Uncertainty plays an important role in The General Theory, particularly in the theory of interest rates. Keynes did not provide a theory of uncertainty, but he did make some enlightening remarks about the direction he thought such a theory should take. I argue that some modern innovations in the theory of probability allow us to build a theory which captures these Keynesian insights. If this is the right theory, however, uncertainty cannot carry its weight in Keynes’s arguments. This (...) does not mean that the conclusions of these arguments are necessarily mistaken; in their best formulation they may succeed with merely an appeal to risk. (shrink)

Three recent books have argued that Keynes’s philosophy, like Wittgenstein’s, underwent a radical foundational shift. It is argued that Keynes, like Wittgenstein, moved from an atomic Cartesian individualism to a more conventionalist, intersubjective philosophy. It is sometimes argued this was caused by Wittgenstein’s concurrent conversion. Further, it is argued that recognising this shift is important for understanding Keynes’s later economics. In this paper I argue that the evidence adduced for these theses is insubstantial, and other available evidence (...) contradicts their claims. (shrink)

John Maynard Keynes’s A Treatise on Probability is the seminal text for the logical interpretation of probability. According to his analysis, probabilities are evidential relations between a hypothesis and some evidence, just like the relations of deductive logic. While some philosophers had suggested similar ideas prior to Keynes, it was not until his Treatise that the logical interpretation of probability was advocated in a clear, systematic and rigorous way. I trace Keynes’s influence in the philosophy of probability (...) through a heterogeneous sample of thinkers who adopted his interpretation. This sample consists of Frederick C. Benenson, Roy Harrod, Donald C. Williams, Henry E. Kyburg and David Stove. The ideas of Keynes prove to be adaptable to their diverse theories of probability. My discussion indicates both the robustness of Keynes’s probability theory and the importance of its influence on the philosophers whom I describe. I also discuss the Problem of the Priors. I argue that none of those I discuss have obviously improved on Keynes’s theory with respect to this issue. (shrink)

Many philosophers argue that Keynes’s concept of the “weight of arguments” is an important aspect of argument appraisal. The weight of an argument is the quantity of relevant evidence cited in the premises. However, this dimension of argumentation does not have a received method for formalisation. Kyburg has suggested a measure of weight that uses the degree of imprecision in his system of “Evidential Probability” to quantify weight. I develop and defend this approach to measuring weight. I illustrate the (...) usefulness of this measure by employing it to develop an answer to Popper’s Paradox of Ideal Evidence. (shrink)

The aim of this paper is to make sense of the Keynes–Johnson octagon of oppositions. We will discuss Keynes' logical theory, and examine how his view is reflected on this octagon. Then we will show how this structure is to be handled by means of a semantics of partition, thus computing logical relations between matching formulas with a semantic method that combines model theory and Boolean algebra.

The economic paradigms of Ludwig von Mises on the one hand and of John Maynard Keynes on the other have been correctly recognized as antithetical at the theoretical level, and as antagonistic with respect to their practical and public policy implications. Characteristically they have also been vindicated by opposing sides of the political spectrum. Nevertheless the respective views of these authors with respect to the meaning and interpretation of probability exhibit a closer conceptual affinity than has been acknowledged in (...) the literature. In particular it is argued that in some relevant respects Ludwig von Mises´ interpretation of the concept of probability exhibits a closer affinity with the interpretation of probability developed by his opponent John Maynard Keynes than with the views on probability espoused by his brother Richard von Mises. Nevertheless there also exist significant differences between the views of Ludwig von Mises and those of John Maynard Keynes with respect to probability. One of these is highlighted more particularly: where John Maynard Keynes advocated a monist view of probability, Ludwig von Mises embraced a dualist view of probability, according to which the concept of probability has two different meanings each of which is valid in a particular area or context. It is concluded that both John Maynard Keynes and Ludwig von Mises presented highly nuanced views with respect to the meaning and interpretation of probability. (shrink)

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

Everyone has heard of "the invisible hand," the famous metaphor used by Adam Smith (1723-1790) in The Wealth of Nations. Although he uses the expression only once in the book, it has given rise to controversy that has lasted for over two centuries. -/- The famous expression has been understood, in (at least) two very different ways. In one way by most of academia, and in a very different way by Keynes, Noah Chomsky and more lately by Mark Blaug (...) (in the second edition of The New Palgrave, 2008). -/- In the standard textbook interpretation, it is considered a poetical name for "the price mechanism" and presented as an argument in favor of laisser-faire and free trade. In this paper we recall the less well-known interpretation (of Keynes, Blaug and Chomsky), showing that Smith was more reserved towards laisser-faire than is commonly believed and that by "invisible hand" he did not mean the price mechanism. (shrink)

It is difficult to advance a point beyond what Keynes himself commented about his own vision in The General Theory of Employment, Interest and Money in 1936 (hereafter TGT) in its Chapter 24. It is also difficult to express a deeper thought than what Skidelsky wrote about Chapter 24 of TGT (cf. Skidelsky, 1997). The purpose of this article is to identify whether Chapter 24 of TGT is the gist of Keynes’s legacy, having set the foundations of macroeconomics (...) in the previous 23 Chapters. Relevant topics included in Chapter 24 are the consequences of full employment, the fate of income distribution, the future of overall wealth, the socialization of investment, saving, expectations, the role of the State in economies, the future of financial markets and the interaction between economics and other disciplines. Indeed this Chapter displays Keynes’s genius as a social philosopher, following the tradition of The Economics Possibilities for our Grandchildren (1930). In Chapter 24 he was taking a glance at his product as did Phillip II when he was observing the construction of his castle El Escorial in XVII Spain. Within his vision, is this piece of work a justification of capitalism? Keynes sees the State as both the spender and the employer of last resort, thereby proposing a new role for the government (Skidelsky, 1998). He also suggests a new role for the private sector and reconsiders the interrelation between the two sectors. He is fully optimistic about this issue, which he considers as evolutionary. In addition, Keynes blurs the distinction between economics and sociology, advancing new interdisciplinary hints in his thinking. Keynes is also concerned on the epistemological role of assumptions in order to obtain defensible conclusions. Thereafter the British economist proposes new methods. He was a neo-realist and was against the inductive method. In addition, it can be stated that TGT is grounded on new psychological laws and motivations, that is, on a new vision of humankind, especially the analyzed chapter. His topics are the bypassing of Classical Economics; the destiny of macroeconomics in both theoretical and policy terms, highlighting new roles for interest rates; savers and rentiers; and the relevance of the concepts of ideas, interests and power. In all these respects Keynes is once again far ahead of his time. Finally a debatable topic dealt with by Keynes in Chapter 24 of TGT is 1 PhD in Economics, Lancaster University, UK; Professor-researcher at ISEC Universidad de Negocios, Mexico City. socialisation of investment. This is in words of Skidelsky, a shift in the balance of social power. Keynes is thus in Chapter 24 of TGT a visionary and an idealist, a reformer, and certainly a trans-generational thinker. When he talks about the passion of thriftiness and the setting of reasonable financial rewards arising from financial instruments he is advancing explications for financial crises in terms of speculation. The open conclusion is that Chapter 24 contains the gist of Keynes’s mature philosophical thinking and legacy, confirming that for him attitudes are one of the most relevant issues in life. In addition, he considers that both social and psychological elements are necessary for a thorough understanding of economic issues and their consequences, such as peace and happiness. Section 1 is an introduction. Section 2 is both a literature review and a summary of Keynes’s general philosophical insights. Section 3 is an analysis of Chapter 24 of TGT in the specific fields of Epistemology, Ethics, Ontology, and Political and Social Philosophy. Section 4 is a conclusion. References are listed at the end of the article. (shrink)

It is difficult to advance a point beyond what Keynes himself commented about his own vision in The General Theory of Employment, Interest and Money in 1936 (hereafter TGT) in its Chapter 24. It is also difficult to express a deeper thought than what Skidelsky wrote about Chapter 24 of TGT (cf. Skidelsky, 1997). The purpose of this article is to identify whether Chapter 24 of TGT is the gist of Keynes’s legacy, having set the foundations of macroeconomics (...) in the previous 23 Chapters. Relevant topics included in Chapter 24 are the consequences of full employment, the fate of income distribution, the future of overall wealth, the socialization of investment, saving, expectations, the role of the State in economies, the future of financial markets and the interaction between economics and other disciplines. Indeed this Chapter displays Keynes’s genius as a social philosopher, following the tradition of The Economics Possibilities for our Grandchildren (1930). In Chapter 24 he was taking a glance at his product as did Phillip II when he was observing the construction of his castle El Escorial in XVII Spain. Within his vision, is this piece of work a justification of capitalism? Keynes sees the State as both the spender and the employer of last resort, thereby proposing a new role for the government (Skidelsky, 1998). He also suggests a new role for the private sector and reconsiders the interrelation between the two sectors. He is fully optimistic about this issue, which he considers as evolutionary. In addition, Keynes blurs the distinction between economics and sociology, advancing new interdisciplinary hints in his thinking. Keynes is also concerned on the epistemological role of assumptions in order to obtain defensible conclusions. Thereafter the British economist proposes new methods. He was a neo-realist and was against the inductive method. In addition, it can be stated that TGT is grounded on new psychological laws and motivations, that is, on a new vision of humankind, especially the analyzed chapter. His topics are the bypassing of Classical Economics; the destiny of macroeconomics in both theoretical and policy terms, highlighting new roles for interest rates; savers and rentiers; and the relevance of the concepts of ideas, interests and power. In all these respects Keynes is once again far ahead of his time. Finally a debatable topic dealt with by Keynes in Chapter 24 of TGT is 1 PhD in Economics, Lancaster University, UK; Professor-researcher at ISEC Universidad de Negocios, Mexico City. socialisation of investment. This is in words of Skidelsky, a shift in the balance of social power. Keynes is thus in Chapter 24 of TGT a visionary and an idealist, a reformer, and certainly a trans-generational thinker. When he talks about the passion of thriftiness and the setting of reasonable financial rewards arising from financial instruments he is advancing explications for financial crises in terms of speculation. The open conclusion is that Chapter 24 contains the gist of Keynes’s mature philosophical thinking and legacy, confirming that for him attitudes are one of the most relevant issues in life. In addition, he considers that both social and psychological elements are necessary for a thorough understanding of economic issues and their consequences, such as peace and happiness. Section 1 is an introduction. Section 2 is both a literature review and a summary of Keynes’s general philosophical insights. Section 3 is an analysis of Chapter 24 of TGT in the specific fields of Epistemology, Ethics, Ontology, and Political and Social Philosophy. Section 4 is a conclusion. References are listed at the end of the article. Keywords: Keynes, philosophy of economics, social philosophy, epistemology, method, ethics, ontology, uncertainty, full employment, income distribution, wealth, euthanasia of the rentier, saving, socialization of investment, O’Donnell, Carabelli, Fitzgibbons, Skidelsky. (shrink)

Confirming Robinson’s Statement? A Lakatosian Analysis of Keynes and his Immediate Orthodoxy Jesús Muñoz Abstract Was the Keynesian message alive during the second half of the XXth Century, or was it betrayed by his followers? This article in the fields of the history of economic thought and methodology contrasts the Scientific Research Programmes (SRPs), a Lakatosian concept, of Keynes in The General Theory of Employment, Interest and Money (TGT) with those of its immediate orthodox schools: Monetarism (MS), Neoclassical (...) Synthesis (NS), New Classical Macroeconomics – rational expectations – (RE) and General Disequilibrium (GD). The objective is to to assess the immediate impact of Keynes’s vision in economics. It can be concluded according to this comparison that Keynes’s bequeath was alive during the period between 1950 and 1980, but that it was accepted under different names. Many economists deny this statement. However it is hereby argued with the help of Lakatosian methodology that in both economic and philosophical terms the MS, NS, RE and GD SRPs are degenerative variants of Keynes's SRP. The Keynesian reasoning chain -a non self-regulated system, non neutrality on the part of money, organicism, non-ergodicity, historical time and uncertainty- is misunderstood and hence misapplied on the part of these deviant schools, or transformed into “bastard Keynesianism”, to quote Joan Robinson (Joan Robinson, 1975[1973], 125). In other words, Keynes’s economics is different from Keynesian economics as was firstly proposed by Axel Leijonhuvfud (Leijonhuvfud, 1968). The internal history of macroeconomics in those periods is undertaken, since it is is the rational reconstruction of the meaning of a SRP. Section 1 is an introduction to basic concepts related to philosophy of science and methodology, especially Lakatosian methodology, which can be skipped by the specialized reader. Section 2 is an analysis of Keynes’s hard core in his SRP, also being an introduction to the problem as it outlines Keynes’s thinking, Section 3 describes initial Post Keynesianism, which was faithful to the original message. Sections 4, 5, 6 and 7 outline the hard cores of Monetarists, Neoclassical Synthesis, New Classical Macroeconomics and General Disequilibrium, respectively. Section 8 is a comprehensive analysis of the differences between the mentioned paradigms, and hence concludes. References are listed at the end of the article. (shrink)

In a world of partially overlapping and partially conflicting interests there is good reason to doubt that self-seeking behaviour at the micro-level will spontaneously lead to desirable social outcomes at the macro-level. Nevertheless, some sophisticated economic writers advocating a laissez-faire policy prescription have proposed various 'invisible hand' mechanisms which can supposedly be relied upon to 'educe good from ill'. Smith defended the 'simple system of natural liberty' as giving the greatest scope to the unfolding of God's will and the working (...) out of 'natural' providential processes free of interference by 'artificial' state intervention - the expression not of divine order but of fallible human reason. Hayek, adopting a similar policy stance, based it in an evolutionary process in which those institutional forms best adapted to reconciling individual interests would, he believed, spontaneously be selected for in the inter-group struggle for survival. Keynes shares the holistic approach of Smith and Hayek, but without their reliance on invisible hand mechanisms. If spontaneous processes cannot be relied upon to generate desirable social outcomes then we have to take responsibility for achieving this ourselves by establishing the appropriate institutional framework. Keynes takes a historical view of the role of capitalism and analyses its pathology as rooted in what we would now refer to as a multi-player prisoners' dilemma. The paper draws out the significance of his methodological standpoint here. Keynes's policy standpoint assigns a critical role to his own class, the 'educated bourgeoisie' in the reform process he maps out. A distinction, but also an intimate connection, is highlighted between, on the one hand, micro-level individualism (the 'Manchester System, and, on the other, the macro-level collective action ('planning') required to preserve it. Finally Keynes is considered in relation to the themes of laissez-faire, holism, reductionism, providentialism and the invisible hand. (shrink)

This dissertation looks at a set of interconnected questions concerning the foundations of probability, and gives a series of interconnected answers. At its core is a piece of old-fashioned philosophical analysis, working out what probability is. Or equivalently, investigating the semantic question of what is the meaning of ‘probability’? Like Keynes and Carnap, I say that probability is degree of reasonable belief. This immediately raises an epistemological question, which degrees count as reasonable? To solve that in its full generality (...) would mean the end of human inquiry, so that won’t be attempted here. Rather I will follow tradition and merely investigate which sets of partial beliefs are coherent. -/- The standard answer to this question, what is commonly called the Bayesian answer, says that degrees of belief are coherent iff they form a probability function. I disagree with the way this is usually justified, but subject to an important qualification I accept the answer. The important qualification is that degrees of belief may be imprecise, or vague. Part one of the dissertation, chapters 1 to 6, looks largely at the consequences of this qualification for the semantic and epistemological questions already mentioned. It turns out that when we allow degrees of belief to be imprecise, we can discharge potentially fatal objections to some philosophically attractive theses. Two of these, that probability is degree of reasonable belief and that the probability calculus provides coherence constraints on partial beliefs, have been mentioned. Others include the claim, defended in chapter 4, that chance is probability given total history. -/- As well as these semantic and epistemological questions, studies of the foundations of probability usually include a detailed discussion of decision theory. For reasons set out in chapter 2, I deny we can gain epistemological insights from decision theory. Nevertheless, it is an interesting field to study on its own, and it might be expected that there would be decision theoretic consequences of allowing imprecise degrees of belief. As I show in part two, this expectation seems to be mistaken. Chapter 9 shows that there aren’t interesting consequences of this theory for decision theory proper, and chapters 10 and 11 show that Keynes’s attempt to use imprecision in degrees of belief to derive a distinctive theory of interest rates is unsound. -/- Chapters 7 and 8 provide a link between these two parts. In chapter 7 I look at some previous philosophical investigations into the effects of imprecision. In chapter 8 I develop what I take to be the best competitor to the theory defended here – a constructivist theory of probability. On this view degrees of belief are precise, but the relevant coherence constraint is a constructivist probability calculus. This view is, I think, mistaken, but the calculus has some intrinsic interest, and there are at least enough arguments for it to warrant a chapter-length examination. (shrink)

Während in griechisch-römischer Antike Arbeit und Freiheit einander ausschlossen, gilt heute den Nicht-Wohlhabenden der Ausschluss aus der Erwerbsarbeit als Verlust von Selbstbestimmung. Funktion und Wert von Arbeit sind abhängig von der Machtstreuung vs. -konzentration der jeweiligen Gesellschaften. Nicht-kapitalistische Machtstrukturen erzwingen Arbeit durch materielle Not bzw. außerökonomisch zum Zwecke der Sozialdisziplinierung. Kapitalismus ist zum Siege gelangt, wo Arbeit knapp und daher teuer – für die Armen zum Modus der Teilhabe am Wohlstand – werden konnte. Zuerst erkannten Nietzsche und Lafargue, dass die (...) aus Not zur Tugend gelogene „Arbeitsmoral“ die Arbeitenden in ihrem Kampfe um die Preissteigerung für Arbeit nie mehr als hindern kann. -/- Seit Keynes ist die Funktionsweise des Kapitalismus bekannt: Vollbeschäftigung ist Bedingung der Möglichkeit, damit Arbeit im Konflikt mit dem Kapital zu Verhandlungsmacht gelangen kann. Die von Marxisten ersehnten Krisen des Kapitalismus sind durch staatliche Maßnahmen und wohlfahrtsstaatliche Umverteilung prinzipiell politisch regulierbar. Aber wer öffentlich der politökonomischen Aufklärung dient, befähigt auch deren Widersacher dazu, sich an ihr zu bilden, die Konter-Strategie entlang ihrer Erkenntnisse gegenläufig auszurichten. -/- Neoliberalismus lässt sich als politischer Anti-Liberalismus verstehen, offensiv gegen den Sozialstaat wie den gesamten Kulturbereich gerichtet, der mehr als nur boulevardeske Unterhaltung ist. Ob Schrumpfung des öffentlichen Dienstes, Privatisierung kollektiver Güter oder Steuersenkungen für Vermögende, letztlich geht es um die Steigerung ungleicher Verteilung finanzieller Verfügungsrechte. Dem korrespondiert die Zersetzung demokratischer Steuerung durch Entpolitisierung: Wenn es gelingt vermeintliche Sachzwänge politisch glaubwürdig zu inszenieren, erscheint gleichgültig, welche Regierung angeblich nichts mehr zu entscheiden hat, weil sie den Haushalt konsolidieren müsse etc. etc. Hohe Arbeitslosigkeit ist für den Erfolg neoliberaler Strategie entscheidend. Sie spaltet die abhängig Beschäftigten in realiter machtlose Arbeitslose (sie können nicht einmal streiken) und angesichts der Arbeitslosigkeit verängstigte Arbeitende (die sich aller Forderungen enthalten). Arbeit und Lohn bleiben Verteilungsprobleme. Die Zukunft bietet die Alternativen, hinter den bewussten kapitalistischen Fortschritt zurückzufallen oder auf dessen Grundlage das Otium der Edlen für alle zu erkämpfen. (shrink)

In 1930, John Maynard Keynes published a masterpiece that should be a compulsory reading for any educated person, a short essay entitled Economic Possibilities for our Grandchildren (Keynes 1930, 1972).All references are from the 1931 online version of Keynes (1930) provided by Project Gutenberg, so pages are left unspecified. I am sure Keynes would have found such free access to information coherent with the philosophy of the essay. It was an attempt to see what life would (...) be like if peace, prosperity and techno-scientific developments were increasingly part of humanity’s future. Of course, things went otherwise. The Great Depression begun in the same year, and World War II soon followed. In the subsequent decades, other disasters, conflicts and crises awaited humanity. The essay became a philosophical exercise that could collect dust in the libraries. Yet the fact that history took such terrible and tragic steps back does not in any way detract from Keynes’ brilliant insights. And to. (shrink)

This article explores what technological unemployment might mean.

Unemployment has been at historically high rates for an extended period, and while it has recently improved in certain countries, the unemployment that remains may be becoming structural. Aside from inequality, unemployment is accordingly the problem that is most likely to put critical pressure on our political institutions, disrupt the social fabric of our way of life, and even threaten the continuation of liberalism itself. Despite the obvious importance of the problem of unemployment, however, there has been a curious lack (...) of attention paid to this issue by contemporary non-Marxist political philosophers. Non-Marxists typically view unemployment as a technical matter, and doing something about it a question of means not ends, with the solution to this question depending on the kind of empirical determinations about what causes what that are best left to economists, not political philosophers. But I think this is a mistake. Because work is a major part of our social life, as well as something that for a great many people grounds their sense of who they are and provides the basis of their sense of self-respect, those unable to find work are missing out on a great deal of what makes for a meaningful life, and not just the economic benefits that social cooperation has to offer. Those who are unemployed accordingly have something to complain about, even if we do not let them starve, and the rest of us (or at least the institutions that represent us) may have some sort of moral obligation to take action to increase the number of employment opportunities currently available regardless of any uncertainty surrounding the effects that any actions open to us might have. The nature and extent of this moral obligation is what On Unemployment is dedicated to exploring. (shrink)

The 20th century was a bloody one, full of armed clashes which destroyed Europe, withered an entire generation’s hope of European-level peace. After the Versailles Treaty, the famous economist John Maynard Keynes uttered this prophecy: ”With such a peace treaty, you’ll be at war again within 20 years”. John Maxwell Coetzee, an important South-African novelist, called the 20th century “Satan’s century”. A tough statement yet extremely true unfortunately. Besides war, the past one hundred years also witnessed terrible totalitarian regimes (...) occur, such as the Nazi and fascism. The hardness of those regimes at least equaled the suffering caused by the world wars. One wouldn’t be wrong to call such regimes state terrorism: a leader suppressing his own citizens just to satisfy his own fantasy. The hugeness of their deeds goes beyond human imagination according to the number of victims. A classical word of wisdom describes terrorism as follows: ”It kills a few, but terrifies more”. (shrink)

The argument of this paper, written by an ethicist and a philosopher, is that self-interest economics is fundamentally flawed and needs to be replaced by a spiritual economics or a value based economics. Its argument contains two interwoven threads. One thread is an attempt to show why the fundamental philosophical notions of Adam Smith, taken as an illustration of self-interest economics, cannot lead to an equitable society. Smith’s Wealth of Nations, according to Jacob Viner, ‘ became a significant factor in (...) determining the course of national policy not only in Britain but in other countries as well. This is much more than any other economic work has ever achieved; and Smith probably has had much more influence than any other economist.’ One wonders if it is Smith that Keynes had in mind when he famously quipped that all of us are slaves of some defunct economist. This despite Schumpeter’s trumpeted dictum that ‘the Wealth of Nationsdoes not contain a single analyticidea, principle or method that was entirely new in 1776.’. (shrink)

Economists associated with the Austrian School of Economics are known to deny the value of macroeconomics as descended from the work of John Maynard Keynes and, especially, his followers. Yet, Austrian economists regularly engage in a related scientific activity: theorizing about the causes and consequences of economic fluctuations, i.e., the business cycle. What explains the Austrians’ willingness to engage in theorizing about the business cycle while denying the scientific import of macroeconomics? The present paper argues that the methodological precepts (...) of the School, which have remained largely in place since Carl Menger first pronounced them at the start of the Methodenstreit, justify the kind of business-cycle theorizing that Austrians do and imply the limited scientific value of macroeconomics as descended from Keynes. (shrink)

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

Why is the concept of truth so important to us? After all, it is not at all obvious why human intelligence would have evolved to do anything other than to dissimulate, deceive, cheat, and trick. Pragmatic genealogies like the genealogies of the value of truth told by Nietzsche and Williams can help us grasp why we think as we do. But instead of explaining concepts by tracing them to antecedent objects in reality, they trace them to practical needs and reverse-engineer (...) the functions performed by the concepts. (shrink)

This article analyses in detail Wittgenstein’s ‘Cambridge period’ from his return to Cambridge in 1929 until his decease in 1951. Within the ‘Cambridge period’, scholars usually distinguish the ‘middle’ (1929–1936) and the ‘late’ (1936–1951) periods. The trigger point of Wittgenstein’s return to Cambridge and philosophy was his visit to Brouwer’s lecture on ‘Mathematics, Science, and Language’ in Vienna in March 1928. Dutch mathematician Brouwer influenced not only Wittgenstein’s ability to do philosophy again but also the development of some of his (...) ideas. Namely, for Brouwer, language was a natural development of the social history of human beings. With the help of his friends, F. P. Ramsey, J. M. Keynes, G. E. Moore, and B. Russell, in 1929 Wittgenstein returned to Cambridge. The author argues that this was the crucial turning point in his philosophy that led to the revision of some of his ideas. Wittgenstein returned from self-isolation in remote villages of Lower Austria to the intellectual academic environment, where he could discuss his ideas with intellectual interlocutors and receive their valuable remarks and comments. This article is organised in chronological order: it describes the very ‘early’ middle period of 1929–1935 involving the development of Wittgenstein’s ‘phenomenology’ and the origin of the ‘language-games’ concept in the Blue and Brown Books; 1935–1936 period of ‘romantic’ enthusiasm for Soviet Russia and a trip there; Wittgenstein’s life and work during the WWII-time; resign from teaching in Cambridge in 1947 to finally finish his Philosophical Investigations. The author suggests that the ‘romantic areal’ about the USSR was formed by Wittgenstein’s predilection for Russian poetry and literature of the nineteenth century, i.e., Tolstoy, Dostoevsky, and Pushkin. Analysing the development of Wittgenstein’s ideas on language in his Cambridge period, the author mentions the influence of N. Bakhtin and P. Sraffa. Also, the author touches upon the topic of the possibility of Marxism’s influence on Wittgenstein’s life and thought. (shrink)

The foundation of Economic failures to solve the economic problems is in the epistemological contradiction and failures of Economic Theories. This paper shows the most important contradictions in the Big Paradigms of the las centuries (Marx, Walras, Keynes).

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)

This thesis argues for the fundamental importance of the opposition between holistic and reductionistic world-views in economics. Both reductionism and holism may nevertheless underpin laissez-faire policy prescriptions. Scrutiny of the nature of the articulation between micro and macro levels in the writings of economists suggests that invisible hand theories play a key role in reconciling reductionist policy prescriptions with a holistic world. An examination of the prisoners' dilemma in game theory and Arrow's impossibility theorem in social choice theory sets the (...) scene. The prisoners' dilemma epitomises the collective irrationality coordination problems lead to. The source of the dilemma is identified as the combination of interdependence in content and independence in form of the decision making process. Arrovian impossibility has been perceived as challenging traditional views of the relationship between micro and macro levels in economics. Conservative arguments against the possibility in principle of a social welfare function are criticised here as depending on an illicit dualism. The thesis then reviews the standpoints of Smith, Hayek and Keynes. For Smith, the social desirability of individual self-seeking activity is ensured by the 'invisible hand' of a god who has moulded us so to behave, that the quantity of happiness in the world is always maximised. Hayek seeks to re-establish the invisible hand in a secular age, replacing the agency of a deity with an evolutionary mechanism. Hayek's evolutionary theory, criticised here as being based on the exploded notion of group selection, cannot underpin the desirability of spontaneous outcomes. I conclude by arguing that Keynes shares the holistic approach of Smith and Hayek, but without their reliance on invisible hand mechanisms. If spontaneous processes cannot be relied upon to generate desirable social outcomes then we have to take responsibility for achieving this ourselves by establishing the appropriate institutional framework to eliminate macroeconomic prisoners' dilemmas. (shrink)

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

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

The work of this dissertation, in a broad sense, seeks to rescue what may be in the original project or nucleus of philosophy, from its Socratic arising: the idea of elucidative rationality. This rationality is aimed at expressing our practices in a way that can be confronted with objections and alternatives. The notion of expression is central to this rationality. This centrality is elucidated by the contemporary philosopher Brandom (1994, 2000, 2008a, 2013), from his view of the semantic inferentialism. With (...) this view, this dissertation, in a strict sense, investigates evidences that leads to the distinction of the inferentially expressivist tradition of syllogistic. In this semantic inferentialism, logic is the “organ of semantic self-consciousness”. In this sense, logic does not define the rational, in the most basic sense, but allows us to be aware, through inferential articulation, of the conceptual contents, which govern all our thoughts. Evidences presented in the work of this dissertation seek to show that the syllogism is marked by the logical-elucidative character of this semantic self-consciousness, because of its expressive role as inseparable from the notion of inference. In the first part of this dissertation, then, the tradition of syllogistics is examined, in which the expression is the main notion. This study is based on the tradition of syllogistics, composed of the Aristotelian school of Campinas, organized by Angioni (2014a), the logical economist Keynes (1906), and the “formalist” schools, represented mainly by the logician Łukasiewicz (1957, 1929/1963) and by Corcoran (1972, 1974, 2009, 2015). The main claims of the Campinas school are analyzed: the non-epistemological, but explanatory, exposition of (scientific) knowledge, in the syllogism, the secondary role of the notion of truth, the priority of the predicative structure, and the suggestion of approaching of the syllogistic to the relevant system of logic. In this analysis, we add the discussion about the reasoning of the epagogic type, important to the practical understanding of the “first principles”. The key points of Keynes are also discussed: the semantic priority of propositional judgment and the explanatory role of deductive inference. The second part of this dissertation discusses the relation between expression, inference and the expressive role of logic, based on the semantic inferentialism of Brandom. In order to discuss this relationship, propaedeutic questions are raised, related to the semantic role of sentences and subsentences (terms and predicates) in language, to different conceptions of logical validity, beyond the truth-functional aspect, to the logical demarcation of symbolic rules, to demarcation of logic, the idea of “formal logic”, and the removal of formal semantics from natural language concern. Next, the theoretical framework of Brandom's semantic inferentialism is presented. In this framework, the idea of philosophical semantics, pragmatisms of the semantic and conceptual type, expressivisms of the rationalist, logical and propositional conceptual type, and the semantically primitive notion of incompatibility come into play. Thus, to those who are interested in the correspondence between ancient logic and modern logic, the work of this dissertation offers a useful contribution, especially to projects of formalization of the syllogistics, which need not appeal against or in favor of a strictly formal approach to logic. (shrink)

This essay is my review of economist Mark Skousen’s book, The Big Three in Economics. In it, he discusses the economic work of Adam Smith, Karl Marx, and John Maynard Keynes. He gives even-handed treatments of the major contributions of each, for example, Smith’s reputation refutation of mercantilist policies and Smith’s crucial insight into the role that division of labor plays in economic growth. My only complaint is that Skousen doesn’t adequately explain his choice of Marx as a great (...) economist. What enduring contributions did he make to the field? Why name him rather than (say) David Ricardo? (shrink)