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 (...) than no paradigm. Therefore, the author considers whether value-based economics with normative approaches such as economics of happiness, capability approach, libertarian paternalism, and the concept of multiple self can be the alternative paradigm for value-free economics. This book is essential reading to everyone interested in the current state of economics as a discipline. (shrink)

One of the most influential recent developments in supposedly radical philosophy is ‘posthumanism’. This can be seen as the successor to ‘deconstructive postmodernism’. In each case, the claim of its proponents has been that cultures are oppressive by virtue of their elitism, and this elitism, fostered by the humanities, is being challenged. In each case, however, these philosophical ideas have served ruling elites by crippling opposition to their efforts to impose markets, concentrate wealth and power and treat everyone and everything (...) as mere instruments in a way that is not only undermining democracy and threatening economic, social and political stability through growing inequality, but is crippling efforts to deal with the global ecological crisis. Philosophers, Nietzsche claimed, are physicians of culture. Why should people claiming to be philosophers, or at least aligned with philosophers, subvert their own calling? In this paper I will suggest that with the expansion of education and the rise of neoliberalism, those involved in education and research, particularly in the humanities and social sciences, have been proletarianized, and most have accepted this proletarianization. They have been reduced to a fraction of the proletariat - wage-slaves without economic security and therefore dependent on the will of others on whom they are dependent. They are not ordinary wage-slaves, however, but wage-house-slaves, having salaries rather than wages. If, as Marx argued, social being determines consciousness, posthumanism can be understood as the expression of ressentiment of these house-slaves at their condition while simultaneously serving to affirm their superiority to field-slaves while serving their masters. Their work is supported because it provides ideological cover for their masters, the new transnational managerial class or corporatocracy as they expand their power through information technology, while absolving this corporatocracy from responsibility for the consequences of their growing power. In making this claim I will argue that the real target of deconstructionists and posthumanists, although this is now seldom appreciated, has been the humanism of the New Left, a revival of the Radical Enlightenment inspired by Renaissance civic humanism and the German Renaissance. (shrink)

This forum contribution addresses two major themes in de Goede’s original essay on ‘Financial security’: (1) the relationship between stable markets and the proverbial ‘security dilemma’; and (2) the development of new decision-technologies to address risk in the post-World War II period. Its argument is that the confluence of these two themes through rational choice theory represents a fundamental re-evaluation of the security dilemma and its relationship to the rule of law governing market relations, ushering in an era of perpetual (...) physical and financial insecurity. (shrink)

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 (...) the validity of mathematical thought, truth and knowledge can procure new interesting insights concerning the ideological stance of the first marginalists. In this respect, the methodological categories of analysis and synthesis serve as the basis for the crucial distinction between old geometry and mathematical analysis, indicating that the discipline of mathematics has its own history of fundamentally unresolved disputes. Lastly, this may also shed some light on Alfred Marshall's peculiarly reluctant attitude towards the use of mathematical analysis in his work. (shrink)

The article focuses on the anti-naturalism of Menger and Mises. It presents a methodological approach formulated by both scholars as stemming from epistemological anti-naturalism and demonstrating similarities to social phenomenology. The article also discusses the development of the anti-naturalistic perspective on the basis of Hayek’s conception of sensory order. The latter allowed addressing the problem of validity of methodological dualism and established a sound foundation for the methodological approach of the Austrian School of Economics.

Purpose The role of entrepreneurship as a major engine for innovation, economic growth and job creation has made policymakers argue for infusing entrepreneurship into all levels of education. It is argued that citizens must develop their entrepreneurial skills in order to cope with our increasingly globalized, fast-paced and uncertain world. Making the leap of faith from entrepreneurship into education is however rife with challenges and failures. Most attempts have resulted in isolated initiatives impacting only a small number of interested students (...) on higher levels of education. Common challenges to wider adoption are lack of definitional clarity around what exactly signifies “entrepreneurial” education, impeding organizational structures, lack of resources, assessment difficulties and fear of capitalism. To address these challenges, the purpose of this thesis is to articulate and qualify a tentatively new educational philosophy grounded in entrepreneurship, allowing teachers to use value creation as a stepping stone between entrepreneurship and education when attempting to infuse entrepreneurship into education. Result An educational philosophy grounded in entrepreneurship has been defined in this thesis as letting students learn through creating value for others, giving teachers prescriptive advice on what, how and why issues in education. This is inherently entrepreneurial in its reliance on a widespread view of entrepreneurship as being about new value creation for others and constituted by a set of teachable entrepreneurial methods. The resulting process is rich with interaction between people and triggers a multitude of emotional learning events, allowing for more engaged students and deeper learning of entrepreneurial as well as subject specific knowledge, skills and attitudes. Method The tentatively new educational philosophy proposed here was developed through an abductive five-year action research process of constant iterations between theory and practice. A total of nine empirical studies on all levels of education were drawn from, involving a few hundred primary, secondary, tertiary and continuing education teachers, around 2000 students and around 100 different educational institutions in three European countries. Two main action research cycles were conducted, each spanning 3-4 years in time. Theory from entrepreneurship and education guided the research, as well as theory from fields such as psychology, philosophy, anthropology, economics and methodology. A number of methodological developments were made in the research process, such as a new “proxy” theory of assessing entrepreneurial education, a mobile app based experience sampling informed interview technique and analytical frameworks for key emotional events and entrepreneurial competencies. Novelty This is the first attempt that has been made to propose an educational philosophy grounded in entrepreneurship. Questions explored in order to qualify it included why educational philosophy is important when infusing entrepreneurship into education and what is new with an educational philosophy grounded in entrepreneurship. Compared to existing educational philosophies such as traditional, progressive and experiential education, it can contribute with a purposeful movement between often unconnected and opposing philosophical positions rather than being yet another flag on the philosophical playing field of education. Whether this makes it an entirely new educational philosophy or merely a novel combination of established ones remains to be determined. Limitations Some important challenges and limitations with the proposed educational philosophy have emerged. It could be viewed as too excluding to view entrepreneurial education as being solely about education that includes value creation attempts. Asking students to focus on knowledge that can be useful for others could also be viewed as an overly utilitarian emphasis. The interdisciplinary challenge of bridging the two very different scholarly fields of education and entrepreneurship was also shown to be significant. It remains to be seen whether value creation as a stepping stone will allow scholars and practitioners to keep their feet dry when attempting to infuse entrepreneurship into education. (shrink)

ABSTRACT Is there something specific about modelling that distinguishes it from many other theoretical endeavours? We consider Michael Weisberg’s thesis that modelling is a form of indirect representation through a close examination of the historical roots of the Lotka–Volterra model. While Weisberg discusses only Volterra’s work, we also study Lotka’s very different design of the Lotka–Volterra model. We will argue that while there are elements of indirect representation in both Volterra’s and Lotka’s modelling approaches, they are largely due to two (...) other features of contemporary model construction processes that Weisberg does not explicitly consider: the methods-drivenness and outcome-orientedness of modelling. 1Introduction 2Modelling as Indirect Representation 3The Design of the Lotka–Volterra Model by Volterra 3.1Volterra’s method of hypothesis 3.2The construction of the Lotka–Volterra model by Volterra 4The Design of the Lotka–Volterra Model by Lotka 4.1Physical biology according to Lotka 4.2Lotka’s systems approach and the Lotka–Volterra model 5Philosophical Discussion: Strategies and Tools of Modelling 5.1Volterra’s path from the method of isolation to the method of hypothesis 5.2The template-based approach of Lotka 5.3Modelling: methods-driven and outcome-oriented 6Conclusion. (shrink)

Sumantra Ghoshal’s condemnation of “bad management theories” that were “destroying good management practices” has not lost any of its salience, after a decade. Management theories anchored in agency theory (and neo-classical economics generally) continue to abet the financialization of society and undermine the functioning of business. An alternative approach (drawn from a more classic institutional, new ecological, and refocused ethical approaches) is reviewed.

This paper argues that Milonakis and Fine, in their bookFrom Political Economy to Economics, offer an account of history that systematically omits discussion of how economics has been shaped by the political and social context in which it developed. This contrasts with work by intellectual historians who have argued that such factors were crucial to understanding the history of economic ideas. It is ironic given that Milonakis and Fine are criticising economists for excluding the political and the social from economics.

Engaging with the question of the extent to which the so-called human, economic or social sciences are actually sciences, this book moves away from the search for a criterion or definition that will allow us to sharply distinguish the scientific from the non-scientific. Instead, the book favours the pursuit of clarity with regard to the various enterprises undertaken by human beings, with a view to dissolving the felt need for such a demarcation. In other words, Read pursues a ‘therapeutic’ approach (...) to the issue of the status and nature of these subjects. Discussing the work of Kuhn, Winch and Wittgenstein in relation to fundamental question of methodology, Wittgenstein among the Sciences undertakes an examination of the nature of (natural) science itself, in the light of which a series of successive cases of putatively scientific disciplines are analysed. A novel and significant contribution to social science methodology and the philosophy of science and ‘the human sciences’, this book will be of interest to social scientists and philosophers, as well as to psychiatrists, economists and cognitive scientists. (shrink)

This is a comprehensive anthology of works concerning the nature of economics as a science, including classic texts and essays exploring specific branches and schools of economics. Apart from the classics, most of the selections in the third edition are new, as are the introduction and bibliography. No other anthology spans the whole field and offers a comprehensive introduction to questions about economic methodology.

This paper is part of the general debate about the need to rethink economics as a human discipline using a heuristic to describe its object, about the need to explicitly reject the positivistic approach in neoclassical economics, and about the urgency to adopt a different methodology, grounded on a realistic set of initial assumptions able to cope with the complexity of the decision making process. The aim of this paper is to show the use of Occam's razor in the economic (...) debate around realism in economic modelling. Occam's razor can be intended as a principle of logic that emphasises simplicity, or as a heuristic tool that emphasises parsimony. Neoclassical economists, such as Samuelson, have explicitly used Occam's razor as a logical principle to highlight the strict logic and simplicity of neoclassical economics; neoclassical models, however, are based on unrealistic assumptions. Some approaches of heterodox economics, au contraire, have used Occam's razor as a powerful heuristic tool to emphasise parsimony, building up models grounded on realistic initial assumptions and capable of embedding complexity into the general explanation of economic behaviour, as in Simon's bounded rationality (1955; 1957) and Hayek's notion of human rationality (1948; 1952; 1974) and cultural and social evolution (1967; 1978). (shrink)

This chapter uses Uskali Mäki’s (2009) concepts of “good” and “bad” imperialism to investigate the “economics imperialism” thesis. If science expands by offering (a) consilience, and (b) epistemological and ontological unity – that is, it explains more phenomena with greater parsimony – then this is good scientific expansion. Economics imperialism is only bad if the methodology of economics expands outside its domain without increasing understanding in the above manners.

The central focus of this paper is the disjunction between the findings of climate science in revealing the threat of global warming and the failure to act appropriately to these warnings. The development of climate science can be illuminated through the perspective provided by Peircian semiotics, but efforts to account for its success as a science and its failure to convince people to act accordingly indicate the need to supplement Peirce’s ideas. The more significant gaps, it is argued, call for (...) the integration of major new ideas. It will be argued that Peirce should be viewed as a Schellingian philosopher, and it will then be shown how this facilitates integration into his philosophy of concepts developed by other philosophers and theorists within this tradition. In particular, Bourdieu’s concepts of the ‘habitus’ and ‘field’ will be integrated with Peirce’s semiotics and used to analyse the achievements and failures of climate science. It will be suggested that the resulting synthesis can augment Peirce’s evolutionary cosmology and so provide a better basis for comprehending and responding to the situation within which we find ourselves. (shrink)

One striking feature of the contemporary modelling practice is its interdisciplinary nature. The same equation forms, and mathematical and computational methods, are used across different disciplines, as well as within the same discipline. Are there, then, differences between intra- and interdisciplinary transfer, and can the comparison between the two provide more insight on the challenges of interdisciplinary theoretical work? We will study the development and various uses of the Ising model within physics, contrasting them to its applications to socio-economic systems. (...) While the renormalization group methods justify the transfer of the Ising model within physics – by ascribing them to the same universality class – its application to socio-economic phenomena has no such theoretical grounding. As a result, the insights gained by modelling socio-economic phenomena by the Ising model may remain limited. (shrink)

This paper shows that William Stanley Jevons was not precursor of logical positivism despite his attempt to build up a unified science. His mechanical reductionism was directed towards this project, and Jevons tried to found mathematics on logic through the development of a theory of number. We show that his attempts were unsuccessful, and that his errors remain visible within the totality of his mechanical system, including his economics. We argue that both his logic and his economics are comprehensible only (...) when interpreted in terms of extent of meaning, and that Jevons? system gives rise to difficulties when interpreted in terms of intent of meaning. We argue that Jevons? methodological recommendations were intended to bridge the gap between extent and intent of meaning. Although Jevons did not succeed in establishing a unified science, his flawed methodology resulted in one of the first applications of statistics to the social sciences. (shrink)

Economic competitive advantage depends on innovation, which in turn requires pushing back the frontiers of various kinds of knowledge. Although understanding how knowledge grows ought to be a central topic of epistemology, epistemologists and philosophers of science have given it insufficient attention, even deliberately shunning the topic. Traditional confirmation theory and general epistemology offer little help at the frontier, because they are mostly retrospective rather than prospective. Nor have philosophers been highly visible in the science and technology policy realm, despite (...) philosophy’s being a normative discipline. This paper suggests a way to address both deficits. Creative scientists, technologists, business managers, and policy makers face similar problems of decision-making at their respective frontiers of knowledge. These areas should therefore be fertile ground for both epistemologists and philosophers concerned with policy. Here I call attention to the importance of heuristic appraisal for “frontier epistemology” and to policy formation. Evaluation of the comparative promise or expected fertility of available options comprises a cluster of activities that cut across traditional discovery/justification and descriptive/normative distinctions. The study of weak modes of reasoning and evaluation is especially relevant to socio-economic policy. (shrink)

Michael Jensen made a name for himself in the 1970s–1990 s with his ‘agency theory’ and its application to questions of corporate governance and economic policy. The effects of his theory were acutely felt in the pedagogics of business studies, as Jensen lent his authority to combat all attempts to integrate social considerations and moral values into business education. Lately, however, Michael Jensen has come to defend quite a different approach, promoting an ‘integrity theory’ of management learning. Jensen now rather (...) aspires to empower students to give authentic expression to their personal values in their professional lives, and he sees the main function of management studies in assisting them in this effort. This article reconstructs the transformation of Jensen’s outlook, drawing on Jensen’s theories as an exemplar of wider trends in the current literature on management learning, away from a decidedly ‘mechanistic’ and towards a more ‘humanistic’ pedagogy of management. Jensen’s case serves to highlight developments that might make for better preconditions for the appreciation of business ethics on part of business students. On closer inspection, though, it appears that his remaining within a positivistic framework ultimately impedes the kind of progress Michael Jensen envisions for business studies. (shrink)

Publication date: 16 April 2018 Source: Author: Remi Chukwudi Okeke, Desmond Okechukwu Nnamani This study interrogates the notion of an envisaged age of wisdom whereby, the current information / knowledge worker era will be succeeded by a new order, in which information and knowledge will be impregnated with purpose and principles. The study thus examines the issue of worker commitment and organizational citizenship behaviour in the assumed age of wisdom. The analytical framework of the study is the rational choice theory. (...) Precedent to the envisioned age of wisdom is the condition of putting service before self. We argued in the study that the age of wisdom-position contextually discountenances with a fundamentally contentious issue in human affairs, which has to do with whether the individual in the society is an inherently self-interested or an innately altruistic being. In the study’s re-imaginations, worker commitment and organizational citizenship behaviours will continue to be influenced by the intrinsic tendencies, in the regards of subjective rationality. In contrast to the assumed precedent-condition of putting service before self in the imminent age of wisdom, this study sees general continuity in subjective rationalities but with massive increases in universal productivity, arising from enduring human inventiveness and sundry efforts. (shrink)

(2005). Wonder in the face of scientific revolutions: Adam Smith on Newton's ‘Proof’ of Copernicanism. British Journal for the History of Philosophy: Vol. 13, No. 4, pp. 697-732. doi: 10.1080/09608780500293042.

In this paper, I present a philosophical analysis of interdisciplinary scientific activities. I suggest that it is a fruitful approach to view interdisciplinarity in light of the recent literature on scientific representations. For this purpose I develop a meta-representational model in which interdisciplinarity is viewed in part as a process of integrating distinct scientific representational approaches. The analysis suggests that present methods for the evaluation of interdisciplinary projects places too much emphasis non-epistemic aspects of disciplinary integrations while more or less (...) ignoring whether specific interdisciplinary collaborations puts us in a better, or worse, epistemic position. This leads to the conclusion that there are very good reasons for recommending a more cautious, systematic, and stringent approach to the development, evaluation, and execution of interdisciplinary science. (shrink)

ABSTRACTNormative political epistemologists, such as epistemic democrats, study whether political decision makers can, in principle, be expected to know what they need to know if they are to make wise public policy. Empirical political epistemologists study the content and sources of real-world political actors' knowledge and interpretations of knowledge. In recent years, empirical political epistemologists have taken up the study of the ideas of political actors other than voters, such as bureaucrats and politicians. Normative political epistemologists could follow this lead (...) if they were to focus on the technocratic orientation of nearly all political actors in the West: that is, on their desire to solve social and economic problems. Since most technocratic policy is made by political elites, the reliability of elites' knowledge of the causes of and cures for social and economic problems is a natural topic for normative political epistemology. (shrink)

Feminist economics draws increasing attention from professional mainstream economists. In this paper, we discuss methodological issues, some theoretical developments – notably on the household – and issues of economic policy. We point to parallels between feminist economics and institutional economics, and argue that these relations might be strengthened to the benefit of both.

In this article it is argued that there are notable parallels between all of the different strands within ethics on the one hand, and accountancy on the other that, in teaching, can be drawn upon to enhance students’ understanding of the latter. Accountancy, part of economics, draws on utilitarian ethics, but not solely so. Accounting, in addition, draws on deontological and communitarian strands in ethics. The article suggests that the teaching of accounting – especially to non-economists – would benefit substantially (...) from highlighting and developing these parallels. (shrink)

Econophysics is a new and exciting cross-disciplinary research field that applies models and modelling techniques from statistical physics to economic systems. It is not, however, without its critics: prominent figures in more mainstream economic theory have criticized some elements of the methodology of econophysics. One of the main lines of criticism concerns the nature of the modelling assumptions and idealizations involved, and a particular target are ‘kinetic exchange’ approaches used to model the emergence of inequality within the distribution of individual (...) monetary income. This article will consider such models in detail, and assess the warrant of the criticisms drawing upon the philosophical literature on modelling and idealization. Our aim is to provide the first steps towards informed mediation of this important and interesting interdisciplinary debate, and our hope is to offer guidance with regard to both the practice of modelling inequality, and the inequality of modelling practice. _1_ Introduction _1.1_ Econophysics and its discontents _1.2_ Against burglar economics _2_ Modelling Inequality _2.1_ Mainstream economic models for income distribution _2.2_ Econophysics models for income distribution _3_ Idealizations in Kinetic Exchange Models _3.1_ Binary interactions _3.2_ Conservation principles _3.3_ Exchange dynamics _ 4 _ Fat Tails and Savings _ 5 _ Evaluation. (shrink)

Plessner’s Stufen des Organischen questions both the conditions of possibility as well as the consequences of a self-understanding of life. Originally written against the background of urbanisation, industrialisation and colonisation, the strength of Plessner’s work lies in his combination of an analyticalphilosophical conceptualisation, the introduction of materiality and the body as well as his historical–ethical dimension. As a re-sult of this combination, Plessner’s approach is well suited to contribute to the current inter-national discourse on the relationship of sociality and materiality. (...) This article provides an overview of the reception of Plessner in Germany and embeds his approach into current de-bates, discussing its value with regard to the sociality-materiality relationship. The focus is on three issues: the definition of the boundaries of the social, the relationship between the social and the body as well as the cultural historic-ethical situation. Finally, Plessner’s Steps of the Organic are related to the current issues of ecologisation and digitalisation, allowing us to see what a Plessnerian perspective on the materiality-sociality relationship can do with-in applied social theory. (shrink)

This paper argues that economics, over the past 200 years, has become steadily more anti-philosophical and that there are three stages in the development of economic thought. Adam Smith intended economics to be a descriptive social science, rooted in an understanding of the moral and psychological processes of an individual’s decision-making and its connection to society in general. Yet, immediately after Smith’s death, economists made a clean cut and invented a totally new discipline: they switched towards a physicalist understanding of (...) human nature. Humans, like atoms, follow a natural law: they are driven by an emotion (defined as a non-emotion, rationality), namely selfishness. Thus economics became a ‘natural’ science. In the 20th century, the second reinterpretation removed all traces of humanity from the study of economics and declared economics to be a formal science like mathematics and logics. The actor in Phase 3 economics is homo economicus syntheticus, a postulate whose only connection to real humanity is the word homo. The paper asks what the results of this dramatic relocation are and why Phase 3 economics still claims descent from Smithian economics, despite the massive differences. (shrink)

Funding agencies and large public scientific institutions are increasingly using the term “research portfolio” as a means of characterizing their research. While portfolios have long been used as a heuristic for managing corporate R&D, they remain ill-defined in a science policy context where research is aimed at achieving societal outcomes. In this article we analyze the discursive uses of the term “research portfolio” and propose some general considerations for their application in science policy. We explore the use of the term (...) in private R&D and related scholarly literature in existing science policy practices, and seek insight in relevant literature in science policy scholarship. While the financial analogy can in some instances be instructive, a simple transposition from the world of finance or of corporate R&D to public research is problematic. However, we do identify potentially fruitful uses of portfolio analysis in science policy. In particular, our review suggests that the concept of research portfolio can indeed be a useful analytical instrument for tackling complex societal challenges. Specifically, the strands of scholarship identified suggest that the use of research portfolio should: i) recognize the diversity of research lines relevant for a given societal challenge, given the uncertainty and ambiguity of research outcomes; ii) examine the relationships between research options of a portfolio and the expected societal outcomes; and iii) adopt a systemic perspective to research portfolios – i.e. examine a portfolio as a functional whole, rather than as the sum of its parts. We argue that with these considerations, portfolio-driven approaches may foster social inclusion in science policy decisions, help deliberation between “alternative” portfolios to tackle complex societal challenges, as well as promote cost-effectiveness and transparency. (shrink)

In this contribution, I comment on Raffaella Campaner’s defense of explanatory pluralism in psychiatry (in this volume). In her paper, Campaner focuses primarily on explanatory pluralism in contrast to explanatory reductionism. Furthermore, she distinguishes between pluralists who consider pluralism to be a temporary state on the one hand and pluralists who consider it to be a persisting state on the other hand. I suggest that it would be helpful to distinguish more than those two versions of pluralism – different understandings (...) of explanatory pluralism both within philosophy of science and psychiatry – namely moderate/temporary pluralism, anything goes pluralism, isolationist pluralism, integrative pluralism and interactive pluralism. Next, I discuss the pros and cons of these different understandings of explanatory pluralism. Finally, I raise the question of how to implement or operationalize explanatory pluralism in scientific practice; how to structure the “genuine dialogue” or shape “the pluralistic attitude” Campaner is referring to. As tentative answers, I explore a question-based framework for explanatory pluralism as well as social-epistemological procedures for interaction among competing approaches and explanations. (shrink)

The various behavioral disciplines model human behavior in distinct and incompatible ways. Yet, recent theoretical and empirical developments have created the conditions for rendering coherent the areas of overlap of the various behavioral disciplines. The analytical tools deployed in this task incorporate core principles from several behavioral disciplines. The proposed framework recognizes evolutionary theory, covering both genetic and cultural evolution, as the integrating principle of behavioral science. Moreover, if decision theory and game theory are broadened to encompass other-regarding preferences, they (...) become capable of modeling all aspects of decision making, including those normally considered “psychological,” “sociological,” or “anthropological.” The mind as a decision-making organ then becomes the organizing principle of psychology. (Published Online April 27 2007) Key Words: behavioral game theory; behavioral science; evolutionary theory; experimental psychology; gene-culture coevolution; rational actor model; socialization. (shrink)

In this chapter we consider economic systems, and in particular financial systems, from the perspective of the physics of complex systems (i.e. statistical physics, the theory of critical phenomena, and their cognates). This field of research is known as econophysics—alternative names are ‘financial physics’ and ‘statistical phynance.’ This title was coined in 1995 by Eugene Stanley, and since then its researchers have attempted to forge it as an independent and important field, one that stands in opposition to standard (‘Neo-Classical’) economic (...) theory. Econophysicists argue that the empirical data is best explained in terms flowing out of statistical physics, according to which the (stylized) facts of economics are best understood as emergent properties of a complex system. However, some economists argue that the methods used by econophysics are not sufficient to prove the existence of underlying complexity in economic systems. The complexity claim can nonetheless be defended as a good example of an inference to the best explanation rather than a definitive deduction. (shrink)

In light of the structural role of computational technology in the expansion of modern global finance, this essay investigates the ontology of contemporary markets starting from a reformulation of liquidity—one of the tenets of financial trading. Focusing on the nexus between financial and algorithmic flows, the paper complements contemporary philosophies of the market with insights into recent theories of computation, emphasizing the functional role of contingency, both for market trading and algorithmic processes. Considering the increasing adoption of advanced computational methods (...) in automated trading strategies, this article argues that the event of price is the direct manifestation of the incomputability at the heart of market exchange. In doing so, it questions the ontological assumptions of “flow” and “fluidity” underpinning traditional conceptions of liquidity and challenges the notion of rationality in market behavior. Ultimately, the paper gestures toward some of the social and political consequences of this reformulation. (shrink)

This is the first of two articles in which I reflect on “generalized Darwinism” as currently discussed in evolutionary economics. I approach evolutionary economics by the roundabouts of evolutionary epistemology and the philosophy of biology, and contrast evolutionary economists’ cautious generalizations of Darwinism with “imperialistic” proposals to unify the behavioral sciences. I then discuss the continued resistance to biological ideas in the social sciences, focusing on the issues of naturalism and teleology. In the companion article (Callebaut, Biol Theory 6. doi: (...) 10.1007/s13752-013-0087-1, 2011, this issue) I assess generalized Darwinism, concentrating on the roles of theory and model building, generative replication, and the relation between selection and self-organization; and I point to advances in biology that promise to be more fruitful as sources of inspiration for evolutionary economics than the project to generalize Darwinism in its current, “hardened Modern Synthesis” form. (shrink)

The representation of reality is a fundamental concept in the perception of theworld. Its historical consideration leads to an understanding of historical andcontemporary culture. In this paper we specifically investigate theanthropometric stage of cultural development as a historical world view. Wedefine this stage on the basis of René Girard's hypotheses on the origin ofculture, and we isolate its principles. Next, we consider the function of art asthe representation of cultural values. We investigate the three major motivesof artistic representation in the (...) anthropometric stage, i.e. beauty, dramatizationand mimesis. We show how and why these motives play an essential partin the obfuscation and explanation of the origin of culture. Finally, we showhow these developments are dealt with in the aesthetics of Plato and Aristotle. (shrink)

In the methodology of scientific research programs (MSRP) there are important features on the problem of prediction, especially regarding novel facts. In his approach, Imre Lakatos proposed three different levels on prediction: aim, process, and assessment. Chapter 5 pays attention to the characterization of prediction in the methodology of research programs. Thus, it takes into account several features: (1) its pragmatic characterization, (2) the logical perspective as a proposition, (3) the epistemological component, (4) its role in the appraisal of research (...) programs, and (5) its place as a value for scientific research. -/- The notion of “novel facts” is highly relevant in his conception, where several aspects are involved: the directions of novel facts, the different kinds of novelty, and the transition from six possible options of “novel facts” to four choices. Thereafter, the prediction of novel facts as the criterion of appraisal is considered. On the one hand, this requires analyzing the theoretical, empirical, and heuristic possibilities of appraisal; and, on the other, whether there is an overemphasis on the role of prediction in methodology of scientific research programs. As a consequence, there is an analysis of Lakatos’ criterion of appraisal in MSRP and economics. (shrink)

We argue that the concepts of `human equality' and `inequality' play an important role in the structure of science and philosophy. When the value of `human inequality' predominates, scientific categories are formed in accordance with the principle of `hierarchical differentiation' and concepts remain closely tied to the objects they are referring to. Following Mirowski we define this as the `anthropometric stage' of human thought and development. Contrary, Mirowski's `syndetic stage' refers to societies where the value of `human equality' prevails. Here (...) concepts appear that are universally applicable. However, because of their conventional nature these concepts cannot be `grasped' any longer by human intuition. Between the `anthropometric' and `syndetic' stages, a `lineamentric stage' appears, a period of transition from `human equality' to `human inequality'. Being both a bridge and gap between the two other stages, the `lineamentric' stage contains many contradictions between an `abstract attitude' and `concrete categories'. In this paper we examine the anthropometric, lineamentric and syndetic stages and discuss several examples taken from philosophy, logic, mathematics and physics. (shrink)

Sociologists have long recognized the fragmentation our discipline’s knowledge, but few explanations go beyond “new internalist” studies of practices. Abbott’s scholarship in the topic areas of professions and disciplines is synthesized here to highlight a condition identified as “ajurisdiction,” or, the absence of professional responsibility. Ajurisdiction explains sociological fragmentation by situating the development of sociology within broader historical contexts: first, within the history of the academic profession, in general; and, secondly, within wider systems of professions and power. Beginning with the (...) origins of the social sciences in German legal science, this article tracks the historical interactions between professional and academic knowledge to explain sociology’s ajurisdictional condition. The theoretical framework and concept positions the academic profession in a unique position in relation to abstract knowledge, a relation that affects the internal differentiation of knowledge between and within disciplines and professional faculties as demonstrated by the case of sociology and law. (shrink)