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)

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)

Neoclassical economists use expected utility theory to explain, predict, and prescribe choices under risk, that is, choices where the decision-maker knows---or at least deems suitable to act as if she knew---the relevant probabilities. Expected utility theory has been subject to both empirical and conceptual criticism. This chapter reviews expected utility theory and the main criticism it has faced. It ends with a brief discussion of subjective expected utility theory, which is the theory neoclassical economists use to explain, predict, and prescribe (...) choices under uncertainty, that is, choices where the decision-maker cannot act on the basis of objective probabilities but must instead consult her own subjective probabilities. (shrink)

We present bibliometric evidence for increasing estrangement between the philosophy of economics and economics itself. Our analysis centers on research articles published in the Journal of Economic Methodology (JEM) between 1994 and 2021. We analyze the citations within these research articles, in particular with respect to the citations of economics. Our results are fourfold. (1) The share of economic citations in JEM articles has been decreasing. (2) The remaining economic citations in JEM articles are increasingly older (...) relative to citation patterns within economics. (3) The profile of economic citations in JEM articles is increasingly dissimilar when compared to what is cited within economics. (4) There is decreasing diversity with regards to the share of attention towards different economic subfields in the articles published in JEM when compared to economics. We discuss interpretations of this evidence for estrangement between philosophy of economics and economics. (shrink)

Behaviourism is the view that preferences, beliefs, and other mental states in social-scientific theories are nothing but constructs re-describing people's behaviour. Mentalism is the view that they capture real phenomena, on a par with the unobservables in science, such as electrons and electromagnetic fields. While behaviourism has gone out of fashion in psychology, it remains influential in economics, especially in ‘revealed preference’ theory. We defend mentalism in economics, construed as a positive science, and show that it fits best (...) scientific practice. We distinguish mentalism from, and reject, the radical neuroeconomic view that behaviour should be explained in terms of brain processes, as distinct from mental states. (shrink)

Abstract: The paper argues that mainstream economics and mainstream philosophy of natural science had much in common during the period 1945-1965. It examines seven common features of the two fields and suggests a number of historical developments that might help explain these similarities. The historical developments include: the Vienna Circle connection, the Samuelson-Harvard-Foundations connection, and the Cold War operations research connection.

It is my contention that the table of intentionality (rationality, mind, thought, language, personality etc.) that features prominently here describes more or less accurately, or at least serves as an heuristic for, how we think and behave, and so it encompasses not merely philosophy and psychology, but everything else (history, literature, mathematics, politics etc.). Note especially that intentionality and rationality as I (along with Searle, Wittgenstein and others) view it, includes both conscious deliberative linguistic System 2 and unconscious automated (...) prelinguistic System 1 actions or reflexes. -/- I provide a critical survey of some of the major findings of two of the most eminent students of behavior of modern times, Ludwig Wittgenstein and John Searle, on the logical structure of intentionality (mind, language, behavior), taking as my starting point Wittgenstein’s fundamental discovery –that all truly ‘philosophical’ problems are the same—confusions about how to use language in a particular context, and so all solutions are the same—looking at how language can be used in the context at issue so that its truth conditions (Conditions of Satisfaction or COS) are clear. The basic problem is that one can say anything, but one cannot mean (state clear COS for) any arbitrary utterance and meaning is only possible in a very specific context. I analyze various writings by and about them from the modern perspective of the two systems of thought (popularized as ‘thinking fast, thinking slow’), employing a new table of intentionality and new dual systems nomenclature. I show that this is a powerful heuristic for describing behavior. -/- Thus, all behavior is intimately connected if one takes the correct viewpoint. The Phenomenological Illusion (oblivion to our automated System 1) is universal and extends not merely throughout philosophy but throughout life. I am sure that Chomsky, Obama, Zuckerberg and the Pope would be incredulous if told that they suffer from the same problem as Hegel, Husserl and Heidegger, (or that that they differ only in degree from drug and sex addicts in being motivated by stimulation of their frontal cortices by the delivery of dopamine (and over 100 other chemicals) via the ventral tegmentum and the nucleus accumbens), but it’s clearly true. While the phenomenologists only wasted a lot of people’s time, they are wasting the earth and their descendant’s future. -/- . (shrink)

Teacher quality, its effect on students’ outcomes, and the association of these with economic growth, is the core of recent discussions in Latin America given the region’s weak results in international learning assessments. This paper investigates whether there is an effect of philosophy on the outcomes of critical reading for students in B.Ed. programs in Colombia. Relying on exact matching combined with propensity score matching with regression adjustment, we use national data from Colombia to show that students in B.Ed. (...) in philosophy outperformed students in other B.Ed. in critical reading test (0.401–0.124 SD), and, importantly, with higher effects observed for students with lower prior academic achievement (0.44 SD). This suggests that philosophy can help to narrow educational outcomes of students whose socioeconomic conditions are disadvantageous, contributing to social justice in education. (shrink)

The relationship between economics and the philosophy of natural science has changed substantially during the last few years. What was once exclusively a one-way relationship from philosophy to economics now seems to be much closer to bilateral exchange. The purpose of this paper is to examine this new relationship. First, I document the change. Second, I examine the situation within contemporary philosophy of science in order to explain why economics might have its current appeal. (...) Third, I consider some of the issues that might jeopardize the success of this philosophical project. (shrink)

This paper clarifies the significance of philosophy for traditional societies and modern societies and their evolution. In this paper ethics is the mainstream philosophy which studies and analyses the values of both the traditional societies and modern ones. This paper is only the ethical study of the traditional values and modern values. There are three ways to philosophize societies as traditional and modern: Ethical perspective, economical and theological, but this paper deals only with the ethical approach. Philosophers from (...) ancient to modern era played an important part in the transformation of traditional into modern. Morality and religion changed the mind of the nations towards development and ethical progress. In this article ancient philosophy, medieval philosophy, modern philosophy and others religious philosophies of India, china, and Muslim philosophies exercised key attempts to study traditional societies and modern societies. This paper highlights the factors that are responsible for the vices in traditional societies and also the elements that are productive for the promotion of modern societies. (shrink)

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)

Review of The Philosophical Origins of Austrian Economics, by David Gordon. Auburn, Alabama: Ludwig von Mises Institute, 1993.

The literature on pluralism in economics has focused on the benefits expected from the plurality of theories, methods, and frameworks. This overlooks half of the picture: the costs. Neither have the multifarious costs been systematically analyzed in philosophy of science. We begin rectifying this neglect. We discuss how the benefits of plurality and diversity in science presuppose distinct types of plurality and how various benefit and plurality types are associated with different types of costs. Finally, we ponder how (...) the general mechanisms that give rise to the costs of plurality and diversity are aggravated by various disciplinary characteristics of economics. (shrink)

The complexity that we observe in nature can often be explained in terms of cooperative behavior. For example, the major transitions of evolution required the emergence of cooperation among the lower-level units of selection, which led to specialization through division-of-labor ultimately resulting in spontaneous order. There are two aspects to address explaining how such cooperation is sustained: how free-riders are prevented from free-riding on the benefits of cooperative tasks, and just as importantly, how those social benefits arise. We review these (...) problems from an economic perspective, and highlight how ideas from economics can help us to better understand how the benefits of social interactions arise, how they are sustained, and how they affect the underlying social dilemmas. (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)

A review of Ch.M.A. Clark, Economic Theory and Natural Philosophy. The Search for the Natural Laws of the Economy. The key point of my critical appraisal is lack of univocal definition of nature, natural law and natural philosophy.

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)

This collection of articles was written over the last 10 years and the most important and longest within the last year. Also I have edited them to bring them up to date (2016). The copyright page has the date of this first edition and new editions will be noted there as I edit old articles or add new ones. All the articles are about human behavior (as are all articles by anyone about anything), and so about the limitations of having (...) a recent monkey ancestry (8 million years or much less depending on viewpoint) and manifest words and deeds within the framework of our innate psychology as presented in the table of intentionality. As famous evolutionist Richard Leakey says, it is critical to keep in mind not that we evolved from apes, but that in every important way, we are apes. If everyone was given a real understanding of this (i.e., human ecology and psychology) in school, maybe civilization would have a chance. -/- In my view these articles and reviews have many novel and highly useful elements, in that they use my own version of the recently (ca. 1980’s) developed dual systems view of our brain and behavior to lay out a logical system of rationality (personality, psychology, mind, language, behavior, thought, reasoning, reality etc.) that is sorely lacking in the behavioral sciences (psychology, philosophy, literature, politics, anthropology, history, economics, sociology etc.). The philosophy centers around the two writers I have found the most important, Ludwig Wittgenstein and John Searle, whose ideas I combine and extend within the dual system (two systems of thought) framework that has proven so useful in recent thinking and reasoning research. As I note, there is in my view essentially complete overlap between philosophy, in the strict sense of the enduring questions that concern the academic discipline, and the descriptive psychology of higher order thought (behavior). Once one has grasped Wittgenstein’s insight that there is only the issue of how the language game is to be played, one determines the Conditions of Satisfaction (what makes a statement true or satisfied etc.) and that is the end of the discussion. -/- Now that I think I understand how the games work I have mostly lost interest in philosophy, which of course is how Wittgenstein said it should be. But since they are the result of our innate psychology, or as Wittgenstein put, it due to the lack of perspicuity of language, the problems run throughout all human discourse, so there is endless need for philosophical analysis, not only in the ‘human sciences’ of philosophy, sociology, anthropology, political science, psychology, history, literature, religion, etc., but in the ‘hard sciences’ of physics, mathematics, and biology. It is universal to mix the language game questions with the real scientific ones as to what the empirical facts are. Scientism is ever present and the master has laid it before us long ago, i.e., Wittgenstein (hereafter W) beginning principally with the Blue and Brown Books in the early 1930’s. -/- "Philosophers constantly see the method of science before their eyes and are irresistibly tempted to ask and answer questions in the way science does. This tendency is the real source of metaphysics and leads the philosopher into complete darkness." (BBB p18) -/- Nevertheless, a real understanding of Wittgenstein’s work, and hence of how our psychology functions, is only beginning to spread in the second decade of the 21st century, due especially to P.M.S. Hacker (hereafter H) and Daniele Moyal-Sharrock (hereafter DMS),but also to many others, some of the more prominent of whom I mention in the articles. -/- When I read ‘On Certainty’ a few years ago I characterized it in an Amazon review as the Foundation Stone of Philosophy and Psychology and the most basic document for understanding behavior, and about the same time DMS was writing articles noting that it had solved the millennia old epistemological problem of how we can know anything for certain. I realized that W was the first one to grasp what is now characterized as the two systems or dual systems of thought, and I generated a dual systems (S1 and S2) terminology which I found to be very powerful in describing behavior. I took the small table that John Searle (hereafter S) had been using, expanded it greatly, and found later that it integrated perfectly with the framework being used by various current workers in thinking and reasoning research. -/- Since they were published individually, I have tried to make the book reviews and articles stand by themselves, insofar as possible, and this accounts for the repetition of various sections, notably the table and its explanation. I start with a short article that presents the table of intentionality and briefly describes its terminology and background. Next, is by far the longest article, which attempts a survey of the work of W and S as it relates to the table and so to an understanding or description (not explanation as W insisted) of behavior. -/- 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 W 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 Searle’s The Phenomenological Illusion (TPI), Pinker’s Blank Slate and Tooby and Cosmides Standard Social Science Model. Democracy and equality are wonderful ideals, but without strict controls, selfishness and stupidity gain the upper hand and soon destroy any nation and any world that adopts them. The monkey mind steeply discounts the future, and so we sell our children’s heritage for temporary comforts. -/- The astute may wonder why we cannot see System 1 at work, but it is clearly counterproductive for an animal to be thinking about or second guessing every action, and in any case there is no time for the slow, massively integrated System 2 to be involved in the constant stream of split second ‘decisions’ we must make. As W noted, our ‘thoughts’ (T1 or the thoughts of System 1) must lead directly to actions. It is my contention that the table of intentionality (rationality, mind, thought, language, personality etc.) that features prominently here describes more or less accurately, or at least serves an heuristic for how we think and behave, and so it encompasses not merely philosophy and psychology but everything else (history, literature, mathematics, politics etc.). Note especially that intentionality and rationality as I (along with Searle, Wittgenstein and others) view it,includes both conscious deliberative System 2 and unconscious automated System 1 actions or reflexes. -/- Thus all the articles, like all behavior, are intimately connected if one knows how to look at them. As I note, The Phenomenological Illusion (oblivion to our automated System 1) is universal and extends not merely throughout philosophy but throughout life. I am sure that Chomsky, Obama, Zuckerberg and the Pope would be incredulous if told that they suffer from the same problem as Hegel, Husserl and Heidegger, but it’s clearly true. While the phenomenologists only wasted a lot of people’s time, they are wasting the earth. -/- My writings are available in updated versions as paperbacks and Kindles on Amazon. -/- Talking Monkeys: Philosophy, Psychology, Science, Religion and Politics on a Doomed Planet - Articles and Reviews 2006-2017 (2017) ASIN B071HVC7YP. -/- The Logical Structure of Philosophy, Psychology, Mind and Language in Ludwig Wittgenstein and John Searle--Articles and Reviews 2006-2016 (2017) ASIN B071P1RP1B. -/- Suicidal Utopian Delusions in the 21st century: Philosophy, Human Nature and the Collapse of Civilization - Articles and Reviews 2006-2017 (2017) 2nd printing with corrections (Feb 2018) ASIN B0711R5LGX -/- Suicide by Democracy: an Obituary for America and the World (2018) ASIN B07CQVWV9C . (shrink)

The critique of philosophical foundations of neoclassical economics is significant, because of its hegemony on economic education and research programs in Iran and worldwide academies. Due to an epistemological fallacy, methodological individualism plays a prominent role in the philosophy of economic; since the ontological aspects of economy are reduced to methodological considerations. Accordingly, critique of methodological individualism is regarded as the main entry for philosophical analysis of neoclassical economics. This article aims to analyze and appraise the methodological (...) individualism from critical realism’s point of view. Critical realism is taken as a stand for criticizing methodological individualism, because critical realism and neoclassical economics as a positive approach to economics, both share a realistic worldview. The critical realism’ critique of methodological individualism is bases on analyzing the concepts of formalism, syllogism, social atomism, isolation and reduction. From critical realism’ point of view because of unrealistic postulations of methodological individualism, neoclassical economics is turned to an abstract and deductive science such as mathematics with a low potentiality of explanation. (shrink)

This paper investigates the fundamental idea at stake in current bioeconomies such as Europe's Bio-Based Economy (BBE). We argue that basing an economy upon ecology is an ambivalent effort, causing confusion and inconsistencies, and that the dominant framing of the damaged biosphere as a market-failure in bioeconomies such as the BBE is problematic. To counter this dominant narrative, we present alternative conceptualisations of bio-economies and indicate which concepts are overlooked. We highlight the specific contradictions and discrepancies in the relation between (...) economy and ecology, and then work towards outlining a genuine and consistent conceptualisation of the BBE. The philosophical perspective of Emmanuel Levinas is employed to develop a more profound understanding of the tensions at stake; Levinas' work is compared with that of Nicholas Georgescu-Roegen's work on bioeconomics, and found to be of complementary value. Our hypothesis is that, rather than the impossible, absolute amalgamation of economy and ecology striven for today, a principal heterogeneity between humankind and nature must be acknowledged if a bioeconomy that truly operates within the carrying capacity of planet Earth is to be achieved. (shrink)

The Indian banking system evolved from an exclusive private enterprise controlled by a few wealthy families and trusts, leaving the majority reliant on high-interest private lenders, perpetuating economic disparity. Nationalization of 21 banks under Indira Gandhi aimed to rectify this, aligning with India's constitutional goal of equitable wealth distribution. However, globalization and privatization reshaped the landscape, emphasizing profit-seeking and catering to the corporate sector and affluent classes. The marginalized rural and small business sectors suffered in this pursuit, evident in neglected (...) rural branch postings. To address this, an ethical foundation merging Marxist economics and Shariah banking principles is proposed, seeking inclusivity and ethical grounding. Shariah principles, rooted in Islamic law, extend beyond religious boundaries, while Marxist values amplify voices of the marginalized. By combining these principles, a more inclusive, morally anchored, and holistic Indian banking system can be envisioned. The priority sector's Non-Performing Assets challenge can be addressed without jeopardizing inclusivity. (shrink)

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

Austrian economics starts out from the thesis that the objects of economic science differ from those of the natural sciences because of the centrality of the economic agent. This allows a certain a priori or essentialistic aspect to economic science of a sort which parallels the a priori dimension of psychology defended by Brentano and his student Edmund Husserl. We outline these parallels, and show how the theory of a priori dependence relations outlined in Husserl’s Logical Investigations can throw (...) light on the Austrian account of entrepreneurship. (shrink)

We know that technological developments will affect economic development which will have an impact on the level of public consumption. Law Diminishing Marginal Utility cause boredom which will comprehensively reduce one's purchasing power and interest in the commodities on the market. Capitalism and its development always try to encourage people's consumption continuously to the maximum point. Hedonism and consumerism cause financial imbalances which are a real threat to our society today. Law Diminishing Marginal Utility and followed by the application of (...) Economic Materialism Asymmetry to reduce unnecessary or philosophically form a normative framework so as not to get trapped in a destructive hedonistic cycle. These measurements are not carried out quantitatively or in a stricter context, this is intended to make it easier for the public to apply theoretical concepts from analysis to create a balance of consumption which has implications for alleviating poverty. (shrink)

Michael Marder in Dump Philosophy claims that that there has been so much dumping with modern civilization that we now live in a dump, with those parts of our environment not contaminated by dumping, now rare. The growth of the dump is portrayed as the triumph of nihilism, predicted by Nietzsche as the outcome of life denying Neoplatonist metaphysics. Marder’s proposed solution, characterized as “undumping”, is to accept the dump and to promote reinterpretations and informal communities within the dump. (...) It is argued here that Marder provides great insight into our current situation and its causes; however, his proposed solution is too weak. To respond to the situation described, it is argued, it is necessary to distinguish between healthy and unhealthy dumping, or more broadly, healthy and unhealthy participation in nature. To make this distinction, it is necessary see humans as ecosystems and components of ecosystems, including the global ecosystem, as these have been characterized by anti-reductionist ecologists. Ecosystems can be healthy or unhealthy. Dumping and dumps should be identified as problematic outputs when they damage the health of ecosystems. The products of human activity not destined to be consumed or used for further productive activity, can then be identified and judged according to whether they augment or damage ecosystems’ health. Dumping should be severely restricted. This should be associated with making a commitment to life and its value, and living to augment life, developing the social and economic forms and institutions that facilitate living in this way. (shrink)

This collection of articles was written over the last 10 years and the most important and longest within the last year. Also I have edited them to bring them up to date (2016). All the articles are about human behavior (as are all articles by anyone about anything), and so about the limitations of having a recent monkey ancestry (8 million years or much less depending on viewpoint) and manifest words and deeds within the framework of our innate psychology as (...) presented in the table of intentionality. As famous evolutionist Richard Leakey says, it is critical to keep in mind not that we evolved from apes, but that in every important way, we are apes. If everyone was given a real understanding of this (i.e., human ecology and psychology) in school, maybe civilization would have a chance. In my view these articles and reviews have many novel and highly useful elements, in that they use my own version of the recently (ca. 1980’s) developed dual systems view of our brain and behavior to lay out a logical system of rationality (personality, psychology, mind, language, behavior, thought, reasoning, reality etc.) that is sorely lacking in the behavioral sciences (psychology, philosophy, literature, politics, anthropology, history, economics, sociology etc.). (shrink)

Much recent work on the intellectual background of Austrian economics reveals an unfortunate lack of awareness of the distinct nature of the Austrian contribution to philosophy, from which the Austrian economists drew many of their ideas. The present essay offers a sketch of this contribution, contrasting Austrian philosophy especially with the modes of philosophy dominant in Germany. This makes it possible to throw new light on the relations on Mises, Kant and the Vienna circle, and it (...) allows us also to establish the extent to which Austrian economics might properly be seen as being allied to the German hermeneutic tradition of Dilthey, Gadamer, et al. The essay concludes with a criticism of the hermeneutic relativism recently canvassed by some Austrian economists, concentrating especially on the work of Don Lavoie, whose writing are treated as symptomatic of a wider and somewhat regrettable trend. (shrink)

The paper traces the sequence of events which brought Popperian philosophy (including Lakatos) to its position on the issues of excess content, novelty and scientific progress. The general approach is to analyze Popper's and Lakatos's positions on these issues as an appropriate response to a particular philosophical problem situation in which they found themselves. The paper closes with a discussion of how these issues relate to economics and economic methodology.

In this article, we philosophically reflect on the nature of corporate governance. We raise the question whether control is still a feasible ideal of corporate governance and reflect on the implications of the epistemic insufficiency of economic institutions with regard to grand challenges like of global warming for our conceptualization of corporate governance. We first introduce the concept of corporate governance from the perspective of economics and politics. We then trace the genealogy of the concept of governance based on (...) a selective reading of Giorgio Agamben’s work, who has pointed at two interdependent paradigms of governance in the Christian tradition, and apply his categories in the context of corporate governance. We finally engage in a critical reflection on the concept of corporate governance and develop four characteristics of corporate governance that can guide future conceptual as well as empirical research in the field of corporate social responsibility of economic institutions. (shrink)

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

This paper addresses the project of philosophical autobiography, using two different perspectives. On the one hand, the societal, economic, and family contexts of William James are addressed, and connected a modern academic context of business ethics research, marketing and purchasing decision making, and the continuing financial crisis. The concepts of “stream of consciousness” and “acting as-if” are connected to recent literature on William James. On the other hand, the significance of family context, and the possible connection between the William James (...) family and the author, is addressed through shared family narratives interspersed throughout the paper. (shrink)

The Quantum Economics Intelligence Initiative, spearheaded by Quantum Economist PhDs. Kaiola M Liu integrates insights from seminal thinkers like Einstein, Archimedes, Adam Smith, Nick Land, and Sun Tzu. By applying principles of quantum mechanics, this forward-looking project aims to redefine economic modeling, exploring real-world applications and potential benefits. The initiative encompasses foundational studies, economic model applications, incorporation of quantum computing, and analysis of contemporary economic philosophies. Keywords - Quantum Mechanics, Economics, Technological Advancements, Philosophy.

This article argues that economic crises are incompatible with the realisation of non-domination in capitalist societies. The ineradicable risk that an economic crisis will occur undermines the robust security of the conditions of non-domination for all citizens, not only those who are harmed by a crisis. I begin by demonstrating that the unemployment caused by economic crises violates the egalitarian dimensions of freedom as non-domination. The lack of employment constitutes an exclusion from the social bases of self-respect, and from a (...) practice of mutual social contribution crucial to the intersubjective affirmation of one’s status. While this argument shows that republicans must be concerned about economic crises, I suggest a more powerful argument can be grounded in the republican requirement that freedom must be robust. The systemic risk of economic crisis constitutes a threat to the conditions of free citizenship that cannot be nullified using policy mechanisms. As a result, republicans appear to be faced with the choice of revising their commitments or rejecting the possibility that republican freedom can be robustly secured in capitalist societies. (shrink)

In this paper I argue that differences between the ‘new moral science’ of the seventeenth century and scholastic natural law theory originated primarily from the skeptical challenge the former had to face. Pufendorf’s project of a scientia practica universalis is the paramount expression of an anti-skeptical moral science, a ‘science’ that is both explanatory and normative, but also anti-dogmatic insofar as it tries to base its laws on those basic phenomena of human life which, supposedly, are immune to skeptical doubt. (...) The main scholastic legacy to the new moral science is the dichotomy between an ‘intellectualist’ and a ‘voluntarist’ view of natural law (or between lex immanens and lex imposita). Voluntarism lies at the basis of both theological views, such as Calvinism, and political views, such as those of Hobbes and Locke. The need to counterbalance the undesirable implications of extreme voluntarism may account for much of the developments in ethics and politics during the seventeenth and eighteenth centuries.Scottish natural jurisprudence, which tried to find a middle way between skepticism and extreme voluntarism, is less secular and more empirical than received wisdom admits. There emerged, as one of its ‘accidental’ outcomes, a systematic, self-contained and empirical economic theory from the search for an empirically based normative theory of social life. The basic assumption of such a theory, namely, the notion of societal laws as embedded in trans-individual mechanisms, derives from the voluntarist view of natural law as ‘imposed’ law.Later discussions of social issues in terms of ‘economic’ and ‘ethical’ reasons originated partly from a misreading ofthe Scottish natural jurisprudential framework of economic theory. Starting with this reconstruction, I try to shed some light on recent discussions about the role of ethics in economics. (shrink)

Goodwill is an intangible asset that we can find in a company's accounting cycle. Goodwill is basically subject to depreciation and the measurement related to the amount of depreciation of goodwill does not yet have a strong enough basis so that the assessment of goodwill tends to be subjective and based on management's interests, the impact of this subjective assessment is a failure to present good financial statements and can trigger decision-making errors for third parties. internal or external. The asymmetry (...) of the philosophy of economic materialism is an approach that can be used to repress or negate goodwill by providing an alternative to eliminating goodwill. However, this Philosophical Asymmetry of Economic Materialism is not a final approach because it still depends on several factors that will influence it. Ethical utilitarianism is one of the factors that can influence the effectiveness and implementation of the Philosophical Asymmetry of Economic Materialism as a form of increasing profits and optimizing costs to be incurred by companies in the future. Philosophical asymmetry of Economic Materialism seeks to suppress or negate the existence of goodwill as a form of ethical utilitarianism in the business environment. (shrink)

Originally published in 1925, C. Delisle Burns’ _The Philosophy of Labour _attempts to lay down key aspects of labour and the working class of that time period, covering aspects such as economic obstacles, standards of living and patriotism. Burns does not draw on past philosophers or sociological thinkers of the working-class and instead chose to focus only on the attitude of the workers in factories, mines, roads, railways and other forms of manual labour. This title will be of interest (...) to students of philosophy. (shrink)

This paper rigorously examines the primitive foundations of economic reasoning through an original framework based on symbolic logic. Extending previous work, it formalizes economic conceptions (\(\mathbb{C}\)), symbols (\(s_i\)), and introduces a structured language (\(\mathcal{L_{\mathbb{C}}}\)) to define their formation and interpretation. Organized as a continuous chain of declarations and illustrations, the paper offers a concise, systematic approach to understanding the philosophy of economic reasoning through formal representations.

Because the techno-economic paradigm of contemporary conceptualizations of innovation is often taken for granted in the literature, this chapter opens up this self-evident notion. First, the chapter consults the work of Joseph Schumpeter, who can be seen as the founding father of the current conceptualization of innovation as technological and commercial. Second, we open up the concept by reflecting on two aspects of Schumpeter’s conceptualization of innovation, namely its destructive and its constructive aspect, based on findings in the history of (...) innovation. Finally, we synthesize our findings and propose an ontic-ontological conceptualization of innovation as ontogenetic process and outcome with six dimensions—newness, political dimension, economic dimension, temporal dimension, human dimension and risk—that moves beyond its technological and commercial orientation. (shrink)

A review of Carsten Herrmann-Pillath, Foundations of Economic Evolution. A Treatise on the Natural Philosophy of Economics. I argue that the author's ultra-naturalist stance in epistemology lacks consistent justification.

The goal of the article is to substantiate that despite the criticism the paradigm in economics will not change because of the axiomatic assumptions of value-free economics. How these assumptions work is demonstrated on the example of Gary Becker’s economic approach which is analyzed from the perspective of scientific research programme. The author indicates hard core of economic approach and the protective belt which makes hard core immune from any criticism. This immunity leads economists to believe that they (...) are objective scientists and, consequently, it results in epistemological hubris. Due to its tautological nature, economic approach is considered to be a degenerative programme. This conclusion is extended on value-free economics. In spite of these problems, many economists still believe in positive economics and they dismiss normative approaches. It has a negative influence on people. The conclusion of the article is that thanks to axiomatic assumptions economists do not have objective and ironclad methodology and they should accept normative values in their research. (shrink)

Economic theories of democratic legitimacy have criticized deliberative accounts of democratic legitimacy on the grounds that they do not represent a practical possibility and that they create conditions that make actual democracies worse. It is not simply that they represent the wrong ideal. Rather, they are too idealistic – failing to show proper regard for the cognitive and moral limitations of persons and the depth of disagreement in democratic society. This article aims to show that the minimalist criterion of democratic (...) legitimacy is self-defeating and that even if there are minimal cognitive, moral, and social requirements for the possibility of practicable deliberative democracy, these limitations do not necessarily impose insuperable barriers for democratic deliberation as the normative basis of democratic legitimacy. Thus, the limiting facts do not dictate the structure of appropriate normative models of democracy in the way minimalists have supposed. (shrink)

Broadly speaking, two views of modernity are prevalent in contemporary debates. According to the first view, i.e. “modernization theory,” there is one single form of modernity, which is tantamount to liberal, capitalist modernity. The West has already and fully achieved modernity; non-Western societies have lagged behind and must simply catch up with the West. In contrast, according to the second view, “post-colonial theory,” there is no such thing as modernity. What the West erroneously calls “modernity” is nothing but a highly (...) parochial way of thought, and of economic and political organization, that developed by accident first in the West and then by the exercise of military violence or economic power was subsequently “universalized.” In this chapter, I argue that Hegel, read properly, provides a third conception of modernity, one which, contrary to the modernization theory, respects differences between societies, and yet, contrary to post-colonial theory, does not engage in dividing the human species into fundamentally different or incommensurate groups. I argue that Hegel’s theory of modernity must be sought at the conjunction of the Science of Logic (specifically the logic of the Concept) and the Philosophy of Right. I then elaborate on Hegel’s theory of modernity, thus construed. (shrink)

Even where willingness-to-pay as a measure of welfare impact is adjusted for diminishing marginal utility, welfare economics is shown to favour policies that add to the life expectancy or that enhance the quality of life of persons who are already better-off. I propose an alternative, Equal Respect methodology, under an axiomatic claim that at the point of decision the prospective life years of all individuals are of equal intrinsic social value. This justifies equal valuation of risk mitigation across all (...) persons; similarly, all appraised impacts should be scaled to accord equal respect to difficult but no-less-valuable lives. (shrink)

This essay briefly summarizes the key characteristics and social philosophies in Japan’s vision of Society 5.0. Then it discusses why Vietnam, as a developing country, can learn from the experiences of Japan in establishing its vision for an AI-powered human-centric society. The paper finally provides five concrete recommendations for Vietnam toward a harmonic and human-centric coexistence with increasingly competent and prevalent AI systems, including: Human-centric AI vision; Multidimensional, pluralistic understanding of human-technology relation; AI as a driving force for socio-economic development; (...) Bottom-up, participatory approach for building the vision; and Sustainability and inclusion in the adoption of AI. (shrink)

In previous work, I have drawn attention to certain systematic differences among philosophical traditions as regards to the literary forms that are prevalent in each. In this paper, however, I focus on the commentary form. I raise the question of why the use of commentaries abounds in most traditions except those transmitted in the English language and suggest that problems of translation are central to this issue. I argue that the appearance of commentaries in a philosophical tradition is a criterion (...) of such untranslatability that emerges in a broader cultural, economic, political, and religious context. Features of the relation between language and forms of communication in the history of philosophy are here explicated, concentrating especially on the German case. (shrink)

In this paper, I set out to critically review the impact of Popperian falsificationism and Lakatosian methodology of scientific research programmes [MSRP] on economic methodology and philosophy of economics. The central thesis I maintain is that neither Popper's falsificationism nor Lakatos' MSRP offers [philosophy of] economics a proper condition for the reception or rejection of economic theories.

A central feature of experimental development economics is the use of randomized controlled trials (RCTs) to evaluate the effectiveness of prospective socioeconomic interventions. The use of RCTs in development economics raises a host of ethical issues which are just beginning to be explored. In this article, I address one ethical issue in particular: the routine use of the status quo as a control when designing and conducting a development RCT. Drawing on the literature on the principle of standard (...) care in medical research ethics, as well as considerations of distributive justice in non-ideal circumstances, I argue that the practice of using the status quo as a control is ethically justifiable. However, I add an important qualification based on the natural duty of rescue to address the concern that my account is overly permissive. (shrink)

This paper analyses the interpretation of the Marxist dialectic proposed by three important French philosophers of the twentieth century: Maurice Merleau-Ponty (1908-1961), Jean-Paul Sartre (1905-1980) and Raymond Aron (1905-1983). Starting from different theoretical and political points of view, they criticize the historical determinism of the Marxist dialectic and propose three different “philosophies of freedom.” In the Adventures of the Dialectic (1955), Merleau-Ponty criticizes a theory of human history based only on economic structure, and denounces the violence of the Soviet communism. (...) He also accuses his friend Sartre – who had a more favourable attitude towards Soviet communism – of “ultrabolshevism.” Merleau-Ponty was subsequently active in the French non-communist Left. The existentialist philosopher Sartre always sympathized with the Left, and supported the French Communist Party (PCF) until the 1956 Soviet invasion of Hungary. In his Critique of Dialectical Reason (1960), Sartre also underlined the failure of the Soviet revolution, and criticized the violence of Marxist revolutionary thought. The last part of this paper deals with the philosopher and political sociologist Raymond Aron, who had a lifelong, sometimes fractious, friendship with Sartre. He always defended a “skeptical and anti-ideological” liberal position. In his best known book The Opium of the Intellectuals (1955), Aron argues that in post-war France, Marxism was the opium of the intellectuals. In this book, Aron chastised French intellectuals for what he described as their harsh criticism of capitalism and democracy and their simultaneous defense of Marxist oppression, atrocities, and intolerance. In opposition to the dialectical ideology of Marxism, Aron proposes an antitotalitarian philosophical and political theory based on the development of individual liberties. (shrink)

Economists use various models to explain why it is that firms are capable of pricing above marginal cost. In this paper, we will examine two of them: the Cournot and Bertrand duopoly models. Economists generally accept both models as good explanations of the phenomenon, but the two models contradict each other in various important ways. The puzzle is that two inconsistent explanations are both regarded as good explanations for the same phenomenon. This becomes especially worrisome when the two models are (...) offering divergent policy recommendations. This report presents that puzzle by laying out how the two models contradict each other in a myriad of ways and then offers five possible solutions to that puzzle from various economists, philosophers of science, and philosophers of economics. (shrink)