economy that crosses borders. He reflects on their pursuit of lower prices, better quality and a differentiated product, and suggests that public policy is essential if the ethical capital of interdependent societies is not to be eroded by the international market in health and care. Written in a concise and lucid form, this original book will be of great interest to all people interested in the internationalization of health care. Combining theory and empirical evidence from economics, tourism and medical care, scholars involved in health policy and social administration will find much of significance in this authoritative study. (shrink)

Tocqueville pessimistically predicted that liberty and equality would be incompatible ideas. Robert Dahl, author of the classic _A Preface to Democratic Theory,_ explores this alleged conflict, particularly in modern American society where differences in ownership and control of corporate enterprises create inequalities in resources among Americans that in turn generate inequality among them as citizens. Arguing that Americans have misconceived the relation between democracy, private property, and the economic order, the author contends that we can achieve a society of real (...) democracy and political equality without sacrificing liberty by extending democratic principles into the economic order. Although enterprise control by workers violates many conventional political and ideological assumptions of corporate capitalism as well as of state socialism. Dahl presents an empirically informed and philosophically acute defense of "workplace democracy." He argues, in the light of experiences here and abroad, that an economic system of worker-owned and worker-controlled enterprises could provide a much better foundation for democracy, political equality, and liberty than does our present system of corporate capitalism. (shrink)

The purpose of this article is to present in a summarized form a new approach to the ethical analysis of economic policies and to illustrate its importance with a reference to recent experiences of social dialogue in Costa Rica. A general view of the Latin American scenario is presented, with the belief that some of the main problems there observed call for a type of analysis like the one here proposed. In the second place, a brief characterization of this new (...) ethical analysis is included. Democracy suffers from the existence of asymmetries in social and economic relationships, insofar as the success of political democracy cannot be neither understood nor built up independently from economic democracy. The strengthening of democratic processes in Latin America requires a better understanding and consolidation of the relationship between political democracy and economic democracy. On the other hand, present orientation of globalization makes of the international environment an obstacle to realize democracy at a national level. Hence, two focus of interest arise for the ethical analysis of economics at the macroeconomic level: the study of the ethical conditions of participation for each country in the globalization process, and the realization of an economic democracy within each particular country. After identifying both lines of reflection, this article summarizes the theoretical basis of a proposal for the ethical analysis of economic policy making. This approach attempts to answer the challenges of economic democratization. Centered on the ethical dimension of these processes, and from the point of view of a dialogical ethics, stress is given to those aspects of the process which will guarantee the ethical character of the consequences. This is a methodological approach which tries to discover the ethical values feasible within the economic policies and, at the same time, to go in greater depth in the construction of democratic practices. Rooted in the Latin American regional reality, this academic reflection is just in its beginning and must be considered as complementary to the business ethics analysis already developed in Latin America and Spain. A reference to recent experiences of social dialogue in Costa Rica gives the theoretical presentation a support for the acceptance of its realization in practice. (shrink)

Why pursue economic growth? For poor countries this is an easy question to answer, but it is more difficult for rich ones. Some of the world's greatest philosophers and economists – such as John Stuart Mill, John Maynard Keynes, and John Rawls – thought that, once a certain material standard of well-being has been achieved, economic growth should stop. I argue the opposite in this article. We always have reason to pursue economic growth. My argument is indirect. I shall not (...) argue that economic growthitselfis always better. Rather, I shall argue thatstoppinggrowth requires morally objectionable actions. Economic growth tends to occur naturally if certain underlying conditions are in place. We have moral reasons to insist on these conditions independent their effect on growth, however. Halting growth requires that we alter these conditions, but we ought not do this. (shrink)

Patient autonomy, as exercised in the informed consent process, is a central concern in bioethics. The typical bioethicist's analysis of autonomy centers on decisional capacity—finding the line between autonomy and its absence. This approach leaves unexplored the structure of reasoning behind patient treatment decisions. To counter that approach, we present a microeconomic theory of patient decision-making regarding the acceptable level of medical treatment from the patient's perspective. We show that a rational patient's desired treatment level typically departs from the level (...) yielding an absence of symptoms, the level we call ideal. This microeconomic theory demonstrates why patients have good reason not to pursue treatment to the point of absence of physical symptoms. We defend our view against possible objections that it is unrealistic and that it fails to adequately consider harm a patient may suffer by curtailing treatment. Our analysis is fruitful in various ways. It shows why decisions often considered unreasonable might be fully reasonable. It offers a theoretical account of how physician misinformation may adversely affect a patient's decision. It shows how billing costs influence patient decision-making. It indicates that health care professionals' beliefs about the ‘unreasonable’ attitudes of patients might often be wrong. It provides a better understanding of patient rationality that should help to ensure fuller information as well as increased respect for patient decision-making. (shrink)

Concerns about exploiting the poor or economically disadvantaged in clinical research are widespread in the bioethics community. For some, any research that involves economically disadvantaged individuals is de facto ethically problematic. The economically disadvantaged are thought of as “venerable” to exploitation, impaired decision making, or both, thus requiring either special protections or complete exclusion from research. A closer examination of the worries about vulnerabilities among the economically disadvantaged reveals that some of these worries are empirically or logically untenable, while others (...) can be better resolved by improved study designs than by blanket exclusion of poorer individuals from research participation. The scientific objective to generate generalisable results and the ethical objective to fairly distribute both the risks and benefits of research oblige researchers not to unnecessarily bar economically disadvantaged subjects from clinical research participation. (shrink)

Within the Anglo-American world, economic liberalism is generally viewed as having only one progenitor—Adam Smith—and one offspring—neoliberalism. But it actually has two. The work of G. W. F. Hegel was also very influential on the development of economic liberalism, at least in the German-speaking world, and the most powerful contemporary instantiation of economic liberalism within that world is not neoliberlaism, but ordoliberalism, although this is generally unknown and certainly unacknowledged outside of Continental Europe. Accordingly, what I am going to be (...) doing in this piece is trying to bring ordoliberalism more directly into the light—I will argue that by comparing and contrasting the views of Smith and Hegel or at least between how Smith and Hegel tend to be currently (mis)understood, we can better understand both the roots and the nature of these two contemporary incarnations of economic liberalism, and the light this sheds, in turn, brings some interesting and important features of these two contemporary theories into view. From Smith, for example, neoliberals took the idea of the invisible hand, although I am going to argue that contemporary advocates of invisible hand theory have largely misconstrued or at the very least overstated the significance of this metaphor. From Hegel, in contrast, ordoliberals took the idea of the civil society, and I will argue that the civil society is a much better metaphor not only for Hegel's but also for Smith's views. Indeed, I will argue that ordoliberalism, not neoliberalism, is a better and more coherent instantiation of economic liberalism than neoliberalism could ever be. (shrink)

Forests play fundamental roles in the Earth’s ecosystems. With the great capability of carbon sequestration, tropical forests are expected to contribute substantially to reducing the CO2 in Earth’s atmosphere. However, global tropical forest areas have declined drastically over the last few decades due to pressures from socio-economic development pursuit. The current essay aims to demonstrate the ongoing global deforestation crisis and its underlying drivers and discuss the vital roles of tropical forests in the socio-economic development in the face (...) of climate change when developed countries start to tighten the carbon emission control regulations (e.g., European Union’s Carbon Border Adjustment Mechanism). It suggests why developing countries in tropical regions, particularly Vietnam, should not sacrifice forests for short- and medium-term socio-economic goals but capitalize on them to leverage long-term development. Moreover, evidence of Vietnamese political leaders’ commitment to forest protection and sustainable development is also provided. (shrink)

What on earth are economic theorists like me trying to accomplish? This paper discusses four dilemmas encountered by an economic theorist: The dilemma of absurd conclusions: Should we abandon a model if it produces absurd conclusions or should we regard a model as a very limited set of assumptions that will inevitably fail in some contexts? The dilemma of responding to evidence: Should our models be judged according to experimental results? The dilemma of modelless regularities: Should models provide the (...) hypothesis for testing or are they simply exercises in logic that have no use in identifying regularities? The dilemma of relevance: Do we have the right to offer advice or to make statements that are intended to influence the real world? (shrink)

Tocqueville pessimistically predicted that liberty and equality would be incompatible ideas. Robert Dahl, author of the classic _A Preface to Democratic Theory,_ explores this alleged conflict, particularly in modern American society where differences in ownership and control of corporate enterprises create inequalities in resources among Americans that in turn generate inequality among them as citizens. Arguing that Americans have misconceived the relation between democracy, private property, and the economic order, the author contends that we can achieve a society of real (...) democracy and political equality without sacrificing liberty by extending democratic principles into the economic order. Although enterprise control by workers violates many conventional political and ideological assumptions of corporate capitalism as well as of state socialism. Dahl presents an empirically informed and philosophically acute defense of "workplace democracy." He argues, in the light of experiences here and abroad, that an economic system of worker-owned and worker-controlled enterprises could provide a much better foundation for democracy, political equality, and liberty than does our present system of corporate capitalism. (shrink)

Does a board with greater gender diversity make better investment decisions? Drawing on Austrian economic cycle theory and work groups theory, we argue that such board openness will help male board members to overcome gender biases, discrimination, and conflicts; integrate different perspectives under the economic cycle and crisis; and foster an environment in which better decisions are made. The results of an empirical study of 14,609 firm-quarter observations from 1,555 listed firms in China between 2007 and 2009 strongly (...) support our arguments. We find that a Chinese board is more likely to accept female directorship during an economic crisis than during an economic prosperity stage. Boards with greater gender diversity are more likely to make tough, counter-cyclical investments to improve firm performance during a crisis. Our study enriches the board decision-making literature by exploring the impacts of board gender diversity on firm performance within the context of an economic crisis. The results of our study also carry significant managerial implications for overcoming gender stereotypes, biases, and prejudices on a board. (shrink)

Abstract:Why hasn’t economic progress lowered work hours more? One of Keynes’s most famous essays is his “Economic Possibilities for Our Grandchildren.” Keynes predicts that within one hundred years — which would bring us to 2030 — most scarcity will have disappeared and most individuals will work no more than fifteen hours a week. My question is a simple one: Why wasn’t Keynes right? Why have working hours remained as long as they have? Why hasn’t progress taken a more leisurely and (...) less material form than what we have observed? Investigating that issue will help us get at the question of just how much progress has occurred. Under one view, Western life has been caught in a kind of rat race, and a lot of the gains of progress are illusory. For instance there is the argument that higher incomes are largely consumed as part of a futile race to win relative status, and living standards aren’t nearly as high as they might appear. Under some alternative scenarios, people haven’t moved to Keynes’s scenario for some good reasons, such as enjoying work more than we might think, or other hypotheses, as I will outline. In that case the observed changes in real income are robust, and measured correctly, or progress may even be greater than income measurements would indicate. I hope that addressing Keynes’s paradox can help us better understand this longstanding debate on the nature of modern progress. (shrink)

Fundamentally, Roman economic history is the study of how and why inhabitants of the Roman world produced, distributed and exchanged goods and services. By understanding the economic actions, events, institutions and products of the Roman world, Roman economic historians come to understand better the Romans themselves: their motivations, values, relationships and identities, among other things. With such a broad remit, today's Roman economic and monetary historians not only scour traditional sources for evidence of Roman commerce, prices, labour, capital and (...) contracts, but they now deploy an ever-broadening range of methodologies, theories and approaches – some of which originate well outside the disciplines of both history and economics. Some Roman economic historians, for example, create, investigate and run simulations, using massive digital archives of data gleaned from ancient evidence. Others compare micro-nutrients in ancient wheat varieties with their modern counterparts to gain a better understanding of diet, nutrition and economic prosperity in Roman cities. Increasingly, specialists in some aspect of the Roman economy find themselves members of internationally funded interdisciplinary teams seeking to understand what Arctic ice cores or North-American tree rings say about money production in the Roman principate. Roman economic historians’ scholarly sprawl has never been more challenging to describe, but I believe it is possible to group recent developments in the field into three overlapping areas: digitisation, particularisation and consilience. (shrink)

With unbridled exponential economic growth, earth systems and social systems are headed for catastrophic meltdown. Meanwhile, much of humanity is highly dependent on current institutions. Second-order cybernetics can help society come to grips with the enormous demand of adapting existing institutions for a regenerative economy. While the current trajectory of increasing consumption and rapid ecological decay will lead to collapse, the progress achieved by civilization can be vindicated by large-scale investment in regenerating natural capital assets, developing open-source technologies for (...) the public good, and rebuilding local agricultural economies dedicated to health and well-being. It is recommended that regenerative practices are supported by academic institutions centered on place-based service-learning. A regenerative economy, in contrast to a growth economy, is part of the pursuit of the long-term establishment of a steady-state economy. This vision does not limit the possibility that humanity will make outstanding technological progress, explore space or merge with artificial intelligence – but argues that appreciating the nature’s technology provided to humanity through eons evolution, and avoiding short-term self-destruction should be priorities. (shrink)

In the last few decades, residency in some of the world’s desired destination cities has become a privilege, as housing supply has not kept pace with population growth. This has led to a significant rise in housing prices and consequently to the exclusion of middle- and low-income populations on a large scale. These developments have received only scant attention in political theory despite their prominence in local policymaking and their contribution to processes of redrawing the boundaries of inclusion into local (...) political communities. My focus in this article is on the question ‘is it morally permissible for cities to sort members by economic means, and grant the better-off privileged access to residency?’ I explore this question by examining the main arguments used to support the city’s right to selectively admit would-be members. This allows me to delineate the limitations of the city’s general duty to be accessible to all segments of society and to present particular cases where the city has special obligations to incorporate nonmembers. (shrink)