Philosophy of Economics

Edited by Anna Alexandrova (Cambridge University)
Assistant editor: Jack Wright (Cambridge University)
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  1. The World as a Garden: A Philosophical Analysis of Natural Capital in Economics.C. Tyler DesRoches - 2015 - Dissertation, University of British Columbia
    This dissertation undertakes a philosophical analysis of “natural capital” and argues that this concept has prompted economists to view Nature in a radically novel manner. Formerly, economists referred to Nature and natural products as a collection of inert materials to be drawn upon in isolation and then rearranged by human agents to produce commodities. More recently, nature is depicted as a collection of active, modifiable, and economically valuable processes, often construed as ecosystems that produce marketable goods and services gratis. Nature (...)
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  2. Malthus, l'utilitarismo teologico e il baule. [REVIEW]Sergio Volodia Marcello Cremaschi - 2006 - Storia Del Pensiero Economico 3 (2):213- 219.
    I discuss Malthus, Thomas Robert "The unpublished papers in the collection of Kanto Gakuen University", Pullen, John; Parry, Trevor Hughes (eds). I argue that the theological dimension in Malthus’s overall project may be stressed in the light of some of the original materials published here for the first time. -/- .
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  3. The Road Not Taken – Reading Calabresi’s “The Future of Law and Economics”.Paolo Silvestri - 2019 - Global Jurist 19 (3):1-7.
    The publication of Guido Calabresi’s book “The Future of Law and Economics” has drawn a substantial amount of attention among law and economics scholars. We thought that the best way to devote special attention to this book was to devote a Special issue to it. This article situates Calabresi’s book among other reflections on the future of the discipline, introduces and explains the reasons behind this Special issue and discuss the organization and content of it. -/- We emphasize how Calabresi’s (...)
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  4. The All Too Human Welfare State: Freedom Between Gift and Corruption.Paolo Silvestri - 2019 - Teoria E Critica Della Regolazione Sociale 19 (2):123-145.
    Can taxation and the redistribution of wealth through the welfare state be conceived as a modern system of circulation of the gift? But once such a gift is institutionalized, regulated and sanctioned through legal mechanisms, does it not risk being perverted or corrupted, and/or not leaving room for genuinely altruistic motives? What is more: if the market’s utilitarian logic can corrupt or ‘crowd out’ altruistic feelings or motivations, what makes us think that the welfare state cannot also be a source (...)
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  5. Economics, Law, Humanities: Homo-What? An Introduction.Paolo Silvestri - 2019 - Teoria E Critica Della Regolazione Sociale 19 (2):7-14.
    This introduction explains the reasons behind this Special issue and discuss the organization and content of it. The difficulty of a genuine dialogue and understanding between economics, law and humanities, seems to be due not only to the fragmentation of reflections on man, but to a real ‘conflict of anthropologies’. What kind of conceptions of man and human values are presupposed by and / or privileged by economics, law, economic approaches to law and social sciences? How and when do these (...)
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  6. Value Commitment, Resolute Choice, and the Normative Foundations of Behavioral Welfare Economics.C. Tyler DesRoches - forthcoming - Journal of Applied Philosophy.
    Given the endowment effect, the role of attention in decision-making, and the framing effect, most behavioral economists agree that it would be a mistake to accept the satisfaction of revealed preferences as the normative criterion of choice. Some have suggested that what makes agents better off is not the satisfaction of revealed preferences, but ‘true’ preferences, which may not always be observed through choice. While such preferences may appear to be an improvement over revealed preferences, some philosophers of economics have (...)
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  7. The Power-Ownership as a Remedy From the Owner’s Power / ВЛАСТЬ-СОБСТВЕННОСТЬ КАК СРЕДСТВО ОТ ВЛАСТИ СОБСТВЕННИКОВ.Pavel Simashenkov - 2018 - Concept 9:236-244.
    The article analyzes the phenomenon of ownership in its legal, economic, political and philosophical perspectives. Ownership is considered as an opportunity and as a guarantee of sustainable development. Comparative context is used to identify the specificity of the bourgeois model of owners’ power (social state) and the domestic concept of power-ownership (including socialist state). The author draws conclusions about ways to overcome the competition between the state and the market for the human resource and proposes to explore the ideological provision (...)
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  8. Measuring Utility: From the Marginal Revolution to Behavioral Economics.Lukas Beck & Anna Alexandrova - 2019 - Journal of Economic Methodology 26 (4):380-384.
    Volume 26, Issue 4, December 2019, Page 380-384.
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  9. The Allais Paradox: What It Became, What It Really Was, What It Now Suggests to Us.Philippe Mongin - 2019 - Economics and Philosophy 35 (3):423-459.
    Whereas many others have scrutinized the Allais paradox from a theoretical angle, we study the paradox from an historical perspective and link our findings to a suggestion as to how decision theory could make use of it today. We emphasize that Allais proposed the paradox as a normative argument, concerned with ‘the rational man’ and not the ‘real man’, to use his words. Moreover, and more subtly, we argue that Allais had an unusual sense of the normative, being concerned not (...)
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  10. Towards an Ontological Modelling of Preference Relations.Daniele Porello & Giancarlo Guizzardi - 2018 - In C. Ghidini, B. Magnini, A. Passerini & P. Traverso (eds.), AI*IA 2018 - Advances in Artificial Intelligence - XVIIth International Conference of the Italian Association for Artificial Intelligence, Trento, Italy, November 20-23, 2018, Proceedings. pp. 152--165.
    Preference relations are intensively studied in Economics, but they are also approached in AI, Knowledge Representation, and Conceptual Modelling, as they provide a key concept in a variety of domains of application. In this paper, we propose an ontological foundation of preference relations to formalise their essential aspects across domains. Firstly, we shall discuss what is the ontological status of the relata of a preference relation. Secondly, we investigate the place of preference relations within a rich taxonomy of relations (e.g. (...)
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  11. Underdetermination in Economics: The Duhem-Quine Thesis.K. R. Sawyer, Howard Sankey & Clive Beed - 1997 - Economics and Philosophy 13 (1):1-23.
    This paper considers the relevance of the Duhem-Quine thesis in economics. In the introductory discussion which follows, the meaning of the thesis and a brief history of its development are detailed. The purpose of the paper is to discuss the effects of the thesis in four specific and diverse theories in economics, and to illustrate the dependence of testing the theories on a set of auxiliary hypotheses. A general taxonomy of auxiliary hypotheses is provided to demonstrate the confounding of auxiliary (...)
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  12. The Non-Identity Problem and the Ethics of Future People, David Boonin. [REVIEW]Silvia Milano - 2016 - Economics and Philosophy 32:353-381.
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  13. Can Economics Can Be a Separate Science?Lukas Beck - 2017 - Rerum Causae 9 (2):17-36.
    Mill (1872, 1874) is an early proponent of the thesis that economics has a special domain in which it can operate relatively independently of findings from other sciences. Contra Mill, I argue that this so-called separateness-thesis is best defendedunder an externalist interpretation of Rational Choice Theory (RCT). Mill’s defence is consistent with an internalist interpretation of RCT. Internalism holds that RCT depicts psychological mechanisms operating in economic agents. I argue that such a defence fails to establish separateness, because it makes (...)
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  14. The SAGE Handbook of the Philosophy of Social Sciences, Edited by Ian Jarvie and Jesús Zamora-Bonilla. SAGE Publications, 2011, Xvii + 749 Pages. [REVIEW]Brian Epstein - 2012 - Economics and Philosophy 28 (3):428-435.
    Book Reviews Brian Epstein, Economics and Philosophy, FirstView Article.
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  15. Countable Additivity, Idealization, and Conceptual Realism.Yang Liu - 2020 - Economics and Philosophy 36 (1):127-147.
    This paper addresses the issue of finite versus countable additivity in Bayesian probability and decision theory -- in particular, Savage's theory of subjective expected utility and personal probability. I show that Savage's reason for not requiring countable additivity in his theory is inconclusive. The assessment leads to an analysis of various highly idealised assumptions commonly adopted in Bayesian theory, where I argue that a healthy dose of, what I call, conceptual realism is often helpful in understanding the interpretational value of (...)
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  16. Levinas, Simmel, and the Ethical Significance of Money.Christopher Buckman - 2019 - Religions 3 (10).
    An examination of Emmanuel Levinas’ writings on money reveals his distance from—and indebtedness to—a philosophical predecessor, Georg Simmel. Levinas and Simmel share a phenomenological approach to analyses of the proximity of the stranger, the importance of the face, and the interruption of the dyadic relationship by the third. Money is closely linked to the conception of totality because money is the medium that compares heterogeneous values. Levinas goes beyond Simmel in positing an ethical relation to money permitting transcendence.
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  17. Sweatshops and Consumer Choices.Benjamin Ferguson & Florian Ostmann - 2018 - Economics and Philosophy 34 (3):295-315.
    We consider a case where consumers are faced with a choice between sweatshop-produced clothing and identical clothing produced in high-income countries. We argue that it is morally better for consumers to purchase clothing produced in sweatshops and then to compensate sweatshop workers for the difference between their actual wage and a fair wage than it is for them either to purchase the sweatshop clothing without this compensatory transfer or to purchase clothing produced in high-income countries.
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  18. The World as a Garden: A Philosophical Analysis of Natural Capital in Economics.C. Tyler DesRoches - 2015 - Erasmus Journal for Philosophy and Economics 8 (2):121.
    This dissertation undertakes a philosophical analysis of “natural capital” and argues that this concept has prompted economists to view nature in a radically novel manner. Formerly, economists referred to nature and natural products as a collection of inert materials to be drawn upon in isolation and then rearranged by human agents to produce commodities. More recently, however, nature is depicted as a collection of active, modifiable, and economically valuable processes, often construed as ecosystems that produce marketable goods and services gratis. (...)
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  19. Team Reasoning and a Measure of Mutual Advantage in Games.Jurgis Karpus & Mantas Radzvilas - 0201 - Economics and Philosophy 34 (1):1-30.
    The game theoretic notion of best-response reasoning is sometimes criticized when its application produces multiple solutions of games, some of which seem less compelling than others. The recent development of the theory of team reasoning addresses this by suggesting that interacting players in games may sometimes reason as members of a team – a group of individuals who act together in the attainment of some common goal. A number of properties have been suggested for team-reasoning decision-makers’ goals to satisfy, but (...)
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  20. The Narrowed Domain of Disagreement for Well-Being Policy.Gil Hersch - 2018 - Public Affairs Quarterly 32 (1):1-19.
    in recent years, policy makers have shown increasing interest in implementing policies aimed at promoting individual well-being. But how should policy makers choose their well-being policies? a seemingly reasonable first step is to settle on an agreed-upon definition of well-being. yet there currently is significant disagreement on how well-being ought to be characterized, and agreement on the correct view of well-being does not appear to be forthcoming. Nevertheless, i argue in this paper that there are several reasons to think that (...)
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  21. The Sixth Kondratieff Wave and the Cybernetic Revolution.Leonid Grinin & Anton Grinin - 2016 - Globalistics and Globalization Studies:337-355.
    In the present paper, on the basis of the theory of production principles and production revolutions, we reveal the interrelation between K-waves and major technological breakthroughs in history and make forecasts about features of the sixth Kondratieff wave in the light of the Cybernetic Revolution that, from our point of view, started in the 1950s. We assume that the sixth K-wave in the 2030s and 2040s will merge with the final phase of the Cybernetic Revolution (which we call a phase (...)
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  22. Review: Cass R. Sunstein. Conspiracy Theories and Other Dangerous Ideas. 304 Pp. Simon & Schuster, 2014. [REVIEW]Ori Freiman - 2016 - Spontaneous Generations 8 (1):100-104.
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  23. How to Allocate Scarce Health Resources Without Discriminating Against People with Disabilities.Tyler M. John, Joseph Millum & David Wasserman - 2017 - Economics and Philosophy 33 (2):161-186.
    One widely used method for allocating health care resources involves the use of cost-effectiveness analysis (CEA) to rank treatments in terms of quality-adjusted life-years (QALYs) gained. CEA has been criticized for discriminating against people with disabilities by valuing their lives less than those of non-disabled people. Avoiding discrimination seems to lead to the ’QALY trap’: we cannot value saving lives equally and still value raising quality of life. This paper reviews existing responses to the QALY trap and argues that all (...)
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  24. Distributive Justice: Getting What We Deserve From Our Country, Fred Feldman. Oxford University Press, 2016, Ix + 279 Pages. [REVIEW]Huub Brouwer & Willem van der Deijl - 2017 - Economics and Philosophy 33 (1):146-153.
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  25. Discounting for Public Policy: A Survey.Hilary Greaves - 2017 - Economics and Philosophy 33 (3):391-439.
    This article is a critical survey of the debate over the value of the social discount rate, with a particular focus on climate change. The ma- jority of the material surveyed is from the economics rather than from the philosophy literature, but the emphasis of the survey itself is on founda- tions in ethical and other normative theory rather than highly technical details. I begin by locating the standard approach to discounting within the overall landscape of ethical theory, and explaining (...)
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  26. A Handbook for Social Change: Cristina Bicchieri: Norms in the Wild: How to Diagnose, Measure, and Change Social Norms. Oxford: Oxford University Press, 2016, 264 Pp, $ 29.95 PB. [REVIEW]Ulf Hlobil - 2017 - Metascience 26 (3):459-462.
    “Philosophy isn’t useful for changing the world,” parents of philosophy students and Karl Marx tell us (at least about non-Marxist philosophy). Cristina Bicchieri’s new book Norms in the Wild provides an impressive antidote against this worry. It stands to change of social practices as Che Guevara’s Guerrilla Warfare stands to political revolutions. Bicchieri combines hands-on advice on how to change social practices with compelling theoretical analyses of social norms. She draws heavily on her influential earlier work on norms, but the (...)
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  27. Review of William Stanley Jevons and the Making of Modern Economics. [REVIEW]D. Wade Hands - 2007 - Economics and Philosophy 23 (2):252-256.
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  28. Against Simplicity and Cognitive Individualism: Nathaniel T. Wilcox.Nathaniel T. Wilcox - 2008 - Economics and Philosophy 24 (3):523-532.
    Neuroeconomics illustrates our deepening descent into the details of individual cognition. This descent is guided by the implicit assumption that “individual human” is the important “agent” of neoclassical economics. I argue here that this assumption is neither obviously correct, nor of primary importance to human economies. In particular I suggest that the main genius of the human species lies with its ability to distribute cognition across individuals, and to incrementally accumulate physical and social cognitive artifacts that largely obviate the innate (...)
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  29. Your Money or Your Life: Comparing Judgements in Trolley Problems Involving Economic and Emotional Harms, Injury and Death: Natalie Gold Et Al.Natalie Gold, Briony D. Pulford & Andrew M. Colman - 2013 - Economics and Philosophy 29 (2):213-233.
    There is a long-standing debate in philosophy about whether it is morally permissible to harm one person in order to prevent a greater harm to others and, if not, what is the moral principle underlying the prohibition. Hypothetical moral dilemmas are used in order to probe moral intuitions. Philosophers use them to achieve a reflective equilibrium between intuitions and principles, psychologists to investigate moral decision-making processes. In the dilemmas, the harms that are traded off are almost always deaths. However, the (...)
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  30. “Book Review: Competition, Coordination and Diversity: From the Firm to Economic Integration“. [REVIEW]Peter Lewin - 2016 - Libertarian Papers 8:183-187.
    This book is a collection and reworking of research done by Pascal Salin since around 1990. Salin is an economist in the tradition of the Austrian school of economics. He emphasizes the centrality of individual choice in an uncertain world in which individual actions interact to produce spontaneous orders. But he is no mere conduit of established ideas. He also offers his own highly original insights honed after a lifetime as an economist, one who has earned the respect in which (...)
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  31. Connecting Economics to Theology.Garrick Small - 2011 - Solidarity: The Journal of Catholic Social Thought and Secular Ethics 1 (1):Article 2.
    Economics claims to be an independent empirical social science but empirical evidence of the last century challenges this claim. By contrast Caritas in Veritate contains a set of linkages that demonstrate that economics is related to morals, anthropology and theology. Economics is practiced in a cultural setting with a moral dimension related to the human person, which is ultimately grounded in the nature of God. Pope Benedict has focused on love and gift as human qualities reflecting the Divine nature. The (...)
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  32. Autodetermination in Microeconomics.Olaf L. Müller - 2004 - Analyse & Kritik 26 (2):319-345.
    My philosophical case study concerns textbook presentations of the theory of demand. Does this theory contain anything more than just a collection of tautologies? In order to determine its empirical content, it must be viewed holistically. But then, the theory implies false factual claims. We can avoid this result by embracing the theory's normative character. The resulting consequences will be illuminated with the new autodetermination thesis recently proposed in the philosophy of physics by Oliver Timmer. Applying his ideas to the (...)
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  33. Robert A. Millikan Meets the Credibility Revolution.Nathaniel T. Wilcox - forthcoming - Journal of Economic Methodology.
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  34. Book Review Of: M. Skousen, The Big Three in Economics. [REVIEW]Gary James Jason - 2009 - Liberty (July):43-44.
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  35. Robert A. Millikan Meets the Credibility Revolution: Comment on Harrison , ‘Field Experiments and Methodological Intolerance’.Nathaniel T. Wilcox - forthcoming - Journal of Economic Methodology:1-9.
    Millikan's famous oil drop experiment is scrutinized from the viewpoint of the methodological dicta of the credibility revolution.
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  36. Born Free and Equal?: A Philosophical Inquiry Into the Nature of Discrimination, Kasper Lippert-Rasmussen. Oxford University Press, 2014, 317 Pages. [REVIEW]Luara Ferracioli - 2015 - Economics and Philosophy 31 (3):486-492.
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  37. Introduction. Luigi Einaudi: Poised between Ideal and Real.Paolo Silvestri & Paolo Heritier - 2012 - In Paolo Heritier & Paolo Silvestri (eds.), Good government, Governance and Human Complexity. Luigi Einaudi’s Legacy and Contemporary Society. Leo Olschki.
    In this article we introduce the reader to the reasons that led to this collection: an interdisciplinary exploration aimed at renewing interest in Luigi Einaudi’s search for «good government», broadly understood as «good society». Prompted by the Einaudian quest, the essays – exploring philosophy of law, economics, politics and epistemology – develop the issue of good government in several forms, including the relationship between public and private, public governance, the question of freedom and the complexity of the human in contemporary (...)
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  38. The Question of Apriorism.Barry Smith - 1990 - Austrian Economics Newsletter (1/2):1-5.
    We defend a view according to which Austrian economics rests on what can most properly be called an Aristotelian methodology. This implies a realist perspective, according to which the world exists independently of our thinking and reasoning activities; an essentialist perspective, according to which the world contains certain simple essences or natures which may come together in law-like ways to form more complex static and dynamic wholes, and an apriorist perspective, according to which given essences and essential structures are intelligible, (...)
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  39. Le principe de rationalité et l'unité des sciences sociales.Philippe Mongin - 2002 - Revue Economique 53 (2):301-323.
    The paper revisits the rationality principle from the particular perspective of the unity of social sciences. It has been argued that the principle was the unique law of the social sciences and that accordingly there are no deep differences between them (Popper). It has also been argued that the rationality principle was specific to economics as opposed to the other social sciences, especially sociology (Pareto). The paper rejects these opposite views on the grounds that the rationality principle is strictly metaphysical (...)
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  40. On the Duty of Altruism.Peter Vallentyne - 2013 - Journal of Social Philosophy 44 (2):118-120.
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  41. TheInvisible Handviewed and Reviewed.Edna Ullmann-Margalit - 2010 - Journal of Economic Methodology 17 (1):77-81.
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  42. The Rationality Principle Idealized.Boaz Miller - 2012 - Social Epistemology 26 (1):3-30.
    According to Popper's rationality principle, agents act in the most adequate way according to the objective situation. I propose a new interpretation of the rationality principle as consisting of an idealization and two abstractions. Based on this new interpretation, I critically discuss the privileged status that Popper ascribes to it as an integral part of all social scientific models. I argue that as an idealization, the rationality principle may play an important role in the social sciences, but it also has (...)
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  43. Quantum Analog of the Black- Scholes Formula(Market of Financial Derivatives as a Continuous Weak Measurement).S. I. Melnyk & I. G. Tuluzov - 2008 - Electronic Journal of Theoretical Physics (EJTP) 5 (18):95–104.
    We analyze the properties of optimum portfolios, the price of which is considered a new quantum variable and derive a quantum analog of the Black-Scholes formula for the price of financial variables in assumption that the market dynamics can by considered as its continuous weak measurement at no-arbitrage condition.
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  44. The Dynamics of Stock Exchange Based on the Formalism of Weak Continuous Quantum Measurement.S. I. Melnyk & I. G. Tuluzov - 2010 - Journal of Physics 238 (012035):1-9.
    The problem of measurement in economic models and the possibility of their quantum-mechanical description are considered. It is revealed that the apparent paradox of such a description is associated with a priori requirement of conformity of the model to all the alternatives of free choice of the observer. The measurement of the state of a trader on a stock exchange is formally defined as his responses to the proposals of sale at a fixed price. It is shown that an analogue (...)
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  45. Introduction.C. Mantzavinos - 2009 - In Chrysostomos Mantzavinos (ed.), Philosophy of the Social Sciences: Philosophical Theory and Scientific Practice. Cambridge University Press.
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Areas of Economics
  1. Diagnostics the Economic Efficiency of Agricultural Enterprises.Igor Britchenko & Bezpartochna Olesia - 2020 - In M. Bezpartochnyi (ed.), New trends in the economic systems management in the context of modern global challenges.
    In order to ensure stable functioning and development of the enterprise, they evaluate the effectiveness of economic activity. An effective tool for assessing economic activity in modern conditions is economic diagnostics, which allows you to analyze the main indicators of the enterprise, to explore the factors that led to the change in the relevant results and adversely affected the activities of the enterprise. Agricultural enterprises also need such methodological tools for economic diagnostics. However, the existing tools for assessing the effectiveness (...)
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  2. Бизнес в Украине: социально-экономические процессы ориентирования на внешнеэкономические связи.Igor Britchenko, Бритченко Игорь Геннадиевич & Саенко Владислав Григорьевич - 2016 - Науковий Вісник Ужгородського Національного Університету : Наукове Періодичне Видання; Серія «Міжнародні Економічні Відносини Та Світове Господарство» 10 (1):64-70.
    В статье описаны результаты анализа условий становления бизнеса в Украине, который прошел три стадии развития и утверждения. В их числе такие: 1) фаза начального движения советского предпринимательства в 1985–1991 гг., строящегося на условиях планового командования и распределения; 2) фаза гибридного накопления ресурса бизнеса в 1992–2009 гг., основывающегося на условиях невмешательства; 3) фаза реорганизации бизнеса на научно-методической основе в 2008–2016 гг.
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  3. The Improvement of the Bank Infrastructure of Ukraine.Paweł Maciaszczyk, Viktoria Stoika & Igor Britchenko - 2017 - Proceeding of the International Conference on Marketing, Management, Trade, Financial and Social Aspects of Business (MTS 2017) 217:6.
    The article is devoted to the prospects of creation and functioning of cooperative banks and development banks in Ukraine. The article deals with the peculiarities of cooperative banks and development banks. Sci-entists analyzed the views on the activities of banks and their impact on economic development. The article deals with the peculiarities of development and operation of the cooperative banks of developed countries: Germany and Poland. A three-tier model of national cooperative bank system has been suggested. The influences of developments (...)
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  4. Harmonization of Accounting for Public Sector Entities in Accordance with the Leading International Standards: A Comparison of Italy and Ukraine.Mariya Lalakulych, Igor Britchenko & Tetyana Hushtan - 2018 - Advances in Social Science, Education and Humanities Research. – Atlantis Press: Proceedings of the 2nd International Conference on Social, Economic and Academic Leadership (ICSEAL 2018) 217:169-176.
    In recent years, there have been many reforms in the field of accounting. In the same time, scientists focus on the leading methods of accounting, financial management and economic opportunities for the additional use of accounting tools to introduce reforms in the field of the accounting of public sector entities. The main goal of this paper is to reveal the leading features of the accounting system of public sector entities and to study the aspects of a new accounting system, which (...)
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  5. Adaptation of Domestic State Governance to International Governance Models.Yulya Danshina & Igor Britchenko - 2018 - Baltic Journal of Economic Studies 3 (5):116 - 125.
    The purpose of the article is to provide the evolving international trends of modern management models and authorial vision of model of state governance system in Ukraine, its subsystems, in particular, the system of provision of administrative services that is appropriate for the contemporary times. Methodology. On the basis of scientific and theoretical approaches to the definitions of terms “state governance” and “public governance”, there was an explanation of considerable difference between them and, taking into consideration, the mentality of Ukrainian (...)
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