The myth of an economy where nobody could have a predominant position, has lost its credibility. The presentiment of a high risk of social explosion makes companies undertake tentative moral legitimation. Thus, a new paradigm develops according to which the firm has to care for the satisfaction of public interest if it wants to try to win forgiveness for misbehavior towards the decorum rules of the atomicity of competition. Thus, there is a wave of business ethics industry building up. (...) However, the stock exchange performances considered as ethical, are not different from others! The market does not seem to be able to say why it might be interesting to invest in stock considered as ethical. Moreover, opinion polls reveal a very significant discrepancy between the characterization of the responsible company as defined by itself or by notation agencies and, on the other hand, the hierarchy of criteria according to the answers of polled people. When companies and agencies favor sustainable development and good governance, rejecting child labor and so on, polled people consider that the paramount criterion of ethical conduct is personnel management. The problem is right here. Such is the view of a positively critical economist, situated at the point where macroeconomics meets corporate management. (shrink)

Freedom! Freedom! The word "rings" with meaning to each of us! Yet, what does it really mean? Only the tyrant, living in a secure environment and operating above the law, is theoretically free to do as he chooses. For the remainder of society freedom is an elusive condition, circumscribed by a wide spectrum of personal, social, economic, and governmental restraints. Freedom is bounded most fundamentally by the nature of man and the physical universe. Merely to remain alive human beings (...) must accept a myriad of restrictions on individual appetites, actions, and desires. Personal choices are limited by levels of intelligence and the capacity to think. Effective propaganda or advertising can affect the freedom of those unable to analyze or resist it. Poor health and poverty can set serious limits to choice. No less significant are the intellectual and moral limitations which society imposes on those whom it intends to respect and honor. Social customs and mores, and the restraints they impose, set limits of necessity and respectability and thus, for most, the limits of free choice. Freedom is boundless for none. Those are most free who accept personal and social restraints as the necessary price which they and society must pay for minimum of order, decorum, security, and satisfaction. Freedom with restraint for none creates chaos; freedom with restraint for some creates injustice. Thus restraints must be public no less than private, for freedom, in practice, must be limited by regard for the freedom and welfare of others. This book brings together fourteen outstanding and concerned scholars to acquaint readers with the history, nature, and significance of freedom in America since the Declaration of Independence. Its publication should cause the reader to reflect on the meaning of freedom for the future. Following a "stage-setting" introduction, the chapters are organized to cover four essential areas of concern: Foundations of Freedom, Freedom and Governmental Processes, Freedom and the Human Condition, and Freedom and the Physical Environment. As would be expected, various points of view are presented. However, the differences are not over the facts, but over their meanings and their significance for the future. Certainly this is one of the better efforts to capture the meaning of democratic thought in American history. (shrink)

Based on the 1972 Radcliffe Lectures, this book presents a systematic treatment of the conceptual framework as well as the practical problems of measurement of inequality.

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

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)

Journal of Social Philosophy, EarlyView.

After examining these decisions in their one-period setting, they devote most of the book to a multiperiod context, which adds the long-term perspective most risk management analyses require.

Cost, expected benefits, and risks are paramount in grant agencies' decisions to fund scientific research. In _Cognitive Economy,_ Nicholas Rescher outlines a general theory for the cost-effective use of intellectual resources, amplifying the theories of Charles Sanders Pierce, who stressed an “economy of research.” Rescher discusses the requirements of cooperation, communication, cognitive importance, cognitive economy, as well as the economic factors bearing on induction and simplicity. He then applies his model to several case studies and to clarifying the limits (...) imposed on science by economic considerations. (shrink)

This book uses game theory to analyse the creation, evolution and function of economic and social institutions. The author illustrates his analysis by describing the organic or unplanned evolution of institutions such as the conventions of war, the use of money, property rights and oligopolistic pricing conventions. Professor Schotter begins by linking his work with the ideas of the philosophers Rawls, Nozick and Lewis. Institutions are regarded as regularities in the behaviour of social agents, which the agents themselves tacitly (...) create to solve a wide variety of recurrent problems. The repetitive nature of the problems permits them to be described as a recurrent game or 'supergame.' The agents use these regularities as informational devices to supplement the information contained in competitive prices. The final chapter explores the applicability of this theory, first by relating it to previous work on the theory of teams, hierarchies, and non-maximizing decision theory, and then by using it to provide a new approach to a variety of questions both within and outside economics. (shrink)

Many working women will experience sexual harassment at some point in their careers. While some report this harassment, many leave their jobs to escape the harassing environment. This mixed-methods study examines whether sexual harassment and subsequent career disruption affect women’s careers. Using in-depth interviews and longitudinal survey data from the Youth Development Study, we examine the effect of sexual harassment for women in the early career. We find that sexual harassment increases financial stress, largely by precipitating job change, and can (...) significantly alter women’s career attainment. (shrink)

In a series of carefully argued and stimulating papers on realism, Usakli Maki has pointed out that economic theories typically are unrealistic in two senses: by violating "the-whole-truth" and "nothing-but-the-truth" (Maki 1989, 1992b, 1994b). He suggests that realism in economics can still be rescued by regarding theories as partially true descriptions of essences and as lawlike statements about tendencies. In this chapter, I defend realism by an alternative strategy: idealizational (or "isolational") statements are counterfactual conditional (Niiniluoto 1986), and the (...) concepts of truth and truthlikeness can be applied to them (Niiniluoto 1987). Further, false but sufficiently truthlike theories may be taken to refer to real entities in the world (Niiniluoto 1997, 1999). (shrink)

One of the main economic debates taking place in late-nineteenth and early-twentieth-century America was between supporters of protectionism and advocates of free-trade policies. Protectionists won this debate, as the 1897 Dingley Tariff raised tariff rates to record highs. An analysis of this outcome highlights the overlapping interests of Republican politicians and business groups. Both of these groups endorsed particular economic arguments in favour of protectionism. Contemporary studies by academic economists informed the debates surrounding protectionist policies at this time, (...) and also analysed the impacts of these policies. Evidence from politicians, business owners, and economists provides a broad view of who favoured protectionist policies in turn-of-the-century America. This analysis also focuses on how the impacts of these policies were studied and presented in contemporary academic and public discourse. (shrink)

Psychologists and economists often ask similar questions about human behaviour. This volume brings together contributions from leaders in both disciplines.The editorial introduction discusses methodological differences between the two which have until now limited the development of mutually beneficial lines of research. Psychologists have objected to what they see as an excessive formalism in economic modelling and an unrealistic degree of sophistication in the behaviour of individuals, while economists criticize the absence of a general psychological framework into which most results (...) can be fitted and the lack of welfare implications in their theories. The editors encourage scholars to exploit the strengths of each discipline - the ability of psychologists to understand the feelings and motivation of individuals; and the experience of economists to develop normative frameworks.The editors then highlight the links between the contributions by grouping them according to central themes in the study of rationality and well-being:1. The causes and consequences of 'irrational behaviour';2. The role of anticipatory feelings and imperfect self-knowledge on decision-making; 3. The way in which memory of past events and cost of thinking affect current decisions;4. The interaction between anticipated and remembered utility and its effects on the welfare of individuals; 5. Experimental practice on how to perform controlled experiments to test hypotheses.This exciting volume provides an excellent point of entry for anyone interested in the interface between economics and psychology. (shrink)

Over the past two decades, academic economics has undergone a mild revolution in methodology. The language, concepts and techniques of noncooperative game theory have become central to the discipline. This book provides the reader with some basic concepts from noncooperative theory, and then goes on to explore the strengths, weaknesses, and future of the theory as a tool of economic modelling and analysis. The central theses are that noncooperative game theory has been a remarkably popular tool in economics over (...) the past decade because it allows analysts to capture essential features of dynamic competition and competition where some parties have proprietary information. The theory is weakest in providing a sense of when it - and equilibrium analysis in particular - can be applied and what to do when equilibrium analysis is inappropriate. Many of these weaknesses can be addressed by the consideration of individuals who are boundedly rational and learn imperfectly from the past. Written in a non-technical style and working by analogy, the book, first given as part of the Clarendon Lectures in Economics, is readily accessible to a broad audience and will be of interest to economists and students alike. Knowledge of game theory is not required as the concepts are developed as the book progresses. (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)

This article argues that economic crises are incompatible with the realisation of non-domination in capitalist societies. The ineradicable risk that an economic crisis will occur undermines the robust security of the conditions of non-domination for all citizens, not only those who are harmed by a crisis. I begin by demonstrating that the unemployment caused by economic crises violates the egalitarian dimensions of freedom as non-domination. The lack of employment constitutes an exclusion from the social bases of self-respect, (...) and from a practice of mutual social contribution crucial to the intersubjective affirmation of one’s status. While this argument shows that republicans must be concerned about economic crises, I suggest a more powerful argument can be grounded in the republican requirement that freedom must be robust. The systemic risk of economic crisis constitutes a threat to the conditions of free citizenship that cannot be nullified using policy mechanisms. As a result, republicans appear to be faced with the choice of revising their commitments or rejecting the possibility that republican freedom can be robustly secured in capitalist societies. (shrink)

Like a message in a bottle, How Is Critical Economic Theory Possible? originally written in the late 1960s in Hungarian, has recently arrived on the shores of critical theory in the form of an English translation. As a critique of Marx’s economic determinism, the authors aim to set Marxist thinking on a more realistic path. This article looks first, at what the authors think are flawed premises in Marx’s work. Second, I sketch the contemporary economic context of (...) a global digital economy to point at issues a critical economic theory inevitably has to contend with today to prove its relevance. Finally, I argue that Maria Márkus’s ideas of a politicisation of needs and civil/decent society make a significant contribution to a potential answer to How Is Critical Economic Theory Possible? and also advance the idea of a mixed economy with the goal to sustain an economic order that allows a maximum of economic and political freedom while simultaneously reducing economic and political inequalities to a minimum. (shrink)