Despite growing interest in evolutionary economics since the 1980s, a unified theoretical approach has so far been lacking. Methodological and ontological discussions within evolutionary economics have attempted to understand and help rectify this failure, but have revealed in turn further differences of perspective. One aim of this article is to show how different approaches relate to different levels of abstraction. A second purpose is to show that generalized Darwinism is some way from the most abstract level, and illustrates (...) how it may be used to move towards more specific theoretical applications. Nevertheless, there is a long way to go before these become more evident. (shrink)

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

There is a famous character in one of Oscar Wilde's plays who knew the price of everything and the value of nothing. An economist wonders uneasily if the reference is not to him. The word “value” occurs in economic writings with high frequency, the frequency of meanings being almost as great as the frequency of occurrence. It has been the occasions of long and bitter disputes, some on the semantic level, some more substantive. What I want to accomplish in this (...) paper is a relatively humble task—to examine some of the concepts and related systems in economics which seem to be relevant to the general problem of value, and to see how far and in what directions they might be safely generalized. I do not claim that economics, even when generalized to the full, gives us a complete theory of value. Many of the most important and most difficult questions in value theory cannot be answered within the framework which I shall set up. But economics can, I hope, provide something of a foundation on which to build, or at least a launching platform from which to send off our philosophical rockets. (shrink)

Andreu Mas-Colell has been doing pioneering work using differential topology in the analysis of general equilibrium. This work is regarded as outstanding and one of the major contributions to the development of rigorous economic theory in the last twenty years. The articles he has written have been difficult and technically demanding. In this book he brings this work together to show its scope and its power. He presents the analysis in a way which makes it accessible to the broader (...) range of economic theorists and advanced students. This book has been long awaited as a seminal contribution to the subject. (shrink)

This book examines the long term economic growth that has raised the West's material living standards to levels undreamed of by counterparts in any previous time or place. The authors argue that this growth has been driven by technological revolutions that have periodically transformed the West's economic, social and political landscape over the last 10,000 years and allowed the West to become, until recently, the world's only dominant technological force. Unique in the diversity of the analytical techniques used, the book (...) begins with a discussion of the causes and consequences of economic growth and technological change. The authors argue that long term economic growth is largely driven by pervasive technologies now known as General Purpose. They establish an alternative to the standard growth models that use an aggregate production function and then introduce the concept of GPTs, complete with a study of how these technologies have transformed the West since the Neolithic Agricultural Revolution. Early modern science is given more importance than in most other treatments and the 19th century demographic revolution is studied with a combination of formal models of population dynamics and historical analysis. The authors argue that once sustained growth was established in the West, formal models can shed much light on its subsequent behaviour. They build non-conventional, dynamic, non-stationary equilibrium models of GPT-driven growth that incorporate a range of phenomena that their historical studies show to be important but which are excluded from other GPT models in the interests of analytical tractability. The book concludes with a study of the policy implications that follow from their unique approach. (shrink)

This is the first of two articles in which I reflect on “generalized Darwinism” as currently discussed in evolutionary economics. I approach evolutionary economics by the roundabouts of evolutionary epistemology and the philosophy of biology, and contrast evolutionary economists’ cautious generalizations of Darwinism with “imperialistic” proposals to unify the behavioral sciences. I then discuss the continued resistance to biological ideas in the social sciences, focusing on the issues of naturalism and teleology. In the companion article (Callebaut, Biol Theory (...) 6. doi: 10.1007/s13752-013-0087-1, 2011, this issue) I assess generalized Darwinism, concentrating on the roles of theory and model building, generative replication, and the relation between selection and self-organization; and I point to advances in biology that promise to be more fruitful as sources of inspiration for evolutionary economics than the project to generalize Darwinism in its current, “hardened Modern Synthesis” form. (shrink)

The paper reviews links between Bernard Lonergan's theory of innovative economic growth and cycles, and the ideas of Friedrich Hayek, John Maynard Keynes, and Joseph Schumpeter. They were contemporary economists, who remain influential today. For Lonergan, although markets define what is bought and sold in an exchange economy, production decisions are more fundamental. These decisions are choices about the direction of development, the standard of living, and variations in the distribution of wealth in a modern society. The paper shows how (...) Lonergan's pure cycle theory extends mainstream theory to include a broader view of human behaviour and choice. (shrink)

This book, together with Marx's Economic and Walras' Economics, completes a sequence of titles by Professor Morishima on the first generation of scientific economists. The author's assessment of Ricardo differs substantially from the established views adopted by economists and historians of economic thought. While economists such as Pasinetti, Caravale and Samuelson have concentrated on macroeconomic interpretations of Ricardo, and historians of economic thought have emphasised his labour theory of value, Morishima takes a different course. In this book the author (...) concentrates on Ricardo's main work, The Principles, and shows that his economics is the prototype of mathematical economies without the symbols and formulae. Morishima then translates Ricardo's economics into mathematical language to find a general equilibrium system concealed within. The analysis also contradicts the conventional view that marginalism emerged in opposition to classical economics, showing instead that Ricardian analysis is firmly based on marginalist principles, using prices, wages and profits rather than labour values. The book ends with a discussion of the historical character of economic theory and an attempt to specify the epoch of Ricardian economics. (shrink)

Most philosophers of economics are hostile towards neoclassical economics in general and general equilibrium theory in the vein of Arrow and Debreu in particular. Especially the latter’s dismissal is justified by pointing out its lack of direct relevance for an understanding of real economies. Many recommend a more pragmatic approach along the lines of Keynes instead. The criterion of scientific legitimacy underlying this approach derives from a philosophy of science developed along the lines of Popper and (...) Lakatos. They, however, neglect the importance of conceptual problems and of the choice of adequate ‘language-systems’ in science. Since these conceptual and ‘linguistic’ aspects may be able to explain and to justify the rationale of the Arrow-Debreu approach, I recommend the more balanced philosophies of Carnap and Laudan, in which conceptual as well as empirical problems are allowed for, as a framework for methodological appraisal. I explain why such a balanced view is obstructed for most philosophers of economics and advocate a moderate pluralism leaving room for different theories, methodologies and language-systems, depending on the scientific aims that are pursued. (shrink)

The scientific methodology underlying model-building is critically investigated. The modeling views of Popper and Samuelson and their prototypes are critically examined in the light of the theme of the moral law of unity of knowledge and unity of the world-system configured by the meta-epistemology of organic unity of knowledge. Upon such critical examination of received methodology of model-building in economics, the extended perspective?namely of integrating the moral law derived from the divine roots as the meta-epistemology?is rigorously studied. The example (...) of the Islamic prerogative in interpreting the holistic world-system through model-building in economics is highlighted. A religio-philosophical approach is adopted to exemplify some approaches in Islamic model-building. An especial focus is placed here on grassroots types of financing and activities. The critique of these models within the existing Islamic scholarship is carried out. The result is new dimensions of macroeconomic analysis that emanate in a logical way from the meta-epistemological approach, and oppose the mainstream ideas, both in received and Islamic economic thinking as of now. (shrink)

(1995). Prediction in chaotic social, economic, and political conditions: The conflict between traditional chaos theory and the psychology of prediction, and some implications for general evolution theory. World Futures: Vol. 44, No. 1, pp. 15-31.

This paper supports the literature which argues that derivational robustness can have epistemic import in highly idealized economic models. The defense is based on a particular example from mathematical economic theory, the dynamic Walrasian general equilibrium model. It is argued that derivational robustness first increased and later decreased the credibility of the Walrasian model. The example demonstrates that derivational robustness correctly describes the practices of a particular group of influential economic theorists and provides support for the arguments of philosophers (...) who have offered a general epistemic justification of such practices. (shrink)

Bruce Caldwell has disputed a number of points in my earlier account of the development of the Austrian school of economics from Carl Menger to Ludwig von Mises and F.A. Hayek. The issues in contention regard Friedrich von Wieser’s intellectual affiliation with Hayek and his influence on the formation of Hayek’s economic thought; Wieser’s status as a general equilibrium theorist; and the reason for Hayek’s early flirtation with general equilibrium theory. In this article I argue that Hayek (...) was a self-conscious adherent of the Wieserian tradition and remained so even after he received the Nobel Prize in 1974 and that he distinguished between this tradition and the Böhm-Bawerkian tradition followed by Ludwig von Mises. I also contend that Wieser used the construction of a general equilibrium economy subject to a single will as both a normative benchmark by which to appraise the performance of the real-world market economy and as an analytical tool to explain the formation of market prices. Finally, I argue that Hayek concerned himself with the problems of the Wieser-type general equilibrium economy beginning with his earliest writings as a professional economist, years before he began to focus on the theoretical problems of money and the business cycle.Bruce Caldwell a discuté un certain nombre de points de mon article récent sur le développement de l’école autrichienne d’économie de Carl Menger en passant par Ludwig von Mises et F.A. Hayek. Les controverses concernant l’affiliation intellectuelle de Hayek vis-à-vis de Friedrich von Wieser et l’influence de ce dernier sur la pensée économique de Hayek, le statut de Wieser en tant que théoricien de l’équilibre général, et les raisons pour lesquelles le jeune Hayek flirta avec la théorie de l’équilibre général.Dans cet article je défends la thèse selon laquelle Hayek était conscient du fait qu’il s’inscrivait dans la tradition Wieserienne et qu’il l’était toujours même après sa réception du prix Nobel en 1974 et quand il fît la distinction entre cette tradition et la tradition inaugurée par Böhm-Bawerk et poursuivie par Mises. L’article affirme aussi que Wieser utilisa la construction d’une économie en équilibre général sujette à une volonté unique à la fois comme standard normatif pour évaluer les performances des marchés dans le monde réel et comme outil analytique pour expliquer la formation des prix marchands. Enfin, l’article argumente que Hayek s’intéressa aux problèmes relevant d’une économie en équilibre général à la Wieser dans ses premiers écrits en tant qu’économiste et cela bien avant qu’il ne se concentrât sur les problèmes théoriques de la monnaie et du cycle des affaires. (shrink)

The International Covenant on Economic, Social and Cultural Rights was signed by Turkey in 2000 and has been in force since September 23rd, 2003. For this reason, the Covenant is considered as act of parliament in our domestic law, and unlike the general procedure of application of the law, it can not be alleged to contradict the Constitution (According to Article 90 of the Turkish Constitution). The article 12 of the Covenant defines the right to health and its content. (...) In the article 12 of the Covenant, in its General Comment No. 14 published in 2000, the right to the highest attainable standard of health was interpreted and commented upon. This document contains a detailed description of the right to health, its content, and its obligations to State parties. Although this Comment of the Covenant is not binding, it is a document to which the State parties refer when taking measures related to health services. Every publication and comment on the right to health was based on the General Comment 14 of the Covenant. The Article 12 was reinterpreted by the Covenant on May 2nd, 2016 in the context of rights to sexual and reproductive health. İit has been emphasized that legal, procedural, practical and social barriers limit the access of individuals to full range sexual and reproductive health services. It has also been pointed out that accessibility of sexual and reproductive health services is a distant target for women and girls. Moreover, it has been stated that discrimination that increases exclusion in legislation and practice limits lesbian, gay, bisexual, transgender and intersex (LGBTI) individuals and disabled people'senjoyment of sexual and reproductive health rights. For this reason, it is stated that although commenting on the rights of sexual health and reproductive health is included in 14 comments, it is important to make an interpretation about them. This comment is an interpretation of a binding Convention. Therefore; It is a document that will provide guidance on measures to be taken by States Parties in respect of their rights to sexual health and reproductive health. At the same time, obstacles to discrimination in medical practice bring important approaches in terms of respect for autonomy and respect for private life. In our article, information about the content of the ESKHK's interpretation and possible reflections of this content in the field of medical law and ethics will be given. (shrink)

The author finds no support for the claim that J. M. Keynes had severe reservations, in general, as opposed to particular, concerning the application of mathematical, logical and statistical methods in economics. These misinterpretations rest on the omission of important source material as well as a severe misconstrual ofThe Treatise on Probability (1921).

How can we use models to understand real phenomena if models misrepresent the very phenomena we seek to understand? Some accounts suggest that models may afford understanding by providing causal knowledge about phenomena via how-possibly explanations. However, general equilibrium models, for example, pose a challenge to this solution since their contribution appears to be purely mathematical results. Despite this, practitioners widely acknowledge that it improves our understanding of the world. I argue that the Arrow–Debreu model provides a mathematical how-possibly (...) explanation which establishes claims of mathematical dependence. The account developed reveals how mathematical knowledge can inform claims about the world, allow ‘what-if-things-had-been-different’ inferences, and thus improve our understanding. (shrink)

Increasingly in economics what had been considered to be unusual and unacceptable has come to be considered usual and acceptable, if not necessarily desirable. Whereas it had been widely believed that economic reality could be reasonably described by sets of pairs of linear supply and demand curves intersecting in single equilibrium points to which markets easily and automatically moved, now it is understood that many markets and situations do not behave so well. Economic reality is rife with nonlinearity, discontinuity, (...) and a variety of phenomena that are not so easily predicted or understood. At the same time the broad coherence of economic systems is more impressive than ever in the face of such phenomena. The order of the economy appears to emerge from the complex interactions that constitute the evolutionary process of the economy. These phenomena have come to be labeled as complexity in economics. Even what seems simple in economics generally arises from behavior not reflecting rational expectations; we live in a world that reflects the enormous variety and diversity of humanity in their knowledge, attitudes, and behaviors, interacting with each other in an enormous range of institutional frameworks. What emerges in the aggregate may have little to do with what happens at the individual level. But this aggregate cannot be simply described by some set of aggregate equations. It emerges out of the soup of the individual and particular with all its multiform interactions and peculiarities. (shrink)

This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in (...) the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant. (shrink)

Neoclassical economic theory in its pretensions to scientific status is founded on one of the variants of a now discredited positivism. Neoclassical economic theory claims that there are two distinct areas of economic research: positive economics and normative economics. The former is assumed to deal with the cognitive as scientific content of economics while the later focuses on welfare or equity issues. I argue that the reliance of the whole theoretical structure of economics on the normative (...) postulate of rationality renders neoclassical economics a normative discipline. I also argue that neoclassical economics should thus be viewed as an instance of applied ethics rather than as applied mathematics, say. Finally, it is suggested that neoclassical economics, if its scientific pretensions are to be taken seriously, should be absorbed theoretically into general anthropology. (shrink)

Emotional labor generally exists in organization members. Emotional labor will not only affect employees’ interpersonal relationships, but also affect employees’ mental health. Affected by many factors such as the economic environment, they often need to bear multiple pressures. The degree of stress is positively correlated with the depth of the development of the times and people’s education. As mental health research has become the frontier and hot spot in the field of psychology, the role of mental health in the process (...) of employee creativity has been paid more and more attention. Therefore, this paper proposes a study on the causes of employees’ psychological stress based on emotional feature clustering. Based on the clustering of emotional characteristics, this paper analyzes the causes of employees’ mental health stress from an economic perspective. For teams with low level of team openness, with the improvement of team heterogeneity, team task performance shows a slight upward trend. It is clear from the experiment that when the number of experiments reaches 100, the task performance of high atmosphere level is 12.14, while the task performance of low atmosphere level is only 9.89. Therefore, the atmosphere of team employees is very important to team task performance. Through the cluster analysis of employees’ mental health characteristics, it not only increases employees’ spare time life, but also reduces employees’ daily contradictions. It eases the work pressure of employees, and becomes a platform for employees to improve their awareness and a promoter of harmonious employee relations. (shrink)

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

Every price is set by someone; this is where economics begins. Building on that fundamental idea and on Ayn Rand's philosophy of Objectivism, Objective Economics transforms economics. The thesis of this book is that Ayn Rand's concept of "objective" is the indispensible base of valid economic thought. Consistently applying this idea across the board, the author reaches a general theory of price for the first time in the history of economic thought. This theory of price then (...) provides a valid base for explaining how a free economy functions. Based on facts everyone knows, presented without graphs or higher mathematics, Objective Economics makes accessible to the intelligent layman a clear understanding of how the economy works. For everyone who found college economics impenetrable--and that is just about everyone--this is the book.The thesis of Objective Economics changes everything about economics, including economics' method, the conception of the economy, the meaning of competition, the idea of price, the nature of business costs, the concept of supply, the concept of demand, the law of supply and demand, the theory of price, and the theory of total national output. Overall, as the result of all the preceding, Objective Economics demonstrates that capitalism is the practical economic system. (shrink)

Economic growth as we know it today cannot persist indefinitely if it entails continuous degradation of natural resources and the environment. While in a few countries around the world it appears that environmental degradation has been the result of rapid economic growth, in the vast majority of the developing countries the environment has been equally spoiled despite slow or even negative economic growth. This book provides new insights on the common roots of economic stagnation, poverty and environmental degradation which, unfortunately, (...) generally reside in misguided government policies and priorities. By doing this, the volume seeks to provide a broader policy option framework than those found in conventional policy analyses, mainly dominated by the "Washington Consensus". It shows that a major omission of the conventional view is that governments tend to allocate government expenditures in a biased way favouring subsidies to the economic elites to the detriment of investments in public goods, including human capital, R&D, as well as the development of institutions, which are vital for long run growth, poverty reduction and environmental sustainability. (shrink)

Economic forms of analysis have penetrated to many disciplines in the last 30 years: political science, sociology, law, social and political philosophy, and so forth. We wish to extend the economic paradigm to certain problems in epistemology and the philosophy of science. Scientific agents, and scholarly inquirers generally, act in some ways like vendors, trying to "sell" their findings, theories, analyses, or arguments to an audience of prospective "buyers". The analogy with the marketplace is imperfect. The ideas or discoveries that (...) a scientist offers are not private goods in the economist's sense. Nonetheless, there are parallels with the marketplace that are worth exploring. (shrink)

Economic sanctions are envisaged as a sort of punishment, based on what should be an institutional decision not unlike a court ruling. Hence, the conditions for their lifting should be clearly stated and once those are met sanctions should be lifted. But this is generally not what happens, and perhaps is precluded by the very nature of international sanctioning. Sanctions clearly have political, economic, military and strategic consequences, but the question raised here is whether sanctions can also have moral justification. (...) Illustrated by the example of international sanctions against Yugoslavia, the authors show how the process of escalating demands on a target country, inherent to the very process of sanctioning, can lead ultimately even to overt aggression. As a result of this logic of escalation, economic sanctions cannot be articulated properly in any law-like system. Economic sanctions have much more in common with war than legal punishment, and in fact represent a form of siege. As such, they cannot be ended simply on the basis of their initial rationale, for the very process of sanctions implementation opens up possibilities for setting new goals and a continuous redefinition of the goal that sanctions are seen to have. (shrink)

The economics profession has become a favourite punching bag in the aftermath of the global financial crisis. Economists are widely reviled and their influence derided by the general public. Yet their services have never been in greater demand. To unravel the paradox, we need to understand both the strengths and weaknesses of economics. This book offers both a defence and critique of economics. Economists' way of thinking about social phenomena has great advantages. But the flexible, contextual (...) nature of economics is also its Achilles' heel in the hands of clumsy practitioners. (shrink)

Taking an innovative look at the origins of economics, this forward-thinking book relocates economics from a materialistic general theory of rational action into an idealistic theory of social organization and individual action. Adding new insightful analytical methods such as complexity theory, graph theory and computational modelling to the original insights of the Scottish Enlightenment, Richard Wagner explores economics in an ever-changing society, looking at the key civilizing processes and the important social questions. Rethinking Economics as (...) Social Theory moves away from the traditional review of analytical exercises and associated data and illustrates an enlightening scheme of thought where human societies are heterogeneous and not homogeneous and where change is continually in motion. Furthermore, Wagner theorises that economizing is a universal form of human action that plays out in numerous substantive directions and shows cooperation and conflict to have a yin-and-yang relationship. This illuminating book will prove an excellent resource for economists interested in working outside of comparative statics as well as social scientists looking for a broader vision of economics. Philosophers and those working in the field of biological sciences will also find this an informative read. (shrink)

In The Equilibrium Manifold, noted economic scholar and major contributor to the theory of general equilibrium Yves Balasko argues that, contrary to what many textbooks want readers to believe, the study of the general equilibrium model did not end with the existence and welfare theorems of the 1950s. These developments, which characterize the modern phase of the theory of general equilibrium, led to what Balasko calls the postmodern phase, marked by the reintroduction of differentiability assumptions and the (...) application of the methods of differential topology to the study of the equilibrium equation. Balasko's rigorous study demonstrates the central role played by the equilibrium manifold in understanding the properties of the Arrow-Debreu model and its extensions. Balasko argues that the tools of differential topology articulated around the concept of equilibrium manifold offer powerful methods for studying economically important issues, from existence and uniqueness to business cycles and economic fluctuations. After an examination of the theory of general equilibrium's evolution in the hundred years between Walras and Arrow-Debreu, Balasko discusses the properties of the equilibrium manifold and the natural projection. He highlights the important role of the set of no-trade equilibria, the structure of which is applied to the global structure of the equilibrium manifold. He also develops a geometric approach to the study of the equilibrium manifold. Applications include stability issues of adjustment dynamics for out-of-equilibrium prices, the introduction of price-dependent preferences, and aspects of time and uncertainty in extensions of the general equilibrium model that account for various forms of market frictions and imperfections. Special effort has been made at reducing the mathematical technicalities without compromising rigor. The Equilibrium Manifold makes clear the ways in which the postmodern" developments of the Arrow-Debreu model improve our understanding of modern market economies. (shrink)

The economics of search is a prominent component of economic theory, and it has a richness and elegance that underpins a host of practical applications. In this book Brian and John McCall present a comprehensive overview of the economic theory of search, from the classical model of job search formulated 40 years ago to the recent developments in equilibrium models of search. The book gives decision-theoretic foundations to seemingly slippery issues in labour market theory, estimation theory and economic dynamics (...) in general, and surveys the entire field of the economics of search, including its history, theory, and econometric applications. Theoretical models of the economics of search are covered as well as estimation methods used in search theory and topics covered include job search, turnover, unemployment, liquidity, house selling, real options and auctions. The mathematical methods used in search theory such as dynamic programming are reviewed as well as structural estimation methods and econometric methods for duration models. The authors also explore the classic sequential search model and its extensions in addition to recent advances in equilibrium search theory. (shrink)

Darwin’s Conjecture is a bold attempt to bring evolutionary explanation to the social sciences, particularly economics. The book outlines the history of Darwinian explanation in social science then puts forward a generalized replicator account of social evolution by natural selection. The authors identify habits and routines as examples of the generative replicators necessary in order that social evolution is Darwinian. This reviewer notes that the replicator approach limits the generality of this account and suggests that habits and routines might (...) better be seen as members of a Darwinian population in the tradition of Godfrey-Smith’s (2009) generalized account of natural selection instead. Furthermore, the existence of levels of social evolution will constrain what evolution can occur low in the hierarchy. (shrink)

Many authors in the discipline as well as outsiders have claimed that the main results from Mathematical Economics are far removed from real world phenomena. A more precise version of this position is that one of the main reasons for this unrealistic stance is the use of the wrong formal tools. So, for example, it has been pointed out that the computability of choice functions as well as the existence of economic equilibria and of states of the world may (...) not be ensured in general if the assumed set theory is ZFC. We will show that there exists a very natural set theory that overcomes some formal limitations of contemporary economic theory. A switch to an alternative set theory helps to obtain in a more natural way results widely accepted by mathematical economists. Moreover, alternative set-theoretical frameworks convey different intuitions about how agents behave when solving problems. We claim that AFA−+AD+DC is the adequate alternative set-theoretical universe for economic theory. (shrink)

This volume, first published in 1991, represents a wide-ranging inquiry into the general field of structural economic analysis and provides a thorough appraisal of the method of economic dynamics. It comprises nine original essays by distinguished scholars, all of which assess different aspects of the concept of economic structure. The analytical contribution of the volume is to draw attention to the relationship between 'horizontal' and 'vertical' treatments of economic structure that have characterized economic theory. The former focuses on the (...) circular character of economic relationships, as exemplified in the Quesnay–Leontief literature, while the latter concentrates on the relationships between the 'fund' of productive resources and the production of finished goods. Perhaps the most important contribution of the volume is to provide a linkage between the two approaches and to put forward a new conceptual framework that combines an appreciation for the importance of technical relationships with a recognition of the institutional arrangements in the economic system. (shrink)

Governments, or at least the clever ones among them, are aware of the factors guiding business activities. In the course of adopting and enforcing economic legislation, they seek to attract business activities in order to increase national income, generate employment opportunities, and, very generally, please voters. Hence economic law may be considered an economic good, as suggested by the title of this book. That function, which most rules of economic law have in the competition of systems, was strengthened by the (...) worldwide liberalization of trade. Today, it is of greater significance than ever before. Lawyers, economists, academics, and practitioners, from inside and outside Germany, have taken a look at the facts and have discussed approaches to conceptualizing them. The resulting 30 essays, collected in this volume, contribute to the interpretation of existing, and the making of new, economic law. (shrink)

Economic sociologists have developed and applied theories and concepts in close connection with broadly economic phenomena, including, recently, embeddedness and actor network theory. Key to these theories is understandings of action given uncertainty in which actors develop calculative capabilities, and an emphasis on markets with boundaries and interstices as essential properties. This article reflects upon the connections between Parsons' and Smelser's economic sociology and that of contemporary authors including Granovetter, Callon and White. As a strange other to economics and (...) to sociology, economic sociology can develop research questions in considering arbitrage generally, rather than only restricted to financial markets. (shrink)

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)

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)