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)

Economics is dominated by model building, therefore a comprehension of how such models work is vital to understanding the discipline. This book provides a critical analysis of the economist's favourite tool, and as such will be an enlightening read for some, and an intriguing one for others.

The paper expands on Goshal’s criticism of what management as a scientific discipline teaches and the effects on managerial and societal ethics. The main argument put forward is that the economisation of management has a detrimental effect on the practice of management and on society in large. The ideology of economism is described and analysed from an epistemological perspective. The paper argues that the economisation of management not only introduces the problems of economics (three are identified and discussed) but destroys (...) the very essence of management because economics is focused on efficiency and management should be focused on effectiveness. What is more, the basic axioms of mainstream economics stand in stark contrast to the philosophy of the Enlightenment and therefore endanger the foundations of Western societies. Management theory (via corporate governance) is the Trojan horse carrying economism into society. (shrink)

Around the globe, economists affect markets by saying what markets are doing, what they should do, and what they will do. Increasingly, experimental economists are even designing real-world markets. But, despite these facts, economists are still largely thought of as scientists who merely observe markets from the outside, like astronomers look at the stars. Do Economists Make Markets? boldly challenges this view. It is the first book dedicated to the controversial question of whether economics is performative--of (...) whether, in some cases, economics actually produces the phenomena it analyzes.The book's case studies--including financial derivatives markets, telecommunications-frequency auctions, and individual transferable quotas in fisheries--give substance to the notion of the performativity of economics in an accessible, nontechnical way. Some chapters defend the notion; others attack it vigorously. The book ends with an extended chapter in which Michel Callon, the idea's main formulator, reflects upon the debate and asks what it means to say economics is performative.The book's insights and strong claims about the ways economics is entangled with the markets it studies should interest--and provoke--economic sociologists, economists, and other social scientists.In addition to the editors and Callon, the contributors include Marie-France Garcia-Parpet, Francesco Guala, Emmanuel Didier, Philip Mirowski, Edward Nik-Khah, Petter Holm, Vincent-Antonin Lépinay, and Timothy Mitchell. (shrink)

Economics is today among the most influential of all professions. Economists alter the course of economic affairs and deeply affect the lives of current and future generations. Yet, virtually alone among the major professions, economics lacks a body of professional ethics to guide its practitioners. Over the past century the profession consistently has refused to adopt or even explore professional economic ethics. As a consequence, economists are largely unprepared for the ethical challenges they face in their work.The Economist's (...) Oath challenges the economic orthodoxy. It builds the case for professional economic ethics step by step-first by rebutting economists' arguments against and then by building an escalating positive case for professional economic ethics. The book surveys what economists do and demonstrates that their work is ethically fraught. It explores the principles, questions, and debates that inform professional ethics in other fields, and identifies the lessons that economics can take from the best established bodies of professional ethics. George DeMartino demonstrates that in the absence of professional ethics, well-meaning economists have committed basic, preventable ethical errors that have caused severe harm for societies across the globe. The book investigates the reforms in economic education that would be necessary to recognize professional ethical obligations, and concludes with the Economist's Oath, drawing on the book's central insights and highlighting the virtues that are required of the "ethical economist."The Economist's Oath seeks to initiate a serious conversation among economists about the ethical content of their work. It examines the ethical entailments of the immense influence over the lives of others that the economics profession now enjoys, and proposes a framework for the new field of professional economic ethics. (shrink)

ABSTRACT This article examines the reaction to Owen’s work in the circle associated with the liberal Journal des Économistes. It attempts to reconstruct the liberal argument against utopian socialist schemes of ‘regeneration’ and ‘redistribution’, and against those associated with Robert Owen in particular. It focuses on the works of Louis Reybaud (1799–1879) and Adolphe Blanqui (1798–1854) and their critical engagement with the writings of Saint-Simon, Fourier and Owen. It offers a detailed analysis of Reybaud’s Études sur les réformateurs, ou socialistes (...) modernes (1840), which did much to popularise the term ‘socialist’ in France, and Blanqui’s Histoire de l’économie politique en Europe depuis les anciens jusqu’à nos jours (1837). The article’s central argument is that these works appeared at an inflection point in the history of liberal political economy in France. Both started from the premise, shared with the socialist authors they were analysing, but increasingly suspect to liberal economic opinion, that the solution to the social question lay in the proper harnessing of the spirit of association as opposed to unregulated competition. The question at issue for Blanqui and Reybaud was what form this ‘associationism’ should take. (shrink)

In Great Economists before Keynes, a chronological guide is included for readers wishing to trace the development of economic thought from early mercantilist writings to the pivotal work of John Maynard Keynes. Each article briefly discusses the life and enduring contributions of economists such as Adam Smith, Alfred Marshall, David Ricardo, and Leon Walras. Wherever possible, portraits accompany the text. Mark Blaug is Emeritus Professor of the Economics of Education at the University of London Institute of Education, and (...) Consultant Professor at the University of Buckingham. He is the author of numerous articles and books in the field of economics and economic history, including Economic Theory in Retrospect, an established classic in the field. (shrink)

In this paper, I present some responses to an argument made by an economist in an online video: that when Britain leaves the European Union, it will be taking many high ranking universities with it, which will lead to an innovation deficit in the union. I present some responses by means of a pastiche of a widely read European fiction writer.

Released in 1984, Steven E. Rhoads' classic was considered by many to be among the best introductions to the economic way of thinking and its applications. This anniversary edition has been updated to account for political and economic developments - from the greater interest in redistributing income and the ascendancy of behaviorism to the Trump presidency. Rhoads explores opportunity cost, marginalism, and economic incentives and explains why mainstream economists - even those well to the left - still value free (...) markets. He critiques economics for its unbalanced emphasis on narrow self-interest as controlling motive and route to happiness, highlighting philosophers and positive psychologists' findings that happiness is far more dependent on friends and family than on income or wealth. This thought-provoking tour of the economist's mind is a must read for our times, providing a clear, lively, non-technical insight into how economists think and why they shouldn't be ignored. (shrink)

Abstract Sam Peltzman has brought discipline and common sense to economic analyses of voting and representation. Yet his approach suffers, like that of other economists, from disciplinary provincialism and a singular devotion to econometrics as a research methodology. Political science offers alternative models and research methods that can enliven and deepen the political analyses of Peltzman and other economists.

The current Covid-19 pandemic has attracted significant attention from epidemiologists and economists alike. This differs from the 1918–1920 Spanish influenza pandemic, when academic economists hardly paid attention to its economic features, despite its very high death toll. We examine the reasons for that by contrasting the ways epidemiologists and economists reacted to the Spanish flu at the time and shortly after the pandemic. We also explore, but less extensively, some economic and epidemiologic writings during the twenty-five years (...) that followed. (shrink)

The environmental economic response to mainstream neo-classical economics’ disconnect from the natural world was to value external environmental costs and include those into decisions about human welfare. The ecological economic response, heavily influenced by systems ecology, brought the concept of ecological scale or carrying capacity, as a limit to human choice. The divisions between these two theories are not merely cosmetic as illustrated by the highpolitical stakes in recent economic and environmental debates. This article concerns itself specifically with the question (...) how Christian economists position themselves towards the unfolding ecological and economic crises. It is shown that the main positions taken in the policy debates on economy and ecology are closely mirrored in the broader Christian economic community, raising the question whether the Christian economic tradition does have anything particular to offer in response to the ecological and economic crises. We approach this question from two angles, first, reviewing the literature on an earlier debate by the Association of Christian Economists on what Christian economists should be doing and, second, reviewing the literature on the relationships between Christianity and environmental beliefs and behaviour. With reference to eco-theological literature on the varying theological views on the relationship between humanity and the rest of creation, and on different expectations of the eschaton, it is shown why such diverging positions are taken among Christian economists. Nevertheless, the objective reality of Jesus Christ demands a particular Christian ethics and behaviour, which in turn, kindles fertile questions for Christian economists in their practical engagement withthe economic and ecological sciences and with broader culture. (shrink)

Cet article s’intéresse à l’histoire et au contenu de la pensée corporatiste française pendant la période de l’Occupation. Dans ce cadre, son objet se limite cependant à l’étude de la contribution intellectuelle des seuls économistes français, et parmi eux uniquement aux universitaires. La référence à la pensée corporatiste concerne ici à la fois leurs analyses et leurs choix méthodologiques, ainsi que leurs réflexions en matière de politique économique. Notre article ne s’intéressera donc que très brièvement à l’origine strictement historique du (...) corporatisme à moins qu’elle ne recoupe certains des débats de fond qui ont eu lieu sous l’Occupation. La première partie de notre contribution porte sur le contexte de l’émergence de la pensée économique corporatiste pendant la période de l’Occupation allemande. La deuxième partie s’intéresse aux recherches universitaires qui ont tenté de mener un travail à dominante économique sur le corporatisme. Six auteurs voient leurs contributions mi... (shrink)

Economists, who adopt the principle of consumer sovereignty, treat preferences as unquestioned for the purposes of their analysis. They also represent preferences for future outcomes as having value in the present. It is shown that these two characteristics of neoclassical modelling rest on similar reasoning and are essential to achieve high aggregatability of preferences and values. But the meaning and broader implications of these characteristics vary according to the arguments given to support these methodological choices. The resulting ambiguities raise (...) questions regarding economists' attitudes towards the study (by other disciplines) of preference formation and reformation. Under a strong, positivist interpretation (which is philosophically problematic), consumer sovereignty represents a rejection of any meaningful study of these subjects; under a weaker, methodological understanding, consumer sovereignty merely draws a boundary between economics and other disciplines. The weaker version is argued to be more defensible, and economists are urged to engage in interdisciplinary work that will clarify how preferences are formed, criticised and reformed. (shrink)

Thomas reviews economist Leland Yeager's Ethics as Social Science. Yeager presents an argument for a utilitarianism that in its commitment to a reality-oriented, practical, principled ethics of human happiness resembles Rand's Objectivism. The book incorporates a wide and varied literature, including virtually everything written on Objectivism. In sum, it is like an Old Right reconstruction of utilitarianism in response to Randian critiques. The principal shortcoming of the book is its lack of precision, novelty, and clarity in addressing philosophical problems. This (...) results in sloppy reasoning that renders its conclusions unconvincing. (shrink)

"I do solemnly swear" -- Economics in practice : what do economists do? -- Ethical challenges confronting the applied economist -- Historical perspective : "don't predict the interest rate!" -- Interpreting the silence : the economic case against professional economic ethics -- The economic case against professional economic ethics : a rebuttal -- The positive case for professional economic ethics -- Learning from others : ethical thought across the professions -- Economists as social engineers : an ethical evaluation (...) of market liberalization in the south and transition economies -- Global economic crisis and the crisis in economics -- On sleeping too well : in search of professional economic ethics -- Training the "ethical economist" -- The economist's oath. (shrink)

In the wake of the financial crisis of 2008, many economists have blamed economics for having failed to warn us. Paul Krugman, for example, in a well-known New York Times Magazine article, suggests that Classical economists were blinded by the beauty of mathematics, and that Keynesian economics is the path of the future. This paper argues that the evolution of economic thinking is much more nuanced than Krugman portrays it, and that instead of embracing what has become known (...) as Keynesian economics, macroeconomists should rather re-embrace the broader Classical economic tradition, of which Keynes was an important part. (shrink)

This essay examines the administrative state as a ubiquitous phenomenon that results in part from the mismatch of incentives. Using two dramatic episodes in the history of economics, the essay considers two types of mismatch. It then examines how economists increasingly endorsed the “general good” as a unitary goal for society, even at the expense of private hopes and desires. More than this, their procedures and models gave them warrant to design mechanisms and advocate for legislation and regulations to (...) “fix” the supposedly suboptimal choices of individuals in service to the overarching goal. The rise of New Welfare Economics dealt an additional blow to the sovereignty of individual motivations, notwithstanding that Hayek and Buchanan warned that this engineering approach allowed social goals to override individual preferences. Throughout, the argument is that it is important to recognize that people within or advising the administrative state are influenced by the same sorts of motivations as actors throughout the economy. (shrink)

Drawing on research in the psychology of judgment and decision making, I argue that individual economists acting as experts in matters of public policy are likely to be victims of significant overconfidence. The case is based on the pervasiveness of the phenomenon, the nature of the task facing economists?as?experts, and the character of the institutional constraints under which they operate. Moreover, I argue that economist overconfidence can have dramatic consequences. Finally, I explore how the negative consequences of overconfidence (...) can be mitigated, and how the phenomenon can be reduced or eliminated. As a case study, I discuss the involvement of Western experts in post?communist Russian economic reforms. (shrink)

Jeffrey Friedman credits Popper for calling attention to our scientific ignorance, but faults him for failing to recognize that we are at least as ignorant about politics as we are about science. He also credits Hayek for realizing that the public could not successfully engage in piecemeal economic regulation, but faults him for not recognizing that this is due to the public's ignorance of economic theory. Friedman suggests that the types of ignorance overlooked by Popper and Hayek compromise the very (...) possibility of democracy—or at least social democracy. He assumes, however, that the success of social democracy and “piecemeal social engineering” depend upon their ability to produce “good” policies. This does not do justice to Popper's views about democracy and piecemeal engineering, and it also presumes an underlying economism that Popper criticized—but to which Friedman and Hayek adhere. (shrink)

This article is about Otto Neurath’s infamous proposal to combat metaphysics by creating and publishing an index of prohibited words. The logic of this proposal is explicated in the frameworks of Neurath’s philosophy of science and his International Encyclopedia of Unified Science. I reconstruct two arguments within Neurath’s project to defend the proposal against criticisms from Neurath’s colleagues and against the charge that philosophers ought not be censors.

The economics of happiness is an influential research programme, the aim of which is to change welfare economics radically. In this paper I set out to show that its foundations are unreliable. I shall maintain two basic theses: (a) the economics of happiness shows inconsistencies with the first person standpoint, contrary claims on the part of the economists of happiness notwithstanding, and (b) happiness is a dubious concept if it is understood as the goal of welfare policies. These two (...) theses are closely related and lead to a third thesis: (c) happiness should be replaced by autonomy as the fundamental goal of welfare economics. To defend my claims I shall show that a hedonic approach to happiness leads to an awkward trilemma. Furthermore, I shall clarify the meaning of and , along with their conceptual relationships. (shrink)

It is 50 years since the first Nobel Prize in economics was awarded to Jan Tinbergen and Ragnar Frisch. This article analyzes the collaborations between these pioneers of econometrics which spanned four decades and various subfields in economics, based on records of their correspondence. It is demonstrated that, while Frisch was largely responsible for theoretical breakthroughs, Tinbergen was responsible for making them public and popularizing them. This is especially relevant for understanding the development of econometric models in the 1950s, decision (...) models of the 1950s, and subsequent work on utility measurement. This division of labor is analyzed in relation to the goals they pursued in their research and their respective perfectionistic and pragmatic approaches to economic science. Both men shared a sense of deep social responsibility, but differences in their personalities and approaches to science generated important differences in scientific recognition and policy influence. Although they are both widely remembered for helping to turn economics into a quantitative empirical science, this article shows that they were motivated by separate personal and political goals which shaped their scientific approaches. (shrink)

This paper argues that economics is epistemologically limited in at least two main ways: first, economics fails at managing uncertainty as effectively as natural sciences do; second, economics assumes that rational patterns of utility maximization are real just to ensure deduction within economic models. Hence, this paper maintains that the high level of abstraction from reality of economics limits its explanations of its constantly changing ontology, i.e. markets. In particular, this paper shows that the epistemological limitations of economics become evident (...) once two examples from today’s world are considered, namely: the substitution of physical labor with AI-powered machines; and the introduction of the so-called Universal Basic Income (UBI), i.e. governmental stipends paid to those citizens whose job has been replaced by machines. Importantly, this paper argues that if an economy were to reach to the point where machines run any sort of private or public business and humans earn only the UBI, then such a situation would represent a limit case for economics. Indeed, this paper finds that although machines would represent the perfect example of rational utility-maximizers, in such a limit situation standard economic theory would most likely fail at predicting long-term economic outcomes. (shrink)

Most economists and some philosophers distinguish individual utilities from interpersonal social values. Even if challenges to that conceptual distinction can be met, further philosophically interesting questions arise. I pursue three in this paper, using, as context for the discussion, health economics and its attempt to discern empirically a social welfare function to help guide rationing decisions. (1) To discern these utilities and values in a manner that is morally appropriate if they are to influence rationing decisions, who should be (...) queried? To discern individual health state utilities, persons in precisely those states should be asked (generically, patients), but for social values, representatives of the general public should be. (2) To discern social values, what should representatives of the public be asked? They should be asked person trade-off (PTO) questions that encompass their own self-interest, not PTO questions that focus only on others. (3) What must public representatives understand before they respond to such questions? Despite the philosophically complex problem of patient adaptation, they should understand (among other things) the health state utilities elicited from actual patients with the conditions at issue. (shrink)

Drawing on insights from evolutionary psychology and modern neuroscience, this paper highlights propositions about human nature that have far reaching consequences, when applied to leadership. We specifically examine the main factors of human survival and extend them to a model for leadership in the twenty-first century. The discussion concludes with an outlook on the organizational and structural conditions that would allow for better and more balanced leadership.

David Hume's contributions span every branch of human inquiry: ethics, epistemology, metaphysics, political philosophy, aesthetics, religion, and economics. While reams of scholarship have been devoted to Hume's thought, his work on economics is still relatively unexplored. In this book, philosopher Margaret Schabas and intellectual historian Carl Wennerlind provide the definitive account of Hume's "worldly philosophy." Hume, they show, was intent on getting out of the armchair and ensuring that his philosophy had practical implications-to subdue superstition, soften religious zealotry, and promote (...) harmonious relations in modern society. Part of this endeavor involved material betterment, and Hume brought to his economic thought a richly astute understanding of human agency, of how our minds work and prompt our actions. The authors paint him as the quintessential proponent of liberalism and a dedicated supporter of commercial modernization. However, they note that he was not an unqualified enthusiast-he saw the potential of modern commerce to increase debt, fuel runaway inflation, and feed factionalism in political rule, for example, and he fretted over the potential for international conflicts to spiral out of control. Given Hume's friendship with Adam Smith, and his influence over nineteenth-century thinkers as prominent as Thomas Malthus, John Stuart Mill, and Karl Marx, a serious appraisal of this side of his oeuvre is long overdue. As two of Hume's closest readers, Schabas and Wennerlind offer just that in this delightfully wide-ranging exploration of the history of philosophy and modern economic thought. (shrink)

Where is rapid economic growth taking us? Why has its spread throughout the world been so limited? What are the causes of the great twentieth century advance in life expectancy? Of the revolution in childbearing that is bringing fertility worldwide to near replacement levels? Have free markets been the source of human improvement? Economics provides a start on these questions, but only a start, argues economist Richard A. Easterlin. To answer them calls for merging economics with concepts and data from (...) other social sciences, and with quantitative and qualitative history. Easterlin demonstrates this approach in seeking answers to these and other questions about world or American experience in the last two centuries, drawing on economics, demography, sociology, history, and psychology. The opening chapter gives an autobiographical account of the evolution of this approach, and why Easterlin is a 'reluctant economist'. (shrink)

We sketch out two basic paradigms informing banking practice: the economistic paradigm focusing on profit maximization and the humanistic one, serving the common good. We then highlight paradigmatic cases to explore how each of these business models fared during the quasi-natural experiment of the financial crisis. We find that many humanistic banks outperformed traditional economistic banks. Despite the uneven playing field humanistic banks fared remarkably well with regard to traditional financial performance judgements, muting criticisms of competitiveness. We find that overall (...) both paradigms can provide a basis for successful banking as long as social and financial value generation are blended. We conclude by providing lessons learned for better banking. (shrink)

Jonathan Wolff is Professor of Philosophy at University College London. He is the author of Robert Nozick (1991), An Introduction to Political Philosophy (1996) and Why Read Marx Today (2002). He is currently working on a number of topics at the intersection of political philosophy and public policy.

This article defines a public good, arguing that higher education should be considered a public good. This requires moving away from an orthodox economistic understanding of public goods. It also requires understanding the relationship between higher education as both a private good and a public good to the extent that it promotes individual flourishing necessary to the public good.

Polanyi analyzes the historical deployment of a “formal” economic science starting from the “market-scarcity-instrumental rationality triptych.” This triptych, and the knowledge associated with it, is shown to be more than merely a “substantial” economic science’s interest in the triptych “need-nature-institution.” While we must agree with Polanyi that economism is ill-suited to the first triptych, we hesitate to accept his suggested alternative, a heterogeneous mixture of naturalism and institutionalism, essentialism and historicism.

Rosa Luxemburg était économiste de formation. Sa plus grande ambition était d’être à la pointe de la recherche en économie politique marxiste. Dans cet article, nous montrons comment Rosa Luxemburg a lu le chef d’œuvre de Marx, Le Capital inachevé, comment elle a critiqué Marx et comment elle a essayé de mettre à jour sa théorie afin de mieux comprendre les changements récents dans l’économie mondiale capitaliste. Pour elle, les marxistes contemporains étaient beaucoup trop timides, hésitant à critiquer et dépasser (...) Marx – comme elle essayait de le faire dans son livre sur l’accumulation du capital. Sa façon d’aborder la question de l’accumulation du capital a ouvert de nouvelles perspectives. Elle n’a pas réussi à présenter une explication consistante de l’économie capitaliste à l’âge de l’impérialisme, mais elle a clairement perçu les difficultés inhérentes de tous les projets coloniaux et impérialistes des grandes puissances de son temps. Car pour coloniser des pays et peuples non-capitalistes, et pour les rendre exploitables pour le capital, il leur fallait d’abord transformer ces économies et sociétés non-capitalistes. (shrink)

Pay-for-performance represents an effort to improve the quality of health care by paying physicians more if they meet specified target measures. There are both empirical and theoretical reasons to be deeply suspicious of P4P schemes applied at the level of the individual physician or health provider. Most P4P programs were implemented before there were any good data to demonstrate that they achieved the desired results. Once such schemes were in use, the available data are far from reassuring. Common findings are (...) that providers may do more of the specific procedure that is being measured, but in the process may neglect to do other things that equally affect quality of care. Payers often find that the cost of implementing a P4P program far exceeds the value of the very modest resulting improvements; and payments may unfairly benefit providers who are already meeting quality targets while disadvantaging those who make the most strenuous efforts to improve. (shrink)