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Economic Theory in Retrospect

Science and Society 28 (1):112-115 (1964)

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  1. From knowledge to wisdom: a revolution in the aims and methods of science.Nicholas Maxwell - 1984 - Oxford: Blackwell.
    This book argues for the need to put into practice a profound and comprehensive intellectual revolution, affecting to a greater or lesser extent all branches of scientific and technological research, scholarship and education. This intellectual revolution differs, however, from the now familiar kind of scientific revolution described by Kuhn. It does not primarily involve a radical change in what we take to be knowledge about some aspect of the world, a change of paradigm. Rather it involves a radical change in (...)
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  • John Stuart Mill's Famous Distinction Between Production and Distribution.Vardaman R. Smith - 1985 - Economics and Philosophy 1 (2):267-284.
    In the final sentence of the "Preliminary Remarks" to the Principles of Political Economy, John Stuart Mill declaresThe laws of Production and Distribution, and some of the practical consequences deducible from them, are the subject of the following treatise. It is almost two hundred pages before Mill asserts thatThe laws and conditions of the Production of wealth partake of the character of physical truths. There is nothing optional or arbitrary in them. … It is not so with the Distribution of (...)
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  • Roemer's “General” Theory of Exploitation Is a Special Case: The Limits of Walrasian Marxism.James Devine - 1991 - Economics and Philosophy 7 (2):235-275.
    In a series of recent writings, John Roemer has made a provocative claim: exploitation and class are merely second-order concepts within Marxian theory, because both phenomena derive directly from differential ownership of productive assets ; indeed, exploitation remains a consistent index of economic injustice only if a “property relations” conception of exploitation replaces the common “labor-value” view. In sum, property relations, not the labor exchange, the labor proces, labor values, or even capitalist accumlation should bethecentral concern of Marxian theory.
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  • Utility, Progress, and Technology: Proceedings of the 15th Conference of the International Society for Utilitarian Studies.Michael Schefczyk & Christoph Schmidt-Petri (eds.) - 2021 - Karlsruhe: KIT Scientific Publishing.
    This volume collects selected papers delivered at the 15th Conference of the International Society for Utilitarian Studies, which was held at Karlsruhe Institute of Technology in July 2018. It includes papers dealing with the past, present, and future of utilitarianism – the theory that human happiness is the fundamental moral value – as well as on its applications to animal ethics, population ethics, and the future of humanity, among other topics.
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  • The Eclipse of Value-Free Economics. The concept of multiple self versus homo economicus.Aleksander Ostapiuk - 2020 - Wrocław, Polska: Publishing House of Wroclaw University of Economics and Business.
    The books’ goal is to answer the question: Do the weaknesses of value-free economics imply the need for a paradigm shift? The author synthesizes criticisms from different perspectives (descriptive and methodological). Special attention is paid to choices over time, because in this area value-free economics has the most problems. In that context, the enriched concept of multiple self is proposed and investigated. However, it is not enough to present the criticisms towards value-free economics. For scientists, a bad paradigm is better (...)
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  • In Adam Smith’s Own Words: The Role of Virtues in the Relationship Between Free Market Economies and Societal Flourishing, A Semantic Network Data-Mining Approach.Johan Graafland & Thomas R. Wells - 2020 - Journal of Business Ethics 2020 (1):31-42.
    Among business ethicists, Adam Smith is widely viewed as the defender of an amoral if not anti-moral economics in which individuals’ pursuit of their private self-interest is converted by an ‘invisible hand’ into shared economic prosperity. This is often justified by reference to a select few quotations from The Wealth of Nations. We use new empirical methods to investigate what Smith actually had to say, firstly about the relationship between free market institutions and individuals’ moral virtues, and secondly about the (...)
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  • Explanatory value in context: the curious case of Hotelling’s location model.Emrah Aydinonat & Emin Köksal - 2019 - European Journal of the History of Economic Thought 26 (5):1-32.
    There is a striking contrast between the significance of Harold Hotelling’s contribution to industrial economics and the fact that his location model was invalid, unrealistic and non-robust. It is difficult to make sense of the explanatory value of Hotelling’s model based on philosophical accounts that emphasize logical validity, representational adequacy, and robustness as determinants of explanatory value. However, these accounts are misleading because they overlook the context within which the explanatory value added of a model is apprehensible. We present Hotelling’s (...)
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  • Do People Deserve their Economic Rents?Thomas Mulligan - 2018 - Erasmus Journal for Philosophy and Economics 11 (2):163-190.
    Rather than answering the broad question, ‘What is a just income?’, in this essay I consider one component of income—economic rent—under one understanding of justice—as giving people what they deserve. As it turns out, the answer to this more focused question is ‘no’. People do not deserve their economic rents, and there is no bar of justice to their confiscation. After briefly covering the concept of desert and explaining what economic rents are, I analyze six types of rent and show (...)
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  • Economic Cycles, Crises, and the Global Periphery.Leonid Grinin, Arno Tausch & Andrey Korotayev (eds.) - 2016 - Switzerland: Springer International Publishing Switzerland.
    This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifi cally the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfi lms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this (...)
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  • Non-causal understanding with economic models: the case of general equilibrium.Philippe Verreault-Julien - 2017 - Journal of Economic Methodology 24 (3):297-317.
    How can we use models to understand real phenomena if models misrepresent the very phenomena we seek to understand? Some accounts suggest that models may afford understanding by providing causal knowledge about phenomena via how-possibly explanations. However, general equilibrium models, for example, pose a challenge to this solution since their contribution appears to be purely mathematical results. Despite this, practitioners widely acknowledge that it improves our understanding of the world. I argue that the Arrow–Debreu model provides a mathematical how-possibly explanation (...)
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  • Adam Smith’s Bourgeois Virtues in Competition.Thomas Wells & Johan Graafland - 2012 - Business Ethics Quarterly 22 (2):319-350.
    Whether or not capitalism is compatible with ethics is a long standing dispute. We take up an approach to virtue ethics inspired by Adam Smith and consider how market competition influences the virtues most associated with modern commercial society. Up to a point, competition nurtures and supports such virtues as prudence, temperance, civility, industriousness and honesty. But there are also various mechanisms by which competition can have deleterious effects on the institutions and incentives necessary for sustaining even these most commercially (...)
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  • Thinking and Acting Outside the Neo-classical Economic Box: Reply to McMurtry.Bernard Hodgson - 2005 - Journal of Business Ethics 56 (3):289-303.
    This paper responds to Professor John McMurtry, primarily to his critique of my recent book, Economics as Moral Science. Although agreeing with my attribution of a "moral a priorism" to orthodox or neo-classical economics, McMurtry takes issue with my "conversion thesis", that an a priori, ethically committed theory can be transformed into a testable empirical science of actual behaviour through the application of institutional constraints to individual motivations. McMurtry views such a thesis as "logically possible but morally abhorrent". In so (...)
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  • Mark Blaug on the Normativity of Welfare Economics.D. Wade Hands - 2013 - Erasmus Journal for Philosophy and Economics 6 (3):1-25.
    Abstract: This paper examines Mark Blaug's position on the normative character of Paretian welfare economics: in general, and specifically with respect to his debate with Pieter Hennipman over this question during the 1990s. The paper also clarifies some of the confusions that emerged within the context of this debate, and closes by providing some additional arguments supporting Blaug's position that he himself did not provide.
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  • The Epistemic Division of Labor Revisited.Johanna Thoma - 2015 - Philosophy of Science 82 (3):454-472.
    Some scientists are happy to follow in the footsteps of others; some like to explore novel approaches. It is tempting to think that herein lies an epistemic division of labor conducive to overall scientific progress: the latter point the way to fruitful areas of research, and the former more fully explore those areas. Weisberg and Muldoon’s model, however, suggests that it would be best if all scientists explored novel approaches. I argue that this is due to implausible modeling choices, and (...)
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  • Distributional Considerations in Economic Responses to Antimicrobial Resistance.Joanna Coast & Richard D. Smith - 2015 - Public Health Ethics 8 (3):225-237.
    Antimicrobial resistance is a major and increasing problem globally. Economics has engaged with this issue increasingly over the last 20 years. Much of this concerns assessments of the cost of various forms of resistance, but it also includes economic analyses of interventions and policies designed to contain resistance. Analysis has, however, thus far largely neglected possible distributional issues associated with such interventions and analysis. The article explores three normative bases for the conduct of economic analysis: welfarism; extra-welfarism focused on health (...)
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  • Property and Contract in Economics: The Case for Economic Democracy.David P. Ellerman - 1992 - Blackwell.
    From a pre-publication review by the late Austrian economist, Don Lavoie, of George Mason University: -/- "The book's radical re-interpretation of property and contract is, I think, among the most powerful critiques of mainstream economics ever developed. It undermines the neoclassical way of thinking about property by articulating a theory of inalienable rights, and constructs out of this perspective a "labor theory of property" which is as different from Marx's labor theory of value as it is from neoclassicism. It traces (...)
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  • Entrepreneurship As Economics With Imagination.Saras D. Sarasvathy - 2002 - The Ruffin Series of the Society for Business Ethics 3:95-112.
    To date, economics has failed to develop a useful theory of entrepreneurship because of its inability to break out of the static equilibrium framework and the modeling of success/failure as a 0-1 variable. Entrepreneurship research also has not achieved this task due to its preoccupation with the quest for “the successful entrepreneur” and/or the successful firm. This essay calls for a new vocabulary for entrepreneurship, consisting of (1) a plural notion of the entrepreneurial process as a stream of successes and (...)
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  • John Stuart Mill and Concepts of Nature.Margaret Schabas - 1995 - Dialogue 34 (3):447-.
    Why did Mill draw such a firm line between nature and society, and what did he mean by the claim that only permanent or necessary truths could be gleaned in nature? Why are the laws of production able to transcend the social realm and thereby attain a higher epistemological standing? Was Mill the first to make this distinction, or does it conform with a long tradition within the history of economic thought?
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  • (1 other version)Is Economics Empirical Knowledge?Steven Rappaport - 1995 - Economics and Philosophy 11 (1):137.
    Alexander Rosenberg has played a large role in creating the philosophy of economics as a distinct area of philosophy. But since the publication of Microeconomic Laws in 1976, Professor Rosenberg's thinking about economics has been casting the subject in an increasingly uncomplimentary light. This development is reflected in Rosenberg's new book Economics–Mathematical Politics or Science of Diminishing Returns? In this stimulating work Rosenberg endorses the view that economics does not constitute scientific empirical knowledge. He says.
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  • Are generic predictions enough?Alexander Rosenberg - 1989 - Erkenntnis 30 (1-2):43 - 68.
    I have argued not that economics has no predictive content, but that it is limited, or at least has so far been limited to generic predictions. Now this is an important kind of prediction, and almost certainly a necessary preliminary to specific or quantitative predictions. But if the sketch of an important episode in the twentieth century history of the subject I have given is both correct and representative, then economics seems pretty well stuck at the level of generic prediction. (...)
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  • Mathematical Analysis as a Source of Mainstream Economic Ideology.Vlassis Missos - 2020 - Economic Thought 9 (1):72.
    The paper contends that neoclassical ideology stems, to a great extent, from mathematical analysis. It is suggested that mainstream economic thought can be comprehensively revisited if both histories of mathematical and economic thought are to be taken collaboratively into account. Ideology is understood as a 'social construction of reality' that prevents us from evaluating our own standpoint, and impedes us from realising our value judgments as well as our theories of society and nature. However, the mid-19th century's intellectual controversies about (...)
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  • Editorial: Special Issue in honour of Mark Blaug.Luis Mireles-Flores - 2013 - Erasmus Journal for Philosophy and Economics 6 (3).
    Mark Blaug used to begin his history of economics course with an old Greek proverb: “the fox knows many little things, but the hedgehog knows one big thing”. He would then say that one could characterise most thinkers in the history of economic thought as either a fox or a hedgehog. As a student, I found that this character-driven view illuminated past economists’ theories in a fresh way and brought home to me the distinctiveness of their approaches. Nevertheless, after reading (...)
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  • A 2x2=4 hobbyhorse: Mark Blaug on rational and historical reconstructions.Harro Maas - 2013 - Erasmus Journal for Philosophy and Economics 6 (3):64.
    Over time, Mark Blaug became increasingly sceptical of the merits of the approach to the history of economics that we find in his magnum opus, Economic theory in retrospect, first published in 1962, and increasingly leaned to favour 'historical' over 'rational' reconstructions. In this essay, I discuss Blaug's shifting historiographical position, and the changing terms of historiographical debate. I do so against the background of Blaug's personal life history and the increasingly beleaguered position the history of economic thought found itself (...)
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  • Hegel and Capitalism.Andrew Buchwalter (ed.) - 2015 - Albany: State University of New York Press.
    Examines Hegel’s unique understanding and assessment of capitalism as an economic, social, and cultural phenomenon.
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  • Missing Links: Hume, Smith, Kant and Economic Methodology.Stuart Holland & Teresa Carla Oliveira - 2013 - Economic Thought 2 (2):46.
    This paper traces missing links in the history of economic thought. In outlining Hume's concept of 'the reflexive mind' it shows that this opened frontiers between philosophy and psychology which Bertrand Russell denied and which logical positivism in philosophy and positive economics displaced. It relates this to Hume's influence not only on Smith, but also on Schopenhauer and the later Wittgenstein, with parallels in Gestalt psychology and recent findings from neural research and cognitive psychology. It critiques Kant's reaction to Hume's (...)
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  • The Fragile Structure of Free-Market Society: The Radical Implications of Corporate Social Responsibility.Wim Dubbink - 2004 - Business Ethics Quarterly 14 (1):23-46.
    In this article thinking on corporate social responsibility is compared with the dominant political theory of the market: theneoclassical theory. The comparison shows that thinking on CSR fundamentally collides with that theory. For example, their respectivenormative views on man are incompatible, as are their respective views on the modus operandi of the market. Given that CSR is desirable it follows that a new political theory of the market is needed. This article suggests some initial steps toward developing that new political (...)
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  • 'People of celebrity' as a new social stratum and elite.Leonid Grinin - 2009 - In Leonid Grinin & Andrey Korotayev (eds.), Hierarchy and Power in the History of Civilizations: Cultural Dimensions. Moscow: KRASAND.
    However, strange though it may seem, personal celebrity (as well as fame, popularity etc.) is hardly included in the list of those resources. This happens despite the increasing role of this phenome-non in modern life and the fact that the aspiration for it affects value aims of a growing number of people. What is more, it begins to influence the changes of social relations and stratification. The subject of the present article is the investigation of the influence of the personal (...)
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  • Dealing with Popper in economic methodology.Lawrence A. Boland - 2003 - Philosophy of the Social Sciences 33 (4):479-498.
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  • The rational choice approach to human studies: A reexamination. [REVIEW]Milan Zafirovski - 2003 - Human Studies 26 (1):41-66.
    This article reexamines the rational choice or economic approach to human studies. Its adherents claim that its extension beyond its original domain to all human behavior can finally lead to integration of the human studies, especially social theory, and thus their elevation from what they see as a chaotic state. Specifically, they propose grounding human studies on the premise that humans are rational egoists or self-interested utility maximizers. Although this premise has been the conceptual foundation of orthodox economic theory, it (...)
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  • Austrian economics without extreme apriorism: construing the fundamental axiom of praxeology as analytic.Alexander Linsbichler - 2021 - Synthese 198 (Suppl 14):3359-3390.
    Current debates between behavioural and orthodox economists indicate that the role and epistemological status of first principles is a particularly pressing problem in economics. As an alleged paragon of extreme apriorism, the methodology of Austrian economics in Mises’ tradition is often dismissed as untenable in the light of modern philosophy. In particular, the defence of the so-called fundamental axiom of praxeology—“Man acts.”—by means of pure intuition is almost unanimously rejected. However, in recently resurfacing debates, the extremeness of Mises’ epistemological position (...)
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  • Mark Blaug on the historiography of economics.John B. Davis - 2013 - Erasmus Journal for Philosophy and Economics 6 (3):44.
    This paper discusses how Mark Blaug reversed his thinking about the historiography of economics, abandoning 'rational' for 'historical' reconstruction, and using an economics of scientific knowledge argument against Paul Samuelson and others that rational reconstructions of past ideas and theories in the "marketplace of ideas" were Pareto inefficient. Blaug's positive argument for historical reconstruction was built on the concept of "lost content" and his rejection of the end-state view of competition in favor of a process view. He used these ideas (...)
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  • Marshallian Ethics and Economics: Deconstructing the Authority of Science.Rudi Visker - 1988 - Philosophy of the Social Sciences 18 (2):179-199.
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  • Hayek's Business-Cycle Theory: Half Right.Daniel Kuehn - 2013 - Critical Review: A Journal of Politics and Society 25 (3-4):497-529.
    The Great Recession has brought with it a renewed interest in Hayek's business-cycle theory, which holds that loose monetary policy generates an unsustainable boom characterized by a lengthening of the capital structure. Hayek's theory has received robust criticism for decades, although the criticisms have varied in quality. Various empirical disconfirmations pose the most serious challenge. The small empirical literature on the subject generally confirms Hayek's predictions about variations in the capital structure, but has not persuasively linked the capital structure to (...)
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  • Competition as an evolutionary process: Mark Blaug and evolutionary economics.Jack J. Vromen - 2013 - Erasmus Journal for Philosophy and Economics 6 (3):104.
    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: (...)
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  • What an economist can teach Nancy Cartwright.Esther-Mirjam Sent - 1996 - Social Epistemology 10 (2):171 – 192.
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  • A Mathematical Model of Juglar Cycles and the Current Global Crisis.Leonid Grinin, Andrey Korotayev & Sergey Malkov - 2010 - In Leonid Grinin, Peter Herrmann, Andrey Korotayev & Arno Tausch (eds.), History & Mathematics: Processes and Models of Global Dynamics.
    The article presents a verbal and mathematical model of medium-term business cycles (with a characteristic period of 7–11 years) known as Juglar cycles. The model takes into account a number of approaches to the analysis of such cycles; in the meantime it also takes into account some of the authors' own generalizations and additions that are important for understanding the internal logic of the cycle, its variability and its peculiarities in the present-time conditions. The authors argue that the most important (...)
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  • Friedrich von Wieser and Friedrich A. Hayek: The General Equilibrium Tradition in Austrian Economics.Joseph T. Salerno - 2002 - Journal des Economistes Et des Etudes Humaines 12 (2).
    Bruce Caldwell has disputed a number of points in my earlier account of the development of the Austrian school of economics from Carl Menger to Ludwig von Mises and F.A. Hayek. The issues in contention regard Friedrich von Wieser’s intellectual affiliation with Hayek and his influence on the formation of Hayek’s economic thought; Wieser’s status as a general equilibrium theorist; and the reason for Hayek’s early flirtation with general equilibrium theory. In this article I argue that Hayek was a self-conscious (...)
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  • Rational Democracy, Deliberation, and Reality.Manfred Prisching - 2010 - Critical Review: A Journal of Politics and Society 22 (2):185-225.
    Deliberative democracy is unrealistic, but so are rational-choice models of democracy. The elements of reality that rationalistic theories of democracy leave out are the very elements that deliberative democrats would need to subtract if their theory were to be applied to reality. The key problem is not, however, the altruistic orientation that deliberative democrats require; opinion researchers know that voters are already sociotropic, not self-interested. Rather, as Schumpeter saw, the problems lie in understanding politics, government, and economics under modern—and postmodern—conditions. (...)
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  • Aristotle’s Difficult Relationship With Modern Economic Theory.Spencer J. Pack - 2008 - Foundations of Science 13 (3-4):265-280.
    This paper reviews Aristotle’s problematic relationship with modern economic theory. It argues that in terms of value and income distribution theory, Aristotle should probably be seen as a precursor to neither classical nor neoclassical economic thought. Indeed, there are strong arguments to be made that Aristotle’s views are completely at odds with all modern economic theory, since, among other things, he was not necessarily concerned with flexible market prices, opposed the use of money to acquire more money, and did not (...)
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  • Inquiring into Communication in Science: Alternative Approaches.Anton Oleinik - 2009 - Science in Context 22 (4):613-646.
    ArgumentThis article focuses on a problematic character of communication in science. Two solutions are compared: paradigm-based science and the semiotic solution developed in the arts and social sciences. There are several parallels between the latter approach and Marxist dialectics. A third, original, approach to solving communication problems is proposed; it can be labeled “transactional.” It represents a version of the semiotic solution with particular emphasis on interactions, both face-to-face and depersonalized, and the imperative of negotiating and finding compromises. Communication problems (...)
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  • Satisfaction for Whom? Freedom for What? Theology and the Economic Theory of the Consumer.Mark G. Nixon - 2006 - Journal of Business Ethics 70 (1):39-60.
    The economic theory of the consumer, which assumes individual satisfaction as its goal and individual freedom to pursue satisfaction as its sine qua non, has become an important ideological element in political economy. Some have argued that the political dimension of economics has evolved into a kind of "secular theology" that legitimates free market capitalism, which has become a kind of "religion" in the United States [Nelson: 1991, Reaching for Heaven on Earth: The Theological Meaning of Economics. ; 2001, Economics (...)
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  • Economic science and ethical neutrality II: The intransigence of evaluative concepts. [REVIEW]Bernard Hodgson - 1988 - Journal of Business Ethics 7 (5):321 - 335.
    This paper returns to a perennial controversy I examined in a previous paper in the Journal of Business Ethics (Vol. 2, 1983). Is economic theory an ethically neutral discipline or do its statements presuppose a commitment to moral values? Once again this issue is addressed via a case study of the neo-classical theory of rational choice. In the present paper I focus on behaviourist forms of operationalist attempts to short-circuit any argument that would seek to infer moral presuppositions from the (...)
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  • Ethics, Economics, and the Specter of Naturalism: The Enduring Relevance of the Harmony Doctrine School of Economics.Andrew Lynn - 2022 - Journal of Business Ethics 178 (3):661-673.
    This article revisits the "harmony doctrine" school of economics and its distinctive understanding of how ethics and economics intersect. Harmony doctrine thinkers staked out a “natural” understanding of economic phenomena that in many ways fused the classical political economy of Adam Smith with the earlier French Physiocratic School. Their metaphysically grounded interpretation was largely eclipsed by the developments of utilitarian and marginalist schools by the end of the nineteenth century. Yet harmony doctrine thinking adhered to a distinct understanding of how (...)
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  • Markets, desert, and reciprocity.Andrew Lister - 2017 - Politics, Philosophy and Economics 16 (1):47-69.
    This article traces John Rawls’s debt to Frank Knight’s critique of the ‘just deserts’ rationale for laissez-faire in order to defend justice as fairness against some prominent contemporary criticisms, but also to argue that desert can find a place within a Rawlsian theory of justice when desert is grounded in reciprocity. The first lesson Rawls took from Knight was that inheritance of talent and wealth are on a moral par. Knight highlighted the inconsistency of objecting to the inheritance of wealth (...)
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  • In Search of Common Values Amongst Competing Universals: An Argument for the Return to Value’s Original Meaning.Andra le Roux-Kemp - 2018 - International Journal for the Semiotics of Law - Revue Internationale de Sémiotique Juridique 31 (4):877-903.
    This article presents an argument for the return to the original meaning of the concept value. This is achieved by revisiting the genealogy of the concept and by placing in perspective and questioning the common parlance thereof in contemporary legal discourse. The approach is decidedly against the often casual way in which courts and commentators treat the concept, seemingly as concretisation, validation, exegesis or reinforcement of fundamental norms, but without paying attention to its original meaning and use. It is submitted (...)
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  • ‘Economic imperialism’ in health care resource allocation – how can equity considerations be incorporated into economic evaluation?Andrea Klonschinski - 2014 - Journal of Economic Methodology 21 (2):158-174.
    That the maximization of quality-adjusted life years violates concerns for fairness is well known. One approach to face this issue is to elicit fairness preferences of the public empirically and to incorporate the corresponding equity weights into cost-utility analysis (CUA). It is thereby sought to encounter the objections by means of an axiological modification while leaving the value-maximizing framework of CUA intact. Based on the work of Lübbe (2005, 2009a, 2009b, 2010, forthcoming), this paper questions this strategy and scrutinizes the (...)
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  • The moral economy: Keynes's critique of capitalist justice.Greg Hill - 1996 - Critical Review: A Journal of Politics and Society 10 (1):33-61.
    Neoclassical and Austrian economic theory lend support to a conception of laissez‐faire capitalism as an ideal scheme of cooperation in which individual decisions are harmonized, and income is distributed according to one's productive contribution. Keynes's critique of this conception has an often‐overlooked moral dimension, according to which the coordination problems that trouble real‐world market economies produce an arbitrary and inequitable distribution of wealth and income.
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  • (1 other version)Two Ways of “Taming” the Market.Lisa Herzog - 2015 - In Andrew Buchwalter (ed.), Hegel and Capitalism. Albany: State University of New York Press. pp. 147-162.
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  • Spencer J. Pack's Aristotle, Adam Smith, and Karl Marx: on some fundamental issues in 21st century political economy. Cheltenham: Edward Elgar, 2010, 288 pp. [REVIEW]Lisa Herzog - 2012 - Erasmus Journal for Philosophy and Economics 5 (2):138.
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  • Can Uncertainty Be Quantified?Sven Ove Hansson - 2022 - Perspectives on Science 30 (2):210-236.
    In order to explore the quantifiability and formalizability of uncertainty a wide range of uncertainties are investigated. They are summarized under eight main categories: factual, possibilistic, metadoxastic, agential, interactive, value, structural, and linguistic uncertainty. This includes both classical uncertainty and the uncertainties commonly called great, deep, or radical. For five of the eight types of uncertainty, both quantitative and non-quantitative formalizations are meaningful and available. For one of them (interactive uncertainty), only non-quantitative formalizations seem to be meaningful, and for two (...)
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