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.

Contemporary mainstream economics cannot be seen as disconnected from philosophical concerns. On the contrary, it should be understood as a defence for a specific philosophy, namely, crude quantitative hedonism where money would measure pleasure and pain. Disguised among a great mathematical apparatus involving utility functions, supply, and demand, lies a specific hedonist philosophy that every year is lectured to thousands of economic and business students around the world. This hedonist philosophy is much less sophisticated than that in ancient hedonist (...) philosophers as Epicurus or Lucretius. Furthermore, it does not solve any of the systematic difficulties regularly faced by hedonist philosophy. However, the argument that economics is detached from philosophy works as a rhetorical artifice to protect its dominant underlying philosophy: Philosophical disputes would have to be addressed within the biased mathematical apparatus of quantitative hedonism. Economists and business students must learn to identify the underlying philosophy in mainstream economics and alternative philosophical systems. (shrink)

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

This review essay of Economics Rules situates Dani Rodrik’s contribution with respect to the 2007–2008 global economic crisis. This financial meltdown, which the eurozone did not fully recover from before the Covid-19 pandemic, led to soul- searching among economists as well as a call for heterodox economic approaches. Yet, over the past decade, instead the economics profession has maintained its orthodoxy. Rodrik’s Economics Rules offers a critique of the economics profession that is castigating but mild. It (...) calls for economists to use more and diverse models without becoming wedded to any single model or an overarching vision. Yet Rodrik ratifies many of the benchmark models standard to orthodox economics and provides little ground for a fundamental rethinking of the discipline. This essay analyses the conservatism underlying Rodrik’s approach, which upholds general equilibrium theory and rational expectations underlying the efficient market hypothesis. It argues that the economics discipline’s scope-creep to maintain its applicability to all human decision-making, and its acceptance of all-inclusive utility functions, crowds out moral sentiments and civic virtue. Thus. it argues that rather than urging economists simply to be more cautious in their application of models to address particular social concerns, instead economists must recognise their discipline’s inherent limitations. (shrink)

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)

This research explores the incorporation of narrative perspectives in economics as a social science and its implications for rethinking epistemology. By examining the role of narratives in economic analysis, the study highlights the advantages of narratives in providing contextualized accounts of human experiences, connecting economic concepts to real-world phenomena, and exploring diverse perspectives. It emphasizes the importance of interdisciplinary collaboration between philosophers, economists, and social scientists to gain a comprehensive understanding of narratives' influence on economic decision-making, market dynamics, and (...) consumer behaviour. The research suggests that narratives offer a means to challenge the notion of a single, objective truth and contribute to a more inclusive and robust framework for analyzing economic phenomena. The implications extend beyond economics, urging a broader perspective on epistemology by embracing narrative perspectives and engaging in interdisciplinary collaboration across disciplines. Overall, this research calls for a rethinking of epistemology, recognising the significance of narratives and their role in knowledge production. (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)

This research paper attempts to get pragmatic way to deal with few questions like, 'Will Indian Economic thoughts be able to give directions to crises-ridden global economic system?', 'Can India show solutions to the World's Present Socio-economical crises?'' and What are the Alternatives available before mankind to avoid economic crises?' The concept of economic exploitation or “exploitation” which has been the focal point of solemn philosophical debate is one of the favorite nouns in the glossary of critics of the free (...) market economy. The strongest version of the claim that the free market necessarily involves exploitation is that of Karl Marx. The aim of this research paper is to bring to the notice of economist, policy makers, research scholars, professors and students of economics as well as of philosophy and layman, that what kind of solution, a Philosopher from India, like Prof. Surendra S. Barlingay has to offer to the discipline of economics at large. (shrink)

Geographical economics (also known as the ‘new economic geography’) is an approach developed within economics dealing with space and geography, issues previously neglected by the mainstream of the discipline. Some practitioners in neighbouring fields traditionally concerned with spatial issues (descriptively) characterized it as—and (normatively) blamed it for—intellectual imperialism. We provide a nuanced analysis of the alleged imperialism of geographical economics and investigate whether the form of imperialism it allegedly instantiates is to be resisted and on what (...) grounds. From both descriptive and normative perspectives, our conclusion is: yes and no. (shrink)

The development of technology is unbelievably rapid. From limited local networks to high speed Internet, from crude computing machines to powerful semi-conductors, the world had changed drastically compared to just a few decades ago. In the constantly renewing process of adapting to such an unnaturally high-entropy setting, innovations as well as entirely new concepts, were often born. In the business world, one such phenomenon was the creation of a new type of entrepreneurship. This paper proposes a new academic discipline (...) of computational entrepreneurship, which centers on: (i) an exponentially growing (and less expensive) computing power, to the extent that almost everybody in a modern society can own and use that; (ii) omnipresent high-speed Internet connectivity, wired or wireless, representing our modern day’s economic connectomics; (iii) growing concern of exploiting “serendipity” for a strategic commercial advantage; and (iv) growing capabilities of lay people in performing calculations for their informed decisions in taking fast-moving entrepreneurial opportunities. Computational entrepreneurship has slowly become a new mode of operation for business ventures and will likely bring the academic discipline of entrepreneurship back to mainstream economics. (shrink)

Socio-Economic Impacts of Co-operative Societies: An Empirical Study -/- Author / Authors :Md. Ruhul Amin and Mohammed Mahin Uddin Page no.179-193 Discipline : Applied Economics/ Management/ Commerce Script/language : English/Roman Category : Research paper Keywords: Co-operative, Development, Society, Constrains, Constitution, Comilla.

Economics claims to be an independent empirical social science but empirical evidence of the last century challenges this claim. By contrast Caritas in Veritate contains a set of linkages that demonstrate that economics is related to morals, anthropology and theology. Economics is practiced in a cultural setting with a moral dimension related to the human person, which is ultimately grounded in the nature of God. Pope Benedict has focused on love and gift as human qualities reflecting the (...) Divine nature. The anthropology that proceeds from this is a development of Pope John Paul II’s emphasis on human dignity and freedom. It suggests moral principles that can guide culture, social institutions and hence economic action. Pope Benedict uses his reflections on the social order to comment on the problems of development for less developed peoples, but his analysis also completes one theme of the social encyclicals. Whereas Pope Leo XIII concentrated on economic and political fundamentals such as property and political organization, subsequent contributions turned attention more towards the human actor in relationship to God. Pope John Paul II made this explicit by turning attention to anthropology. Pope Benedict has connected these and completed the vision initiated by his immediate predecessor. He has described more completely the grounding of anthropology on the family, culture and ultimately the Most Blessed Trinity. The encyclical can be read as an invitation to a broader methodology for economics, one that is better conformed to actual market actors and that has the capacity to overcome some of the contentious aspects of the current discipline. The groundwork has been established by thinkers including Aristotle and St. Thomas Aquinas and some of its elements are evident in the economic organisation of many non-modern cultures. (shrink)

It can hardly be denied that each field of knowledge has its own subject-matter and aims, scope and limits, specific method and distinctive characteristics. Every science has its own historical background and dynamics which explain its emergence and raison d'etre, as well as influence its development over time, expanding and contracting as it were in response to the prevailing Zeitgeist and alongside societal, legal, and political changes. Consequently, each discipline inevitably reflects the realities, beliefs, needs, tendencies, and interests of (...) the individuals (or groups) who undertake its study and instruction, or try to apply and develop it further. In other words, each field of knowledge is mirroring a certain Weltansicht, or worldview‒that is, a comprehensive framework through which individuals or cultures interpret and understand the world around them. In scientific enterprise, worldviews not only provide a broader context for interpreting data, but also influence their research directions, methodological preferences, and final conclusions. Economics is no exception to this phenomenon. This modest essay aims to open up the epistemological foundations of modern economics to closer scrutiny with a view to pinpointing some tacit assumptions, cultural or other biases, and preconceived notions operating beneath the surface of economic models, theories, and methodologies. (shrink)

This introduction explains the reasons behind this Special issue and discuss the organization and content of it. The difficulty of a genuine dialogue and understanding between economics, law and humanities, seems to be due not only to the fragmentation of reflections on man, but to a real ‘conflict of anthropologies’. What kind of conceptions of man and human values are presupposed by and / or privileged by economics, law, economic approaches to law and social sciences? How and when (...) do these conceptions come into conflict within and between disciplines? How do these conceptions of man and his values influence the conceptions of economics, law and institutions, and vice versa, how do these last conceptions influence the former? What are the normative, regulatory and practical implications of assuming an anthropological and / or axiological perspective instead of another? This Special issue aims at exploring the possibility of finding a common ground for discussion between economics, law and humanities, through the analysis and comparison of both the conceptions of man, human action and values assumed by economics, law and humanities, and their normative implications. The contributions to this Special issue and its organization are outlined at the end of this introduction. (shrink)

This article comprises an up-to-date critical review of the field known as Economic Methodology or Philosophy of Economics (EM/PE). Two edited volumes (Kincaid and Ross 2021; Heilmann and Reiss 2021), a special issue of the Journal of Economic Methodology (2021), and a recent bibliometric analysis of the field (Claveau et al. 2021) constitute the basis of the review. Drawing on these sources, we identify a number of problematic trends in current EM/PE research. We claim that these trends could be (...) interpreted as two kinds of biases, namely a micro-level bias and a mainstream bias. We discuss the respective details of these biases and their normative implications for the discipline. (shrink)

The article explores novel directions in the phenomenology of economics. It analyzes how the approaches of Till Düppe and Alfred Schütz, both inspired by Edmund Husserl, may shed light on the historical development of economics. I examine the substance and meaning of economics in the context of the forceful criticism of the whole discipline recently raised by Düppe. This examination uncovers important weaknesses and omissions inherent in Düppe’s argument against the economists’ scientific aspirations. The analysis of (...) the social scientific endeavors by Alfred Schütz who develops a phenomenologically informed ‘telescopic’ concept of an ideal type is then shown to be a more fruitful and methodologically rigorous way towards understanding the developments within economics. The Schützian view permits us to see how abstract economic models originate in the experience of the life-world and are continuous with it. Accordingly, the historical development of economic science may be viewed as consisting from two broadly defined phases, where at first the formalism is steadily increasing (the ‘zooming out’ phase) and later the discipline converges back to context-specific empirical examinations (the ‘zooming in’ phase). A case study concentrating on the economic theory of politics illustrates that both the drive towards abstraction that has culminated around 1950s and the more recent ‘zooming in’ is methodologically legitimate from the phenomenological point of view. I conclude that economics has never been completely severed from the paramount reality of the everyday life and for decades the interconnection has been growing stronger by the day. (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)

The paper aims to address the following two questions: what kind of discourse is that which attempt to found or defend the autonomy or the boundaries of a discipline? Why do such discourses tend to turn into normative, dogmatic-excommunicating discourses between disciplines, schools or scholars? I will argue that an adequate answer may be found if we conceive disciplines as dogmatics, where such discourses often take the form of a discourse on the foundation of a discipline, a foundation (...) in the name of which the scholar speaks and with which he/she entertains an identity relationship. To this purpose I will re-examine the methodological discourses of (and debates between) Pareto, Croce and Einaudi on the demarcation issue between philosophy, economics and value-judgments as highly instructive to understand such issues. (shrink)

The origins of testing scientific models with statistical techniques go back to 18th century mathematics. However, the modern theory of statistical testing was primarily developed through the work of Sir R.A. Fisher, Jerzy Neyman, and Egon Pearson in the inter-war period. Some of Fisher's papers on testing were published in economics journals (Fisher, 1923, 1935) and exerted a notable influence on the discipline. The development of econometrics and the rise of quantitative economic models in the mid-20th century made (...) statistical significance testing a commonplace, albeit controversial tool within economics. -/- In the debate about significance testing, methodological controversies intertwine with epistemological issues and sociological developments. Our aim in this chapter is to expound these connections and to show how the use of, and the debate about, significance testing in economics differs from other social sciences, such as psychology. (shrink)

Unification of natural science and social science is a centuries-old, unmitigated debate. Natural science has a chronological advantage over social science because the latter took time to include many social phenomena in its fold. History of science witnessed quite a number of efforts by social scientists to fit this discipline in a rational if not mathematical framework. On the other hand a tendency among some physicists has been observed especially since the last century to recast a number of social (...) phenomena in the mould of events taking place in physical world and governed by well-known systems and equations of physics. It necessitated the introduction of social physics as a new inter-disciplinary subject. Obviously this attempt is aimed at explaining hitherto unsolved or highly debated issues of social science. Physicists are showing special interest on problems on economics, ranging from some topics of normative economics to the movement of prices of derivatives. Statistics has been widely used in these attempts and at least two sub-disciplines of the subject, namely, stochastic process and time series analysis deserve special mention. All these research activities gave birth to another inter-disciplinary subject named as econophysics. Interestingly, global financial crisis of 2007–08 has revived the need of determination of prices of derivatives in a more accurate manner. This article adumbrates a sketch of the theoretical synthesis between physics and economics and the role played by statistics in this process. (shrink)

We examine the most famous controversy between economists as a means of shedding fresh light on the current debate about economic methodology. By focusing on the controversy as the primary unit of analysis, we show how methodological considerations are but one of a whole set of stratagems strategically employed by each opponent. We argue that each opponent's preference for a particular kind of stratagems expresses his own specific scientific style (within the general scientific and cultural style of an age). We (...) also describe a dynamic dimension of the controversy, independent of the participants' intentions. Such a dimension is analysed in a "cycle" of the controversy, which begins with a well-defined issue and expands to additional topics, without reaching a "solution" to the initial issue. The definition and re-definition of the issue(s) at stake and of the difference between both participants is an essential and recurrent feature of such cycles; the conclusion of a cycle does not imply a real "closure" of the controversy, but only that each opponent has reached a satisfying degree of self-clarification. The controversy, thus, does not yield persuasion -- its ostensible aim. Rather, its "benefit" seems to lie in an unintended result -- clarification and deepening of contrasting approaches to the discipline -- due to its peculiar dynamics. In so far as the history of a discipline requires a reconstruction of such contrasts, it is indispensable for it to take into account the controversies where they emerge, and to view both the positive doctrines and the methodological posture of the contenders as parts of a wider framework, that is a scientific style. (shrink)

Since Thomas Kuhn’s The Structure of Scientific Revolutions (1962), historians and philosophers of science have paid increasing attention to the implications of disciplinarity. In this chapter we consider restrictions posed to interdisciplinary exchange between ecology and economics that result from a particular kind of commitment to the ideal of disciplinary purity, that is, that each discipline is defined by an appropriate, unique set of objects, methods, theories, and aims. We argue that, when it comes to the objects of (...) study in ecology and economics, ideas of disciplinary purity have been underwritten by the artificial-natural distinction. We then problematize this distinction, and thus disciplinary purity, both conceptually and empirically. Conceptually, the distinction is no longer tenable. Empirically, recent interdisciplinary research has shown the epistemological and policy-oriented benefits of dealing with models which explicitly link anthropogenic (i.e., “artificial”) and non-anthropogenic factors (i.e., “natural”). We conclude that, in the current age of the Anthropocene, it is to be expected that without interdisciplinary exchange, ecology and economics may relinquish global relevance because the distinct and separate systems to which each “pure” science was originally made to apply will only diminish over time. (shrink)

The books’ goal is to answer the question: Do the weaknesses of value-free economics imply the need for a paradigm shift? The author synthesizes criticisms from different perspectives (descriptive and methodological). Special attention is paid to choices over time, because in this area value-free economics has the most problems. In that context, the enriched concept of multiple self is proposed and investigated. However, it is not enough to present the criticisms towards value-free economics. For scientists, a bad (...) paradigm is better than no paradigm. Therefore, the author considers whether value-based economics with normative approaches such as economics of happiness, capability approach, libertarian paternalism, and the concept of multiple self can be the alternative paradigm for value-free economics. This book is essential reading to everyone interested in the current state of economics as a discipline. (shrink)

One of the important components considered in this research approach is given by the study on teaching-learning strategies, methods and techniques in the lessons aimed at organizing economic activities. It is understood that such a topic takes into account, on the one hand, a series of aspects related to an economic issue, and on the other hand, issues of a methodological / didactic nature found in the teaching-learning-assessment activity. At the same time, the approach that is intended to be highlighted (...) reflects the practical-theoretical dimension of such a possible approach in class. Under these conditions, the research approach assumed involves an analysis focused, on the one hand, on the theoretical aspects related to the approached topic, and on the other hand, on the conceptual-theoretical operationalization with practical implications. In other words, there is an interest in valorizing and capitalizing on the contents approached both theoretically and practically. Therefore, it is considered that we will analyze, from a theoretical and pragmatic perspective, the strategies, methods and teaching-learning techniques at the level of economic-themed classes, also revealing the impact it has in the economic-educational dimension. (shrink)

We first survey the Catholic social justice tradition, the foundation on which Caritas in Veritate builds. Then we discuss Benedict’s addition of love to the philosophical virtues (as applied to economics), and how radical a change that makes to an ethical perspective on economics. We emphasise the reality of the interpersonal aspects of present-day economic exchanges, using insights from two disciplines that have recognized that reality, human resources and marketing. Personal encounter really is a major factor in economic (...) exchanges in professional services, such as law and medicine. Finally, we examine the prospects for an economics of gratuitousness at a level higher than the individual, that is, for businesses devoted to social ends more than profit. -/- . (shrink)

The publication of Guido Calabresi’s book “The Future of Law and Economics” has drawn a substantial amount of attention among law and economics scholars. We thought that the best way to devote special attention to this book was to devote a Special issue to it. This article situates Calabresi’s book among other reflections on the future of the discipline, introduces and explains the reasons behind this Special issue and discuss the organization and content of it. -/- We (...) emphasize how Calabresi’s historical-conceptual standpoint allows him to isolate the stakes of different future developments around the question of how could further appreciation of legal institutions that defy the standard economic assumptions help the field develop theoretically. Overall, the contributors all shared Calabresi’s attempt to restore the balance between Law and Economics and the need to better account for the “whole unanalysed experience of human race”, often neglected by the Economic Analysis of Law approach. Most disagreements are about the ‘how’. In any case, the search for the Law and Economics ‘not (yet) taken’ or for other “Law and … ” approaches is always open to the Future. (shrink)

I have followed Quan-Hoang Vuong’s career in academics for years – his research and writings. What has intrigued and delighted me over time is the range of topics he covers and the way he seeks to blend disciplines (e.g., what can business learn from physics? How can fables help us understand economics and work?) and his willingness to push the boundaries of disciplines and arguments. He and co-author Minh-Hoang Nguyen do it again in this power-packed book on the environment, (...) economics, and the dangers of using existing frameworks to think about and act in the future. (shrink)

This handbook advances the interdisciplinary field of Philosophy, Politics, and Economics by identifying thirty-five topics of ongoing research. Instead of focusing on historically significant texts, it features experts talking about current debates. Individually, each chapter provides a resource for new research. Together, the chapters provide a thorough introduction to contemporary work in PPE, which makes it an ideal reader for a senior-year course. The handbook is organized into seven parts, each with its own introduction and five chapters: I.Frameworks II.Decision-Making (...) III.Social Structures IV.Markets V.Economic Systems VI.Distributive Justice VII.Democracy The "Frameworks" part discusses common tools and perspectives in PPE, and the "Decision-making" section shows different approaches to the study of choice. From there, parts on "Social Structures," Markets" and "Economic Systems" each use tools from the three PPE disciplines to study and distinguish parts of society. The next part explains dominant theories and challenges to the paradigm of "Distributive Justice." Finally, a part on "Democracy" offers five challenges to current democratic practice. (shrink)

This paper investigated "The Parable of the Talents and Economic Management: Lessons for the Nigerian Nation." The subject matter of economic management in Africa in general and Nigeria, in particular, is one that concerns nearly every discipline, and which has inevitably lent itself to much pontification by economist and non-economist alike. Nigeria evolved as a nation-state in 1914 due to the amalgamation of diverse independent nationstates by the British under Lord Frederick Lugard. Since then, it has evolved different economic (...) principles, especially with the discovery of oil in Oloibiri. Historically, the Nigerian economy showed early signs of growth but is currently in a state of recession irrespective of all the economic policies by different administrations. This is contingent on mismanagement of the country's economic and human resources. The main issue that should be in the mind of researchers now is not the inevitability of recession, but its cure and how to recover from it. It is on this note that this paper looked at the Parable of the Talents according to Matt. 25:14-30 using the principle of exegesis in the interpretation of the text. It anchors its submission using the principle of accountability and Maslow's theory of motivation to chart the pathway for the management of the Nigerian economy. The paper concluded that for the proper management of Nigeria's economy there must be accountability, motivation, dignity of labour and giving of appointments base on the capacity of a worker. (shrink)

The standard perception of the dichotomy between population thinking and essentialism (typological thinking) in evolutionary economics descends from the golden age of the neo-Darwinian Synthesis. Over the last few decades the received view on population thinking has been seriously challenged in biology and its philosophy. First, the strong version of population thinking that banishes essentialism witnessed important tensions stemming from the ontological status of species. These tensions have been amplified by the demise of positivism and the rise of a (...) new essentialism in philosophy of science. Second, the soft version that transforms the opposition between population thinking and essentialism to the dichotomy between ultimate and proximate causation has led to contradictory interpretations regarding the locus of ultimate causes. Taking stock of the previous discussion the paper addresses the limits to population thinking in the socio-economic realm. The upshot is that without denying the important achievements made by the application of population thinking in sub-disciplines like industrial dynamics and economic anthropology, the idea to generalize these applications into the whole socio-economic realm is problematic. The aforementioned achievements cannot come to grips with the structural aspects of capitalism, its different periods (e.g. the contemporary finance-led capitalism) and its geographical varieties. The resulting gap points to the importance of structural analysis (essentialism) and evolutionary political economy. The latter is distinguished from the rest of evolutionary economics by its project to go beyond the surface of economic phenomena and to critically analyze their underlying social structures. (shrink)

In the wake of the global financial crisis of 2008, the greatest economic disaster since the Great Depression, the cover story of the July 18th 2009 issue of The Economist, entitled “What went wrong with economics,” opened with an unequivocally incriminating statement: “Of all the economic bubbles that have been pricked, few have burst more spectacularly than the reputation of economics itself.” In the months surrounding this indictment, many influential economists, including several Nobel laureates, were drawn to the (...) same embarrassing conclusion. Despite the existence of a handful of Cassandras, economists, as a group, had failed to foresee the crash. This short essay reviews the criticisms addressed to modern economic theory in the immediate aftermath of the crash. Overall, the main issues raised by critics were that (a) economists versed in the dominant models in macroeconomics and finance have been blinded to the possibility that we live in an uncertain and complex world; and (b) that the content of current economics education has sidelined many of the relevant insights to be found in the history of the discipline. This has led the critics to call for changes in the institutional structure of discipline, with a particular emphasis on the promotion of interdisciplinarity, and theoretical and methodological pluralism. (shrink)

This chapter appeared in: G. J. van Nes et al. (eds.), Relational Anthropology for Contemporary Economics. Dordrecht: Springer, 121-132. -/- Abstract: This chapter is a comment on the contribution of Rebecca Klein in this volume, preceded by a conceptual analysis of the argument that is developed in the Homo Amans position paper. The main question that is raised is twofold and concerns the relation between science and worldview on the one hand, and between science and economic life on the (...) other. With respect to the science – worldview relationship, it is doubted that science can play the role the authors of the Homo Amans project expect it can have. What they have in mind is that science helps in validating and legitimizing a biblically informed concept of love. This author disagrees, to a large extent. Science can indeed orient itself on ideas and intuitions that are based on one’s worldview. But it cannot prove the truth of these intuitions and ideas. To think so, is to commit a naturalistic fallacy. With respect to the relationship between science and economic life, the author is also not convinced that science and philosophy as academic disciplines will by themselves be able (and should be expected to be able) to transform deeply ingrained, institutionally anchored economic practices. New theories, concepts, and paradigms are a precondition for change, but they do not bring about change by themselves. What is needed is a change in the practices themselves, a change that is both personal and comprehensive. What is needed is a clear, succinct, and encompassing view on the intrinsic normativity of economic interactions between relevant stakeholders in what we call ‘the’ economy. This is a huge undertaking, that requires painstaking ‘phenomenological’ analyses of a wide variety of economic practices. The chapter agrees with most of Klein’s observations and concerns with respect to the position paper. These observations and concerns gain even more depth and relief given the conceptual distinctions that are made in the chapter. (shrink)

The first group of articles attempt to give some insight into how we behave that is reasonably free of theoretical delusions as shown by reviews of books by leading authors in philosophy and psychology, which as I note can be seen as the same discipline in many situations. In the next section I comment on very basic confusions where one might least expect them – in science and mathematics. Next, I turn to confusions where most people do expect them—in (...) religion (i.e., in cooperative groups formed to facilitate reproduction). Finally, I provide some viewpoints on areas where all the issues come together—economics and politics. -/- The key to everything about us is biology, and it is obliviousness to it that leads millions of smart educated people like Obama, Chomsky, Clinton and the Pope to espouse suicidal utopian ideals that inexorably lead straight to Hell on Earth. As Wittgenstein noted,it is what is always before our eyes that is the hardest to see. We live in the world of conscious, deliberative linguistic System 2, but it is unconscious, automatic reflexive System 1 that rules. This is the source of the universal blindness described by Searle’s The Phenomenological Illusion (TPI), Pinker’s Blank Slate and Tooby and Cosmides’ Standard Social Science Model. -/- America and the world are in the process of collapse from excessive population growth. The root cause of collapse is the inability of our innate psychology to adapt to the modern world. This, plus ignorance of basic biology and psychology, leads to the social engineering delusions of the partially educated who control democratic societies. Hence my essay “Suicide by Democracy”. It is also now clear that the seven sociopaths who rule China are winning world war 3, and so my concluding essay on them. The only greater threat is Artificial Intelligence which I comment on briefly in the last paragraph. (shrink)

Abstract: In developing societies, foreign direct investment is an invaluable tool for achieving economic growth by enhancing competitiveness through offering employment, transferring sophisticated technologies, boosting productivity and promoting infrastructure. The main objective of the paper is to examine the trends of foreign direct investment and economic growth in Africa, with specific reference to Nigeria’s experience in pre-recession period. The paper notes that foreign direct investment provides capital for investment, it enhances job creation and managerial skills, and possibly technology transfer. The (...) paper observe that prior to the economic recession, Nigeria experienced continued increased in foreign direct investment. The study is an empirical investigation, using a time series data between 1999-2014. The data collected was analyzed using table of frequency distribution, bar chart, graph and correlation analysis. The analysis shows that there is a high positive correlation relationship between FDI and economic growth in Nigeria during the period under study. Based on the results and findings, the paper recommend among others that for Nigeria to optimize the potential benefits of FDI, it is important that the government exercise fiscal discipline and control measures in its pattern of borrowing and spending. (shrink)

It started and ended in Chile! This might be the introductory sentence to an economic history of our times. After the 1973 military coup the “Chicago Boys”, a group of Chilean economists educated by Milton Friedman at University of Chicago, took control of Pinochet’s economic policy. A type of policy which later on entered government offices in the UK and the US together with Margaret Thatcher and Ronald Reagan. Today protesters on the streets of Santiago seeks to tear down the (...) core pillars of the paradigm installed by the Chicago boys. Looking at broader developments, the essential driver of change over the past four decades have however not been an economic one but rather a legal one. Or rather the essential change has been the economics discipline acting as an invasive species entering into the realm of law though the law and economics paradigm. (shrink)

Currently, the widely used notion of activity is increasingly present in computer science. However, because this notion is used in specific contexts, it becomes vague. Here, the notion of activity is scrutinized in various contexts and, accordingly, put in perspective. It is discussed through four scientific disciplines: computer science, biology, economics, and epistemology. The definition of activity usually used in simulation is extended to new qualitative and quantitative definitions. In computer science, biology and economics disciplines, the new simulation (...) activity definition is first applied critically. Then, activity is discussed generally. In epistemology, activity is discussed, in a prospective way, as a possible framework in models of human beliefs and knowledge. (shrink)

The analysis of Cultural Heritage, based on the tools provided by Management Accounting, is a subject rarely discussed in the discipline. However, a correct management of cultural heritage is a subject that has particularities of interest to both management accounting academics, and politicians and citizens. The evolution in information systems and in the theoretical framework of Economic Sciences, has made it possible to have new tools to measure the economic impact of cultural heritage. It will depend on the political (...) leaders or the demands of the groups of citizens that these tools are applied. (shrink)

A discussion of the historical development of the relationship between moral philosophy and political economy and economics qua disciplines, followed by a treatment of questions of justice in the contemporary discussion and then by an overview of the subdiscipline of busness ethics.

Neuroscience is a fascinating discipline – its dynamic progress has led to the emergence of new interdisciplinary research programmes with great potential. One of these research areas is neuroeconomics. As will be shown in this article, this discipline, which is difficult to clearly characterize and define, is faced with many problems. This paper argues that social scientists should be interested in the problems and tendencies in social neuroscience for several reasons. Neuroeconomics, and other disciplines inspired by neuroscience, will (...) compete with their parent disciplines in many fields of interest. On one hand it will be necessary for scientists to define and defend the irreplaceable roles of their disciplines, but also critically evaluate the potential of new approaches on the other. In the context of this discussion, which reopens questions about the scientific status of economics and its roles, this paper introduces the main problems related to neuroeconomics. This paper concludes that these problems represent a wide domain for social scientists and methodologists of science. (shrink)

Introduction. The book is a study in Adam Smith's system of ideas; its aim is to reconstruct the peculiar framework that Adam Smith’s work provided for the shaping of a semi-autonomous new discipline, political economy; the approach adopted lies somewhere in-between the history of ideas and the history of economic analysis. My two claims are: i) The Wealth of Nations has a twofold structure, including a `natural history' of opulence and an `imaginary machine' of wealth. The imaginary machine is (...) a kind of Newtonian theory, whose connecting links are principles; provided either by `partial' characteristics of human nature or by analoga of physical mechanisms transferred to the social world; ii) a domain of the economic, understood as a self-standing social sub-system, was discovered first by Adam Smith. His `discovery' of the new continent of the economic was an `unintended result' of a deviation in his voyage to the never-found archipelago of natural jurisprudence. -/- 1. Imaginary machines and invisible chains: natural philosophy and method. The first chapter reconstructs Smith's views on the method in natural philosophy, presented primarily in the History of Astronomy (HA). The peculiar kind of semi-sceptical Newtonianism which permeates the essay is highlighted. Its reconstruction of the history of one natural science is shown to be based on the assumptions of Hume’s epistemology, and to lead to a self-aware deadlock. Smith's dilemma is between an essentialist realism and sceptical instrumentalism; the Cartesian presuppositions he shares with Hume and with the 18th century as a whole make it impossible for him to overcome his dilemma. The following chapters will show how, on the one hand, Smith's skeptical methodology encourages him in the enterprise to `carve off' a new self-contained discipline and how, on the other hand, his epistemological dilemma is reflected in the inner tensions of his moral and political theory as well as in a number of basic oscillations concerning the status of the new discipline. -/- 2. Chessboards and clocks: moral philosophy and method. -/- The second chapter reconstructs Smith's views on the method in the parallel field of moral philosophy, including the theory of moral sentiments and natural jurisprudence. I argue that The Theory of Moral Sentiments, when considered together with with the Lectures on Jurisprudence, where Smith's peculiar version of a `weaker' form of natural law is presented, wins special interest, not only for the history of ethics but even more for the history of political theory and the social sciences. The two most striking features of Smith's work in this area are highlighted. First, his effort at reformulating the `practical science' is a methodologically self-aware attempt at applying the Newtonian method to moral subjects. Secondly, this attempt ends in a stalemate as two distinguished kinds of normative order are introduced: one ultimate order of Reason, ultimately justifiable but inaccessible, and one weaker order of our `natural sentiments', to which we have empirical access, but which is so variable as to lack any ultimate value as a basis for grounding our normative claims. These two parallel conundrums may arguably account for the author's inability to publish during his lifetime both The History of Astronomy and the projected history and theory of law and government. -/- 3. Wheels, dams, and gravitation: the structure of scientific argument in The Wealth of Nations. -/- The third chapter provides the core of the book, dealing with the structure of the argument in WN. I argue that the main presupposition that makes the shift possible from a `natural history' to a `system' approach is the Newtonian contrast of `mathematical' with `physical' explanation; that is, Smith drops any discussion of the "original qualities" of human nature that could account for economic behaviour, while introducing, as `principles' for the system, a set of `hypothetical' statements of `observed' regularities in human behaviour and of `observed' super-individual self-regulating mechanisms. In bringing this presupposition to light, the coexistence of a teleological with a mechanistic approach is clarified; fresh light is shed on the notion of the invisible hand by a comparison of its occurrence in Smith with the occurrence of the same expression (until now overlooked) in the correspondence between Newton and Cotes. Finally, the peculiar semi-prescriptive and semi-descriptive character of political economy are highlighted, and the consistency of Smith's `impure' semi-prescriptive social science, when understood in his own terms, is defended against familiar charges with inconsistency and against even more familiar strained modernizations. -/- 4. Apples, deer, and frivolous trinkets: the construction of the economic. -/- The fourth chapter draws consequences from the third, examining how Smith's achievement in political economy, marking its transition to scientific status, carried a re-description of the phenomena, creating the comparatively independent and unified field of the economic. Smith's achievement is interpreted not as the `discovery' of an autonomous character already possessed by the economy out there, so much as a Gestalt-switch by which our perception of social phenomena is modified making us `see' the partial order of the economy as an isolated system. To sum up, the autonomy of the economic in social reality and the autonomy of the economic in social consciousness are shown to be two sides of one process. -/- 5. Concluding considerations: Political economy and the Enlightenment halved. -/- A few suggestions on the status of economic theory two centuries after The Wealth of Nations in its relationship to ‘practical philosophy’ are illustrated. (shrink)

A brief reconstruction of the birth, rise and ironical destiny of an almost universal expansion to other disciplines going with a dissolution within the original birthplace of the conception of an economic man, a male-only abstraction forgetful of its own abstract character.

Since Circular 34 from the Ministry of Science and Technology of Vietnam required the head of the national project to have project results published in ISI/Scopus journals in 2014, the field of economics has been dominating the number of nationally-funded projects in social sciences and humanities. However, there has been no scientometric study that focuses on the difference in productivity among fields in Vietnam. Thus, harnessing the power of the SSHPA database, a comprehensive dataset of 1,564 Vietnamese authors (854 (...) males, 705 females) with 2,410 publications in the 2008 – 2018 period was extracted and analyzed. Various factors were considered including age, gender, new authors, leading authors, co-authorship, and Impact Factor. The findings suggest a high level of contribution from authors at the age of 40 – 44 in economics (858 publications) in a 12-years period, which is equivalent to the social medicine total output, and two times more than the total output of the education. Moreover, the presence and reinforcement of male researchers are still dominating in Economics and other fields, with the only exception of education. Despite the rapid rise in the number of Vietnamese lead authors, gender disparity among disciplines is an issue. Contrary to the strong international collaboration-oriented tendency in social medicine, economics, and other fields, educational authors are not open to international collaborating. Finally, most of the publications in economics belong to the group with JIF from 0 to 2, in contrast with the high number of social medicine publications with JIF from 2 to 5, which suggesting the field of economics is fulfilling the quantity, but still, need more quality publications. (shrink)

In this article, we describe what cryptocurrency is, how it works, and how it relates to familiar conceptions of and questions about money. We then show how normative questions about monetary policy find new expression in Bitcoin and other cryptocurrencies. These questions can play a role in addressing not just what money is, but what it should be. A guiding theme in our discussion is that progress here requires a mixed approach that integrates philosophical tools with the purely technical results (...) of disciplines like computer science and economics. Note: this article is the first entry within a two-part sequence on the Philosophy, Politics, and Economics of Cryptocurrency. (shrink)

The history of economic thought witnessed several prominent economists who took seriously models and concepts in physics for the elucidation and prediction of economic phenomena. Econophysics is an emerging discipline at the intersection of heterodox economics and the physics of complex systems, with practitioners typically engaged in two overlapping but distinct methodological programs. The first is to export mathematical methods used in physics for the purposes of studying economic phenomena. The second is to export mechanisms in physics into (...) economics. A conclusion is drawn that physics transfer is often justified at the level of mathematical transfer but unjustified at the level of mechanistic transfer. (shrink)

The paper revisits the rationality principle from the particular perspective of the unity of social sciences. It has been argued that the principle was the unique law of the social sciences and that accordingly there are no deep differences between them (Popper). It has also been argued that the rationality principle was specific to economics as opposed to the other social sciences, especially sociology (Pareto). The paper rejects these opposite views on the grounds that the rationality principle is strictly (...) metaphysical and does not have the logical force required to deliver interesting deductions. Explanation in the social sciences takes place at a level of specialization that is always higher than that of the principle itself. However, what is peculiar about economics is that it specializes the explanatory rational schemes to a degree unparalleled in history and sociology. As a consequence, there is a backward-and-forward move between specific and general formulations of rationality that takes place in economics and has no analogue in the other social sciences. (shrink)

Abstract: Economists are accustomed to distinguishing between a positive and a normative component of their work, a distinction that is peculiar to their field, having no exact counterpart in the other social sciences. The distinction has substantially changed over time, and the different ways of understanding it today are reflective of its history. Our objective is to trace the origins and initial forms of the distinction, from the English classical political economy of the first half of the 19th century to (...) the emergence of welfare economics in the first half of the 20th century. This sequential account will also serve to identify the main representative positions along with the arguments used to support them, and it thus prepares the ground for a discussion that will be less historical and more strictly conceptual. -/- Résumé : Les économistes ont coutume de distinguer entre une composante positive et une composante normative de leurs travaux, ce qui est une singularité de leur discipline, car cette distinction n'a pas de répondant exact dans les autres sciences sociales. Elle a fortement évolué au cours du temps et les différentes manières de la concevoir aujourd'hui en reflètent l'histoire. On se propose ici d'en retracer les origines et les premières formes, de l'économie politique classique anglaise de la première moitié du XIXe siècle jusqu'à l'apparition de l'économie du bien-être dans la première moitié du XXe siècle. Ce parcours séquentiel vise aussi à identifier les positions les plus représentatives et les arguments invoqués pour les soutenir, en préparant ainsi une discussion qui serait moins historique et plus strictement conceptuelle. (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)

Urban planning as a discipline has been continuously evolving in the past decades, aiming to become the response to diverse issues through transdisciplinarity, innovation, creativity and justice. As a result of an ever- accelerating pace of life, we constantly witness worldwide transitions and turbulences, from environmental crises to socio-economic struggles, that challenge cities, regions, and the nature of the planning discipline itself. Climate change and both natural and man-made disasters render territories fragile and force humans and species to (...) migrate, while the growing urban population requires solutions for sustainable transformation for life in the city and beyond. In this context of increasing uncertainty, the planning discipline attempts to suggest ways forward, yet often lacks in providing tangible examples of how to bridge theory and practice. Within this framework, the conference focuses on the predominant discontinuities that currently characterise the planning field. Those are articulated into two directions of discussion that are in dialogue with and between each other: the urban-rural divide (Track 1 and Track 2) and the academia-practice divide (Track 3 and Track 4). The conference aims to create space for these dialogues to emerge, and to ultimately bridge these gaps by reflecting on our role as researchers, on our position towards, and in relationship with, society and on the effectiveness of practice. The questions that arise are timely and crucial, contemplating on the complexities inherent in a perpetual endeavour for coexistence between humans, species and the environment (Track 5). How can planning reinvent itself? How can we reconcile a holistic perception of territories? Which theories, strategies and methods should planning adopt so as to contribute to a better future for the human and natural species? Which are the tools and practices that will ensure human well-being and coexistence with the world? (shrink)

For centuries, various disciplines have tried to tackle the topic of how legitimate it is to use violence in order to solve social problems. One of the most recent interdisciplinary approaches, most successful in present-day Latin America, is the so-called "Ethics of Liberation," designed by Enrique Dussel. Based on the Theology of Liberation, this theory goes beyond the limits of theology as a discipline and pleads for three ethical criteria that every political revolution must fulfill to use violence in (...) a legitimate way. The first is a formal criterion, which basically takes after the ideal dialogue situation endorsed by Karl-Otto Apel and Jürgen Habermas, and purports to be rooted in yet another discipline, linguistics. The second is a material criterion, defined as the upshot of an acceptable welfare for all citizens, thus intimately linked with the discipline of economics and political philosophy. The third is a criterion of feasibility, which makes a revolt legitimate if, and only if, it has a reasonable possibility of succeeding; hence strategic issues take a leading role. This essay contends that each of these criteria is conceptually incompatible with violence. Hence, Dussel's arguments involve multiple contradictions as he aims to justify the use of violence precisely with these interdisciplinary criteria. (shrink)

F.A. Hayek argued that the sciences of complex phenomena, including (perhaps especially) economics, are limited to incomplete “explanations of the principle” and “pattern predictions.” According to Hayek, these disciplines suffer from (what I call) a data problem, i.e., the hopelessness of populating theoretical models with data adequate to full explanations and precise predictions. In Hayek’s terms, explanations in these fields are always a matter of “degree.” However, Hayek’s methodology implies a distinct theory problem: theoretical models of complex phenomena may (...) be underspecified so that, even were all the data available, a full explanation could not be inferred from the model. Where the sciences of complex phenomena are subject to both the data and theory problems, explanations and predictions will be of even lesser “predictive degree.” The paper also considers how to interpret Hayek’s claim that pattern predictions are falsifiable. (shrink)