In economics, economic value is a measure of the benefit provided by a good or service to an economic agent, and value for money represents an assessment of whether financial or other resources are being used effectively in order to secure such benefit.

Capital Redefined presents a unique perspective on the nature of “capital,” departing from the prevailing reductionist accounts. Hosseini and Gills offer an expanded perspective on Marxian value theory by addressing its main limitations and building their own integrative value theory. They argue that the current understanding of “value” must be re-examined and liberated from its subservient ties to capital while acknowledging the ways in which capital appropriates value. This is achieved by differentiating between “fetish (...) value” created by capital and “true value” generated through various commons-based forms of coexistence. The authors propose a defetishization of value by rejecting the commonly accepted idea of its objectivity. They introduce their “commonist value theory,” which redefines capital as both the product and process of perverting the fundamental commoning causes of true value into sources of fetish value. Capital is theorized through a “modular” framework, where multiple intersecting processes constitute a comprehensive power structure, a “value regime,” representing an unprecedented degree of the domination of capital over life. Their theory reconciles two apparently incompatible views on the notion of value. One view encompasses all inputs involved in capitalist value production and conflates intrinsic and commodity values. The other warns against this conflation as it treats capital as an entity tightly associated only with commodity production and wage labor. The authors believe that establishing alternative forms of value creation based on normative principles of living in commons is crucial as an analytical base for criticizing existing power structures and economic systems. The book offers a theoretical foundation for transforming our life worlds toward “post-capitalist” futures. It appeals to scholars and students in various fields, such as political economy, capitalism, and post-capitalist studies, economic and political sociology, globalization, development studies, social ecology, and ecological philosophy. The Open Access version of this book, available at taylorfrancis com, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives (CC-BY-NC-ND) 4.0 license. (shrink)

Amazon Book Review Series of “Better Economics for the Earth: A Lesson from Quantum and Information Theories”.

To become more useful and efficient in sustaining the Earth's health, economics must undergo a paradigm shift in its thinking. From a humanistic perspective, humans should be the center of everything. However, from the standpoint of physics and the universe, this is not the case. As a species, having a planet among the millions in the universe where humans can survive and thrive is already a great fortune. Through this book, we also try to answer one of our long-standing questions: (...) why has economics learned so little from physics, the oldest and most rigorous academic discipline that studies nature? -/- Learning from the quantum and information theories, we also provide a new definition of value, which is expected to help economists relax assumptions and loosen established economic principles in order to change and evolve. The new definition is also expected to enable social scientists to address newly arising phenomena or events that are not accounted for by existing value systems, such as environmental crises, artificial intelligence (AI), and interdisciplinary information, more proactively and productively. (shrink)

Christian von Ehrenfels was a student of both Franz Brentano and Carl Menger and his thinking on value theory was inspired both by Brentano’s descriptive psychology and by the subjective theory of economic value advanced by Menger, the founder of the Austrian school of economics. Value, for Ehrenfels, is a function of desire, and we ascribe value to those things which we either do in fact desire, or would desire if we were not (...) convinced of their existence. He asserts that the needed theoretical understanding of values is to be achieved by generalizing economic laws of valuation to apply to value in general. The law of marginal utility, for example, is a law to the effect that the n+1st sample of a good which I receive is ceteris paribus less valuable than the nth sample (imagine that the samples in question are, for example, a series of identical ham sandwiches). The essay describes how Ehrenfels provides on this basis an account of the different types of values, both intrinsic and non-intrinsic. It outlines also Ehrenfels views on the problem of interpersonal value-comparisons and on the struggle for survival between different values of different types. (shrink)

Coastal protection is crucial to human development since the ocean has many values associated with the economy, ecosystem, and culture. However, most ocean protecting efforts are currently ineffective due to the burdens of finance, lack of appropriate management, and international cooperation regimes. For aiding bottom-up initiatives for ocean protection support, this study employed the Mindsponge Theory to examine how the public’s perceived economic and cultural values influence their willingness to support actions to protect the ocean. Analyzing the European-Union-Horizon-2020-funded (...) dataset of 709 respondents from 42 countries, we discovered that perceived economic values have negative effects on the tendency of ocean protection supports (i.e., food, transportation, renewable energy, oil and gas, and recreation). In contrast, certain perceived cultural values can help increase the willingness to do so (i.e., mental well-being and sense of identity). However, the effects of perceived cultural values are only moderately reliable. These findings suggest that designing cultural information delivery campaigns can help promote coastal reserve supports, such as fundraisings and preserving the oceans from the community. (shrink)

This paper aims to show errors in common methodology of reasoning about macroeconomic theory. The error comes from confusion about descriptive and scientific methods of inquiry being used as a means of justifying conclusions with a normative basis. I will argue that many tools used in theorizing about the political economy that are thought of as able to express an isolated variable proving a normative point, actually contain normative assumptions which impact the soundness of the conclusion. The hidden values (...) generally serve to justify the status quo. Looking at my argument from a metaperspective, I argue that some popular methodology winds up in the general state of circular reasoning. I will try to weave two arguments together, the first is showing how economic concepts are value-laden, and also that they are implicit values of ideology, and operate as a powerful tool for the status quo. The ideology learns that things must be what they are, because the rest of the ideology seeks to justify it. There is both a factual and a value-driven thesis to this paper. Using examples I show how economic concepts that are thought of as being value neutral, are actually implicitly holding values that uphold the status quo and the growing tides of income inequality. I also wish to demonstrate how ideology constructs the common understanding, and how this effort keeps the populace from seeking emancipatory economic ideals and tax reform. (shrink)

This paper is an original attempt to understand the foundations of economic reasoning. It endeavors to rigorously define the relationship between subjective interpretations and objective valuations of such interpretations in the context of theoretical economics. This analysis is substantially expanded through a dynamic approach, where the truth of a valuation results in an updated interpretation or changes in the agent's subjective belief regarding the effectiveness of the selected action as well as the objective reality of the effectiveness of all (...) other possible actions (i.e. consequence realization). Complications arise when the economic agent is presented with a set of actions that render ambiguous preference, or when the effectiveness of an action cannot be perceived upon its selection, thereby necessitating a different theory of choice and consequence realization. (shrink)

Amazon Book Review Series of “Better Economics for the Earth: A Lesson from Quantum and Information Theories”.

I argue that Adam Smith does more than providing an account of competitive behavior loosely linked to an underlying psychology since the joint between the complex psychology of The Theory of Moral Sentiments and the invisible hand pages in The Wealth of Nations explains why some of the basest affections, greed and ambition, prevail over other tendencies in certain social groups, namely merchants and manufacturers, in a commercial and urban society.

Applying Modern Monetary Theory to the Philippines: Achieving Economic Balance Through Natural Laws -/- Introduction -/- The Philippines faces persistent economic challenges, including slow GDP growth, high income inequality, inflationary pressures, and overpopulation. Traditional economic policies often focus on austerity, borrowing limits, and foreign investments, but these approaches fail to address the root causes of economic imbalance. -/- Modern Monetary Theory (MMT) offers an alternative by allowing the government to issue money to finance public (...) spending without relying on foreign debt or excessive taxation. However, to prevent inflation and ensure long-term stability, government spending must be directed toward productive investments. This aligns with my universal formula, which is based on the universal law of balance in nature—ensuring that all systems, including economic ones, function without defects. -/- By integrating MMT with GDP growth, GDP per capita, the Gini coefficient (income equality), population regulation, and good governance, the Philippines can achieve sustainable economic progress while maintaining balance. -/- The Role of a Good and Non-Corrupt Government in Implementing MMT -/- MMT gives governments the power to create money, making it an incredibly powerful tool—but also a dangerous one if misused. A corrupt government can misallocate funds, cause hyperinflation, and worsen inequality. Therefore, strong leadership, transparency, and accountability are essential for MMT to work. -/- Eliminating corruption ensures that newly created money is invested in productive sectors rather than being stolen or wasted. -/- Strict financial oversight and independent institutions must monitor government spending. -/- A well-structured economic plan, free from political interests, must be followed to ensure MMT benefits all Filipinos, not just the elite. -/- If MMT is implemented by a corrupt government, it will only lead to inflation, economic collapse, and further inequality. The law of karma teaches that every action has consequences—if government spending is abused, the entire economy will suffer. -/- Using MMT to Increase the Philippines’ GDP Without Inflation -/- 1. Infrastructure Development -/- The Philippines suffers from poor infrastructure, leading to high transportation and electricity costs. Government investment in roads, ports, and energy projects would improve economic efficiency, reducing production costs and increasing business competitiveness. -/- The government can print money under MMT to fund major infrastructure projects, provided the projects enhance productivity. -/- Improved infrastructure will increase GDP by facilitating trade, reducing delays, and boosting industrial growth. -/- With proper planning, this investment will not cause inflation because it adds real value to the economy. -/- However, for infrastructure spending to be effective, the government must eliminate corruption in project implementation. Ghost projects, overpricing, and political kickbacks will waste public money and increase inflation without creating real economic value. -/- 2. Investing in Renewable Energy -/- The Philippines relies heavily on imported fossil fuels, making it vulnerable to price fluctuations. A shift toward solar, wind, and geothermal energy would: -/- Reduce long-term electricity costs, helping businesses expand without raising prices. -/- Make the country energy independent, lowering the need for foreign currency reserves. -/- Increase GDP by creating green energy jobs and technological innovations. -/- A good government will prioritize long-term energy security over short-term political interests. Corrupt officials, however, may block renewable energy projects in favor of profit-driven deals with fossil fuel industries, preventing the country from achieving energy independence. -/- 3. Expanding Manufacturing and Industrialization -/- The Philippine economy is heavily dependent on services (such as BPOs) and overseas remittances. To create long-term stability, the country must expand its manufacturing sector. -/- Government spending should prioritize local industries, such as electronics, semiconductors, and agribusiness processing. -/- Subsidies and incentives should be given to businesses that create jobs and produce high-value goods. -/- Export-oriented manufacturing would increase GDP while keeping money circulation within productive sectors, preventing inflation. -/- A corrupt government, however, may award subsidies and contracts based on political favors rather than economic merit, leading to inefficiency and wasted resources. A good and competent government will ensure that industrial policies are based on merit, efficiency, and long-term economic benefits. -/- 4. Research, Innovation, and Digital Transformation -/- Government investment in science, technology, and artificial intelligence (AI) would drive sustainable economic growth. -/- A national AI and automation strategy can improve industries such as agriculture, logistics, and healthcare, leading to higher GDP. -/- Government-funded research and technology parks can support Filipino startups and entrepreneurs. -/- This will help the country move from a consumer-driven economy to a technology and knowledge-based economy, increasing long-term wealth. -/- Without strong governance and anti-corruption measures, however, research funding may be misused, misallocated, or given to unqualified individuals. The universal law of balance requires that public resources be managed efficiently and fairly to maximize their benefits. -/- GDP Per Capita: Ensuring Growth Benefits Every Filipino -/- While GDP growth is important, it must translate to real improvements in people’s lives. A high GDP with a rapidly growing population leads to a lower GDP per capita, keeping the majority poor. -/- Government policies must regulate population growth through education and family planning. -/- Higher GDP per capita ensures that public investments in healthcare, education, and housing can meet the needs of citizens. -/- A well-balanced population ensures that economic growth does not lead to overconsumption of resources. -/- The Gini Coefficient: Reducing Income Inequality in the Philippines -/- The Philippines has one of the highest income inequality rates in Southeast Asia. The Gini coefficient reveals that wealth is concentrated in the hands of a few, while many struggle to survive. -/- MMT can be used to: -/- Fund free quality education and vocational training, allowing Filipinos to get better-paying jobs. -/- Provide universal healthcare, ensuring that people are not trapped in poverty due to medical expenses. -/- Invest in affordable housing and social safety nets for vulnerable populations. -/- Without addressing inequality, economic growth will only benefit the elite, leading to social unrest and instability. However, corrupt leaders often resist wealth redistribution because they benefit from maintaining economic inequality. A non-corrupt government is necessary to ensure fair wealth distribution. -/- Ensuring MMT Aligns with the Universal Law of Balance -/- The Philippines must apply MMT carefully to prevent economic imbalance. Simply printing money without strategic allocation will lead to inflation and instability. -/- Strict anti-corruption policies must be enforced to ensure MMT is used only for productive investments. -/- Public funds should be managed transparently, with regular audits and independent oversight. -/- Government leaders must be held accountable for economic decisions, ensuring they act in the best interest of all Filipinos. -/- A corrupt and incompetent government will lead to economic collapse under MMT, while a good, disciplined, and visionary government can use it to create lasting prosperity and stability. -/- Conclusion -/- Modern Monetary Theory, when properly applied, aligns with the universal law of balance in nature by ensuring that economic systems function without defects. The Philippines can use MMT to: -/- Increase GDP by investing in infrastructure, renewable energy, and industrialization. -/- Ensure GDP per capita growth by regulating population and creating sustainable jobs. -/- Reduce income inequality through education, healthcare, and wealth redistribution. -/- Maintain economic balance by applying feedback mechanisms such as taxation, productivity growth, and responsible government spending. -/- However, MMT requires a government that is competent, transparent, and corruption-free. Without ethical leadership, MMT will be abused and lead to inflation, economic collapse, and inequality. The law of balance demands that all systems—including governance—function properly to achieve economic stability. -/- By ensuring good governance, economic discipline, and strategic spending, the Philippines can use MMT to build a just, prosperous, and balanced society. -/- . (shrink)

Until recently, the economic history of pre-colonial Africa was replete with uncomplimentary theories and from scholars of different disciplines. The belief was that the economy was subsistent, uniform, unchanging and very uninteresting. These theorists believed that the dominant agricultural sector was virtually immobilized by a combination of primitive technology, like communal land tenure and extended family, while the development of key entrepreneurial groups was inhibited by the prevalence of an anti-capitalist value system. The historical analytical method was adopted (...) in this research. The theories portrayed pre-colonial Africans as people that lacked the capacity to progress even though they lived in a rich environment. It was believed that it was not until the advent of the Europeans that positive changes were recorded. However, contrary to these theories, the Ibibio pre-colonial economy was premised on agriculture, complemented by trade and the existence of local industries. Thus, their pre-colonial economy was more coordinated, complex and diversified than the Eurocentric writers opined. The success recorded in this direction was activated by economic diplomacy which the Ibibio had practiced in the pre-colonial period. Issues relating to the economy were properly managed through the adoption of various relevant methods and strategies. Since the economy of a people operates in the society and remains fundamental to the survival of such society with the capacity to influence the political and other institutional decisions, economic diplomacy triggered holistic development in Ibibioland. Based on these, it recommended that present day Ibibio economy should not be totally divorced from these fundamental variables if the Ibibio are to be economically relevant in present day Nigeria. (shrink)

In recent years, there has been an increasing interest in thedevelopment of ontologically well-founded conceptual models for Information Systems in areas such as Service Management, Accounting Information Systems and Financial Reporting. Economic exchanges are central phenomena in these areas. For this reason, they occupy a prominent position in modelling frameworks such as the REA (Resource-EventAction) ISO Standard as well as the FIBO (Financial Industry BusinessOntology). In this paper, we begin a well-founded ontological analysisof economic exchanges inspired by a (...) recent ontological view on the nature of economic transactions. According to this view, what counts asan economic transaction is based on an agreement on the actions thatthe agents are committed to perform. The agreement is in turn based on convergent preferences about the course of action to bring about. This view enables a unified treatment of economic exchanges, regardless the object of the transaction, and complies with the view that all economictransactions are about services. In this paper, we start developing our analysis in the framework of the Unified Foundational Ontology (UFO). (shrink)

Guardians of companion animals killed wrongfully in the U.S. historically receive compensatory judgments reflecting the animal’s economic value. As animals are property in torts law, this value typically is the animal’s fair market value—which is often zero. But this is only the animal’s value, as it were, to a stranger and, in light of the fact that many guardians value their animals at rates far in excess of fair market value, legislatures and courts (...) have begun to recognize a second value, the animal’s value to her guardian. What is this noneconomic value, and how should guardians be compensated for it? In Part 1, I propose a novel method to answer this question. My method includes a third, even more controversial, value: the animal’s value to herself. The idea that an animal could invest in herself faces many criticisms. In Part 2, I defend the claim by examining the mental capacities of dogs (Canis familiaris). I rebut the central objection—that dogs lack the psychological capacities required for self-investment—by showing that dogs are autonomous, think about their futures, and inhibit their desires in light of their goals. I close by suggesting that whereas the approach has conservative implications for the valuation of companion animals, it has radical implications for the valuation of agricultural animals. -/- Keywords: companion animals, animal law, legal theory, value theory, practical ethics, economic value, noneconomic value, intrinsic value, instrumental value, animal welfare, dogs, animal rights, capital value, self-investment value, autonomy, wrongful death, philosophy of animal law, animal minds, moral standing of animals, legal standing of animals, agency, prospection, canine neurobiology, bereavement, replaceability, non-ideal ethics . (shrink)

The major global challenges of our time, like climate and environmental crises, rising inequality, the emergence of disruptive technologies, etc., demand interdisciplinary research for effective solutions. A clear understanding of value is essential for guiding socio-cultural and economic transitions to address these issues. Despite numerous attempts to define value, existing approaches remain inconsistent across disciplines and lack a comprehensive framework. This paper introduces a novel perspective on value through the lens of granular interaction thinking theory, (...) proposing an informational entropy-based notion of value. Grounded on quantum mechanics, Shannon’s information theory, and the mindsponge theory, this framework integrates both subjective and objective considerations and is highly compatible with interdisciplinary research. The informational entropy-based notion of value effectively bridges diverse concepts of value, including use and exchange value in economics, personal values in psychology, and cultural, moral, ethical, and aesthetic values in society. By offering a unifying perspective, granular interaction thinking theory provides a valuable framework for translating insights from quantum mechanics into socio-cultural, economic, and psychological contexts, enriching theoretical discourse and enhancing analytical effectiveness. (shrink)

The 1994 US spectrum auction is now a paradigmatic case of the successful use of microeconomic theory for policy-making. We use a detailed analysis of it to review standard accounts in philosophy of science of how idealized models are connected to messy reality. We show that in order to understand what made the design of the spectrum auction successful, a new such account is required, and we present it here. Of especial interest is the light this sheds on the (...) issue of progress in economics. In particular, it enables us to get clear on exactly what has been progressing, and on exactly what theory has – and has not – contributed to that. This in turn has important implications for just what it is about economic theory that we should value. (shrink)

The beliefs of economists are not solely determined by empirical evidence in direct relation to the theories and models they hold. Economists hold 'ontological presuppositions', fundamental ideas about the nature of being which direct their thinking about economic behaviour. In this volume, leading philosophers and economists examine these hidden presuppositions, searching for a 'world view' of economics. What properties are attributed to human individuals in economic theories, and which are excluded? Does economic man exist? Do markets have (...) an essence? Do macroeconomic aggregates exist? Is the economy a mechanism, the functioning of which is governed by a limited set of distinct causes? What are the methodological implications of different ontological starting points? This collection, which establishes economic ontology as a coordinated field of study, will be of great value to economists and philosophers of social sciences. (shrink)

What are economic exchanges? The received view has it that exchanges are mutual transfers of goods motivated by inverse valuations thereof. As a corollary, the standard approach treats exchanges of services as a subspecies of exchanges of goods. We raise two objections against this standard approach. First, it is incomplete, as it fails to take into account, among other things, the offers and acceptances that lie at the core of even the simplest cases of exchanges. Second, it ultimately fails (...) to generalize to exchanges of services, in which neither inverse preferences nor mutual transfers hold true. We propose an alternative definition of exchanges, which treats exchanges of goods as a special case of exchanges of services and which builds in offers and acceptances. According to this theory: (i) The valuations motivating exchanges are propositional and convergent rather than objectual and inverse; (ii) All exchanges of goods involve exchanges of services/actions, but not the reverse; (iii) Offers and acceptances, together with the contractual obligations and claims they bring about, lie at the heart of all cases of exchange. (shrink)

From the comparison of the Grundrisse (1857-58) manuscripts with Marx's subsequent writings, it is clear that the so-called « deduction » of fundamental economic categories follows two distinctive patterns, one of which is close to ordinary logical analysis, the other being inspired by Hegel's dialectics of essence. This duality is reflected in the double meaning of the concept of « presupposition » (Voraussetzung) and, finally, in the simultaneous endorsement by the Grundrisse of two labour-value theories, one of which (...) is Smithian-like, the other is Ricardian. Marx's reinterpretation of economic value as an « immanent measure », i.e., his claim that commodities are measured by each other when exchange takes place, should help to bridge the gap between the two theories. However, such reinterpretation is shown to be inadequate ; as a result, Marx's account of value should be seen as internally inconsistent. (shrink)

We address the most fundamental yet routinely ignored issue in economics today: that of distributive impact of the monetary system on the real economy. By re-examining the logical implications of token re-presentation of value and Irving Fisher’s theory of exchange, we argue that producers of value incur incidental expropriation of wealth associated with the deflationary effect that new value supply has on the purchasing power of money. In order to remedy the alleged inequity we propose a (...) value-added negative tax (VANT) based on net individual contribution to the economic output, which is structured as a negative tax function geared to profits derived from eligible productive activities in consideration of their estimated deflationary impact. We show that an adequately optimised VANT can be non-inflationary and have zero net cost to the public. Furthermore, economic output stands to improve due to direct incentivisation of value creation, making the proposed scheme not only politically feasible but economically desirable. The proposal advances the principle of ‘fair money’, where all forms of economic value are attributed to their rightful owners prior to any positive taxation. (shrink)

A recent study suggests that value and quantum states seem to be governed by the same underlying mechanisms. In our recent book titled "Better economics for the Earth: A lesson from quantum and information theories," specifically Chapter 5, we have proposed an informational entropy-based notion of value, drawing on the granular worldview and primary features of quantum mechanics, Shannon’s information theory, and the mindsponge theory. Specifically, the notion suggests that values are created through the interactions of (...) information. But how do information and its interactions lead to values? This research note aims to contribute to the answer to this question. (shrink)

In an article previously published in this Journal, Anthony Oyowe critically engages with my attempt to demonstrate how the human rights characteristic of South Africa’s Constitution can be grounded on a certain interpretation of Afro-communitarian values that are often associated with talk of ‘ubuntu’. Drawing on recurrent themes of human dignity and communal relationships in the sub-Saharan tradition, I have advanced a moral-philosophical principle that I argue entails and plausibly explains a wide array of individual rights to civil liberties, political (...) power, criminal procedures and economic resources. Oyowe’s most important criticism of my theory is in effect that it is caught in a dilemma: either the principle I articulate can account for human rights, in which case it does not count as communitarian, or it does count as the latter, but cannot account for the former. In this article, I reply to Oyowe, contending that he misinterprets key facets of my theory to the point of not yet engaging with its core strategy for deriving human rights from salient elements of ubuntu. I conclude that Oyowe is unjustified in claiming that there are ‘theoretical lapses’ that ‘cast enormous doubts’ on my project of deriving human rights from a basic moral principle with a recognizably sub-Saharan and communitarian pedigree. (shrink)

The practice of trading forest carbon credits has gained significant attention as a strategy to combat climate change. By allowing companies to buy and sell credits representing forest carbon sequestration, it aims to create financial incentives for forest preservation. However, a recent report highlights the dangers of commodifying forest carbon if such financial mechanisms overshadow other vital environmental and social values. To understand the complexities of this issue, we can turn to the mindsponge theory (MT), particularly its information-value (...) nexus hypothesis, for valuable insights. (shrink)

“Better Economics for the Earth: A Lesson from Quantum and Information Theories” is a synthesis of ideas that promise to revolutionize our understanding of economics. Authors Quan-Hoang Vuong and Minh-Hoang Nguyen nurture a refreshing perspective by intertwining complex scientific theories with the intricate dance of economic systems. Their exploration goes beyond the traditional frameworks, engaging readers in a journey that teases the intellect while whispering secrets of the universe that are intimately tied to our everyday lives. The book earns (...) a glowing 5 out of 5 stars for its audacious approach to expanding economic thought, its emotional resonance, and its ability to captivate the intellect. Vuong and Nguyen have crafted a narrative that is not only timely but also timeless, as it invites readers to be part of a dialogue that could transform our world. This book is essential reading for anyone eager to explore the nexus of science and economics, pushing boundaries while maintaining an engaging and humane touch. (shrink)

: The theory of objective value is the central feature in the paradigm of political economy. The Newtonian heritage plays a major role in giving political economy the status of a self-standing empirical science, and a reconstruction of this heritage casts fresh light on the idea of value and its role in the definition of the subject matter of political economy. Cognitive progress carried by classical political economy turns out to be related with the dilemmas of Newtonian (...) epistemology and the alternative between essentialist realism and instrumental conventionalism. (shrink)

Is capitalism inherently predatory? Must there be winners and losers? Is public interest outdated and free-riding rational? Is consumer choice the same as self-determination? Must bargainers abandon the no-harm principle? Prisoners of Reason recalls that classical liberal capitalism exalted the no-harm principle. Although imperfect and exclusionary, modern liberalism recognized individual human dignity alongside individuals' responsibility to respect others. Neoliberalism, by contrast, views life as ceaseless struggle. Agents vie for scarce resources in antagonistic competition in which every individual seeks dominance. This (...) political theory is codified in non-cooperative game theory; the neoliberal citizen and consumer is the strategic rational actor. Rational choice justifies ends irrespective of means. Money becomes the medium of all value. Solidarity and good will are invalidated. Relationships are conducted on a quid pro quo basis. However, agents can freely opt out of this cynical race to the bottom by embracing a more expansive range of coherent action. (shrink)

If you’re looking for a fresh take on solving our planet's environmental issues, “Better Economics for the Earth” by Vuong and Nguyen is a must-read. This book is not just another dense economic text; it’s a riveting exploration into how quantum physics and information theory can totally transform our approach to economics, making it more suited to tackle today’s ecological crises.

Marxism has found its home in the academic world in various disciplines: economics, philosophy, sociology, and political science. An under-appreciated area is Marxist accounting. At first, this seems like a rather strange field in which to develop the theories of Marxism, but Rob Bryer, in his book Accounting for Value in Marx’s Capital: The Invisible Hand, has brought attention to Marxist accounting and its necessity for understanding Marxist theory. This is relevant not only to those who study accounting (...) but to all who have an interest in Marxism’s basis for value and, even more importantly, the labour theory of value as a whole. (shrink)

This book, “Better Economics for the Earth,” offers a fresh take on how economics can evolve to better address modern challenges like environmental crises and AI. It draws on ideas from physics and quantum theory to redefine value and encourages economists to rethink traditional approaches. I really liked some of the figures and illustrations used to explain complex concepts—they really helped clarify the ideas presented.

In a Times Literary Supplement review of some recent literature on Marx and Marxism for a general readership, Jonathan Wolff claimed that Marx’s solution to the so-called “transformation problem” is “half-baked.” The aim of this paper is to challenge this complacent dismissal of some of Marx’s central economic ideas. In the process, I want to show that although the issues here are subtle and complex, Marx’s ideas retain a great deal of intuitive appeal, and his “solution” to the so-called (...) “transformation problem” is neither conceptually implausible nor mathematically dubious. Crucial to this aim is to show that Marx viewed the categories of (what he called bourgeois) economics through a social lens, which is given in the first chapter of the first volume of Capital. (shrink)

Recent work by comparative philosophers, global ethicists, and cross-cultural value theorists indicates that, unlike most Western thinkers, those in many other parts of the globe, such as indigenous Africa, East Asia, and Latin America, tend to prize relationality. These relational values include enjoying a sense of togetherness, participating cooperatively, creating something new together, engaging in mutual aid, and being compassionate. Global economic practices and internationally influential theories pertaining to justice, development, and normative economics over the past 50 years (...) have been principally informed by characteristically Western and individualist values such as utility, autonomy, and capability. In this article I consider what economic appropriation, production, distribution, and consumption would look like if they were more influenced by relational values typical of non-Western worldviews, and especially the sub-Saharan ethic of ubuntu. (shrink)

When you type the word “serendipity” in a word-processor application such as Microsoft Word, the autocorrection engine suggests you choose other words like “luck” or “fate”. This correcting act turns out to be incorrect. However, it points to the reality that serendipity is not a familiar English word and can be misunderstood easily. Serendipity is a very much scientific concept as it has been found useful in numerous scientific discoveries, pharmaceutical innovations, and numerous humankind’s technical and technological advances. Therefore, there (...) have been many books written around the concept. So why do we need this additional book? This is not just another book about serendipity. It has evolved from the Editor’s question lingering for a decade after finishing his widely cited article (coauthored with Prof. Nancy K. Napier of Boise State University, ID, USA) “Serendipity as a strategic advantage?” in T. Wilkinson’s edited volume Strategic Management in the 21st Century, published by Praeger. The Editor and contributing authors have tried to achieve the following in this title. Demystifying the Serendipity Myth The phenomenon of serendipity has always been thought of as a “miracle”. It is the mystery of human innovation and one of the ultimate secrets of our society. But serendipity is not just a lucky coincidence nor any hidden conspiracy. This book explores the science of the information process behind this seemingly miraculous phenomenon. It connects human society with nature, going back to the root of our existence and looking at the flame of survival to discover the harmony in making creativity. Presenting the nuts and bolts of being an adventurer of science The authors present their conceptual investigations into serendipity’s nature and its mechanism by examining interesting real events and stories. The content is thought-provoking, and readers are led to question and explore their own life stories and problems along the journey of reading this book. Catching an elusive high-value target requires great strategies and efforts. But there are no dark secrets here because this is the “way of nature” – how we humans have always strived for innovation without realizing the blueprints behind such processes. Unlike other books on serendipity, this book will show you that a powerful “secret” is closer than you think. Delivering practical uses for different audiences By understanding the conditionality and survival drivers of serendipity, individuals or organizations can make better decisions on creating the right environment to facilitate the encounter and attainment of this valuable phenomenon. For scientists: With clear explanations of the information processes underlying serendipity, flexible theoretical frameworks of mindsponge and the 3D principle of creativity, researchers are provided with the tools they need to dig deeper into their own fields of study and find practical applications, be it psychology, economics, sociology, or anything that involves innovation (which is, in fact, every scientific discipline). For curious casual readers: Everybody needs innovation to make breakthroughs or spice up one’s life. If you think great ideas come to people randomly from an unknown fairy place, this book will convince you otherwise without taking away that awe and wonder. But above all, you will know how to become more creative, scientifically and straightforwardly, with no snake oil and no weird tricks. For ambitious business people: The flame that brought about great successes throughout human history is within you. But you can only use it if you understand it. While others wait for serendipity to come, you will be able to actively hunt for those precious moments. As it has always been: the best hunters triumph, not the passive wanderers. And in this age of information chaos, finding the golden fruits is not easy. Those from information technology know this problem well, and this book is the treasure map that they have been seeking to navigate that stormy ocean looking for jewels. Like a kingfisher tracking its prey through the water, waiting to gracefully strike, with serendipity, a person seizes the prize of creativity amid the chaos of life. ¤ ¤ ¤ Official introduction: The book explores the nature, underlying causes, and the information processing mechanism of serendipity. It proposes that natural or social survival demands drive serendipity, and serendipity is conditional on the environment and the mindset, on both individual and collective levels. From Darwin's evolution theory to Sun Tzu's war tactics, major innovations throughout human history are unified by this key concept. In the rapidly changing world, information is abundant but rather chaotic. The adaptive power of serendipity allows people to notice treasures within this wild sea, but only for those who understand how it works. To increase the probability of encountering and attaining serendipity, one should employ the mindsponge mechanism and the 3D process of creativity, for without these frameworks, serendipity is truly an elusive target. The book also discusses methods to build environments and cultures rich in navigational and useful information to maximize the chance of finding and capitalizing on serendipity. As a skill, serendipity has a resemblance to how kingfishers observe and hunt their prey. (shrink)

A book review of Elizabeth Anderson, Value in Ethics and Economics (Cambridge, Mass.: Harvard University Press, 1993). I will pass over her compelling critiques of cost-benefit analysis, rational desire theory, and "consequentialist" moral theories, among many topics she dispatches successfully, with fierce intelligence and wit. Instead I want to focus on the central justificatory strategy that underpins her defense of her pluralist, nonconsequentialist, rational attitude theory of value. Anderson states at the outset that she is not (...) that interested in such metaethical questions as whether value judgments express beliefs or emotions or other attitudes (p. xiii). But I think her own answers to these questions might have implications for normative and pragmatic issues of concern to her. So I want to try tinkering with the metaethical arguments in ways that might streamline her treatment of the normative and pragmatic ones somewhat. (shrink)

The article considers the problem of ensuring the economic security of trade enterprises by forming an optimal pricing policy. The methodology of formation the minimum and maximum selling prices of trade enterprise, maintenance of margin of economic security, which is based on research of turnover costs and working capital of trade enterprise is offered. Based on statistical data of trade enterprises, the types of prices by product range are determined, which form a stable economic situation and ensure (...) economic security of trade enterprise. The necessity of forming the optimal price policy and selling prices of trade enterprises with the use of Pareto efficiency tools and construction of single-criteria and multi-criteria tasks, indicators of quality of commodity resources of trade enterprises is substantiated. Using the Excel software processor and the «Regression» function, economic-mathematical models of optimal prices for the product range of trade enterprises are built. The results testified to the effectiveness of the proposed model of the optimal pricing policy of trade enterprises, as the obtained values are within the minimum selling prices, which provides economic security of trade enterprises. The process of forming the pricing policy of trade enterprises to ensure economic security is proposed, which is based on the principles of pricing, appropriate methodological tools and monitoring of market environment factors. Organizational, economic, legal, social and market (marketing) mechanisms for the formation of effective pricing policy of trade enterprises aimed at ensuring economic security are identified. This study is practically interesting for personnel of trade enterprises, regardless of organizationallegal forms of ownership and activities, and theoretically – for researchers dealing with pricing. (shrink)

After Marx, dissenting economics almost always used 'the labour theory' as a theory of value. This paper develops a modern treatment of the alternative labour theory of property that is essentially the property theoretic application of the juridical principle of responsibility: impute legal responsibility in accordance with who was in fact responsible. To understand descriptively how assets and liabilities are appropriated in normal production, a 'fundamental myth' needs to be cleared away, and then the market mechanism (...) of appropriation can be understood. On the normative side, neoclassical theory represents marginal productivity theory as showing that (a metaphorical version of) the imputation principle is satisfied ('people get what they produce') in competitive enterprises. Since that shows the moral commitment of neoclassical economics to the imputation principle, the labour theory of property is presented here as the actual non-metaphorical application of the imputation principle to property appropriation. The property-theoretic analysis at the firm level shows how the neoclassical (and much heterodox) analysis in terms of 'distributive shares' wholly misframed the basic questions. Finally, the paper shows how the imputation principle (modernised labour theory of property) is systematically violated in the present wage labour system of renting persons. The paper can be seen as taking up the recent challenge posed by Donald Katzner for a dialogue between neoclassical and heterodox microeconomics. (shrink)

Lipsey and Lancaster's "general theory of second best" is widely thought to have significant implications for applied theorizing about the institutions and policies that most effectively implement abstract normative principles. It is also widely thought to have little significance for theorizing about which abstract normative principles we ought to implement. Contrary to this conventional wisdom, I show how the second-best theorem can be extended to myriad domains beyond applied normative theorizing, and in particular to more abstract theorizing about the (...) normative principles we should aim to implement. I start by separating the mathematical model used to prove the second-best theorem from its familiar economic interpretation. I then develop an alternative normative-theoretic interpretation of the model, which yields a novel second best theorem for idealistic normative theory. My method for developing this interpretation provides a template for developing additional interpretations that can extend the reach of the second-best theorem beyond normative theoretical domains. I also show how, within any domain, the implications of the second-best theorem are more specific than is typically thought. I conclude with some brief remarks on the value of mathematical models for conceptual exploration. (shrink)

The methodological foundations of any scientific discipline are shaped by the goals towards which that discipline is aiming. While it is almost universally accepted that the goals of explanation and prediction of natural and non-human phenomena have been met with great success since the scientific revolution, it is almost just as universally accepted that the social sciences have not even come close to achieving these goals. This raises the question addressed in this paper, namely, what is economics, and social science (...) more broadly speaking, for? What is their aim, and how is it similar and dissimilar to that of the natural sciences as we have come to classify them? I take up this question from a pragmatic perspective in this paper, setting economics within the wider context of social inquiry. Specifically, I turn to Hilary Putnam and John Dewey as exemplars of the pragmatic critique of any economics that sees its goals in line with those of the natural sciences, that is, as aiming for explanation and prediction according to governing laws of human behaviour. NB: this is a preprint that underwent some minor edits. (shrink)

A communitarian perspective, which is characteristic of African normative thought, accords some kind of primacy to society or a group, whereas human rights are by definition duties that others have to treat individuals in certain ways, even when not doing so would be better for others. Is there any place for human rights in an Afro-communitarian political and legal philosophy, and, if so, what is it? I seek to answer these questions, in part by critically exploring one of the most (...) influential theoretical works on human rights in a sub-Saharan setting, namely, Claude Ake’s ‘The African Context of Human Rights’. Ake famously maintains that a typically Western approach to rights is inappropriate in the sub-Saharan region, in two major respects. First, Ake contends that although a human rights legal framework might be suitable for an ‘individualistic’ society, it is not for one of the sort common among traditional black peoples, for whom group rights are alone apt. Second, Ake maintains that, insofar as rights are relevant, rights to socio-economic goods are of much more importance in an African context than rights to civil liberties, due process and the like. Using Ake’s article as a foil, I draw on values salient in sub-Saharan moral worldviews to construct a unified philosophy of rights that not only provides reason to doubt his two claims, but also offers a promising way to reconcile a communitarian framework with a robust prizing of human rights alongside ones that are more collectively oriented. In short, I aim to provide a principled foundation for the core elements of the African Charter of Human and Peoples’ Rights. (shrink)

This paper consists of a conversation between a philosopher specialising in ethics and religion and an educational researcher with an interest in cultural studies and contemporary social theory. Dialogic in form, this paper employs an interdisciplinary response to an interdisciplinary project and offers the following components: a dialogic theorizing of the implications for education of a research project on spiritual capital; a continuation of the project of analyzing moral thinking in various cultural and societal settings; a continuation of the (...) project of analyzing political rhetoric (towards an understanding of the polemics of political rhetoric); a reaffirmation of the value of recognizing difference and ambiguity in the global moment. (shrink)

A Balanced Economic Model: The Feedback Loop Between Public and Private Sectors with MMT as a Stabilizing Mechanism -/- Introduction -/- Modern capitalism thrives on competition, profit motives, and consumer demand. However, the system is flawed because it allows extreme wealth inequality, market instability, and frequent economic crashes. Advertising, as an essential part of capitalism, manipulates consumer behavior to sustain profits. While this fuels economic growth, it also distorts the real needs of society. -/- A better alternative (...) Is a hybrid economic model where government-created jobs, social safety nets, and free public services coexist with a profit-driven private sector. The key to making this work is a feedback loop mechanism that keeps the two sectors balanced, ensuring economic stability while preventing extreme inequality and unnecessary market collapses. This essay explores how Modern Monetary Theory (MMT) can support this feedback loop economy to create a self-regulating system where both public and private sectors benefit from each other. -/- I. The Feedback Loop Between Private Companies and Government Economic Policies -/- A feedback loop mechanism is a self-regulating system where different components interact, adjust, and respond to maintain balance. In the economy, the public sector (government jobs, social safety nets, and public services) and the private sector (businesses, investments, and free markets) create a mutual dependency: -/- 1. Government Spending Creates Consumer Demand → Private Sector Growth -/- Government creates jobs with good salaries in infrastructure, education, healthcare, and technology. -/- This injects money into the economy, giving people the purchasing power to buy goods and services from private companies. -/- As demand increases, businesses grow, hire more workers, and expand operations. -/- 2. Private Sector Growth → Increases Government Revenue Without High Taxation -/- As private companies generate profits, they pay taxes and reinvest in expansion. -/- Strong consumer demand reduces the need for excessive taxation because economic growth itself funds public programs. -/- Businesses compete not only for profits but also for innovation and efficiency. -/- 3. Social Safety Nets Prevent Market Collapses -/- During recessions, government stabilizes the economy by expanding social programs (unemployment benefits, food assistance, healthcare). -/- This prevents demand from crashing, ensuring that businesses still have customers even in economic downturns. -/- As the economy recovers, government reduces spending, allowing the private sector to take the lead again. -/- This dynamic cycle ensures that economic booms and recessions are smoothed out, preventing extreme market crashes or mass unemployment. -/- II. The Role of MMT in Supporting the Feedback Loop -/- Modern Monetary Theory (MMT) provides the economic foundation for this model by proving that a sovereign government can spend money without being constrained by traditional budget rules. Unlike mainstream economic thinking, which suggests that governments must “balance the budget,” MMT argues that government spending should adjust based on economic conditions. -/- 1. Government-Backed Job Programs as an Economic Stabilizer -/- MMT allows governments to fund public jobs without relying solely on taxation. -/- If private companies cut jobs, the government can expand its workforce to absorb the unemployed. -/- When the economy stabilizes, people move back to higher-paying private jobs, reducing government spending. -/- 2. Preventing Inflation Through Resource Control -/- MMT acknowledges that inflation happens when there’s too much money chasing too few goods. -/- The government can remove excess money through targeted taxation and invest in productivity (e.g., infrastructure, education) to keep supply stable. -/- This prevents excessive inflation while keeping the economy growing. -/- 3. Continuous Money Circulation Without Debt Crises -/- Governments can print money to fund essential services, but they control inflation by investing in real production capacity (e.g., factories, renewable energy, technology). -/- This means public investment directly benefits private businesses, keeping both sectors in sync. -/- This MMT-backed feedback loop ensures that economic downturns do not lead to catastrophic business failures or mass unemployment. -/- III. The Role of Advertising in a Balanced Economic System -/- Advertising, while necessary for businesses, often manipulates consumer behavior in a way that creates artificial demand. In a feedback loop economy, advertising should be regulated to align with real consumer needs rather than exploiting psychological weaknesses. -/- 1. Ethical Advertising Policies -/- Companies should be incentivized to market based on quality and innovation rather than manipulation. -/- False advertising and monopolistic dominance should be regulated to prevent consumer exploitation. -/- 2. Consumer Education Programs -/- Public education should include critical thinking courses to help people make informed purchasing decisions. -/- This reduces the influence of manipulative advertising, ensuring that businesses compete fairly. -/- This ensures that the feedback loop remains healthy, preventing unnecessary overproduction and unsustainable consumer debt. -/- IV. Real-World Examples of a Balanced System -/- Some countries have successfully implemented elements of this feedback loop economic model: -/- Nordic Countries (Sweden, Norway, Denmark, Finland) -/- Have free healthcare, education, and social safety nets while maintaining a competitive private sector. -/- Use progressive taxation to prevent extreme inequality, ensuring that economic growth benefits everyone. -/- Germany -/- Uses government-backed vocational training programs to ensure a highly skilled workforce. -/- Strong public-private partnerships help both sectors support each other dynamically. -/- Japan -/- Government plays a major role in funding research, infrastructure, and innovation, allowing private businesses to thrive. -/- Uses state-owned enterprises strategically while ensuring a competitive private market. -/- These examples prove that a properly managed hybrid model is more resilient, fair, and stable than extreme capitalism or extreme socialism. -/- V. Conclusion: A Self-Regulating Economy for the Future -/- A feedback loop economic system provides the best of both worlds: ✔ Government ensures economic stability through public job creation and social safety nets. ✔ Private companies drive innovation and competitiveness with strong consumer demand. ✔ MMT allows government spending to adjust dynamically without unnecessary austerity measures. ✔ Advertising is reformed to encourage ethical business practices and informed consumer choices. ✔ Inflation is controlled through taxation, investment, and resource management. -/- By integrating these feedback loop mechanisms, we can create a self-regulating economic model where both public and private sectors reinforce each other, ensuring long-term stability, prosperity, and economic fairness. -/- Policy Framework for a Balanced Economic System: Global Best Practices -/- To fully integrate the feedback loop mechanism between the public and private sectors, specific policies must be implemented to ensure economic stability, innovation, and fairness. Below are real-world policy examples that demonstrate how different countries successfully manage their economies using a mix of government intervention and free market principles. -/- I. Public Job Creation as an Economic Stabilizer -/- One of the biggest issues in capitalism is economic recessions leading to mass layoffs, which then reduce consumer spending, creating a vicious cycle of economic decline. The solution is public sector job programs that absorb unemployed workers during downturns and allow them to transition back to private jobs when the economy improves. -/- Global Examples -/- ✔ United States (New Deal Programs – 1930s) -/- During the Great Depression, the U.S. government created millions of jobs in construction, public works, and conservation projects. -/- These projects boosted infrastructure while providing employment, helping to revive the economy. -/- ✔ Argentina’s Jefes de Hogar Program (2002-2006) -/- Aimed at mitigating mass unemployment during Argentina’s economic crisis. -/- The government hired unemployed citizens to work in community service, infrastructure, and public health projects. -/- Created social stability and demand for private goods, helping Argentina recover. -/- ✔ Germany’s Kurzarbeit Program (Ongoing) -/- In times of economic slowdown, the German government pays companies to keep workers employed at reduced hours rather than laying them off. -/- This prevents mass unemployment, ensuring that workers still have income and spending power. -/- Policy Recommendation: → Implement automatic public employment programs during recessions to keep demand stable and prevent economic crashes. -/- II. Social Safety Nets to Support Consumer Demand -/- A strong social safety net ensures that consumers have purchasing power even in economic downturns, keeping the private sector stable. -/- Global Examples -/- ✔ Nordic Model (Denmark, Sweden, Norway, Finland) -/- Provides free healthcare, education, and unemployment benefits, preventing extreme poverty. -/- Funded through progressive taxation, ensuring that the wealthy contribute fairly to society. -/- This creates a stable consumer base for private companies, benefiting the entire economy. -/- ✔ Universal Basic Income (UBI) Experiments (Finland, Canada, Kenya) -/- Finland tested a UBI program where unemployed citizens received a monthly payment regardless of employment status. -/- Results showed that recipients were more likely to start businesses and find better jobs, proving that social safety nets do not reduce work incentives. -/- ✔ Singapore’s Housing and Retirement System -/- The government helps citizens buy homes with public funds, ensuring stable housing. -/- A mandatory retirement savings system (Central Provident Fund) ensures that people have money after they retire. -/- These policies reduce financial anxiety, allowing people to focus on entrepreneurship and economic growth. -/- Policy Recommendation: → Implement universal healthcare, free education, and unemployment benefits to ensure that economic downturns do not collapse consumer spending. -/- III. Regulating Advertising to Align with Consumer Needs -/- Unregulated advertising manipulates consumer behavior, creating unnecessary demand and overconsumption, which destabilizes economies. Governments can regulate advertising to ensure ethical business practices. -/- Global Examples -/- ✔ European Union (Strict Advertising Laws) -/- The EU bans false advertising, ensuring that companies cannot make misleading claims about their products. -/- Certain junk food and alcohol ads are restricted to protect public health. -/- ✔ France’s Ban on Child-Targeted Advertising -/- Prevents unethical marketing towards children, reducing unnecessary consumerism. -/- ✔ Japan’s Culture of Product Quality Over Hype -/- Japanese companies emphasize product reliability and long-term value, reducing dependence on manipulative advertising. -/- Policy Recommendation: → Implement ethical advertising regulations to prevent false marketing, predatory ads targeting vulnerable consumers, and excessive consumer debt. -/- IV. Public-Private Partnerships for Innovation and Infrastructure -/- Rather than treating the government and private sector as separate entities, a well-balanced system interconnects them through public-private partnerships (PPPs) to drive innovation. -/- Global Examples -/- ✔ Germany’s Mittelstand Model (SME Support System) -/- The German government provides long-term financial support to small and medium-sized enterprises (SMEs), which are the backbone of the economy. -/- Ensures that private businesses have stable growth without excessive corporate monopolies. -/- ✔ China’s State-Led Economic Model (Strategic Government Investments) -/- The government invests heavily in infrastructure and technology, allowing private businesses to thrive with low-cost logistics and energy. -/- Balances capitalist competition with government support, ensuring stability. -/- ✔ United States (NASA & SpaceX Collaboration) -/- NASA funded SpaceX and other private space companies, leading to rapid innovation in space technology. -/- This proves that government funding can accelerate private sector breakthroughs. -/- Policy Recommendation: → Use government funding to support innovation and long-term infrastructure projects while allowing private businesses to benefit and expand. -/- V. MMT as a Tool for Economic Stability -/- Traditional economic models suggest that governments must “balance their budgets” like households, but this is a flawed concept. Modern Monetary Theory (MMT) argues that sovereign nations with their own currency (like the U.S., Japan, and the UK) can create money to fund essential services without relying on debt from private banks. -/- How MMT Works in Practice -/- ✔ Japan’s National Debt Strategy -/- Japan has one of the highest debt-to-GDP ratios in the world, yet it has no financial crisis because it borrows in its own currency. -/- Instead of austerity, Japan uses public investment to maintain economic stability. -/- ✔ U.S. Stimulus During COVID-19 -/- The U.S. government printed money to send direct payments to citizens, preventing a total economic collapse. -/- Inflation was controlled by adjusting taxation and investment in production capacity. -/- ✔ EU’s Post-COVID Recovery Fund -/- The European Union used public money to stabilize industries and workers, preventing extreme recessions. -/- Policy Recommendation: → Use MMT-based strategies to fund infrastructure, social programs, and innovation, ensuring economic stability without excessive reliance on private banking debt. -/- VI. Conclusion: Creating a Self-Regulating Economy -/- A feedback loop economy that integrates public job creation, private sector competition, social safety nets, and MMT-backed fiscal policies provides a self-regulating system that ensures: -/- ✔ Stable employment and consumer demand even during economic downturns. ✔ Innovation and competition in the private sector without excessive monopolies or market crashes. ✔ Government-funded infrastructure and social programs that benefit both workers and businesses. ✔ Ethical advertising that prevents consumer exploitation and unnecessary debt. ✔ Balanced inflation control through strategic taxation and investment. -/- By combining the best policies from different global models, we can build an economic system that minimizes business bankruptcies, prevents recessions, and maximizes innovation and economic fairness. -/- . (shrink)

In this article, I address a controversial aspect of Rawls’s treatment of the question of justice between generations: how the parties in the original position could be motivated to select Rawls’s preferred principle of intergenerational savings, which he dubs the just savings principle. I focus on the explanation found in his later work, where he proposes that the correct savings principle is the principle that any generation would have wanted preceding generations to have followed. By expanding upon this explanation, I (...) respond to the objection that this explanation disregards the perspective of the first generation. I demonstrate that this objection ceases to be a concern when a proper account of the parties’ reasoning is developed. What is notable about the explanation I defend is that it relies on the parties adopting maximax – not maximin – as a rule for rational decision making. Having established this intermediary conclusion, I depart with Rawls and consider what savings principle the parties would choose if given more options. Ultimately, I argue that the parties would select a principle that Rawls would have undoubtedly rejected if presented to him at face value. This is because the principle of savings I argue would be selected requires continual economic growth over generations to increase upwards indefinitely – a conclusion Rawls is explicitly trying to avoid in his theory of justice. (shrink)

According to Streeck and Vogl, the neoliberalization of the state has been the result of political-economic developments that render the state dependent on financial markets. However, they do not explain the discursive shifts that would have been required for demoting the state to the role of an agent to bondholders. I propose to explain this shift via the performative effect of neoliberal agency theory. In 1976, Michael Jensen and William Meckling claimed that corporate managers are agents to shareholding (...) principals, which implied that their main task was the procurement of shareholder value. Agency theory subsequently prescribes a series of measures to ensure the alignment of principal and agent interests in corporations. The diffusion of agency theory, however, moved beyond corporate governance to reconfigure the state. Due to its reliance on capital markets, the state supposedly likewise becomes an agent of the investment public and should procure bondholder value. (shrink)

Amazon Book Review Series of “Better Economics for the Earth: A Lesson from Quantum and Information Theories”.

The aim of the article is to develop the existing methodological approaches to assessing the military and economic capabilities of the country in conditions of war and peace. To achieve the purpose of the study, its decomposition was carried out and the following were investigated: existing approaches to assessing the military and economic potential of the country, the country's power and national power; the concept of critical load of the national economy is revealed; the generally accepted norms on (...) financing of defense needs are resulted; the experience of financing the needs of defense by the leading countries of the world - in the conditions of the Second World War is given; a methodical approach to assessing the military and economic capabilities of the country is proposed. The article proposes a methodical approach to assessing the military and economic capabilities of the country. According to the results of the research, the existing theory of military economy has been improved in the context of understanding the allowable burden on the country's economy in conditions of war and the development of methodological approaches to assessing the country's military and economic capabilities. The proposed methodological approach is the development of existing military-economic thought and capability-based military-economic planning. The proposed methodological approach allows to assess the ability of the national economy to meet military and economic needs in wartime by industry and type of military support, taking into account the critical load of the national economy, which will help simplify and improve the process of military policy decisions. The practical value of the study is that the proposed method of assessing the military and economic capabilities of the country allows to identify critical sectors of the economy, assess their ability to provide resources for military needs in wartime, based on which to form and make appropriate management decisions. The results of the study can be used in further studies of the development of military and economic potential of the country, balancing military and civilian economic needs in war, as well as military-economic planning based on capabilities. A limitation of the study is the use of publicly available sources. Future research is seen in the further development of methodological approaches to assessing and developing the military and economic potential of the country. (shrink)

This data collection comprises of Amazon reviews of the book titled “Better Economics for the Earth: A Lesson from Quantum and Information Theories.” These reviews will be analyzed and updated to identify factors that stimulate and influence readers’ perceptions of economics and the environment. Better Economics for the Earth is a groundbreaking work that reimagines the field of economics through the lenses of quantum and information theories. It introduces a transformative framework for understanding and addressing environmental challenges, offering a redefined (...) concept of value that goes beyond traditional paradigms of growth and profit. The book also emphasizes the concept of eco-surplus culture, which facilitates societal transitions toward a sustainable economic paradigm. (shrink)

This paper points to some limitations of law and economics as both an explanative and a normative theory. In explaining law as the result of efficiency promoting decisions, law and economics theorists often dismiss the reasons actors in the legal system give for their behavior. Recognizing that sometimes actors may be unaware of why institutions evolve as they do, I argue that the case for dismissing reasons for action is weaker when those reasons make reference to rules of practices (...) that constitute the meaning of actions within those practices, or when they have otherwise been given well-considered defenses. In criticizing law and economics as a normative theory, I acknowledge that economic considerations are often important in deciding how to act in the personal sphere and how government should allocate its scarce resources. I argue that while the use of institutions to promote our ideals forces us to take their costs into account, it is a mistake to infer from this that the question of determining social policy is a purely economic problem, and that we should acknowledge the non-utilitarian moral ideals our law and practices promote. This is the basis of both an internal criticism--law and economics theorists have not sufficiently evaluated and weighed the value of fairness and other ideals in their utility calculations--and an external criticism-- these ideals are important in ways that can not be measured in utiles. (shrink)

What is the value of a lightning bolt? A strange question, perhaps. But as it arcs across the sky, that bolt is doing something remarkable: it's fixing nitrogen from the air, making it available to plants in a process that took nature billions of years to evolve. If we tried to replicate this service industrially, it would cost millions. Yet, in our economic systems, that lightning bolt is worth exactly zero dollars and zero cents. This paradox sits at (...) the heart of our troubled relationship with nature. For centuries, we have tried to squeeze the infinite complexity of the natural world into the finite box of market prices. But as climate change accelerates and biodiversity collapses, it is becoming clear that our economic models are not just incomplete – they are actively dangerous. A new paradigm is emerging in the interdisciplinary of biology, physics, information science, and quantum theory, offering fresh perspectives on how we might better understand and measure value. (shrink)

A comprehensive account of justice grounded on salient Afro-communitarian values, the article attempts to unify views about the distribution of economic resources, the protection of human rights and the provision of social recognition as ultimately being about proper ways to value loving relationships.

In the face of escalating environmental crises, the role of economics in shaping sustainable solutions has come under increasing scrutiny. Traditional economic paradigms, often grounded in the pursuit of growth and efficiency, have been criticized for neglecting the environmental costs of human activities. This disconnect between economic theory and ecological reality has prompted calls for a profound transformation in how economics is studied, taught, and applied. -/- Books on economics, as key instruments for disseminating knowledge and shaping (...) thought, hold a pivotal role in this transformation. By integrating interdisciplinary insights, challenging foundational assumptions, and prioritizing environmental sustainability, these texts can equip future economists and the broader public with the tools needed to tackle the planet’s most urgent challenges. But how can economics books effectively foster a sustainable future? How should their content, structure, and approach be to make them effective catalysts for ecological stewardship? -/- This study represents one of the first attempts to address these questions through a quantitative approach. Specifically, it analyzes Amazon’s book reviews of Better Economics for the Earth: A Lesson from Quantum and Information Theories to identify factors that stimulate and influence readers’ perceptions of economics and the environment. (shrink)

South Africa is a highly distributively unequal country, and its inequality continues to be largely along racial lines. Such circumstances call for assessment from the perspective of contemporary theories of distributive justice. Three such theories—Rawlsian justice, utilitarianism, and luck egalitarianism—are described and applied. Rawls' difference principle recommends that the worst off be made as well as they can be, a standard which South Africa clearly falls short of. Utilitarianism recommends the maximization of overall societal well-being, a goal which South Africa (...) again fails to achieve given its severe inequality and the fact of the diminishing marginal value of money—that a given amount of money tends to produce more utility for a poor person than it does for a rich person. The final theory, luck egalitarianism, aims to make distributions sensitive to individual exercises of responsibility. This view also objects to South Africa's inequality, this time on the basis that the poor are overwhelmingly worse off through no fault or choice of their own. These major theories of distributive justice therefore all propose large-scale redistribution to the benefit of the (predominantly black) poor. Perhaps more surprisingly, all three views also provide support for socio-economic affirmative action, as opposed to South Africa's race-based Black Economic Empowerment. (shrink)