Abstracts of each chapter may be found by typing in your browser search bar, "Jeremy Horne, Managing Complexity Through Social Intelligence: Foundations of the Modern Organic Corporatist State", going to the Springer Publishing website and reading the abstracts for each chapter.

Does the very existence of money depend in any sense on our “recognition” of it? According to certain functionalist views, no such attitudes are necessary. This paper argues to the contrary for recognition dependence, of a minimal sort. What’s needed in a population is (1) the functional know-how of money use, (2) an ideational structure founded upon people’s thinking about what others are thinking, and (3) wide enough acceptance of a payment or settlement obligation (as expressed, e.g., when someone asks (...) a vendor “So what do I owe ya?”). (shrink)

In recent years, the Audit Pilot of Natural Resources Assets (APNRA) pilot program has been implemented by the Chinese government to strengthen the protection of natural resources and the ecological environment. Based on the APNRA pilot program, we use the multi-period differences–in–differences model to investigate the response of corporate environmental responsibility to external governance pressure. We find that firms significantly improve their environmental investment and performance after the implementation of the APNRA pilot program. Sewage charges (including green fees) and ecological (...) protection incentives constitute the two main channels that explain the positive relationship. We further find that the impact of the program on corporate environmental investment and performance is more pronounced for firms in regions with poor environmental quality, and for firms in heavy-polluting industries. This paper introduces the role of government governance in generating positive externality for firms and provides a valuable understanding of environmental governance in an emerging market. (shrink)

In this paper I challenge the pernicious aspects of Milton Friedman's methodological outlook that continues to hold sway over mainstream neoclassical economists. I do this by showing how Friedman's own methodological dicta could have been used against him when he famously advanced the expectations critique of the Phillips curve at his presidential address to the American Economic Association. I use this case study to further suggest that psychological and neurophysiological data should not be deemed irrelevant to economic science.

The main goal of this thesis is to provide a clear basis for the analysis of alternative currencies, such as Bitcoin, LETS, Local currencies, the WIR or Carbon currencies. It attempts to determine whether alternative currencies might constitute just and workable alternatives, either in the form of small-scale experiments or in the form of more radical reforms. The first chapter proposes a new way to classify currencies. The second examines the case in favour of monetary plurality. The third analyses the (...) claims in favour of restricting the use of money locally, within a community, or to certain goods. The fourth studies the link between money and the market. Finally, a post-scriptum focuses on Bitcoin and cryptocurrencies. This thesis highlights that these currencies are drivers of several potential conflicts. Their widespread use might conflict with the adequate management of monetary policy, with social justice, and with liberal values. These conflicts are potential, for they would come into existence only if alternative currencies increased in scope. However, there is no reason to disregard potential conflicts when the case in their favour relies mostly on their potential benefits. (shrink)

Commercial republicanism is the idea that a properly-structured commercial society can serve the republican end of minimizing the domination of citizens by states (imperium) and of citizens by other citizens (dominium). Much has been written about this idea in the last half-century, including analyses of individual commercial republicans (e.g., Adam Smith and Immanuel Kant) as well as discussions of national traditions of the same (e.g., in America, Britain, France, the Netherlands, and Italy). In this chapter, I review five kinds of (...) arguments that have been historically offered for how commercial society so understood advances the republican ideal of non-domination: first, by simply realizing non-dominating relationships in the marketplace itself (Instantiation); second, by encouraging the growth of a wide middle class that can offer a counterweight to other, dominating classes (Internal Check-and-Balance); third, by increasing the wealth and power of republics vis-à-vis other, dominating states in the international arena (External Check-and-Balance); fourth, by helpfully nurturing bourgeois-civic virtues in republican citizens (Cultivating Virtue); and finally, by transforming dangerous passions into more readily regulable, even socially beneficial material interests (Sublimating Vice). I end the chapter by briefly considering commercial republicanism’s prospects as a continuing research program. (shrink)

For many economists, including those who have made the most marked contribution to the development of the discipline, their work has to be understood in the context of the rhetorical strategy they were pursuing – what they wanted to persuade us of and how they wanted to do it. The paper identifies two fundamental rhetorical strategies of laissez-faire resting on entirely distinct ontological foundations. What distinguishes these two strategies is the way they articulate the individual with the general interest, how (...) they relate the micro to the macro. The two strategies discussed in the paper are characterised by the stance they take on a fundamental ontological issue, the way in which the things which appear to us in the world are related to the things or matters which compose them. A reductionist approach suggests that we can understand an entity at one level as a congeries. An entity in this view is just an aggregate of entities at a lower, substrate level – a purely external unity. The properties and behaviour of an entity can then be understood in terms of the properties and behaviour of the constituent lower-level components, taken in isolation. In this approach, phenomena at some level are regarded as having just the qualities enjoyed by its lower-level, substrate elements, writ large. The contrary, holistic, stance is to view the qualities of phenomena at one level as emergent at that level, and to assert that an entity can be understood as a product of the inter-relations between its component parts. We have, then, a pair of contrasted approaches: a polarity which is productive in the study of schools of thought, of competing methodologies, and of rhetorical strategies in economics. The paper applies this approach to the work of Smith, Keynes, Hayek, Lucas and Friedman. (shrink)

The traditional Lockean justification of property rights has been argued to be no longer valid in a world in which much wealth does not derive from acquisitions of natural resources, and in which much property, such as money, is intangible. This means that libertarians need to reconsider whether and why property rights are justified for objects that fall outside of the scope of the Lockean justification. This paper gives a justification of property rights in relation to modern money, which uses (...) the self-ownership principle as its central premise. Since modern money is a form of credit, I start with a justification of credit property rights. I then consider both money under gold convertibility and present-day fiat systems, showing that the justification of credit property rights remains valid under these conditions. (shrink)

Many anthropologists interpret neoliberalism as a radical break from and dangerous rupture in post-war societies that featured Keynesian economic policies and welfare provision. The allure of a mythic welfare state has boosted John Maynard Keynes’s popularity to many who embrace certain facets of socialism. Many critical social scientists have embraced Keynesianism in ways that overlook how the US used Keynesian policies to reengineer and redeploy state power. Keynes’s liberal synthesis inspired managers in the US Treasury Department to understand depression-era problems (...) of unemployment and poverty in ways that were consonant with the expansion of corporate power. For understanding Keynesianism, as it actually existed during the Cold War, we must analyse how the US Treasury and State Departments used Keynesian principles to rebuild the social reproductive capacities necessary for capitalist accumulation both domestically and in Western Europe. I focus on how the architects of postwar capitalism used full employment policies, labour laws and welfare provision to renovate the nexus of political practices and institutional structures in ways that formed a benevolent and caring image of ‘the state’ and the myth of a class compromise. Through these reforms, governmental planners and administrators used the ‘state idea’ to reorganize capital accumulation as if the post-war economy would represent ordinary people’s best interests. In the process, these sophisticated practices of power became reified as the ‘welfare state’ and the ‘Keynesian compromise’ in ways that endow these institutions and policies with a character divorced from practices of power. The post-war state embodied a dialectic of repression and reform that combined criminalizing dissent with full employment policies and welfare provision. Taking these aspects of power into account, we can see post-war Keynesianism in ways that inspire a robust and far-reaching criticism of the contemporary predicament of economic uncertainty, political instability and environmental degradation. (shrink)

Willingness and readiness of people to do their jobs are among the key factors of a successful enterprise. In XXI century intellectual human labour is gaining unprecedented value and is being developed actively. The demand for intellectual labour calls forth an increasing number of jobs and professions that require an extensive preparation, a large number of working places, high level of integration of joint human efforts, growth of social welfare. These trends are becoming ever more pervasive and are spreading widely (...) in service industries, and that explains the rapid development of the latter when compared to the traditional areas of human activity. In its turn, it heightens the need for staff in service companies, supported by significant personnel turnover and a certain shortage of skilled professionals. These circumstances determine the need for developing a new concept of fostering staff motivation at the enterprises in the sphere of services. In order to reach the stated purpose while conducting our research into tourism and hospitality industry, as well as retail chains, we have examined the problems that arise in the process of staff motivation, and studied the foreign practice of motivating staff in hotels. The obtained analysis results enabled us to work out practical recommendations on improvement of the mechanism of tangible and intangible rewards in service companies, which are based on external and internal motivational factors. Additional attention in the article is paid to the statement that financial incentives should be based on key performance indicators (KPI). We give a detailed consideration to the classification of internal motivation incentives of the staff according to the terms of their realization, and give a schematic representation of the performance dynamics of the internal motivation model in service businesses. (shrink)

Jason Stanley’s How Propaganda Works roots the danger of undermining propaganda in an ideology based account of politics, treating individuals’ beliefs and social belief systems as the primary target and mechanism of undermining propaganda. In this paper I suggest a theoretical alternative to the role ideology plays in Stanley’s theory and theories like it, which I call practice first. A practice first account instead treats public behavior as the primary target of propaganda, and analyzes undermining propaganda as altering the incentive (...) structure that sets the terms for public behavior. (shrink)

This essay attempts to provide a preliminary outline of a theory of identity. The first section addresses what the sociologist Niklas Luhmann has called ‘the problem of identity’, or, in other words, the mind–society (rather than the mind–body) problem: In how far can the internal (psychological) self and the external (social) persona be integrated into a unit? The second section of the essay briefly defines a basic vocabulary of a theory of identity. ‘Identity’ is understood as the existentially necessary formation (...) of a coherence between the ‘self’ (the ‘I’ as it is experienced in thoughts and feelings), its body and its social ‘persona’ (the individual person with its social attributes). Three different major paradigms of identity formation are distinguished from one another: a sincere identity is constructed through a firm commitment of the self to its social roles; an authentic identity is constructed through the creation of a social persona on the basis of one’s unique and original self; a ‘profilic’ identity, as we call it, is shaped by successfully presenting a personal profile under conditions of second-order observation as they prevail, for instance, in the social media, but also in other contemporary social systems. In the third section of the essay, we present a sketch of the historical sequence of these three paradigms of identity. Although these paradigms are not mutually exclusive and can coexist, it seems that sincerity flourished in pre-modern society, while authenticity came to prominence along with the functional differentiation of modern society and is now, along with the increased significance of second-order observation, gradually overshadowed by the influence of profilicity. (shrink)

Barbara Fried described John Rawls’s response to libertarianism as “the unwritten theory of justice.” This paper argues that while there is no need for a new theory of justice to address the libertarian challenge, there is a need for an additional chapter. Taking up Fried’s suggestion that the Rawlsian response would benefit from a revised list of primary goods, I propose to add employment to the list, thus leading to adoption of a full employment principle in the original position that (...) ensures that anyone who wants to work will be able to do so. I argue that although Rawls famously proposed government as employer of last resort, he never integrated that comment into his theory, which lacks a full employment principle and says nothing about the injustice of involuntary unemployment in its ideal theory. I first refute the received view of Rawls’s treatment of employment as required by its importance for citizens’ self-respect, then show that in fact, the full employment assumption is the result of the role of general equilibrium theory in Rawls’s model of a well-ordered society, and indicate why developments in economic theory and economic policy support the proposed revision. (shrink)

While the volume of material inspired by Rawls’s reinvigoration of the discipline back in 1971 has still not begun to subside, its significance has been in serious decline for quite some time. New and important work is appearing less and less frequently, while the scope of the work that is appearing is getting smaller and more internal and its practical applications more difficult to discern. The discipline has reached a point of intellectual stagnation, even as real-world events suggest that the (...) need for what political philosophy can provide could not be more critical. What follows then is a set of statements about how I believe that we, as political philosophers, should approach what we do. It contains my view as to what political philosophy should be about, how political philosophy should be done, and how courses in political philosophy should be taught, interlaced with commentary on the current state of the profession. (shrink)

(Expected) adverse effects of the ‘ICT Revolution’ on work and opportunities for individuals to use and develop their capacities give a new impetus to the debate on the societal implications of technology and raise questions regarding the ‘responsibility’ of research and innovation (RRI) and the possibility of achieving ‘inclusive and sustainable society’. However, missing in this debate is an examination of a possible conflict between the quest for ‘inclusive and sustainable society’ and conventional economic principles guiding capital allocation (including the (...) funding of research and innovation). We propose that such conflict can be resolved by re-examining the nature and purpose of capital, and by recognising mainstream economics’ utilitarian foundations as an unduly restrictive subset of a wider Aristotelian understanding of choice. (shrink)

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 (...) publication does not imply, even in the absence of a specifi c statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. (shrink)

The welfare state refers to a concept of a state that focuses on ensuring that a broad range of social rights is provided for all citizens by acting on the social mechanisms and consequences of the market economy. In such a state government plays a vital role in balancing social inequalities by providing or subsidizing social benefits and services. This activity is called social policy. Individual countries are characterized by different welfare state models, goals, values, and groups of beneficiaries. Such (...) a state usually supports a recovery from the difficult situation of the population, which is not, itself, able to take care of their basic needs. (shrink)

Although Minsky’s interpretation of Keynes’s macroeconomics and essential message clashes with authoritative alternative interpretations, it has become increasingly influential during the years following the Global Financial Crisis, even in mainstream circles. This paper offers a critical evaluation of Minsky’s Financial Instability Hypothesis from the perspective of the alternative Austro-Wicksellian paradigm. Although some of the similarities and/or analogies between Minsky’s approach and that of the Austrian School suggest a more than merely superficial affinity between the two theoretical frameworks and although some (...) scope for cross-fertilization between both approaches can be found, both theoretically and empirically, at a fundamental conceptual level both theories remain incompatible and difficult if not impossible to reconcile, in particular in terms of fundamental causality and in terms of policy conclusions and prescriptions. Despite the fact that Minsky’s policy conclusions are multifaceted and somewhat eclectic, they manifest a lack of familiarity with the conclusions of the Austrian analysis of the problems of central planning by Big Players such as Big Bank and Big Government. Both approaches also offer contrasting interpretations of the historical experience of the Global Financial Crisis. (shrink)

Two experiments with undergraduates as subjects were carried out with the aim of replicating and extending previous results showing that the implication of the behavioral life-cycle hypothesis (H. M. Shefrin & R. H. Thaler, 1988) that people classify assets in different mental accounts (current income, current assets, and future income) may explain how consumption choices are influenced by temporary income changes. In both experiments subjects made fictitious choices between paying for a good in cash or according to a more expensive (...) installment plan after they had received an income which was either less, the same, or larger than usual. In Experiment 1 subjects were supposed to have savings so that the total assets were equal, whereas in Experiment 2 the total assets varied. The results of both experiments supported the role of mental accounts in demonstrating that subjects were unwilling to pay in cash after an income decrease even though they had access to saved money. Thus, in effect they chose to pay more for the good than they had to. Indicating a need for further refinement of the concept of mental account, choices to pay in cash after an income decrease tended to be more frequent when the consumption and savings motives were compatible than when they were incompatible. Furthermore, increasing the total assets made subjects more willing to pay in cash after an income decrease. (shrink)

Poland has produced two of the greatest economists of the past century, namely Michal Kalecki and Oskar Lange. Both worked with a wide and penetrating view of the economy and society, more typical of the great classical economists than of those of their own time. During the post-World War II 'Golden Age of Growth', while Keynes was the patron saint of economic theory and policy in the industrialised capitalist countries, Kalecki and Lange had a similar influence and role among the (...) developing nations and – perhaps to a lesser extent – in socialist countries. Kalecki's 'The problem of financing of economic development' (Kalecki, 1954), and Lange's 'Some observations on input-output analysis' (Lange, 1957), in particular,deeply influenced the approach to economic and social development of a whole strand of structural economics, both in terms of economic analysis and practical policy. With the end of the Golden Age and the momentous neoliberal reaction then started, they became almost forgotten. The economics of Kalecki, however, has inspired in the last few decades the renaissance of a genuine – albeit still marginal(ised) – form of Keynesianism, the so called 'post-Keynesianism' ('bastard Keynesianism', as Joan Robinson called it, being the dominant, mainstream form of Keynesianism). Oskar Lange, on the other hand, does not yet seem to have been re-discovered to inspire a similar renaissance of advanced analysis and planning of policies for modern structural change and development. This paper proposes such a re-discovery. The main concern of Lange's 'Observations' is the appropriate intersectoral allocation of investment for efficient output growth. While output growth is still one of the main objectives in most societies, the growth of human capabilities should be an increasingly relevant concern, both in its own right, and in view of the existing ecological constraints. Buzaglo (2014a; b) postulated the existence of an  (aleph) matrix, describing the proportions of the different capabilities necessary for the achievement of every particular capability. The present paper is about introducing capabilities within Lange's framework of analysis. A Lange-inspired analysis investigates the appropriate structures and properties of capability-enhancing growth paths. (shrink)

This article contributes to the debate on the relationship between marketing and propaganda through an analysis of social marketing as a mode of governing in permanent campaigning. The working hypothesis is that social marketing operations are agitational rather than propagandistic. The conceptual approach stems from a comparison of propaganda and marketing with Fordist and post-Fordist modes of production and governance. The research into the role of agitation involves an empirical study of the UK government campaign against benefit fraud, the most (...) expensive of its kind. Using a combination of methodologies, the political context is framed through a discourse analysis that charts the historical emergence of the problem of benefit fraud and the material effects of this discourse on welfare spending allocation, content analysis is used to identify correspondences between different newspapers’ rhetoric and policy under different governments, and semiotic analysis helps to decode the message of the campaign against benefit fraud, as it relates to the overall government’s strategy on this issue. The study offers insights into the political strategy of the government of New Labour between 1997 and 2010 and its resort to agitational techniques, exposing the limitations of government marketing and public relations in the context of an overall crisis of its political legitimacy, in both economic and political terms. (shrink)

A number of business ethics theorist have highlighted the potential for economics to contribute to the advancement of business ethics. In response, this article emphasizes the insights of a particular area of economics that could provide such expansion and development. Subjectivist economics may yet provide an effective analytical framework through which to investigate and evaluate business decision making, and hence the ethics of business. Integrating the concepts of uncertainty, time and imagination, subjectivist economic theory contributes to a greater appreciation of (...) economic choice and behaviour. While such notions are often effectively omitted from modern economic analysis to aid formal representation, business ethicists could utilize such concepts more effectively than their colleagues in economic theory. Significantly, the well-known economists who have championed the insights of subjectivist economics have themselves recommended its extension to an analysis of ethics. (shrink)

This article seeks to clarify the concepts of risk and uncertainty, restricting its focus to environmental problems and to three strands of reflection. Firstly, I suggest that we should apply the label riscophrenia to the tendency to envisage most environmental problems excessively in terms of probabilistic risk, erecting the concept to a core dogma of certainty based on the image it offers of safety and control of the random. Looking at the most serious environmental problems of the twenty-first century through (...) the prism of "animal spirits" is above all an exercise which shows that unpredictability and uncertainties are constituent elements of human existence and social life. Secondly, I argue that the assessment of uncertainty has political and normative implications. I hold that uncertainty may make it possible to invoke precautionary, not just preventive, measures, and that alternative "contextualised" research strategies, open to a variety of points of view, are possible. Lastly, I claim that the language of risk and its excessive application is generally laden with a type of ambiguity which tends not to emphasize society's current problems, and so facilitates the continuation rather than the questioning of our society's dominant technocratic and technological model. (shrink)

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 (...) existing at two registers of interactions, face-to-face and depersonalized, are differentiated; freedom is interpreted as the capacity to change the registers at will. An in-depth case study of the Coase theorem in economic sciences and legal studies illustrates key points in the proposed analysis. (shrink)

This paper uses the economic crisis of 2008 as a case study to examine the explanatory validity of collective mental representations. Distinguished economists such as Paul Krugman and Joseph Stiglitz attribute collective beliefs, desires, intentions, and emotions to organizations such as banks and governments. I argue that the most plausible interpretation of these attributions is that they are metaphorical pointers to a complex of multilevel social, psychological, and neural mechanisms. This interpretation also applies to collective knowledge in science: scientific communities (...) do not literally have collective representations, but social mechanisms do make important contributions to scientific knowledge. (shrink)

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 (...) the business cycle. A better option, then, may be to abandon Hayek's business-cycle theory, preserve his capital theory, and graft it onto a Keynesian or monetarist understanding of the business cycle that is more consistent with modern macroeconomics. (shrink)

How can a partial, revisable utopia of ‘decent society’ be used as a yardstick for assessing today’s impersonal forms of social integration? In economic life — this essay’s focus — Polanyi’s hopes that the ‘economic system’ might cease ‘to lay down the law to society’ is a start. Recently, financial firms sold commodified promises and obligations on the allure of democratizing credit and providing financial ‘choice’ to millions. Yet these ‘civilities’ exploited people’s hopes for a dignified life. Any new, partial (...) utopia (as Keynes’s was too — to remove the egregious, humiliating features of ‘the society in which we live’) is yet to be devised. Maria Markus’s concept is useful to ask whether the instrumental-ism of macro-economic concepts is a distortion of the institutions of money or intrinsic to them. Could solidaristic compromises through civil society minimize disrespectful relationships embedded in money to create decent institutions? (shrink)

In the wake of the financial crisis of 2008, many economists have blamed economics for having failed to warn us. Paul Krugman, for example, in a well-known New York Times Magazine article, suggests that Classical economists were blinded by the beauty of mathematics, and that Keynesian economics is the path of the future. This paper argues that the evolution of economic thinking is much more nuanced than Krugman portrays it, and that instead of embracing what has become known as Keynesian (...) economics, macroeconomists should rather re-embrace the broader Classical economic tradition, of which Keynes was an important part. (shrink)

In liberal thought, democracy is guaranteed by the unity of community and government. The community of citizens elects its government according to political preferences. The government rules over the community with powers that are limited by unalienable human, civil, and political rights. These assumptions have characterized Classical Liberalism, Revisionist Liberalism, and contemporary Neo-Liberal theories. However, the assumed unity of community and government becomes problematic in Global Post-Fordism. Recent research on the globalization of the economy and society has underscored the increasing (...) inability of nation-states to exercise power over their communities, which, in turn, limits the ability of communities to express their will at the nation-state level. The current phase of capitalism is characterized by socio-economic relations that transcend the jurisdictions of nation-states and local spaces. By introducing features characteristic of Classical Liberalism, Revisionist Liberalism and Neo-liberalism, and the contribution of the theory of Reflexive Modernization, which represents a novel attempt to rethink democracy within the liberal tradition, the issue of the fracture of the unity of community and government can be addressed. The inability of governments to control economic and non-economic environments creates a crisis of representation that implies serious limits to liberal democracy. This situation is particularly important for the agricultural and food sector since its development and programs for its democratization have been historically based on the intervention of agencies of and control by the nation-state. (shrink)

The present essay addresses the epistemic difficulties involved in achieving consensus with respect to the Hayek–Keynes debate. It is argued that the empirical implications of the relevant theories are such that, regardless of what is observed, both theories can be interpreted as true, or at least, as not falsified. The essay explicates the respects in which the empirical evidence underdetermines the choice between the relevant theories. In particular, it is argued both that there are convenient responses that protect each theory (...) from what appears to be threatening evidence and that, for particular kinds of evidence, the two theories are empirically equivalent. Larry Laudan's suggestion that ampliative methodological criteria can resolve an underdetermined choice between multiple scientific theories is considered and rejected as a possible means to rational consensus. (shrink)

There has recently been much debate about the idea of levying a tax on particular transactions on international financial markets. Economists have argued about how much revenue such an international financial transaction tax would raise and they disagree about what effects it would have on trade volumes, financial stability, and overall growth. Politicians have argued about the feasibility of introducing such a tax internationally and they disagree on its adequacy as a policy response to the current financial and economic crisis. (...) This article contributes to the debate about international financial transaction taxation by bringing the perspective of political philosophy to bear on the politicians’ and economists’ arguments about policy. I shall outline a framework for thinking about justice in finance, and defend the idea of an international financial transaction tax as an instrument for making the international financial system more just. (shrink)

Economies are complicated systems encompassing micro behaviors, interaction patterns, and global regularities. Whether partial or general in scope, studies of economic systems must consider how to handle difficult real-world aspects such as asymmetric information, imperfect competition, strategic interaction, collective learning, and the possibility of multiple equilibria. Recent advances in analytical and computational tools are permitting new approaches to the quantitative study of these aspects. One such approach is Agent-based Computational Economics (ACE), the computational study of economic processes modeled as dynamic (...) systems of interacting agents. This chapter explores the potential advantages and disadvantages of ACE for the study of economic systems. General points are concretely illustrated using an ACE model of a two-sector decentralized market economy. Six issues are highlighted: Constructive understanding of production, pricing, and trade processes; the essential primacy of survival; strategic rivalry and market power; behavioral uncertainty and learning; the role of conventions and organizations; and the complex interactions among structural attributes, institutional arrangements, and behavioral dispositions. (shrink)

This article presents the most important strands of the philosophical debate about markets. It offers some distinctions between the concept of markets and related concepts, as well as a brief outline of historical positions vis-à-vis markets. The main focus is on presenting the most common arguments for and against markets, and on analyzing the ways in which markets are related to other social institutions. In the concluding section questions about markets are connected to two related themes, methodological questions in economics (...) and the topics of business ethics and corporate social responsibility. (shrink)

I lay out the framework for my theory of sensory imagination in “Imagining as a guide to possibility.” Sensory imagining involves mental imagery , and crucially, in describing the content of imagining, I distinguish between qualitative content and assigned content. Qualitative content derives from the mental image itself; for visual imaginings, it is what is “pictured.” For example, visually imagine the Philadelphia Eagles defeating the Pittsburgh Steelers to win their first Super Bowl. You picture the greenness of the field and (...) the football’s brown oblong shape. Some of what you imagine isn’t explicitly pictured, however. That it is Sunday, that it is the Super Bowl: these facts are assigned. (shrink)

In Anti-Oedipus, Deleuze and Guattari claim that a general theory of society must be a generalised theory of flows. This is hardly a straightforward claim, and this paper attempts to examine the grounds for it. Why should socio-political theory be based on a theory of flows rather than, say, a theory of the social contract, or a theory of the State, or the questions of legitimation or revolution, or numerous other possible candidates? The concept of flow (and the related notions (...) of code and stock), I argue, is derived from contemporary economic theory, and most notably John Maynard Keynes. Deleuze and Guattari remained Marxists, not only because they held that contemporary political philosophy must inevitably be centred on the analysis of capitalism, but also because they held, following Marx himself, that the Marxist analysis of capital must constantly be transformed and adapted to new conditions. Thus, while certain aspects of Marx's analysis disappear from Capitalism and Schizophrenia, they are supplemented by the addition of new concepts adequate to the contemporary state of capitalism. The paper concludes, then, with an analysis of the role played by the concepts of flow, code and stock in Deleuze and Guattari's political philosophy. (shrink)

F. A. Hayek's realistic economic theory has been replaced by the formalistic use of equlibrium models that bear little resemblance to reality. These models are as serviceable to the right as to the left: they allow the economist either to condemn capitalism for failing to measure up to the model of perfect competition, or to praise capitalism as a utopia of perfect knowledge and rational expectations. Hayek, by contrast, used equilibrium to show that while capitalism is not perfect, it contains (...) error‐correcting institutions that bring it closer to perfection than is intuitively apparent. (shrink)

We propose using a bi-axial map as a heuristic for categorizing different dynamics involved in the relationship between quality and popularity. The east–west axis represents the degree to which an agent’s decision is influenced by those of other agents. This ranges from the extreme western edge, where an agent learns individually (no outside influence), to the extreme eastern edge, where an agent is influenced by a large number of other agents. The vertical axis represents how easy or difficult it is (...) for an agent to discern the relative quality of available choices. When a case study is located on the map, it becomes easier to select the range of tools to use for understanding and predicting the relation between quality and popularity. (shrink)

Employing a well-known local regularity from macroeconomics, the Phillips curve, I examine Woodward’s ([2000], [2003]) account of the explanatory power of such historically restricted generalizations and the mathematical models with which they are sometimes associated. The article seeks to show that, pace Woodward, to be explanatory such generalizations need to be underwritten by more fundamental ones, and that rational choice theory would not avail in this case to provide the required underwriting. Examining how such explanatory restricted regularities are underwritten in (...) biology—by unrestricted Darwinian regularities—provides the basis for an argument that Darwinian regularities serve the same function in human affairs. The general argument for this claim requires, inter alia , that we accept some version or other of a theory of memes. The article concludes by clearing the field of some prominent objections to the existence of memes, and extracting some policy implications from the persistence and acceleration of arms races in human affairs. (shrink)

(1997). Information: The world's new currency isn't scarce. World Futures: Vol. 49, The Dialatic of Evolution: Essays in Honor of David Loye, pp. 113-143.

Development is concerned with the fulfillment of people's needs and wants. Most governments, corporations and international organizations use an economic model of development to make decisions about the fulfillment of people's needs and wants. As world problems mount in severity and the carrying capacity of the earth is approached, the costs, consequences and dangers of using the economic model of development are great. A new model of development is required to tackle problems as difficult and demanding as the environmental crisis, (...) rapid consumption of the world's renewable and non?renewable resources, the gap between rich and poor nations and rich and poor people, and the potential collapse of the global eco?system. The model that is proposed is the cultural model of development. Based on a holistic and equitable rather than dualistic and partisan approach to development, the cultural model makes it possible to take the natural environment fully and forcefully into account in all developmental planning and decision?making, as well as to focus attention on the whole rather than a part of the whole. This necessitates new understandings and measurements of production, productivity, living standards and indicators of developmental performance. It also necessitates significant changes in the policies and practices of international organizations, governments, corporations and citizens. (shrink)