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)

"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)

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)

Volume 17, Issue 5, November 2020, Page 494-509.

This major study examines Thoreau's participation in the economic discourse of his time and place. It focuses on the cultural conditions in the time of Thoreau, his awareness of them, and his responses to them as a literary artist who identified his writing as his vocation.

The debate over whether or not economics is value-free has focused on the fact-value distinction: “is” does not imply “ought.” This paper approaches the role of ethics in economics from a Thomistic perspective, focusing not on the content of economic analysis, but on the actions taken by economic researchers. Positive economics, when it satisfies Aristotle's definition of technique, enjoys a certain autonomy from ethics, an autonomy limited by a technique's dependence for guidance and justification on ethical reflection. The modern isolation (...) of technique from ultimate ends entails the risk of mistaking the proximate ends of economics for ultimate ends, especially when applying economic methods in new ways or to new social phenomena. (shrink)

A centipede can walk until it thinks about howit does so. Thereafter it stumbles, over thesheer impossibility of the information andcoordination required. Life in the economy islittle different. Those engaged in productionand exchange discover, pragmatically, ways tomake them work. Those observing the processsee, realistically, the immense improbabilitythat it should do so. That most economies workin practice, but must pass such toughteleological tests to succeed in theory,highlights a difference between players' andspectators' outlook which may help to explainwhy the game has repeatedly (...) been thrown wideopen just when conclusive results seemed withinreach.Section 1 of this paper identifies the fourforms of realism which economists have tendedto adopt. Section 2 considers the pragmatism ofeconomic agents, when observed in action bypsychologists and management scholars notoverly steeped in economic theory. Theconcluding section reviews the ways in whicheconomists have tried to blur the distinction,by reclassifying agents as realistic or theirown views as pragmatic, and suggests that amore pragmatic economics might bridge thedivide. (shrink)

This article observes the competition between two groups of technocrats in Indonesia during the New Order era that has hitherto afflicted national policy making. The first group is the engineers who advocate technology-based development strategy. The other group is the market-oriented economists who promote a comparative-advantages approach in development policies. The rivalry between these technocratic groups occurs in the arenas of policy-making process and bureaucratic structure. To explain how such a clash has emerged, this article offers a notion of disunity (...) of technocracy to examine different logics, rationalities, and argumentations used by each group. It emphasizes that this confrontation is rooted in the epistemological foundations of technocratic expertise. (shrink)

In recent decades education is increasingly perceived as an instrument for generating economic growth and enhancing production. Unexpectedly, however, many prominent economists, throughout history, have rejected this view of education. This article examines the grounds on which Tibor Scitovsky, who was one of the leading economists of twentieth century America, objected to the spread of production oriented education. The article begins by an historical overview of the relationship between economic and educational theory. It then explains why Scitovsky held the economic (...) growth achieved in the 20th necessitates an educational reform and presents the outline of this proposed educational reform. It is argued that by distinguishing between creative and defensive forms of consumption and by highlighting the inherent tension between comfort and pleasure, Scitovsky offers an innovative and challenging conception of the desired relationship between economics and education that can serve as an alternative to the one that prevails today and amend its many fallacies. The paper concludes by briefly exploring some of the educational implications that stem from Scitovsky’s thought. It is maintained that Scitovsky’s views provides an original defense for teaching the arts and humanities and a suggestive perspective on consumer education and teaching of high culture. (shrink)

Read 'What can Economists Learn from Deleuze?'...

This article is another unapologetic contribution to ‘the gentle art of rational choice bashing’. The debate over rational choice theory (RCT) may appear to have tired out; yet RCT is as dominant in political sciences as ever. The reason is that critics typically take aim at the symptoms of RCT’s failings, rather than their root cause: RCT’s very ambition of being the ‘science of choice’. In this article I argue that RCT fails twice, first as a science of choice and (...) then as a science of choice. Both failures suggest that political sciences need an epistemologic (re)conversion away from the Platonic ideal of a deductive and universal science of choice toward a more inductive and pluralist paradigm. While advocates of RCT rightly insist that ‘you can’t beat something with nothing’, I take their advice, with a grain of salt: in order for alternatives to appear, the frame of references needs to be modified. I draw a few perspectives for the political sciences. (shrink)

This work analyzes the centrality of law in nineteenth-century historical and institutional economics and is a prehistory to the new institutional economics of the late twentieth century. In the 1830s the 'new science of law' aimed to explain the working rules of human society by using the methodologically individualist terms of economic discourse, stressing determinism and evolutionism. Practitioners stood readier than contemporary institutionalists to admit the possibilities of altruistic values, bounded rationality, and institutional inertia into their research program. Professor Pearson (...) shows that the positive analysis of law tended to push normative discussions up from the level of specific laws to that of society's political organization. The analysis suggests that the professionalization of the social sciences - and the new science's own imprecision - condemned the program to oblivion around 1930. Nonetheless, institutional economics is currently developing greater resemblances to the now-forgotten new science. (shrink)

During the last two centuries, the way economic science is done has changed radically: it has become a social science based on mathematical models in place of words. This book describes and analyses that change - both historically and philosophically - using a series of case studies to illuminate the nature and the implications of these changes. It is not a technical book; it is written for the intelligent person who wants to understand how economics works from the inside out. (...) This book will be of interest to economists and science studies scholars. But it also aims at a wider readership in the public intellectual sphere, building on the current interest in all things economic and on the recent failure of the so-called economic model, which has shaped our beliefs and the world we live in. (shrink)

What, if any, ethical issues arise in the practice of economics? Should advice on handling any such issues be encoded by organisations of economists, and if so how?

This is the second of a three-volume work constituting a comprehensive, scholarly edition of the correspondence of the English economist, Alfred Marshall, one of the leading figures in the development of economics and the founder of the Cambridge School of Economics. The edition fills a long-standing gap in the history of economic thought with hitherto unpublished material. Students will find it a basic resource for understanding the development of economics and other social sciences in the period since 1870. In (...) particular, it provides much new information about Marshall's views on economic, social and political issues, his struggles to promote the teaching of economics at the University of Cambridge, and his relations with colleagues in Cambridge and elsewhere. Marshall's letters are notable for their frankness and spontaneity. (shrink)

This is the third of a three-volume work constituting a comprehensive, scholarly edition of the correspondence of the English economist, Alfred Marshall, one of the leading figures in the development of economics and the founder of the Cambridge School of Economics. The edition fills a long-standing gap in the history of economic thought with hitherto unpublished material. Students will find it a basic resource for understanding the development of economics and other social sciences in the period since 1870. In (...) particular, it provides much new information about Marshall's views on economic, social and political issues, his struggles to promote the teaching of economics at the University of Cambridge, and his relations with colleagues in Cambridge and elsewhere. Marshall's letters are notable for their frankness and spontaneity. (shrink)

The paper rehearses arguments for and against the prediction of massive technological unemployment. The main argument in favor is that robots are entering a large number of industries; making more expensive human labor redundant. The main argument against the prediction is that for two hundred years we have seen a massive increase in productivity with no long term structural unemployment caused by automation. The paper attempts to move past this argumentative impasse by asking what humans contribute to the supply side (...) of the economy. Historically; humans have contributed muscle and brains to production but we are now being outcompeted by machinery; in both areas; in many jobs. It is argued that this supports the conjecture that massive unemployment is a likely result. It is also argued that a basic income guarantee is a minimal remedial measure to mitigate the worst effects of technological unemployment. (shrink)

This is the first of a three-volume work constituting a comprehensive, scholarly edition of the correspondence of the English economist, Alfred Marshall, one of the leading figures in the development of economics and the founder of the Cambridge School of Economics. The edition fills a long-standing gap in the history of economic thought with hitherto unpublished material. Students will find it a basic resource for understanding the development of economics and other social sciences in the period since 1870. In (...) particular, it provides much new information about Marshall's views on economic, social and political issues, his struggles to promote the teaching of economics at the University of Cambridge, and his relations with colleagues in Cambridge and elsewhere. Marshall's letters are notable for their frankness and spontaneity. (shrink)

Since economies are dynamic processes driven by creativity, social norms, and emotions as well as rational calculation, why do economists largely study them using static equilibrium models and narrow rationalistic assumptions? Economic activity is as much a function of imagination and social sentiments as of the rational optimisation of given preferences and goods. Richard Bronk argues that economists can best model and explain these creative and social aspects of markets by using new structuring assumptions and metaphors derived from the poetry (...) and philosophy of the Romantics. By bridging the divide between literature and science, and between Romanticism and narrow forms of Rationalism, economists can access grounding assumptions, models, and research methods suitable for comprehending the creativity and social dimensions of economic activity. This is a guide to how economists and other social scientists can broaden their analytical repertoire to encompass the vital role of sentiments, language, and imagination. (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)

This three-volume work constitutes a comprehensive scholarly edition of the correspondence of the English economist, Alfred Marshall, one of the leading figures in the development of economics and the founder of the Cambridge School of Economics. The edition fills a long-standing gap in the history of economic thought with hitherto unpublished material. Students will find it a basic resource for understanding the development of economics and other social sciences in the period since 1870. In particular, it provides much new (...) information about Marshall's views on economic, social and political issues, his struggles to promote the teaching of economics at the University of Cambridge, and his relations with colleagues in Cambridge and elsewhere. Marshall's letters are notable for their frankness and spontaneity. (shrink)

ABSTRACT This paper compares two alternative answers to the question ?Who is the addressee of welfare economics?? These answers correspond with different understandings of the status of the normative conclusions of welfare economics and have different implications for how welfare economics should be adapted in the light of the findings of behavioural economics. The conventional welfarist answer is that welfare economics is addressed to a ?social planner?, whose objective is to maximize the overall well-being of society; the planner is imagined (...) as a benevolent despot, receptive to the economist's advice. The alternative contractarian answer is that welfare economics is addressed to individuals who are seeking mutually beneficial agreements; a contractarian recommendation has the form ?It is in the interests of each of you separately that all of you together agree to do x?. Each of these answers should be understood as a literary convention that uses a highly simplified model of politics. I defend the contractarian approach and show that it is less supportive of ?soft paternalism? than is the welfarist approach. (shrink)

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)

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)

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)

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)

Well known to students of St. Thomas Aquinas is that he maintained that the whole of a science is contained in its principles and that its principles are contained in its definitions. The author takes as his point of departure for this article a definition of money that he gave in the article he wrote for the 2019 Aquinas School of Leadership’s School of Economics inaugural issue for the Studia Gilsoniana: “Aristotle and Aquinas on the Virtue of Money as a (...) Preservative of Justice in Business Affairs and States.” According to him, as a species of economic activity, the definition of money must contain what Aquinas considered to be his generic definition of the science of economics and the essential principles he thought this definition contains. The present article he writes is an attempt to unpack some implications contained in St. Thomas’s generic definition of the science of economics of which money is a species. (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)

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 German Democratic Republic was in existence for 41 years. A single generation spent its whole professional life there – namely those born in the early 1930s who carried this state’s hopes. With Karl Mannheim’s notion of generations as a unit in the sociology of knowledge in mind, this article describes this generation’s typical experiences from the point of view of a particularly telling group: economists at the Humboldt University of Berlin. I present their socialization in Nazi Germany, their formative (...) years in the aftermath of the Second World War that led to their choice of a politically driven profession, their studies during the first years of the GDR, when Stalinism was still the dominating dogma, and their commitment to a state career when writing their dissertations and habilitations. Ready to shoulder Honecker’s regime, their daily lives as professors were characterized by continuing attempts to reform teaching and research. In 1989 the ultimate reform transpired, and it encompassed the end of the state as well as of their professional careers. This narrative historicizes, on an experiential level, a tension often noted in GDR research, that between the ideological and productive functions of knowledge in socialism, that is, between loyalty and relevance. (shrink)

This biography presents the interaction between his socialist ideals, scientific aspirations and work as an economic expert.