There are two opposing views concerning intuitive cases of wage exploitation. The first denies that they are cases of exploitation at all. It is based on the nonworseness claim: there is nothing wrong with a discretionary mutually beneficial employment relationship. The second is the reasonable view: some employment relationships can be exploitative even if employers have no duty towards their employees. This article argues that the reasonable view does not completely defeat defences of wage exploitation, because these do not rely (...) solely on the nonworseness claim. They also rely on the idea, popularised by Alan Wertheimer, that exploitation is a form of disequilibrium price occurring in defective markets. The article then proceeds to criticise Wertheimer’s account through neoclassical, new institutional, and Austrian economics. It concludes that considerations for economic efficiency are irrelevant to assessing intuitions regarding exploitation. (shrink)

This paper is the first major and a thorough study on the Merger & Acquisition (M&A) activities in Vietnam’s emerging market economy, covering almost entirely the M&A history after the launch of Doi Moi. The surge in these activities since mid-2000s by no means incidentally coincides with the jump in FDI and FPI inflows into the nation. M&A industry in Vietnam has its socio-cultural traits that could help explain economic happenings, with anomalies and transitional characteristics, far better than even the (...) most complete set of empirical data. Proceeds from the sales of existing assets and firms have mainly flowed into the highly speculative industries of securities, banking, non-bank financials, portfolio investments and real estates. The impact of M&A on Vietnam’s long-term prosperity is thus highly questionable. An observable high degree of volatility in the M&A processes would likely blow out the high ex ante expectations by many speculators, when ex post realizations finally arrive. The effect of the past M&A evolution in Vietnam has been indecisively positive or negative, with significant presence of rent-seeking and likelihood of causing destructive entrepreneurship. From a socio-economic and cultural view, the degree of positive impacts may result in domestic entrepreneurship which will perhaps be the single most important indicator. (shrink)

Corporate bond appeared in 1992-1994 in Vietnamese capital markets. However, it is still not popular to both business sectors and academic circles. This paper explores different dimensions of Vietnamese corporate bond market using a unique and perhaps, most complete data set. State not only intervenes in the bond markets with its powerful budget and policies but also competes directly with enterprises. The dominance of state-owned enterprises and large corporations also prevents small and medium enterprises from this debt financing vehicle. Whenever (...) a convertible term is available, bondholders are more willing to accept lower fixed income payoff. But they would not likely stick to it. On the one hand, prospective bondholders could value the holdings of equity when realized favourably ex ante. On the other hand, the applicable coupon rate for such bonds could turn out negative inflation-adjusted payoff when tight monetary policy is exercised and the corresponding equity holding turns out valueless, ex post. Given the weak primary market and virtually non-existent secondary market, the corporate bond market in Vietnam reflects our perception of the relationship-based and rent-seeking behaviour in the financial markets. For the corporate bonds to really work, they critically need a higher level of liquidity to become truly tradeable financial assets. Updated entries in 2010 affirm the findings and conclusions. (shrink)

This paper clarifies the usage of Albert Hirschman’s categories of market behaviour as of exit and voice in debates about workplace democracy by taking seriously his critique of the neoclassical analysis of competition. Pro-market liberals are generally hostile to the idea of workplace democracy and tend to favour top-down hierarchies as a way of organising labour. This hostility is generally inspired by the neoclassical analysis of exploitation and efficiency, which leads them to defend distributions achieved through exit-based competitive equilibria. Following (...) Hirschman, I propose to consider a hypothetical alternative: a democratic equilibrium, reached through the use of voice. I show that it would present the same appealing characteristics than its competitive counterpart while also accounting for the non-ideal conditions in which markets operate. Support for free markets should entail support for workplace democracy minimally understood as a strengthening of voice. (shrink)

A central argument for non-reductive accounts of group agency is that complex social entities are capable of exerting causal influence independently of and superseding the causal efficacy of the individuals constituting them. A prominent counter is that non-reductionists run into an insuperable dilemma between identity and redundancy – with identity undermining independent higher-level efficacy and redundancy leading to overdetermination or exclusion. This paper argues that critics of non-reductionism can manage with a simpler and more persuasive reductio strategy called mapping: allow (...) that group agents are causally efficacious in their own right and chart how their causal efficacy is carried out; how it relates to the causal efficacy of individual determiners; how it connects to the causal relevance of background structural factors. The focus exclusively on whether groups are or are not causally efficacious black-boxes implementation, while close attention to how causation is wired increases the visibility of individualist arguments and countenances structure-oriented explanations. (shrink)

Nossa seleção de verbetes parte do interesse de cada pesquisador e os dispomos de maneira histórico-cronológica e, ao mesmo tempo, temática. O verbete de Melissa Lane, “Filosofia Política Antiga” vai da abrangência da política entre os gregos até a república e o império, às portas da cristianização. A “Filosofia Política Medieval”, de John Kilcullen e Jonathan Robinson, é o tópico que mais demanda espaço na nossa seleção em virtude das disputas intrínsecas ao período, da recepção de Aristóteles pelo medievo e (...) da tensão entre poder Papal e Civil. No verbete “Liberalismo”, de Gerald Gaus, Shane Courtland e David Schmidtz, vemos as fontes fundantes da Filosofia Política da modernidade. As ideias de liberdade negativa e positiva se coadunam com a Ética Liberal e sua influência sobre a abrangência do valor fundamental da liberdade individual diante das políticas públicas. O texto de Ian Carter, “Liberdade Positiva e Liberdade Negativa”, expõe o paradoxo da liberdade em suas concepções valorativas e neutra, muito úteis para compreender os problemas políticos que enfrentamos hoje. Por fim, Bas Van Der Vossen no texto “Libertarianismo” trata das noções tensas entre Estado e indivíduos. A concepção de “liberdade de si”, genuinamente negativa, ganha destaque justificatório. Jackie Scully, no verbete Bioética Feminista, exemplifica o valor da influência dessas correntes no âmago de todos os contemporâneos. Sua escrita homenageia postumamente Anne Donchin com um apanhado histórico da luta de inserção de políticas feministas na pesquisa acadêmica global. No verbete “Democracia”, os professores brasileiros Gustavo Dalaqua e Alberto Ribeiro Barros acrescentaram tópicos importantes ao tema geral, respectivamente: “Construtivismo Representativo vs. Representação Descritiva” e “Democracia Contestatória de Philip Pettit”. O texto de Thomas Christiano perpassa os principais argumentos de justificação política contra e a favor da democracia ocidental, com foco central nas concepções de liberdade e igualdade. Os verbetes dispostos nessa seleção de textos são tendenciosos na medida que expressam o interesse genuíno de cada pesquisador com os assuntos relevantes em suas pesquisas. Em virtude disso, a escolha “adota um lado” em detrimento de outros – mais especificamente: de outro que poderia ser mais “progressista”. Por si só, o livro já nasce reclamando um segundo volume, que será providenciado. Colocamos de lado qualquer exigência de “imparcialidade”, algo que não existe na Filosofia, muito menos na Filosofia Política. Sobressai, nesse aspecto, o caráter reflexivo que o assunto exige e a importância do assunto, sem o qual não teríamos a modernas concepções de representatividade, as teorias da justiça ou mesmo as ciências sociais. Um outro volume, portanto, se faz imperativo, por conta da abrangência da própria SEP e do respeito a seu projeto inicial, genuinamente um plano plural. (shrink)

The ontology of marketing, particularly the question of what products and brands are, is still largely unexplored. The ontological status of brands hinges on their relationship with products. Idealists about brands see perceptual or cognitive acts of consumers grouped under the heading ‘brand awareness’ or ‘brand image’ as constitutive for the existence of brands so that, in their view, tools of the marketing mix can influence relevant mental dispositions and attitudes. Brand realists, on the other hand, reject the view of (...) brands as mere marks or names and interpret them as emergent products with properties that afford branding in the sense of Gibson’s ecological psychology. Brand strength is a function of the degree to which brands occupy defensible niches in product space. Branding as a process involves changing external or internal boundaries of products. Several arguments are proposed in favor of brand realism. The fragments of an ontology of marketing are developed in a broadly Aristotelian framework. Brand realism has significant implications for a new understanding of issues ranging from the effects of advertising to financial brand valuation, the nature of trademarks, and marketing strategy in general. It permits one to treat brand equity as a real phenomenon not dependent on associations, attitudinal states such as brand loyalty, or spurious constructs such as brand character or personality. (shrink)

An overview of the ancient philosophers and their philosophical system (divided into the fields of logic, physics, and ethics) comprising the living, organic, enduring, and evolving body of interrelated ideas identifiable as the Stoic perspective.

Malgré les critiques de la théorie de Karl Popper sur la falsifiabilité pour la démarcation entre la science et la non-science, principalement la pseudo-science, ce critère est toujours très utile et parfaitement valide après avoir été perfectionné par Popper et ses disciples. De plus, même dans sa version originale, qualifiée de « dogmatique » par Lakatos, Popper n’a pas affirmé que cette méthode constituait un critère absolu de démarcation : un seul contre-exemple ne suffit pas à falsifier une théorie ; (...) une théorie peut légitimement être sauvée de la falsification en introduisant une hypothèse auxiliaire. Comparé à la théorie des révolutions de Kuhn, de qui lui-même s'est dissocié pour la transformer en une théorie des « micro-révolutions », j'estime que la méthode de démarcation de Popper, ainsi que le développement ultérieur proposé par lui, incluant la corroboration et la vraisemblance, même imparfait, n’est pas seulement valable aujourd’hui, mais c’est la meilleure méthodologie de démarcation. -/- SOMMAIRE: -/- Abstract Introduction 1. Le problème de la démarcation 2. Pseudoscience 3. Falsifiabilité 4 Falsification et réfutation 5 Extension de la falsifiabilité 6. Critiques de la falsifiabilité 7 Support de la falsifiabilité 8 Tendance actuelle Conclusions Bibliographie Notes -/- DOI: 10.13140/RG.2.2.19124.60805 . (shrink)

The work of Alfred Schutz was an important early influence on Harold Garfinkel and therefore on the development of ethnomethodology. In this article, I try to clarify what Garfinkel drew from Schutz, as well as what he did not take from him, specifically as regards the task of social inquiry. This is done by focusing in detail on one of Schutz’s key articles: ‘Concept and Theory Formation in the Social Sciences’. The aim is thereby to illuminate the relationship between Schutz’s (...) views on the character of social science and Garfinkel’s radical proposal for a re-specified focus of investigation. This is further pursued by examining an important debate about the link between Schutz and ethnomethodology. (shrink)

Despite the criticism of Karl Popper's falsifiability theory for the demarcation between science and non-science, mainly pseudo-science, this criterion is still very useful, and perfectly valid after it was perfected by Popper and his followers. Moreover, even in his original version, considered by Lakatos as "dogmatic", Popper did not assert that this methodology is an absolute demarcation criterion: a single counter-example is not enough to falsify a theory; a theory can legitimately be saved from falsification by introducing an auxiliary hypothesis. (...) Compared to Kuhn's theory of revolutions, which he himself later dissociated from it transforming it into a theory of "micro-revolutions," I consider that Popper's demarcation methodology, along with the subsequent development proposed by him, including the corroboration and the verisimilitude, though imperfect, is not only valid today, but it is still the best demarcation methodology. For argumentation, I used the main works of Popper dealing with this issue, and his main critics and supporters. After a brief presentation of Karl Popper, and an introduction to the demarcation problem and the falsification methodology, I review the main criticisms and the arguments of his supporters, emphasizing the idea that Popper has never put the sign of equality between falsification and rejection. Finally, I present my own conclusions on this issue. CONTENTS -/- Abstract Introduction 1 The demarcation problem 2 Pseudoscience 3 Falsifiability 4 Falsification and refutation 5 Extension of falsifiability 6 Criticism of falsifiability 7 Support of falsifiability 8 The current trend Conclusions Bibliography Notes -/- DOI: 10.58679/MM99220. (shrink)

Thomas Kuhn criticized falsifiability because it characterized "the entire scientific enterprise in terms that apply only to its occasional revolutionary parts," and it cannot be generalized. In Kuhn's view, a delimitation criterion must refer to the functioning of normal science. Kuhn objects to Popper's entire theory and excludes any possibility of rational reconstruction of the development of science. Imre Lakatos said that if a theory is scientific or non-scientific, it can be determined independently of the facts.He proposed a modification of (...) Popper's criterion, which he called "sophisticated (methodological) falsification". DOI: 10.13140/RG.2.2.30572.82568. (shrink)

This article examines Machiavelli’s image of humanity. It argues against the prevailing views that characterize it either as pessimistic or optimistic and defends the thesis that the Florentine has a realist image of humanity. Machiavelli is a psychological egoist who conceives of man as a being whose actions are motivated by his drives, appetites, and passions, which lead him often to immoral behavior. Man’s main drives are “ambition” (ambizione) and “avarice” (avarizia). This article also investigates Machiavelli’s concept of nature and (...) shows that, for him, the constancy of human nature is the central premise that makes the scientific analysis of politics possible. Despite the fact that human drives and capabilities are the same at all times, good laws, military training, and religion allow man to be changed and educated toward “virtue” (virtù). To make such changes in man, however, presupposes a good legal and political order. Machiavelli justifies the state because of its capacity to reshape human nature and to improve man. The state is not only a coercive power but a moral institution. This leads to the conclusion that Machiavelli does not separate politics from morality as most scholars claim. (shrink)

În această lucrare argumentez faptul că, în ciuda criticilor teoriei falsificabilității propuse de Karl Popper pentru demarcarea între știință și ne-știință, în principal pseudoștiință, acest criteriu este încă foarte util, și perfect valabil după perfecționarea lui de către Popper și adepții lui. Mai mult, chiar și în versiunea sa inițială, considerată de Lakatos ca ”dogmatică”, Popper nu a afirmat că această metodologie este un criteriu absolut de demarcare: un singur contra-exemplu nu este suficient pentru a falsifica o teorie; mai mult, (...) o teorie poate fi salvată în mod legitim de falsificare prin introducerea unei ipoteze auxiliare. În comparație cu teoria lui Kuhn a revoluțiilor, de care el însuși s-a dezis ulterior transformând-o într-o teorie a ”micro-revoluțiilor”, consider că metodologia de demarcare a lui Popper, împreună cu dezvoltarea ulterioară propusă de acesta, inclusiv coroborarea și verosimilitudinea, deși imperfectă, nu numai că este valabilă și azi, dar este încă cea mai bună metodologie de demarcare. Pentru argumentare, m-am folosit de principalele lucrări ale lui Popper care tratează această problemă, și a principalilor săi critici și susținători. După o scurtă prezentare a lui Karl Popper, și o introducere în problema demarcației și metodologia falsificabilității, trec în revistă principalele critici aduse și argumentele susținătorilor săi, accentuând pe ideea că Popper nu a pus niciodată semnul egalității între falsificare și respingere. În final prezint propriile concluzii în această problemă. -/- DOI: 10.58679/TW55590. (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 article contributes to the debate about the political role of the business firm. The article clarifies what is meant by the “political” role of the firm and how this political role relates to its economic role. To this end, the authors present an ordonomic concept of corporate citizenship and illustrate the concept by way of comparison with the Aristotelian idea of individual citizenship for the antique polis. According to our concept, companies take a political role if they participate in (...) rule-setting processes and rule-finding discourses. Though this political role of the corporation is in principle ambivalent, the authors conclude that in such processes of “new governance” the economic and political roles of the firm need not contradict each other but can follow the same win-win logic of individual self-perfection through cooperative social interactions. (shrink)

This essay is part of an attempt to reconcile two extreme views in economics: the (neglected) subjective, apriorist approach and the (standard) objective, scientific (i.e., falsifiable) approach. The Austrian subjective view of value, building on Carl Menger’s theory of value, was developed into a theory of economics as being entirely an a priori theory of action. This probably finds its most extreme statement in Ludwig von Mises’ Human Action (1949). In contrast, the standard economic view has developed into making falsifiable (...) predictions about economic phenomena whereby the truth of the assumptions, especially about economic agents, is relatively unimportant: predictive fecundity is all. This finds an extreme statement in Milton Friedman’s introductory essay in his Essays in Positive Economics (1953). However, many economists fall somewhere between the two extremes, such as McKenzie and Tullock (1978). (shrink)

Economic profit is produced by entrepreneurs, those special individuals able to detect and seize as yet unexploited market opportunities. Many large capitalist firms manage to deliver positive profits even in the most competitive environments. They can do so, thanks to internal entrepreneurs, a subset of their employees able to drive change and develop innovation in the workplace. This paper argues that the goal of increasing economic profit is fully consistent with the corporation doing good for society. However, there is little (...) justification for corporations to transfer the whole economic profit to shareholders. Economic agents entitled to receive the economic profit are precisely those who create this profit, namely the internal entrepreneurs. (shrink)

Profit is a concept that both causes and manifests deep conflict and division. It is not merely that people disagree over whether it is good or bad. The very meaning of the concept and its role in competing theories necessitates the deepest possible disagreement; people cannot agree on what profit is. Still, simply learning the starkly different sentiments expressed about profit gives us some feel for the depth of the conflict. Friends of capitalism have praised profit as central to the (...) achievement of prosperity and to civilized modern life. Calvin Coolidge, that silent sentinel of American business, said, “Profit and civilization go hand in hand.” F. A. Hayek tells us that in the evolution of the structure of human activities, profitability works as a signal that guides selection towards what makes man more fruitful; only what is more profitable will, as a rule, nourish more people, for it sacrifices less than it adds. (shrink)

Liberal political theory is all too familiar with the divide between classical and welfare-state liberals. Classical liberals, as we all know, insist on the importance of small government, negative liberty, and private property. Welfare-state liberals, on the other hand, although they too stress civil rights, tend to be sympathetic to “positive liberty,” are for a much more expansive government, and are often ambivalent about private property. Although I do not go so far as to entirely deny the usefulness of this (...) familiar distinction, I think in many ways it is misleading. In an important sense, most free-market liberals are also “welfare-state” liberals. I say this because the overwhelming number of liberals, of both the pro-market and the pro-government variety, entertain a welfarist conception of political economy. On this dominant welfarist view, the ultimate justification of the politico-economic order is that it promotes human welfare. Traditional “welfare-state liberals” such as Robert E. Goodin manifestly adopt this welfarist conception. But it is certainly not only interventionists such as Goodin who insist that advancing welfare is the overriding goal of normative political economy. J. R. McCulloch, one of the great nineteenth-century laissez-faire political economists, was adamant that “freedom is not, as some appear to think, the end of government: the advancement of public prosperity and happiness is its end.” To be sure, McCulloch would have disagreed with Goodin about the optimal welfare-maximizing economic policy: the welfarist ideal, he and his fellow classical political economists believed, would best be advanced by provision of a legal and institutional framework — most importantly, the laws of property, contract, and the criminal code — that allows individuals to pursue their own interests in the market and, by so doing, promote public welfare. In general, what might be called the “classical-liberal welfare state” claims to advance welfare by providing the framework for individuals to seek wealth for themselves, while welfarists such as Goodin insist that a market order is seriously flawed as a mechanism for advancing human welfare and, in addition, that government has the competency to “correct market failures” in the provision of welfare. (shrink)

The central thesis of my article is that people live a life worthy of a human being only as self-ruling members of some autarchic (or self-governing) communities. On the one hand, nobody is born as a self-ruling individual, and on the other hand, everybody can become such a person by observing progressively the non-aggression principle and, ipso facto, by behaving as a moral being. A self-ruling person has no interest in controlling her neighbors, but in mastering his own impulses, needs, (...) wishes, desires, behaviors, etc. Inasmuch as he is an imperfect being who lives in an imperfect world, he needs to share certain interests, beliefs, values, customs and other characteristics with other people, i.e. to be involved in some communities. Depending on the following four criteria – the regulatory principle, the essential resources, the specific feedback and the fundamental values –, the countless and manifold human communities can be grouped in three categories: (1) affinity communities, (2) economic communities, and (3) civic communities. In other words, every community or human behavior has an affinity, an economic, and a civic dimension. If a civic community is merely a state shaped society, it can be called a political community. All communities are intrinsically variable. Throughout time, they ceaselessly change their composition, values, interpersonal processes and relations, territory, etc. Interestingly enough, the variability is unanimously recognized and accepted in affinity and communities economic, but is denied or abusively interpreted in the case of state shaped societies. If we confuse two types of order − cosmos and taxis – and two types of rule – nomos and thesis –, as well as we exaggerate the importance of certain type of community we bring some social maladies, namely the traditionalism, the commercialism and the civism, (with the worst form of it – the politicality). Whatever the communities they are involved in, all persons relate (implicitly or explicitly) to the libertarian non-aggression principle, living their life in strict accordance with the logical implications of the position they adopt. People who respect the non-aggression axiom necessarily manifest self-control, consideration for the life and property of the others, commitment to offer value for value, love of freedom and a high level of individual responsibility. By contrast, people who violate this axiom – the villains and the statists – invariably strive to control their neighbors, behave as parasites or predators, prefer forced exchanges, reject the personal responsibility (at most accepting the idea of social responsibility), and apply double moral standards. The first category of people generates a libertarian civic discourse as a spontaneous order, and the second creates a political/ statist civic discourse as a result of the human design and will to power. As a spontaneous order, the libertarian civic discourse implies free involvement, peaceful coordination, free expression, free reproduction of ideas and the power of one. Every communication performance in the frame of the libertarian civic discourse is important and has relevant results. All participants to the libertarian civic discourse are automatically members of some self-governing communities (at least members of the general libertarian community). The most important thing for these communities is to be connected to a communicational infrastructure which would make possible free involvement, free expression and the free reproduction of ideas. Inasmuch as today democracy means the tyranny of majority and participatory democracy the tyranny of majority plus the power of vested (and illegitimate) interests, only the emergence of self-governing communities by libertarian discourse offers us a little hope. It’s high time to fall in love (again) with liberty and to embrace the non-aggression principle. We don’t have to create a perfect world, but we can strive to develop our human nature. (shrink)

The main purpose of this article is to tackle the problem of living together – as dignified human beings – in a certain territory in the field of social philosophy, on the theoretical grounding ensured by some remarkable exponents of the Austrian School − and by means of the praxeologic method. Because political tools diminish the human nature not only of those who use them, but also of those who undergo their effects, people can live a life worthy of a (...) human being only as members of some autarchic or self-governing communities. As a spontaneous order, every autarchic community is inherently democratic, inasmuch as it makes possible free involvement, peaceful coordination, free expression and the free reproduction of ideas. The members of autarchic communities are moral individuals who avoid aggression, practice self-control, seek a dynamical efficiency and establish a democratic public discourse. (shrink)

We defend a view according to which Austrian economics rests on what can most properly be called an Aristotelian methodology. This implies a realist perspective, according to which the world exists independently of our thinking and reasoning activities; an essentialist perspective, according to which the world contains certain simple essences or natures which may come together in law-like ways to form more complex static and dynamic wholes, and an apriorist perspective, according to which given essences and essential structures are intelligible, (...) in the sense that they ca be grasped non-inductively in our thinking. We show the consequences of this view for an analysis of the thinking of Mises and Hoppe, both of which – we claim – incorporate what we believe to be foreign mixtures of Kantianism in their account of the foundations of Austrian economics. (shrink)

The purpose of this paper is to present the essence of Ayn Rand's theory of rational egoism and to indicate how it is the only ethical theory that can provide a foundation for ethics in business. Justice, however, cannot be done to the breadth and depth of Rand's theory in so short a space as this article; consequently, I have provided the reader with a large number of references for further study. At minimum, Ayn Rand's theory, because of its originality (...) and challenge to establishment theories, should be included in all business ethics courses and discussions of business ethics. (shrink)

By combining and synthesizing elements found in Austrian economics, Ayn Rand 's philosophy of Objectivism, and the closely related philosophy of human flourishing that originated with Aristotle, we have the potential to reframe the argument for a free society into a consistent reality-based whole whose integrated sum of knowledge and explanatory power is greater than that of its parts. The Austrian value-free praxeological defense of capitalism and the moral arguments of Rand, Aristotle, and the neo-Aristotelians can be brought together, resulting (...) in a powerful, emergent libertarian synthesis of great promise. (shrink)

Abstract This has been an unusually productive exchange. My critics largely accept my main theoretical claims about economic calculation and socialism. They have also started to do what advocates of the Misesian view should have been doing for decades: offer empirical evidence that that the calculation problem is serious. While I continue to believe that incentive problems explain most of the failures of socialism, I am slightly less confident than I was before. Fortunately, there are many unexploited sources of information (...) to help resolve the issue. (shrink)

Non-consequentialist libertarianism usually revolves around the claim that there are only “negative,” not “positive,” rights. Libertarian nega- tive-rights theories are so patently problematic, though, that it seems that there is a more fundamental notion at work. Some libertarians think this basic idea is freedom or liberty; others, that it is self-ownership. Neither approach is satis- factory.

JEL Classification: B41, B53, B31, B2, P48, A12 Abstract: Wittgenstein’s rule-following paradox has important implications for two aspects of Austrian theory. First, it makes it possible to reconcile the Misesian, Rothbardian, and hermeneutical approaches to methodology; second, it provides a way of defending a stateless legal order against the charge that such an order lacks, yet needs, a final arbiter.

The debate over gun control has taken place in complete isolation from geographical considerations. It focuses on, for the most part, whether legalization would bring about more or fewer accidental deaths, and murders of innocents, than prohibition, and in the USA on the precise meaning of the second amendment to the Constitution. However, these deliberations, argue the authors of the present paper, can be enriched by incorporating into them a spatial context. When this is done, and they are combined with (...) the property rights philosophy of libertarianism, some very different conclusions are drawn. (shrink)

According to explanatory individualism, every action must be explained in terms of an agent's desire. According to explanatory nonindividualism, we sometimes act on our desires, but it is also possible for us to act on others' desires without acting on desires of our own. While explanatory nonindividualism has guided the thinking of many social scientists, it is considered to be incoherent by most philosophers of mind who insist that actions must be explained ultimately in terms of some desire of the (...) agent. In the first part of the paper, I show that some powerful arguments designed to demonstrate the incoherence of explanatory nonindividualism fail. In the second part of the paper, I offer a nonindividualist explanation of the apparent obviousness of belief-desire psychology. I argue that there are two levels of the intelligibility of our actions. On the more fundamental (explanatory) level, the question "Why did the agent do something?" admits a variety of folk-psychological categories. But there is another (formation-of-self) level, at which the same question admits only of answers that ultimately appeal only to the agent's own desires. Explanatory individualism results from the confusion of the two levels. (shrink)

This article theorises the contemporary convergence of neoliberal and fascist principles by examining the thought of political actors in the 1930s and 1940s who were active in both neoliberal and fascist organisations. I suggest that a sympathy for fascism formed a minor but significant strand of early neoliberal thought, and that unpacking the logics that led particular thinkers and political actors to believe that fascism was compatible with neoliberalism can shed light on the contemporary political moment. Based on my reading (...) of early ‘neoliberal fascists’, I theorise three points of convergence. The first was a belief that socialism had to be opposed by all possible means, including violence and the repression of popular democracy. The second was a racialized understanding of the underpinnings of the market economy, leading to an acceptance of the necessity of racial exclusion. Thirdly, both fascist and neoliberal thinkers believed that patriarchy was a necessary feature for the reproduction of capitalism, and hence that traditional gender roles had to be preserved against pressures for social change. In theorising this convergence, I also gesture to how the overlap of neoliberalism and fascism can be witnessed in the contemporary milieu, with a focus on the libertarian Mises Institute. (shrink)

This article reinterprets Schumpeter’s theory of entrepreneurship in a decidedly un-“Schumpeterian” way, and argues that continued emphasis on Schumpeter’s alleged glorification of the entrepreneur constitutes a missed opportunity for democratic critics of capitalism and neoliberalism. I demonstrate that Schumpeter did not exalt the individual entrepreneur as the paradigm for economic and political leadership in capitalist societies, and I show that he offers a surprisingly robust resource for reconceptualizing entrepreneurship. Schumpeter theorized entrepreneurship: (1) as a phenomenon that could not be exemplified (...) by either individual persons or strictly private entities; (2) as a conceptual mechanism for analyzing change in the history of capitalism; and (3) even as evidence that political and economic leadership should not be conflated in modern democratic societies. By contextualizing Schumpeter’s discussions of the entrepreneur, I suggest that a reconsideration of Schumpeter’s actual theory of entrepreneurship would invigorate contemporary debates about the role of leadership in capitalist economies and liberal-democratic polities. (shrink)

There are two opposing views concerning intuitive cases of wage exploitation. The first denies that they are cases of exploitation at all. It is based on the nonworseness claim: there is nothing wrong with a discretionary mutually beneficial employment relationship. The second is the reasonable view: some employment relationships can be exploitative even if employers have no duty towards their employees. This article argues that the reasonable view does not completely defeat defences of wage exploitation, because these do not rely (...) solely on the nonworseness claim. They also rely on the idea, popularised by Alan Wertheimer, that exploitation is a form of disequilibrium price occurring in defective markets. The article then proceeds to criticise Wertheimer’s account through neoclassical, new institutional, and Austrian economics. It concludes that considerations for economic efficiency are irrelevant to assessing intuitions regarding exploitation. (shrink)

The accurate delineation of various forms of business organization requires a comparative analysis of their objectives, functions, and organizational structures. In particular, this paper highlights differences in managerial work between business firms and non-profits exemplified by the charitable organization. It adopts as its template the theory of the marketing firm, a depiction of the modern corporation as it responds to the imperatives of customer-oriented management, namely consumer discretion and consumer sophistication. It describes in §2 the essentials of the theory and (...) its basis in consumer behavior analysis, and outlines its unique position as the organization responsible for marketing transactions, based on objective exchange, competitive markets and prices, and the deployment of the entire marketing mix. §3 deals in greater depth with the objective, strategic functions, and organization of the marketing firm in terms of the concepts of metacontingency and bilateral contingency. §4 discusses how the marketing firm differs from charities in terms of goal separation, market-based pricing and competition, the entrepreneurial process, the pursuit of customer-oriented management, and organizational structure. Particular attention is accorded the organizational differences between marketing firms and charities, which arise as a direct consequence of the distinct patterns of contingency they entail. §5 discusses the implications of the foregoing analysis and draws appropriate conclusions. (shrink)

La falsifiabilité de Popper a été critiquée à la fois pour avoir exclu la science légitime et pour avoir accordé un statut scientifique aux pseudo-sciences. Selon Larry Laudan, « cela a la conséquence fâcheuse de considérer comme « scientifique » toute demande faisant de fausses allégations de manière concluante ». Certains reprochent à Popper en disant que sa théorie ne constitue pas une alternative légitime aux propositions inductives qu’il critique. Jeffrey soutient que le bayésianisme, qui insiste sur le point de (...) savoir dans quelle mesure les preuves empiriques appuient une hypothèse, est beaucoup plus proche de la pratique scientifique que la falsifiabilité de Popper. DOI: 10.13140/RG.2.2.21235.27680. (shrink)

What can an economist and agnostic tell a theologian about man? In contrast to mainstream economics, which today dominate all universities in the world, Ludwig von Mises (+1973) is interested in real man in action, not a fictitious homo oeconomicus. At one time Gregory M. A. Gronbacher (1998), an American philosopher, proposed a synthesis of Christian personalism with the free market economy developed by the Austrian School of Economics. His idea prompted me to use Mises’s praxeology to understand and describe (...) human action in the socio-economic sphere from the perspective of Catholic Social Teaching. At that time I understood how important were economic laws for the proper moral evaluation of human action. Mises in his treaty on economics Human Action developed his own anthropological concept of man. The Austrian economist never used the expression “person” to describe and analyze human action, but analyzing his economic system I was able to discover that he did not understand the free market economy as an abstract being composed of mechanical elements. According to him, the prerequisite for human activity is the desire to replace a less satisfactory state of affairs with a more satisfying one. Mises’s man is guided by his own scale of values and builds it up on the basis of a goal he freely chooses. Mises also takes into account that the market is only a part of reality and human activity. (shrink)

This paper provides a critical assessment of classical liberals’ view of foreign and security policy. In the United States, the defenders of free enterprise and limited government have embraced a neorealist perspective on international relations, which typically prescribes restraint for a country’s engagement overseas. Neorealism and classical liberalism, however, make strange bedfellows. Neorealism does not share the commitment to methodological individualism embraced by the classical liberal tradition and ignores the problems related to the aggregation of individual preferences into concepts such (...) as the “national interest.” Neorealism also downplays the importance of institutions, understood as rules of the game, in favor of crude power calculus. Finally, neorealism is incompatible with the universalist, cosmopolitan outlook of classical liberalism. (shrink)

This paper contributes to the (re-)conceptualisation of responsible innovation by proposing an evolutionary economic approach that focuses on the role of consumers in the innovation process. After a discussion of the philosophical foundations and ethical implications of this approach, which bears an explanatory potential that has not been adequately considered in previous discussions of responsible innovation, we present a first step towards capturing the important but often neglected role of consumers in innovation processes (including responsible innovation): We propose an agent-based (...) model that incorporates a multidimensional space of characteristics in which new products or services are represented by more than the mere aspect of price and quality. Instead, innovations are denoted by a large set of characteristics, including also negative or harmful ones. The model is used to illustrate that consumers’ heterogeneity and bounded rationality – even if considered in a simple manner – indeed play a crucial role in the creation and diffusion of responsible innovation which can and should be used for further work in this field and for possible extensions of the model. (shrink)

Uncertainty is a feeling of anxiety and a part of culture since the dawn of civilization. Civilizations have invented numerous ways to cope with uncertainty, statistics is one of those technologies. The rhetoric as the discourse of investment theory uncovers that the theory of statistics applied is a blind spot in the current conversation about investment theory and practice. Probability and prediction in investment theory look like a tying sale, since investment theory is founded on stochastical predictability. The proof of (...) unpredictability, however, lies outside the paradigm of statistics, because statistics assumes that the substrate, that produces probability outcomes, is stable. The theory of objective probabilities founds the Capital Asset Pricing Model but does not stochastically predict, and neither do Markowitz’s subjective probabilities for his portfolio theory. Statistical models for investing have a function, despite that they cannot predict: in essence, the models try to quantify statistically the equity, the fairness of the distribution of risk and return between parties involved. In the dissertation, a lot of ideas to change finance have had attention: the alternative statistical theory of Mandelbrot, bubble theory, political finance, the analysis of rhetoric, the analysis of culture, innovative practices, ethics in the form of virtue and value ethics, and the history of finance. How to make the culture of finance more heterogeneous? That starts with awareness of the current problems, the introduction of multiform metaphors for investment theory, and handling the ambiguity of theory uncertainty, by presenting, explaining and elaborating the alternatives. (shrink)

The present article is a continuation of the debate two sets of authors have been engaging in regarding one type of maturity mismatching: borrowing short and lending long. All four authors had agreed that this practice can set up the Austrian Business Cycle; the present author denies that BSLL would be a legitimate commercial interaction in the free society; Bagus and Howden continue to maintain that it would be licit. Our main criticism of Bagus and Howden is a reductio ad (...) absurdum: that this opens them up to the charge of embracing the doctrine of market failure; this is something highly problematic for the two of them, since all four contributors to this debate are well-known supporters of laissez faire capitalism. (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)

This treatise presents a transcendental argument for corporate social responsibility. The argument is that corporate social responsibility, or CSR, is best understood as a collective moral practice that is a precondition for sustainable business. There are a number of theories and definitions of CSR in the contemporary business literature. These theories include considerations of economic, legal, social, and environmental notions of what a corporation ought to take responsibility for based on either motives or concerns of accountability for corporate acts. This (...) work focuses on economic theories. I analyze the distinction between the technical terms "responsibility" and "accountability" found in these theories. This enables me to explicate the meaning of corporate responsibility as it relates to the conditions of sustainable business activity. These conditions necessarily include moral content. In other words, this is an applied ethics project. First, I inquire into the intellectual history of the broader sense of corporate responsibility and review various contemporary notions of corporate social responsibility. My concern is whether these notions presuppose broader forms of moral responsibility to others as an obligation, moral responsibility for acts, or to be held morally responsible based on moral tendencies, particular motives, or resulting outcomes. This concern forms the basis of my consideration of the notions of individual and collective responsibility. The following work includes an analysis of the notion of human choice as a collective endeavor of institutional relationships and practice in the economic market system. I argue that corporate motives for moral interrelationships are necessarily implicit in biosocioeconomic multinational market enterprise. I conclude that an analysis of corporate community involvement may be found in a case study of Starbucks Coffee Company's efforts to practice CSR in particular coffee bean farming communities in developing countries. (shrink)

Ordinary Language Philosophy has largely fallen out of favour, and with it the belief in the primary importance of analyses of ordinary language for philosophical purposes. Still, in their various endeavours, philosophers not only from analytic but also from other backgrounds refer to the use and meaning of terms of interest in ordinary parlance. In doing so, they most commonly appeal to their own linguistic intuitions. Often, the appeal to individual intuitions is supplemented by reference to dictionaries. In recent times, (...) Internet search engine queries for expressions of interest have become quite popular. Apparently, philosophers attempt to surpass the limits of their own linguistic intuitions by appealing to experts or to factual uses of language. I argue that this attempt is commendable but that its execution is wanting. Instead of appealing to dictionaries or Internet queries, philosophers should employ computer-based linguistic corpora in order to confirm or falsify hypotheses about the factual use of language. This approach also has some advantages over methods employed by experimental philosophers. If the importance of ordinary language is stressed, the use of linguistic corpora is hardly avoidable. (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)