It seems that the use of the term rhythm in economics dates at the earliest from the beginning of the 20th century. Although Clément Juglar is often considered as the inventor in the 1860s of the notion of “economic rhythm,” this attribution seems actually rather incorrect and to result from an a posteriori projection. In 1856 and 1857, Juglar published two important essays: “Des crises commerciales en France de l'an VIII à 1855 – On Commercial Crises in France from (...) 1800 to 1855” and - Économie et Marxisme – Nouvel article. (shrink)

Despite their popularity, dual process accounts of human reasoning and decision-making have come under intense scrutiny in recent years. Cognitive scientists and philosophers alike have come to question the theoretical foundations of the ‘standard view’ of dual process theory and have challenged the validity and relevance of evidence in support of it. Moreover, attempts to modify and refine dual process theory in light of these challenges have generated additional concerns about its applicability and refutability as a scientific theory. With these (...) concerns in mind, this paper provides a critical review of dual process theory in economics, focusing on its role as a psychological framework for decision modeling in behavioral economics and neuroeconomics. I argue that the influx of criticisms against dual process theory challenge the descriptive accuracy of dualistic decision models in economics. In fact, the case can be made that the popularity of dual process theory in economics has less to do with the empirical success of dualistic decision models, and more to do with the convenience that the dual process narrative provides economists looking to explain-away decision anomalies. This leaves behavioral economists and neuroeconomists with something of a dilemma: either they stick to their purported ambitions to give a realistic description of human decision-making and give up the narrative, or they revise and restate their scientific ambitions. (shrink)

The paper starts by distinguishing between two kinds of economic practice: theoretical economic practice (TEP) (model and theory building) and direct economic practice (DEP) (the practical operation upon real economies). Most of the epistemological and philosophical considerations have been directed to the first type of practice, one of whose main goals is the discovery of particular sorts of economic laws, mechanisms and other regularities which throw light on relevant economic patterns. We do not deny that (...) in some restricted domains these kinds of regularities may be found. Rather, we claim that the realm of economics is best understood as consisting of processes whose regular structure (if they have one at all) is not guaranteed beforehand but may be crucially influenced and successfully enforced by what we call DEP. We claim that (a) some economic processes are a particular type of social process that will be referred to as Expectations-Based Processes (EBP). Characteristically, an EBP shows a connection between the information that individuals receive from the relevant economic context, the expectations they form, and the actions they perform; (b) in those cases in which EBP exhibit a regular behaviour, they depend on agents' expectations and, crucially, we argue, on interventions upon them. Authorities as well as other economic actors may intervene to change agents' expectations (and therefore, their decisions), contributing to shape EBP and helping to produce the patterns that lead to some targeted economic phenomena. These features of EBP show that they are not shielded from external influences and they do not run autonomously once triggered. Therefore they cannot be conceived as mechanisms or as economic machines. Rather they are open-ended processes that require continuous prodding on the part of policy makers to keep them running in the intended way. (shrink)

While sociologists and political scientists have become interested in the role of ideas in the political process, relatively little work looks at how ideological claims are actually deployed in political discourse. This article examines the economic claims made in two pairs of Congressional debates over tax cuts, one generally associated with Keynesian economic theories, and one tied to supply-side ideas. While these bills were indeed initiated by groups subscribing to different economic ideologies, subsequent debates look surprisingly similar. (...) The bills were closer in substance than one might expect, and while their proponents came from opposite political camps, in both cases supporters focused more on supply-side than demand-side effects and emphasized tax cuts’ ability to pay for themselves through economic stimulation. The authors propose that politically acceptable economic claims may evolve more slowly than the economic theories that inspire policy entrepreneurs, and that this “discursive opportunity structure” may not only constrain the political process but may potentially shape the political effects of expert knowledge. (shrink)

The phrase 'economic system' refers to the organizational arrangements and processes through which a society makes its production and consumption decisions. In this book, Professor Conkin explores the diversity of economic systems and the choices societies must face in determining the economic systems best suited to their needs. He discusses the alternative objectives and alternative decision modes that are available to societies. Objectives such as efficiency, growth, liberty, and equality - though themselves desirable - frequently involve (...) trade-offs; the more complete attainment of any one objective may involve the partial sacrifices of another. In pursuit of its objectives, each society uses a combination of decision modes. Professor Conklin examines six of these: free enterprise, price controls, subsidies, taxation, non-price regulations, and public enterprise. He ends with a discussion of the processes societies use to make their choice among objectives and decision modes. (shrink)

There is a growing commitment by different parts of the alternative food movement (AFM) to improve labor conditions for conventional food chain workers, and to develop economically fair alternatives, albeit under a range of conditions that structure mobilization. This has direct implications for the process of intra-movement building and therefore the degree to which the movement ameliorates economic inequality at the point of food labor. This article asks what accounts for the variation in AFM labor commitments across different contexts. (...) It then appraises a range of activist perspectives, practices, and organizational approaches. The answer emerges through a comparative analysis of three California social movement organizations enmeshed in the particularities of local contentious food politics. The cases include a labor union representing grocery store and meatpacking/food processing workers, a food justice organization working to create green jobs and independent funding models, and an organic urban farming and educational organization. Commitment to fair labor standards varies due to differences in organizational capacity, the degree of dedication to ending economic inequality in local activist culture, and the openness of local political and economic institutions to working class struggles. The article concludes with a discussion of how these findings inform our understanding of the process of cooperation and division in the AFM, particularly regarding the complexities and contradictions of using food labor to combat economic inequality. Movement building in the midst of varying institutional, organizational, and cultural contexts reinforces the value of a reflexive approach to this imperfect politics of process. (shrink)

This is a textbook with a story to tell. Discussing development from the colonial era to the present in Latin America, Asia and Africa, authors Cypher and Dietz encompass a blend of classical development ideas and current theory, helping students gain a balanced picture not currently available in other textbooks. Adopting a truly global approach throughout, the focus in this second edition is on income distribution, poverty, and social issues. Excellent pedagogy including plentiful diagrams, boxes, user-friendly summaries and end of (...) chapter questions help readers understand often complex topics. Integral to the book is a close examination of recent events and broad-ranging discussions of key issues including: the environment debt crisis export-led industrialization import substitution endogenous growth theory technological capability. Building upon the impressive and popular first edition, Cypher and Dietz have pulled off that rarity in textbook publishing: a book which will leave students with a framework of understanding which will empower them to go on to understand a broad range of ‘North-South’ issues and controversies. (shrink)

In recent years the understanding of the cognitive foundations of economic behavior has become increasingly important. This volume contains contributions from such leading scholars as Adam Brandenburger, Michael Bacharach and Patrick Suppes. It will be of great interest to academics and researchers involved in the field of economics and psychology as well as those interested in political economy more generally.

The article gives a definition of the technical and economic potential of the application of the deforming broaching process. Research of the consequences of introducing deforming broaching into technological processes at manufacturing enterprises is carried out on the basis of application of system resource and matrix approach. On the basis of the performed researches, a methodological basis for the economic evaluation of the results of applying deforming broaching on the pro-duction has been developed. The article has improved (...) the well-known scientific and methodological foundations for the determination of technical and economic results of the application of deforming broaching due to the complex identifica-tion of production-organizational decisions - in technical and forms of evaluation in economic spheres. The developed approach gives an opportunity to more accu-rately assess the economic effect of introducing deforming broaching on the min-ing, metallurgical and machine building industries. It can be used to assess the economic effect of introducing other process parts processing. (shrink)

This book is vintage North."--Barry Weingast, Professor of Political Science, Stanford University "In this book Douglass North once again opens new frontiers in economic research.

Providing another key contribution to the immensely popular field of law and economics, this book, written by the doyen of the history of economic thought in the US, explores the dynamic relationship between economics, law and polity. Combining a selection of old and new essays by Warren J. Samuels that chart a number of key themes, it provides an important commentary on the development of an academic field and demonstrates how policy is structured and manipulated by human social construction. (...) The areas covered include: the role of manufactured belief power the nature and sources of rights the construction of markets by firms and governments and the problem of continuity and change in the form of the question of the selectively defined _status quo_ and its status the absolutist character of government, rights, markets and legal principles and the accepted ideational structure of law. _The Legal-Economic Nexus_ is an essential read both economists and legal professionals as well as those researching the history of economic thought and the social construction of law. (shrink)

In this article the meaning and main phases of 'economization' as a civilizing process are outlined. It is argued that 'ecologization' of the current political-economic regime can in a certain sense be regarded as a continuation of this development. Due attention is given to social conditions which may be favourable or impedimental to an ecologization of 'the economy'. It is pleaded that environmental policies should used the so-called trickle-down effect to their advantage.

Mark Blaug and I agree that if there is a realist interpretation of economic behavior to be discerned in Friedman, it is to be found not in Friedman's belief that the profit motive overrides other possible motives, but in his belief that a selection mechanism is working in competitive markets. Our joint sympathy for evolutionary economics is largely based on a conviction that the conception of competition as a dynamic evolutionary process is rather plausible. We disagree, however, on two (...) issues: first, how important the evolutionary conception was for Friedman's overall argument; and, second, whether we can learn something about the real world from rigorous formal analytical models. In this article, I explain and argue for my position on these two issues, and use Nelson and Winter's theory of evolutionary economics to support an illustrate my argument. (shrink)

An important part of what it means for agents to be situated in the everyday world of human affairs includes their engagement with economic practices. In this paper, we employ the concept of cognitive institutions in order to provide an enactive and interactive interpretation of market and economic reasoning. We challenge traditional views that understand markets in terms of market structures or as processors of distributed information. The alternative conception builds upon the notion of the market as a (...) “scaffolding institution.” Introducing the concept of market as a “socially extended” cognitive institution we go beyond the notion of scaffolding to provide an enactive view of economic reasoning that understands the market participant in terms of social interactive processes and relational autonomy. Markets are more than inert devices for information processing; they can be viewed as “highly scaffolded,” where strong constraints and incentives predictably direct agents’ behavior. Building on this idea we argue that markets emerge from (a) the economic interaction of both supply and demand sides, in continual and mutual interplay, and (b) more basic social interactions. Consumer behavior in the marketplace is complex, not only contributing to determine the market price, but also extending the consumer’s cognitive processes to reliably attain a correct evaluation of the good. Moreover, this economic reasoning is socially situated and not something done in isolation from other consumers. From a socially situated, interactive point of view buying or not buying a good is something that enacts the market. This shifts the status of markets from external institutions that merely causally affect participants’ cognitive processes to social institutions that constitutively extend these cognitive processes. On this view the constraints imposed by social interactions, as well as the possibilities enabled by such interactions, are such that economic reasoning is never just an individual process carried out by an autonomous individual, classically understood. In this regard, understanding the concept of relational autonomy allows us to see how economic reasoning is always embodied, embedded in, and scaffolded by intersubjective interactions, and how such interactions make the market what it is. (shrink)

Research on economization processes is increasingly taking seriously the social and material processes through which various policy domains are transformed into economic problems and solutions. This article engages “Value Added Modeling” (VAM) in teacher evaluation systems as a case study in economization. VAM is a statistical technology for evaluating the effectiveness of schoolteachers using student test scores, which wrests authority for the determination of quality teaching away from education professionals and toward quantitative economic modelers. Mobilizing field (...) theory, we trace a half century of changing relationships among economists, other academics, and various policy audiences (from media to philanthropists to state and federal government) in struggles to define education policy concerning teacher quality. We show that economization is a set of overlapping, sometimes contradictory processes that can take different forms: in this case, the spread of an “economic style of reasoning” or the establishment of “economic policy devices.” The case of VAM shows stages of economization in which processes first proceeded independently of one another, then interacted in contradictory ways, and finally, mutually reinforced one another. What primarily drove these interactions was the struggle for scientific capital within the economics discipline and the changing place of education policy and VAM within it. Ultimately, VAM’s original role as a policy device for evaluating and selecting individual teachers has foundered even as it has become an important tool for economists to accrue scientific capital and expand their style of reasoning to broader audiences. (shrink)

O'Brien provides a critical assessment of Ernest Mandel's 1975 monograph Late Capitalism. In so doing, he offers a historical narrative that puts into question Mandel's framing of 'waves' of capitalist development as a process of capital accumulation that was dependent upon uneven development in the Third World. O'Brien starts by problematising Mandel's argument that an initial concentration of money, capital and bullion in the hands of Europeans explains combined and uneven development. He goes on to demonstrate that Mandel's notion of (...) imperialism as a necessary conduit for the flow of surplus capital from industrialising Europe does not stand up to the historical evidence. In fact, O'Brien maintains an alternative thesis, namely that these marginalised regions were insuffciently penetrated by European capital. (shrink)

Globalization in Malaysia has introduced the Malay Muslim population to new ethno- religious dynamics at the urban-to-urban level internationally and rural-to-urban sphere nationally. At the international level, Malay Muslims who studied abroad have returned with alternate conceptions of Islam at odds with the local version as well as fostered transnational links to outsiders that later facilitated their religious influence locally. At the national level, Malay Muslim migration to an urban economy opened to global capitalism have produced reactionary discourses and attitudes (...) by conservative Muslims desirous of countering the excesses of this economic reality. Implications for a Christian holistic transformation in light of these dynamics are proposed. (shrink)

Economists and other social scientists in this century have often supported economic arguments by referring to positions taken by philosophers of science. This important new book looks at the reliability of this practice and, in the process, provides economists, social scientists, and historians with the necessary background to discuss methodological matters with authority. Redman first presents an accurate, critical, yet neutral survey of the modern philosophy of science from the Vienna Circle to the present, focusing particularly on logical positivism, (...) sociological explanations of science (Polanyi, Fleck, Kuhn), the Popper family, and the history of science. She then deals with economic methodology in the twentieth century, looking at a wide range of methodological positions, especially those supported by positions from the philosophy of science. She considers the myth of the feasibility of falsification in economics and, within the context of its significance for economics, discusses the interpretation of Kuhn's philosophy of science as consensus and the danger such a view represents to science. Appendices review the history of the is-ought dispute and list economists whose first works deal with methodological topics. Comprehensive, readable, and accessible to those with little background knowledge, Redman's book will appeal to a wide range of social scientists and philosophers of science. (shrink)

In the parlance of modern Japanese philosophy, the term Basho denotes a field of experience underlying all conceptions of reality, while remaining itself conceptually ungraspable. The Basho of Economics, then, refers to the economy s hidden experiential ground, which has never been explicitly scrutinized, as such, by mainstream economics. We uncover this ground by discerning the tacit presuppositions of classical and neo-classical theories from the perspective of modern Japanese philosophy. In particular, we draw attention to the traditional atomist assumptions implicit (...) in their equilibrium-centered models. By breaking through these assumptions, we reconstruct the economy as a functional and relational world of habitual and creative activity outside of the scope of mechanical laws.". (shrink)

Classical economics was oriented towards the advancement of the common interest as defined by the political institutions of the state, whereas neoclassicism is defined in a social and political vacuum. Furthermore, the former related realistically to an excess supply of labour, while the latter assumes full employment. These differences have significant implications for income distribution, accumulation, growth and development. Classical economists advocated free trade to increase domestic productivity and employment at stable or growing real wages. Contemporary globalization recreates the classical (...) surplus labour economy to reduce domestic wage levels through moving domestic production from high to low wage areas around the globe. Free trade becomes necessary so that the goods produced abroad can be imported into capital exporting countries. However, without a corresponding growth of exportables, the trade balance must be adversely affected. Furthermore, adverse changes in income distribution diminish domestic demand for goods. The policy of globalization must become self-defeating. (shrink)

Is or has economics ever been the imperial social science? Could or should it ever be so? These are the central concerns of this book. It involves a critical reflection on the process of how economics became the way it is, in terms of a narrow and intolerant orthodoxy, that has, nonetheless, increasingly directed its attention to appropriating the subject matter of other social sciences through the process termed "economics imperialism". In other words, the book addresses the shifting boundaries between (...) economics and the other social sciences as seen from the confines of the dismal science, with some reflection on the responses to the economic imperialists by other disciplines. Significantly, an old economics imperialism is identified of the "as if market" style most closely associated with Gary Becker, the public choice theory of Buchanan and Tullock and cliometrics. But this has given way to a more "revolutionary" form of economics imperialism associated with the information-theoretic economics of Akerlof and Stiglitz, and the new institutional economics of Coase, Wiliamson and North. Embracing one "new" field after another, economics imperialism reaches its most extreme version in the form of "freakonomics", the economic theory of everything on the basis of the most shallow principles. By way of contrast and as a guiding critical thread, a thorough review is offered of the appropriate principles underpinning political economy and its relationship to social science, and how these have been and continue to be deployed. The case is made for political economy with an interdisciplinary character, able to bridge the gap between economics and other social sciences, and draw upon and interrogate the nature of contemporary capitalism. (shrink)

Because the techno-economic paradigm of contemporary conceptualizations of innovation is often taken for granted in the literature, this chapter opens up this self-evident notion. First, the chapter consults the work of Joseph Schumpeter, who can be seen as the founding father of the current conceptualization of innovation as technological and commercial. Second, we open up the concept by reflecting on two aspects of Schumpeter’s conceptualization of innovation, namely its destructive and its constructive aspect, based on findings in the history (...) of innovation. Finally, we synthesize our findings and propose an ontic-ontological conceptualization of innovation as ontogenetic process and outcome with six dimensions—newness, political dimension, economic dimension, temporal dimension, human dimension and risk—that moves beyond its technological and commercial orientation. (shrink)

This paper examines why fundamental freedoms are so unevenly distributed across the earth. Climato-economic theorizing proposes that humans adapt needs, stresses, and choices of goals, means, and outcomes to the livability of their habitat. The evolutionary process at work is one of collectively meeting climatic demands of cold winters or hot summers by using monetary resources. Freedom is expected to be lowest in poor populations threatened by demanding thermal climates, intermediate in populations comforted by undemanding temperate climates irrespective of (...) income per head, and highest in rich populations challenged by demanding thermal climates. This core hypothesis is supported with new survey data across 85 countries and 15 Chinese provinces and with a reinterpretative review of results of prior studies comprising 174 countries and the 50 states in the United States. Empirical support covers freedom from want, freedom from fear, freedom of expression and participation, freedom from discrimination, and freedom to develop and realize one's human potential. Applying the theory to projections of temperature and income for 104 countries by 2112 forecasts that (a) poor populations in Asia, perhaps except Afghans and Pakistanis, will move up the international ladder of freedom, (b) poor populations in Africa will lose, rather than gain, relative levels of freedom unless climate protection and poverty reduction prevent this from happening, and (c) several rich populations will be challenged to defend current levels of freedom against worsening climato-economic livability. (shrink)

We claim that the process of theoretical model refinement in economics is best characterised as robustness analysis: the systematic examination of the robustness of modelling results with respect to particular modelling assumptions. We argue that this practise has epistemic value by extending William Wimsatt's account of robustness analysis as triangulation via independent means of determination. For economists robustness analysis is a crucial methodological strategy because their models are often based on idealisations and abstractions, and it is usually difficult to tell (...) which idealisations are truly harmful. (shrink)

As the country with the largest Muslim population in the world, Indonesia has great potential in the halal industry. However, research on symbols in Indonesia’s Islamic philosophy and economic history is still far behind that of other countries. Therefore, efforts are needed to improve its study. This research aims to describe and understand the importance of the symbol in the philosophy and history of Islamic economic practices in Indonesia. The findings of this qualitative research, conducted in Indonesia, have (...) practical implications for the halal industry and Islamic economic practices. Data was collected by conducting observations, in-depth interviews, and documentation. Data analysis is carried out by reducing data, presenting data, and giving meaning to the data that has been collected, and from that meaning, conclusions are drawn. This research has concluded that the essence of the Islamic economic process in Indonesia is an effort to fulfill the needs of the Indonesian people based on Islamic values to achieve happiness in the world and the hereafter. The Islamic economic system has become a phenomenon that is the object of the study of Islamic economic philosophy in Indonesia today. The urgency of Islamic economic philosophy in the context of Indonesian Muslim society can be found at the level of implementation. Islamic economic practices have become a way of life for the people of Indonesia. The main principle of Islamic economics holds fast to the concept of tawhid. Many things can be learned from the Islamic economy in Indonesia, ranging from the rules of legal buying and selling, lending and borrowing with legal contracts, and investment in Islam to the prohibition of usury, avoiding things that are haram, injustice, and usury. The Islamic economic system has proven to be beneficial for all people, both Muslims and non-Muslims. (shrink)

This book provides an overview of two hundred years of German economic thought, from the Staatswissenschaften of the eighteenth century to National Socialism and the Social Market. Whereas classical economics, from Smith through Ricardo to Marx and Mill, emphasised value, distribution and production, German economic thought had a long-running tradition of human need and the varying conditions for order. These ideas are brought together by a conception of rational action and, therefore, a rationalistic appraisal of welfare and order. (...) By taking this perspective, the usual contrast of market and planning approaches to economic organisation is subsumed by an approach which focuses on the construction of order in economic processes. This book highlights the continuity of this practical approach of German economists through the two centuries under consideration - from the Cameralists to the Ordoliberals. (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)

. History of the concept of economic efficiency . INTRODUCTION James Buchanan won the Nobel Prize by proving that the process by which elected officials ...

The integration of economics and psychology has created a vibrant and fruitful emerging field of study. The essays in Economics and Psychology take a broad view of the interface between these two disciplines, going beyond the usual focus on "behavioral economics." As documented in this volume, the influence of psychology on economics has been responsible for a view of human behavior that calls into question the assumption of complete rationality, the acceptance of experiments as a valid method of economic (...) research, and the idea that utility or well-being can be measured.The contributors, all leading researchers in the field, offer state-of-the-art discussions of such topics as pro-social behavior and the role of conditional cooperation and trust, happiness research as an empirical tool, the potential of neuroeconomics as a way to deepen understanding of individual decision making, and procedural utility as a concept that captures the well-being people derive directly from the processes and conditions leading to outcomes. Taken together, the essays in Economics and Psychology offer an assessment of where this new interdisciplinary field stands and what directions are most promising for future research, providing a useful guide for economists, psychologists, and social scientists. (shrink)

Economics plays a key role in human rights issues as decision-makers weigh the incentives associated with choosing how to use scarce resources in the context of committing or escaping human rights violence. This textbook provides an introduction to the microeconomic analysis of human rights utilizing economics as a lens through which to examine social topics including capital punishment, violence against women, asylum seeking, terrorism, child abuse, genocide, and hate. Whether analyzing the decisions made in capital punishment cases, the causes and (...) consequences of genocide, or the impact of terrorist acts on domestic and international decision-making, the science of economics provides tools and a systematic method of analysis and policy recommendation. This key text presents a method for integrating the social sciences of economics and human rights to create new opportunities for the investigation of social issues. Within each chapter, readers gain a fundamental understanding of a specific human rights issue, the decision-makers and the decision-making process involved, and the benefits and costs leading to the decisions. Experts on each issue, drawn from a variety of fields, contribute to each chapter and present first-hand accounts and different perspectives on each issue. The detailed analyses and accounts provided also explore the potential incentives involved in the prevention and termination of human rights violations. Aiming to further economic inquiry and enhance interdisciplinary research, this textbook serves as a multi-purpose guide for a range of readers. Students, researchers, and educators, as well as those working in organizations supporting victims of human rights violations and policy-makers facing human rights challenges, will find this book informative and engaging. (shrink)

The origins of both economic and philosophical value theory are examined and shown to be closely related. The status of neo-classical value theory is that it is internally flawed in any attempt to describe the real world. Cost-benefit analysis as it applies to the valuation of environmental agents relies upon the claim that this neo-classical theory has a particular status in optimal welfare maximisation and, therefore, suffers the same problems of internal consistency. Economic valuation of the environment is (...) not a scientific process derived from external law but a social process relying upon social agreement. Alternatives to economic valuation are considered and may possess a more plausible social base. However, all environmental valuation is at odds with beliefs based upon the existence of objective and intrinsic values. (shrink)

This study introduces 'time-specific' analysis of economic processes. Economic processes are conventionally analysed from one point in time to another over a series of time units - days, weeks, or years. By contrast, these time-specific models focus on the temporal character of events within the unit time - their timing, duration, and sequence - utilizing the information that is lost in the macroscopic time perspective of standard economic theory. What time-specific analysis reveals are economic (...) and technological characteristics of goods and services - prices and cost behaviour and temporal mobility or immobility within the unit time - that affect capital productivity and its utilization, optimal schedules of production, work, and consumption, least-cost methods of producing time-shaped outputs, and efficient welfare-maximizing behavior in time-specific, including peak-load, markets. (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)

Methodological appraisal usually aims at a discourse that contributes to the improvement of knowledge production processes in economics. Attempts by economists, such as that by Gilboa et al. (2022. Economic theories and their dueling interpretations. Journal of Economic Methodology, 1–20) to engage in such a discourse are laudable and needed because they draw on field-specific expertise and experience from economic practice and thereby can steer such discourse into promising directions. However, while Gilboa et al. seem to (...) share the ambition of doing economic methodology in the service of progress, their contribution is not sufficiently self-critical. Instead of seriously considering the diversity of contemporary modeling practices, their position commits them to an outdated view of economics and can be read as licensing the preservation of conceptual and theoretical elements of standard economics that the discipline has long been criticized for. As such, the authors miss out on fully reaching their own ambitions of a practice-based appraisal that pushes economists towards self-critical and forward-looking modeling. (shrink)

This text looks at the potential benefits of concept and theory formation along dynamic, evolutionary and valuation for understanding economic processes.