There is an essentialist view that requires one to specify the set of necessary and sufficient properties of the things that exist when establishing definitions. The endorsement of essentialism for definitions in economics has been largely motivated by the Taxonomic Tower of Babel (TTB), which encompasses two intellectual fears. The fear of scientific aphasia is the fear that scientific progress is hampered because economists do not agree on the definitions they use. The fear of nihilism refers to the fear (...) of the advent of an unmanageable proliferation of definitions of the same term. We advocate the abandonment of essentialism by offering three arguments. First, essentialism seems impracticable in economics because essences are either mostly unavailable or useless. Second, the TTB, rather than a bug, is a feature of economics. Third, the TTB does not necessarily display the negative implications presumably associated with its existence. (shrink)

The purpose of the study is to reveal the concept of "economic shock", to identify its basic features and to classify shock effects. The article discusses the use of the term "economic shock" in order to improve the tools of economic security. The article analyzes the concept of "shock resistance", details its interpretation in the scientific literature, and considers the differences between shock resistance and "sustainability". The scientific novelty lies in the identification of signs of an economic shock that allow (...) us to separate it from other destructive effects on the economic system. The result of the study was the consideration of enlarged approaches to the classification of economic shocks from the point of view of the nature of their formation, the predicted shock and the unpredictable shock were distinguished. (shrink)

Except for some economists, who think about the consumer society as a way to the political stability and economic progress, the philosophical and sociological view on consumptionism and consumer society is predominantly pejorative. Depending on their axiological starting points, theorists of consumptionism stress its destroying forces for societies, like social idleness, an implosion of social institutions, deepening of social divisions and social exclusion and, last but not least, ecocide. Criticism of the consumer society is also of growing significance for the (...) theological agenda of various Christian Churches and the teaching of ecumenical organizations like the World Council of Churches. The article aims to summarise different approaches to consumptionism and its definitions, which are ordered in two categories: analytical and historical. It also discusses the teaching of Pope Francis, who contributes to the theological perspective of the criticism of the consumer society and focuses on the term of anthropological error as a hermeneutical instrument of this criticism. This task requires employing two main research methods: analysis of selected and relevant literature and synthesising exposition of the results of research. The discourse consists of two parts. The first one presents the term of consumptionism and highlights the scope of discussions on the definitions of this phenomenon. The second demonstrates the Christian interpretation of the problem. The first and the second chapters create a hermeneutical background to the third one; they even might be regarded as its contextualisation. The theological critique of consumer society contributes to the interdisciplinary theory of consumptionism. Contribution: The theological critique of consumer society contributes to the interdisciplinary theory of consumptionism. It also shows how theology might refer to social studies. Such a juxtaposition of the theological and sociological fields of reflection converges with the focus and scope of the journal to promote multidisciplinary aspects of studies in the general theological area. (shrink)

The term neoclassical economics delineates a distinct and relatively homogenous school of thought in economic theory that became prominent in the late nineteenth century and that now dominates mainstream economics. The term was originally introduced by Thorstein Veblen to describe developments in the discipline (of which Veblen did not entirely approve) associated with the work of such figures as William Jevons, Carl Menger, and Leon Walras. The ambition of these figures, the first neoclassicists, was to formalize and mathematize (...) the subject in the aftermath of the so-called marginalist revolution. Economics is, according to one definition, the science that studies human behavior as a relationship between ends and scarce means that have alternative uses. Neoclassical economics pursues this study by means of supply and demand models that determine prices based on the subjective preferences of producers and consumers. Neoclassical economics relies on subjective preferences for determining prices in order to escape from the so-called objective value theory of classical economics, according to which the value of goods could be established by reference to some basic commodity (usually corn) or the labor input required to produce a good. Neoclassicists hoped that by jettisoning objective value, economics could be placed on a more scientific basis as an essentially descriptive and predictive theory of human behavior. Political theory, by contrast, involves both positive and normative elements. It is a positive science to the extent to which it aims to describe and predict political behavior. It is a normative science to the extent to which it prescribes how agents should behave in the political arena and what the best political institutions are. Neoclassical economics is relevant to both of these elements. (shrink)

Using data on submitted and published manuscripts in Feminist Economics from 1995 to 2019, we examine differences in method and scope used by authors residing in the Global North and Global South. We specifically focus on research methods, intersectional analyses, region of analysis, and co-authorship status. Further, using logistic regression models, we examine the relationship between authors’ location and use of research methods. We find authors in the Global South are more likely to engage in empirical and mixed-methods papers (...) compared to Global North authors in our sample. Moreover, a greater share of Global South authors engage in intersectional analysis and exhibit geographical focus on developing countries. Drawing insights from the Feminist Economics manuscripts data, we argue that encouraging Global South research can contribute to the goals of the field of feminist economics – aimed at inclusivity, diversity of standpoints, and plurality in research methods, thereby improving overall economic research. (shrink)

In an increasingly globalised world, economic and cultural imperatives can be seen as two of the most powerful forces shaping human behaviour. This book considers the relationship between economics and culture both as areas of intellectual discourse, and as systems of societal organisation. Adopting a broad definition of culture, it explores the economic dimensions of culture, and the cultural context of economics. The book is built on a foundation of value theory, developing the twin notions of economic (...) and cultural value as underlying principles for integrating the two fields. Ideas of cultural capital and sustainability are discussed, especially as means of analysing the particular problems of cultural heritage, drawing parallels with the treatment of natural capital in ecological economics. The book goes on to discuss the economics of creativity in the production of cultural goods and services; culture in economic development; the cultural industries; and cultural policy. (shrink)

The phenomenon of performativity has recently sparked debates about the status of the economic discourse. This paper aims to discuss the subjectivist idea that if economics ‘performs’ social reality, rather than merely reflects it, then every theory can be considered ‘true.’ My main goal is to point out three limits of performativity. First, not all theories can be performative since some do not produce empirical landmarks for agents. Second, social institutions restrict performativity. Third, I emphasize the necessity that a (...) theory to be self-fulfilling. This article is a prelude to a new kind of performative studies based on an original definition: a theory performs the world if it implies a behavioral regularity which leads to a general coordination between agents. That is to say, if it becomes a convention à la David Lewis. (shrink)

:Contemporary behavioural economics has documented common failures of reasoning that apparently make possible policies that benefit individuals by contravening or correcting their judgements. These policies appear to be paternalistic, even though a traditional view would deny that they are paternalistic on the grounds that policies such as nudges do not restrict individual liberty. It appears to many that a new definition of paternalism that takes its cue from behavioural economics is needed. Furthermore, if one revises the (...) class='Hi'>definition of paternalism, one must revisit traditional views concerning whether paternalist policies are wise. In Government Paternalism, Julian Le Grand and Bill New make a valuable start, although some corrections are needed. This essay provides a general setting for revising the definition of paternalism and suggests a revised definition of paternalism. (shrink)

In researching women’s involvement in economic crime, the concept of the ‘economic’ is problematic. Women’s crime for economic gain and women’s crime in economic terms are inadequately catered for. In reviewing criminologists’ uses of the notion of ‘economic crime’ I suggest that criminological understandingin relation to crime for economic gain is poor and that gender freedom/blindness/specificity variously operate. This article provides an original feminist reading of contemporary work on crime and markets and rational choicetheory and relates this to feminist economic (...) critiques in order to achieve agendering of the economy. The broad aims of the article are to illustratethe problematics of economic classifications and definitions in criminologyand to mount an argument that suggests the whole notion of the economic within criminology demands (feminist) critique. (shrink)

This chapter describes how Buddhist economics can proactively contribute to the concept of conscious capitalism by importing Buddhist ethical principles to give concrete content to the aspirational idea of conscious capitalism. Conscious capitalism becomes ethically conscious capitalism with its Buddhist complement. For Buddhism, the central motivation for human behavior is deep compassion for all sentient beings. In Buddhist economics, compassion is translated into compassion for the poorest. Hunger, thirst, homelessness, lack of medical care and education are the needs (...) of a huge percentage of the human population on earth who exist in continuing poverty. The argument of this chapter is that poverty is not a cause; it is an effect. It is only by altering our economic motivations and practices that we can apply Buddhist ethics to addressing the problem of world inequality. Seeing ourselves as consumers is a key to the problem. If we identify ourselves as consumers, we cannot be thinking of others. We are thinking of what we can acquire and accumulate for ourselves. It is this primal attitude that is the source of the philosophical problems that are at the root of inequality and inequity in the world. A frequent interpretation of Buddhist economics is to counsel us to be minimalist in our consumption needs. In this chapter, it is argued that we need to focus on ourselves as ethical producers. We should focus on producing economic goods and services that better the life conditions of the global poor. Such a focus considers the consequences of our economic production of goods and services and meets the definition of practicing capitalism with mindful awareness. Such an alteration of economic motivation and action fulfills the principal ethics of Buddhism and gives concrete design and purpose to the idea of conscious capitalism. Ethically conscious Buddhist economics enables universal compassion to reach all human beings. (shrink)

I argue in this text that the economic mind is a culturally hegemonic, naturalistic interpretation of the behavior produced by the revolutionary nature of the economic and technical developments of the nineteenth and early twentieth centuries. Despite persistent criticism, people fulfilled the predictions of the economic model of a human being for so long that they committed an attribution error and took it to be the adequate vision of human nature. Neoclassical economic theory played a significant, even if involuntary, role (...) in the spread of this illusion. I also claim that the concept of economic mind—as the dominant interpretation of human nature—currently functions as a self-fulfilling prophecy, reproducing behaviors that would have a chance to change (refuting the theory developed on their basis), were it not for the popularity of this concept as commonsensical definition of human nature. (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)

This paper leads to apply some recent developments in the economic literature dealing with the concept of innovation systems to the problem of economic cohesion in Europe. Starting from a definition of innovation systems, it allows to consider firms and sets of intstitutions as two main but different types of innovation systems. This distinction is the source of a discussion about the nature of the coordination problems which appear when considering the European diversity of innovation systems. The different combinations (...) between innovation systems developed in the paper are a useful means of discussing European policy intervention and its ability to favour (or not) economic cohesion. (shrink)

It is argued in this paper that sustainability is not a major concern of contemporary economic theory even though the roots of the concept dig deep into the development literature and into nineteenth century Classical economics (sections 1 and 2). Contemporary Neo-Classical economic theory is built upon utilitarian ethics and is not at all communitarian except to the extent that an economic theory of community can be built upon an utilitarian ethics (section 3). Contrary to what some NeoClassical economists (...) argue, it is possible to give a relatively precise definition of sustainable economic development. What has not been established yet is whether all alleged properties of sustainable economic development are non-contradictory. In other words, the economic growth literature has not provided us with an ideal model of sustainable development yet even though the latter's main characteristics are economic (section 4). Non-economists have great difficulty in accepting some of the economic methodology when applied to sustainability. The fault lies not in the economic methodology itself but rather in the assertion—made by some economists—that sustainability is only an economic problem (section S and 6). Economic-ecological sustainability should be the central and pragmatic concern for public policy even though it will necessarily have social implications. Widening sustainability to social and moral concerns can only hasten its demise as a practical ideology (section 7). (shrink)

While there have always been schools of religious and ethical thought favourable to poverty, or a simple life, the general opinion of mankind has always regarded the increasing wealth of an individual or a community as conducive to human happiness. Qualifications have commonly been attached to this judgment in recognition of a certain danger and deceitfulness of riches, especially when rapidly acquired and lavishly expended, but the presumption still stands that wealth in general conduces to well-being. The nature, degree or (...) conditions of this correspondence have, however, received singularly little attention from those thinkers who have given closest study to economic processes. Many of the founders of economic science in this and other countries were manifestly concerned for the general welfare of their fellowmen, and were active workers in many fields of social reform. But, in formulating the concepts and laws of their science, they deemed it unnecessary to give any close or continuous thought to the relations between economic wealth and human welfare. This was due, partly, no doubt to the natural desire to make the subject-matter and the treatment of a new science as definitely concrete and measurable as possible. It was this desire that made monetary valuation paramount in all economic estimates. (shrink)

Competition law is rooted in economic theory, and economics provides many of the standard tools often applied in competition investigations. As a result, a strong foundation in economics is an invaluable asset for practitioners in this area of law. This is the new edition of the popular and well-regarded practitioner guide to the economic principles of competition law. Written in accessible language for non-technical readers, it covers first economic principles by applying them directly to competition cases. It covers (...) all major topics in competition law where economics is relevant: the core themes of market definition, market power and dominance, mergers, and anti-competition practice, as well as less familiar but important areas such as state aid, remedy design and damages. Topics are introduced by posing compelling questions based on real cases from around the world. The new edition has been updated to include important recent developments in competition law, and new economic approaches. (shrink)

A number of distinct definitions ofsustainable agriculture have been proposed. In this paper we criticize two such definitions, primarily for conflating sustainability with other objectives such as economic viability and ecological integrity. Finally, we propose and defend a definition which avoids our objections to the other definitions.

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

_The assessment of institutional quality and its influence on economic performance is highly relevant in Nigeria due to the country's constantly changing governmental institutions, dynamic market circumstances, and diversified socioeconomic atmosphere. Thus, the study aims to investigate the impact of institutional quality on the economic performance of Nigeria. This study employed ex post facto research, while time series data was used, which spans from 1996 to 2021, sourced from the Central Bank of Nigeria (CBN) and the Worldwide Governance Indicators (WGI). (...) The study employed unit root tests, Johansen cointegration, and the Error Correction Model as estimation techniques. However, post estimation tests such as normality, serial correlation, heteroskedasticity and stability tests were carried to ascertain the level of statistical accuracy outcome of the variables used. The findings suggest that there is a sustained nexus between the quality of institutions and characteristics related to economic growth. Also, it was equally found out that political stability has a significant impact in the short run. This suggests that a unit increase in political instability would definitely amount to a decrease in economic performance in Nigeria during the period under investigation. The study suggests enhancing accountability, transparency, administrative efficiency, and law adherence to improve Nigerian institutions. This can be achieved through reform implementation, capacity building, and good governance mechanisms, while reducing political unrest and fostering stability._. (shrink)

While acknowledging the absence of a single definition or theory of sustainability, this paper argues that a discussion of sustainability which refers only to definitions is pointless without an understanding of how the definitions are operationalised. In this context, the paper considers the operationalisation of strong sustainability. The definitions and operationalisation of strong sustainability most closely associated with (i) neoclassical environmental economics and (ii) ecological economics are discussed and compared. This analysis raises questions about the extent to (...) which ecological economics has been able to influence real-world decisions and policy. The paper ends by considering whether the economic and political power structure taken as given by ecological economics is compatible with its policy perspective. (shrink)

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

The paper is a comparative study of the methodologies of Malthus and Ricardo. Its claims are: (i) economic laws almost always admit of exceptions for Malthus; for Ricardo even contingent predictions allow no exception apart from random temporary variations; (ii) both rely on the prestigious Newtonian paradigm, while interpreting it according to two distinct methodological traditions (the one deriving from MacLaurin, the other from Priestley); (iii) the choice of stressing what happens during intervals or in permanent states leads to opposing (...) definitions of the main problem of economic science in so far as equilibrium is always already given for Ricardo and is never given for Malthus; (iv) their use of the ambiguous notion of "tendency" leaves unclear for both the degree of predictive power with which theories are endowed; (v) what both share is the idea of a natural order and this idea is the source of both shortcomings and endless disagreement. -/- . (shrink)

A group of economists has recently begun addressing questions at the intersection of ethics and economics. They are preparing new definitions of individual choice that combine self-interest and other-interest, new processes of interpersonal exchange that result in cooperation rather than conflict, and new measures of social well-being that include rights as well as outcomes. This article surveys that work, and suggests areas where conceptual inputs from business ethicists are clearly needed, and where multiple opportunities for interactive research are obviously (...) present. (shrink)

We examine the most famous controversy between economists as a means of shedding fresh light on the current debate about economic methodology. By focusing on the controversy as the primary unit of analysis, we show how methodological considerations are but one of a whole set of stratagems strategically employed by each opponent. We argue that each opponent's preference for a particular kind of stratagems expresses his own specific scientific style (within the general scientific and cultural style of an age). We (...) also describe a dynamic dimension of the controversy, independent of the participants' intentions. Such a dimension is analysed in a "cycle" of the controversy, which begins with a well-defined issue and expands to additional topics, without reaching a "solution" to the initial issue. The definition and re-definition of the issue(s) at stake and of the difference between both participants is an essential and recurrent feature of such cycles; the conclusion of a cycle does not imply a real "closure" of the controversy, but only that each opponent has reached a satisfying degree of self-clarification. The controversy, thus, does not yield persuasion -- its ostensible aim. Rather, its "benefit" seems to lie in an unintended result -- clarification and deepening of contrasting approaches to the discipline -- due to its peculiar dynamics. In so far as the history of a discipline requires a reconstruction of such contrasts, it is indispensable for it to take into account the controversies where they emerge, and to view both the positive doctrines and the methodological posture of the contenders as parts of a wider framework, that is a scientific style. (shrink)

A model of production and exchange is proposed as an alternative to both market-oriented policy and social welfare policy. New patterns of social coordination at work form the basis for a new form of production output value: conducive value. This value is developed in both workers and consumers, activates skills and capabilities, and transforms customers from passive recipients to active users. It broadens the definition of economically valid social activity and it will help to resolve the unemployment dilemma arising (...) with globalization. The article observes that the flexibility demanded by neoliberal, market-oriented policy is antithetical to the flexibility of creative production, which builds on horizontal interaction at work and in exchange, thereby facilitating the creation of social relationships and social capital. In that, it constructs bridges between the new policy and models of social policy which form its platform and enhances the chances for effective democracy in society. (shrink)

Whistleblowing has been defined often and in differing ways in the literature. This paper has as its main purposes to clarify the meaning of whistleblowing and to speak for a narrow interpretation of it. A restrictive, general purpose definition is provided which contains six necessary elements: act of disclosure, actor, disclosure subject, target, disclosure recipient, and outcome.Whistleblowing is characterised as a dissenting act of public accusation against an organisation which necessitates being disloyal to that organisation. The definition differs (...) from others in many ways but especially by its emphasis on dissent, by being based on the ethical dilemma of conflicting loyalties, and by the strict way that dilemma is formulated in terms of confidentiality and proprietary rights over information. These features result in a definition in which motive has no part, and which requires a free choice decision to make disclosure to an external party. (shrink)

The renowned institutionalist Geoffrey Hodgson has claimed inter alia that heterodox economics has failed to define its nature and scope, does not take pluralism seriously, and lacks expertise concentration to ensure quality which means it has made limited progress and is held in variable esteem. To address these alleged problems, Hodgson proposes four alternative strategies: the creation of heterodox economics academic departments; for heterodox economists to enter non-economics academic departments; for heterodox economists to 'organise' around a successful (...) approach with future potential; or, to encourage the study of economic institutions by other social science disciplines or by using prominent mainstream techniques and approaches. A response to these criticisms and proposed strategies is warranted for several reasons. These criticisms are not trivial and, as an assemblage the import is much greater than a singular criticism. Hodgson is very influential within the economics discipline and he reiterates, in part, past criticisms from the mainstream as well as presenting his criticisms to a wide range of audiences. These criticisms intersect with longstanding debates within heterodox economics about the role of pluralism, the definition and project of heterodox economics, its relationship to the changing form of mainstream, and the merit of synthesis or convergence of different heterodox schools of economic thought. The suitability of mainstream measures to judge heterodox economics, and the relationship of ideology and economic theory, are also raised by these criticisms as well as the feasibility of proposed strategies to support heterodox economics within the academy. It is argued that several fallacious claims lead Hodgson to misconstrue the nature and evolution of heterodox economics, and inherent flaws in each of his proposed alternative strategies will further marginalise – not advance – the project of heterodox economics. (shrink)

Impact investing is the fastest growing responsible investment strategy and has the potential to address many of the environmental and socio-economic challenges faced by humanity. Some scholars, however, claim that definitional ambiguity confounds impact measurement and hence reduces the attractiveness of this investment strategy. To investigate this claim, semi-structured personal interviews were conducted with 13 experienced impact investors in a large African market. Participants did not regard definitional ambiguity as a serious barrier, but found it difficult to identify and articulate (...) specific impact objectives that could match their financial return expectations. Investors called for more training and information sharing platforms. (shrink)

I perform an economic and ethical analysis on wealth and income inequality. Economists have performed many statistical studies that reveal a number of, often contradictory, findings in connection with the distribution of wealth and income. Hence, the statistical findings leave us with no better knowledge of the effects that inequality has on economic progress. At the same time, the existing theoretical results have not provided us with a definitive answer concerning the effects of inequality on progress. By gaining knowledge of (...) the nature of inequality, and bringing basic economic principles to bear on the subject, we can come to an understanding of what the causal relationship is between inequality and economic progress. Furthermore, I apply a new theory of ethics – rational egoism – to assess economic inequality. I show that, in the right context, economic inequality is both economically and morally desirable. (shrink)

Herman Dooyeweerd ( 1985 ) argued that among the modalities making up the fabric of reality a specifically economic one is to be found. The aim of the present paper is to discuss the texture of such a modality and how it both differentiates and intertwines with others. For an updated brief, albeit cogent and analytically lucid presentation of the Law Framework ontology, see Clouser ( 2009 ). Dooyeweerd’s view entails that the proper object of economics is irreducible to (...) that of other disciplines, but a non-reductionist view of the object of economics presupposes that the nuclear meaning of that discipline has been clearly delimited: this is required in order to determine its nature and separate identity as a scientific discipline. By ‘the nuclear meaning of a discipline’ I understand a pre-theoretical delimitation of its field of research, such as that of the field of physics, characterized by the laws governing force and energy. Within one and the same field there may be many theories, theories competing to explain the same phenomena, or dealing with phenomena so different that it is nearly impossible to trace conceptual connections among them. This last situation calls for a unified-field theory. In the second section of this paper I will attempt to defend a rather commonly accepted definition of the field of economics that sees this discipline as a science of choice. In the third I will show how the analytical conception it involves can be naturally complemented with a classificatory one. According to a classificatory conception, the aggregated social-level phenomena, patterns and regularities economic theories usually deal with, are economic in that sense, even though they are not prima facie cases of individual behavior, or are unintended consequences of aggregated individual choices. In the fourth I will discuss the meaning of the most general, supra-arbitrary economic laws—the modal laws of economics. In the final section I will offer a non-reductionist view of economics that nevertheless takes into account its intertwining with other spheres. (shrink)

Over the last few decades, theoretical discussions about metaphors have appeared with increasing frequency in the literature and, during the last fifteen years or so, such discussions have become more and more common in the methodology of economics. But what exactly is a metaphor? According to a tradition which dates back to Aristotle, a metaphor is the attribution to one object, A, of the name of another object, B, while this name or these qualities do not properly or normally (...) belong to A. Thus, a metaphor is present when a term used to describe A is a term which is already commonly used to name B. Defined in such a way, one must admit that metaphors are frequently found in economics as well as in other sciences. Let us consider, for example, a term like ‘elasticity’ which is extensively used by economists. According to the ordinary dictionary definition, this word designates a property of bodies by which they recover their initial form after having been submitted to a pressure; in a less technical sense, it refers to the flexibility of some bodies or to their responsiveness to pressures. (shrink)

The unprecedented rise and fall in silver's price during 1979 and 1980 resulted in charges against the Hunt brothers of Dallas of monopolization and market manipulation, charges which led to a lengthy trial. This book focuses on the economic analysis used at this trial. Drawing upon interviews with the judge, jury, attorneys and expert witnesses, it investigates the elusive definition of manipulation in sophisticated markets, the difficulties of interpreting statistical evidence, the imprecision in calculating damages, the hidden assumptions behind (...) inferences concerning intent, and the hazards introduced when economic analysis enters complex litigation. The author concludes that these problems induce courtroom procedures to oversimplify the economic analysis and cause the law on market manipulation to be created retroactively. Yet the failure lies not with the legal institutions but with the futures exchanges who had not developed in advance the rules to minimize large-scale trading during the unusual price moves. (shrink)

This paper gives prescriptions for introducing ethical concerns into the economic theory of the firm. Topics include social responsibility, corporate governance, profit maximization, competition barriers, collusion, the market system, and welfare economics. The need for such prescriptions is based on a content analysis of 21 managerial economics texts for their coverage of ethics. My analysis finds that substantive discussions of ethics are conspicuous by their absence. As ethical breaches can involve significant monetary damages to a firm - particularly (...) through adverse market reactions - moral-reasoning abilities can complement analytical skills. Consequently, my analysis demonstrates how ethics figure into the opportunity costs of managerial decision making, which is central to the economic definition of profit. (shrink)

Scotus - unlike Thomas Aquinas - never commented on Aristotle's Politics nor did he write any significant political tracts like Ockham. Nevertheless, despite his primary philosophical reputation as a metaphysician, Scotus did have certain definitive ideas about both politics and the morality of the marketplace.

The debate over Green and Shapiro's Pathologies of Rational Choice Theory sustains their contention that rational choice theory has not produced novel, empirically sustainable findings about politics?if one accepts their definition of empirically sustainable findings. Green and Shapiro show that rational choice research often resembles the empirically vacuous practices in which economists engage under the aegis of instrumentalism. Yet Green and Shapiro's insistence that theoretical constructs should produce accurate predictions may inadvertently lead to instrumentalism. Some of Green and Shapiro's (...) critics hint at a better approach, which would eschew predictive testing in favor of testing the applicability of the theory to particular cases. (shrink)

Regenerative agriculture refers to a suite of principles, practices, or outcomes which seek to improve soil health, biodiversity, climate, ecosystem function, and socioeconomic outcomes. However, recent reviews highlight wide heterogeneity in how it is defined. This impedes our ability to understand what regenerative agriculture is and has left the movement open to strategic repurposing by diverse stakeholders. Furthermore, the conceptual franchising of the regenerative agriculture debate by Western culture has omitted discussions surrounding social justice, relational values, and the contribution of (...) Indigenous and local knowledge that does not align with Western-centric producer-consumer frameworks. This is a continuation of injustice by creating barriers to representation and participation, and its confrontation will ultimately be necessary for regenerative agriculture to achieve its transformative potential. This article demonstrates that the farming techniques associated with the regenerative agriculture movement today have been practiced for centuries, and in some cases millennia, by Indigenous and local communities around the world. We propose that current Western academic attempts to define regenerative agriculture have resulted in long lists of practices, principles, and outcomes which fall short of describing the whole, because they lack the relational values component that is so integral to these Indigenous and local knowledge systems. We take an urgently needed, Indigenous-informed approach to defining regenerative agriculture, which confronts current epistemic injustice and prioritizes sociocultural and relational values. Finally, we propose an anti-colonial definition that draws on diverse knowledge systems including Indigenous ecophilosophies and published scientific analyses. (shrink)

There is growing concern that decision-making informed by machine learning (ML) algorithms may unfairly discriminate based on personal demographic attributes, such as race and gender. Scholars have responded by introducing numerous mathematical definitions of fairness to test the algorithm, many of which are in conflict with one another. However, these reductionist representations of fairness often bear little resemblance to real-life fairness considerations, which in practice are highly contextual. Moreover, fairness metrics tend to be implemented in narrow and targeted toolkits that (...) are difficult to integrate into an algorithm’s broader ethical assessment. In this paper, we derive lessons from ethical philosophy and welfare economics as they relate to the contextual factors relevant for fairness. In particular we highlight the debate around acceptability of particular inequalities and the inextricable links between fairness, welfare and autonomy. We propose Key Ethics Indicators (KEIs) as a way towards providing a more holistic understanding of whether or not an algorithm is aligned to the decision-maker’s ethical values. (shrink)

The Reformation, it has been said, changed the course of history. Most people would agree. At the very least, agree or not, they would hold the proposition to be one worth considering. They would be unlikely to reject it out of hand as incapable of being either true or false because it had no meaning. For, of course, “everybody knows” what the Reformation was and, elaborating a little, we can make clear what we meant by changing the course of history. (...) Yet it is just statements of this sort that cause much methodological wrangling. Their controversial nature is due, in large part, to controversy over the status of such terms as “the Reformation” and, generally, group or macroscopic concepts. Since not only history, but sociology, political science, social psychology, and economics also widely use concepts referring to groups and their properties, rather than to individuals, the controversy has wide ramifications. And because there are, as it were, so many vested interests involved, the dispute also tends to acquire an ideological tone not altogether consonant with dispassionate inquiry. Bad temper and mutual recrimination in scientific discussion are generally a sign that ideological defenses are being shored up. Just possibly, a philosopher whose substantive concern in any empirical field is minimal may hope to be considered above the battle, as one who, having no private axe to grind, can be concerned only with clarifying the logical issues involved. In this hope, I wish to explore as systematically as possible the tangled web of issues woven about the status of group concepts and their relationship to those referring to individuals. Intertwined in this controversy are two different issues. One has to do with the nature of the terms or concepts of social science; the other with the nature of its laws and theories and their relationship in turn to those in other areas. The first issue is one of meaning, the second of reduction. Success in unsnarling the various strands of this web may alone help abate the fury of the controversy. (shrink)

This paper gives prescriptions for introducing ethical concerns into the economic theory of the firm. Topics include social responsibility, corporate governance, profit maximization, competition barriers, collusion, the market system, and welfare economics. The need for such prescriptions is based on a content analysis of 21 managerial economics texts for their coverage of ethics. My analysis finds that substantive discussions of ethics are conspicuous by their absence. As ethical breaches can involve significant monetary damages to a firm – particularly (...) through adverse market reactions – moral-reasoning abilities can complement analytical skills. Consequently, my analysis demonstrates how ethics figure into the opportunity costs of managerial decision making, which is central to the economic definition of profit. (shrink)

Definition of the problem: Even after the new German legislation about organ donors and transplantation (“information solution”), the question of criteria for distributing the organs is still not solved. The various alternatives to solve this problem face different social acceptance and economic efficiency.Arguments: Medical criteria (e.g. HLA compatibility) and non-medical criteria (e.g. willingness to pay of the patients) are valued on the basis of generally accepted objectives (e.g. equal access to health services or low costs). As an innovative form (...) of organ distribution systems the club solution is introduced. It allows the donor to realise preferences regarding use of the organs.Conclusion: Scoring systems may help to increase the transparency of organ allocation. From an economic point of view medical criteria have to be weighted more than non-medical criteria. (shrink)

In the article ‘How to be absolutely fair, Part I: the Fairness formula’, we presented the first theory of comparative and absolute fairness. Here, we relate the implications of our Fairness formula to economic theories of fair division. Our analysis makes contributions to both philosophy and economics: to the philosophical literature, we add an axiomatic discussion of proportionality and fairness. To the economic literature, we add an appealing normative theory of absolute and comparative fairness that can be used to (...) evaluate axioms and division rules. Also, we provide a novel definition and characterization of the absolute priority rule. (shrink)

This paper gives prescriptions for introducing ethical concerns into the economic theory of the firm. Topics include social responsibility, corporate governance, profit maximization, competition barriers, collusion, the market system, and welfare economics. The need for such prescriptions is based on a content analysis of 21 managerial economics texts for their coverage of ethics. My analysis finds that substantive discussions of ethics are conspicuous by their absence. As ethical breaches can involve significant monetary damages to a firm – particularly (...) through adverse market reactions – moral-reasoning abilities can complement analytical skills. Consequently, my analysis demonstrates how ethics figure into the opportunity costs of managerial decision making, which is central to the economic definition of profit. (shrink)

Free and open source software is taking an increasingly significant role in our software infrastructure. Yet many questions still exist about whether a software economy based on FOSS would be viable. We argue that contemporary trends definitively demonstrate this viability. Claiming that an economy must be evaluated as much by the ends it brings about as by its size or vigor, we draw on widely accepted notions of redistributive justice to show the ethical superiority of a software economy based on (...) FOSS. (shrink)

When one wishes to formulate, evaluate and implement public policies, the existence of a plurality of social actors, with interest in the policy being assessed, generates a conflictual situation. How such a conflict should be dealt with? This paper defends the thesis articulated in the following points: Different metrics are linked to different objectives and values. To use only one measurement unit for incorporating a plurality of dimensions, objectives and values, implies reductionism necessarily. Point can be proven as a matter (...) of formal logic by drawing on the work of Geach about moral philosophy. This theoretical demonstration is an original contribution of this article. Moreover, here the distinction between predicative and attributive adjectives is formalised and definitions are provided. Predicative adjectives are further distinguished into the new categories of absolute and relative ones. The new concepts of set commensurabi... (shrink)

In today’s society, a peculiar understanding of distributive justice has developed which holds that “social justice must be distributed by the coercive force of government.” However, this is a perversion of the ideal of distributive justice. The perspective of distributive justice which should be considered is one with its roots in the school of thought referred to as self-actualization ethics or eudaimonism, which holds that each person is unique and each should discover whom he or she is—to actualize his or (...) her true potential and to live the “good life” within the congeniality and complementarity of personal excellences of his or her fellow members of community. When a eudaimonistic perspective is considered, a definition of distributive of justice could be “the allocation of goods and utilities via the voluntary ubiquitous human interaction of self-actualizing individuals who not only recognize the human dignity of the self and other and the rights which flow from and guarantee it, but also actively will goods and utilities toward the self and other so as to manifest human dignity.” Therefore, with a eudaimonistic understanding of distributive justice, one can argue that the free market is the ubiquitous interactions of self-actualizing individuals who are giving and receiving goods and utilities for one and another’s own “happiness,” i.e. the free market is the socio-economic mechanism by which distributive justice operates. In this paper I first will overview the philosophical foundations of distributive justice. Next, I will propose a eudaimonistic definition of distributive justice. Finally, I will highlight examples of distributive justice operating in a free market economy. (shrink)

This article explores Karl Barth's early and later understanding of the incarnation with a view toward answering two very important theological questions: did Barth so historicize his Christology in his doctrine of Reconciliation that he could no longer accept his own earlier view that “His Word would still be His Word apart from this becoming [incarnate], just as Father, Son and Holy Spirit would be none the less eternal God, if no world had been created”? Or did his earlier view (...) enable him to present a more powerful understanding of how God himself was at work in the history of Jesus of Nazareth and in human history effecting the reconciliation of the world both from the side of God and from the human side? This article argues that Barth never historicized his Christology to such an extent that he ever would have espoused the idea that Jesus' human history “constituted” his being as the second person of the Trinity, since any such thinking undermines Barth's belief that Jesus' divinity must be recognized as “definitive, authentic and essential” if it is to be truly recognized at all. It is further argued that those who do espouse this view have confused epistemology and ontology by mistakenly assuming that since we cannot know the eternal Trinity except through the human history of Jesus as the incarnate Word, that must mean that the eternal Word never existed without that human history so that, strictly speaking, we can no longer distinguish between the immanent and the economic Trinity and the logos asarkos and logos incarnandus . This article suggests that those who hold that God realizes his own eternal being by suffering and dying for us have missed a crucial point of Barth's trinitarian doctrine which is that God realizes his purposes for us in the suffering, death and resurrection of Jesus, but that he did not thereby realize his own being as the triune God, since God's eternal being and act does not need any realization by virtue of the fact that God is perfect and acts toward us in the overflow of that perfect love in perfect freedom. (shrink)

Stimulating innovation and growth in the so-called ‘creative economy’ is a current policy objective for national regulators. One policy lever traditionally applied to the creative sector is intellectual property, in particular the scope and term of protection offered by copyright. Opposition to expansion and further enclosure of the copyright public domain was previously articulated in terms of access to a commons of information. Since the Hargreaves Review of Intellectual Property in 2011, copyright reform in the UK context is increasingly framed (...) in the language of economics. This paper reviews two prevailing economic theories shaping how policy makers discuss the public domain in debates about IP reform: a welfare economics approach which weighs increases in producer and consumer surplus under different policy configurations and an economics of innovation approach which considers the value of the public domain as a reservoir of ideas for individuals and firms. I argue that economic definitions should be augmented by a consideration of the democratic requirement of access to information. The consequences of this re-figuration of the public domain for the public interest and access to information are discussed. (shrink)

This paper takes issue with Córdoba’s (Axiomathes 27(5):521–529, 2017) attempt to axiomatize praxeology, with the particular target being his ultimate derivation of the Scarcity Theorem. This author starts with proving the Uneasiness Theorem, a proof we find flawless. It is indeed the case that action entails wanting something, from which it follows – by contraposition – that being satisfied (i.e. not wanting anything) entails no action. That much must be granted. However, we consider the author’s alleged proof of the Scarcity (...) Theorem wanting. Specifically, what we find unpersuasive is Córdoba’s premise (9) having it that if there is nothing that is scarce for _a_ (some arbitrary economic agent), then _a_ is satisfied and therefore _a_ does not (and cannot) act. On Córdoba’s own definition of scarcity, scarcity is a _relational_ property. To wit, a certain resource is scarce for _a_ when it does not suffice to satisfy _a_’s multiple ends. But then, while sticking to this definition, we envisage a situation wherein nothing is scarce for _a_ (relative to his ends). It seems that even under this scenario, the economic actor may _not_ be satisfied _just yet_ (say, at time t 1 ). Yet, he may start sequentially employing his adequate means to satisfy his ends, thus obeying the law of diminishing marginal utility with both his desires and beliefs issuing in the purposeful behavior in question, nothing short of action proper. If our thought experiments counts for something, it shows that scarcity is just a contingent – _pace_ Mises (Human action, 4th edn. Fox & Wilkes, San Francisco, p. 70, 1949) and Córdoba – rather than a necessary condition of action. (shrink)

According to a classical work on experimental design internal validity “refers to the approximate validity with which we infer that a relationship between two variables is causal or that the absence of a relationship implies the absence of cause”. External validity “refers to the approximate validity with which we can infer that the presumed causal relationship can be generalized to and across alternate measures of the cause and effect and across different types of persons, settings, and times”. Since then, these (...) have been the accepted definitions, with slight variations, of both concepts. However, there have been deep differences in interpreting the scope and limits of validity concepts in economics. From theory-driven experimental designs that defend the priority of the internal over the external validity to those researches that are demanding the importance of external validity in economics, we can find the most diverse points of view. What can experimental ethics learn, then, from recent debates on external and internal validity in experimental economics? If we want to elicit moral intuitions into the lab, are we testing moral theories that way? Could intuitions be generalized “across different types of persons, settings, and times”? Is that really possible? (shrink)

Despite the ideal of dispossession, absolute poverty and the total absence of links with possession and human beings which shaped the myth of the monastic desert, the monastic economy and its management were very similar to the secular economic system, in that both were organised by networks based on families.This article tackles how and where material assets were produced and administered in Egyptian monasteries between the fourth and eighth centuries, and who was responsible for this function. The history of monasticism (...) is materially related to the institutionalisation of the society’s cultural and material systems of production. Consequently the economy was also transformed by monastic practices: history is linked to the definition and the successful affirmation of the figure of the oikonomos, the steward in charge of everyday life in monasteries. (shrink)