In this article, we provide a broad overview of the interplay among cognition, belief systems, and institutions, and how they affect economic performance. We argue that a deeper understanding of institutions’ emergence, their working properties, and their effect on economic and political outcomes should begin from an analysis of cognitive processes. We explore the nature of individual and collective learning, stressing that the issue is not whether agents are perfectly or boundedly rational, but rather how human beings actually reason and (...) choose, individually and in collective settings. We then tie the processes of learning to institutional analysis, providing arguments in favor of what can be characterized as “cognitive institutionalism.” Besides, we show that a full treatment of the phenomenon of path dependence should start at the cognitive level, proceed at the institutional level, and culminate at the economic level. (shrink)

The study looked at the issue of poor male students’ enrollment into Home Economics and related programmes in tertiary institutions in Anambra State, Nigeria. It adopted a descriptive survey research design. The population for this study comprised of all the (regular) undergraduate students in the Home Economics related programmes in the five tertiary institutions in Anambra State. The population is two hundred and six (206) students. Instrument used for the study was a structured 4-point questionnaire. The instrument's validity (...) was ensured through consulting experts in Home Economics and Measurement and Evaluation fields in, Nwafor Orizu College of Education, Nsugbe. The reliability of the instrument was established through a test re-test procedure and correlated to yield a coefficient of 0.81. Data for this study was collected primarily by the researchers. The data were analyzed with arithmetic mean and standard deviation. From the results, it was identified that the causes of poor male student enrollment revolve around societal stereotypes, limited awareness of the subject’s scope, inadequate promotional efforts; among others. Educational outreach and awareness, deconstructing gender stereotypes, parental and community engagement, were suggested as strategies to improve male students enrolment. Based on findings, the researchers recommend a curriculum adjustment and more inclusive educational environment and mindset that will showcase Home Economics as a field suitable for all, regardless of gender. (shrink)

This article is the introductory chapter to a festschrift in honour of Geoff Hodgson. In work spanning four decades, Geoff Hodgson has made many path-breaking contributions to institutional economics, evolutionary economics, economic methodology, the history of economic thought and social theory more broadly. Hodgson’s reputation as a prolific and important writer, whose work transcends traditional disciplinary boundaries, is matched by his credentials as an academic entrepreneur, whose involvement in the formation of two international scholarly societies and the (...) foundation of the Journal of Institutional Economics has expanded the opportunities for constructive dialogue among social scientists. To celebrate Hodgon’s fantastic career, this volume brings together 19 original contributions by world-leading scholars in specific areas that have played a significant role in influencing Hodgson’s thinking or represent key debates to which he has contributed. The chapter introduces these contributions, and summarizes a conversation with Hodgson that is also included in the volume. (shrink)

In this essay I discuss a powerful challenge to high-liberalism: the challenge presented by neoclassical liberals that the high-liberal assumptions and values imply that the full range of economic liberties are basic rights. If the claim is true, then the high-liberal road from ideals of democracy and democratic citizenship to left-liberal institutions is blocked. Indeed, in that case the high-liberal is committed to an institutional scheme more along the lines of laissez-faire capitalism than property-owning democracy. To present and discuss (...) this challenge, I let John Rawls represent the high-liberal argument that only a narrow range of economic liberties are basic rights and John Tomasi represent the neoclassical liberal argument that the full range of economic liberties are basic rights. I show that Rawls’s argument is inadequate, but also that Tomasi’s argument fails. I thus conclude that high-liberalism is in a precarious situation, but is not yet undone by the neoclassical liberal challenge. (shrink)

This essay is my analysis of Eamonn Butler’s fine book, Public Choice: a Primer. I suggest that Butler’s book is especially useful for philosophers, most of whom are to this day unfamiliar with public choice theory. This body of economics studies the role that universal self-interest plays in politics. This is an unpleasant truth for many philosophers, who have the Hegelian view of government as the realm of disinterested charity. Butler reviews the history of public choice economics, discusses (...) the various schools of the theory, and the major areas of application. (shrink)

Economic sanctions are envisaged as a sort of punishment, based on what should be an institutional decision not unlike a court ruling. Hence, the conditions for their lifting should be clearly stated and once those are met sanctions should be lifted. But this is generally not what happens, and perhaps is precluded by the very nature of international sanctioning. Sanctions clearly have political, economic, military and strategic consequences, but the question raised here is whether sanctions can also have moral (...) justification. Illustrated by the example of international sanctions against Yugoslavia, the authors show how the process of escalating demands on a target country, inherent to the very process of sanctioning, can lead ultimately even to overt aggression. As a result of this logic of escalation, economic sanctions cannot be articulated properly in any law-like system. Economic sanctions have much more in common with war than legal punishment, and in fact represent a form of siege. As such, they cannot be ended simply on the basis of their initial rationale, for the very process of sanctions implementation opens up possibilities for setting new goals and a continuous redefinition of the goal that sanctions are seen to have. (shrink)

Institutions can be strong or weak. But what does this mean? Equilibrium theories equate institutions with behavioural regularities. In contrast, rule theories explicate them in terms of a standard that people are supposed to meet. I propose that, when an institution is weak, a discrepancy exists between the regularity and the standard or rule. To capture this discrepancy, I present a hybrid theory, the Rules-and-Equilibria Theory. According to this theory, institutions are rule-governed behavioural regularities. The Rules-and-Equilibria Theory provides the basis (...) for two measures of institutional strength. First, institutions that pertain to coordination games solve problems of information. Their strength is primarily a matter of the expected degree of compliance. Second, institutions that concern mixed-motive games solve problems of motivation. Their strength can be measured in terms of the weight people attribute to its rule. (shrink)

The article is translated here from John R. Searle : What is an Institution? Journal of Institutional Economics (2005), 1: 1, 1–22 Printed in the United Kingdom, The JOIE Foundation, 2005.

Scientific progress has many facets and can be conceptualized in different ways, for example in terms of problem-solving, of truthlikeness or of growth of knowledge. The main claim of the paper is that the most important prerequisite of scientific progress is the institutionalization of competition and criticism. An institutional framework appropriately channeling competition and criticism is the crucial factor determining the direction and rate of scientific progress, independently on how one might wish to conceptualize scientific progress itself. The main (...) intention is to narrow the divide between traditional philosophy of science and the sociological, economic and political outlook at science that emphasizes the private interests motivating scientists and the subsequent contingent nature of the enterprise. The aim is to show that although science is a social enterprise taking place in historical time and thus is of a contingent nature, it can and in fact does lead to genuine scientific progress - contrary to the claims of certain sociologists of science and other relativists who standardly stress its social nature, but deny its progressive character. I will first deal with the factual issue by way of introducing the main concepts and mechanisms of modern institutional theory and by applying them to the analysis of the cultural phenomenon that we call modern science. I will then turn to the normative issue: what is the appropriate content of the institutional framework, for scientific progress to emerge and be sustained at which level should it be set and by whom? Addressing this problematic is equivalent to conducting a constitutional debate leading to a Constitution of Science. (shrink)

Some of our beliefs are institutional; that is, beliefs whose content is to a large extent shaped by institutions, such as beliefs about intellectual property, trade policy, or traffic rules. In this chapter, we propose a novel account of institutional beliefs, as we call them. In particular, we argue that institutional beliefs are primarily attributable to social entities, such as groups or collectives, and only secondarily to individual agents. This is because institutional beliefs respond to specific (...) problems that, in principle, only collectives face. However, existing methodology in behavioural science primarily relies on eliciting beliefs through individual choice data, which presents challenges for empirically modelling our proposed concept of institutional beliefs. To address this challenge, we propose to speak of institutional beliefs attributable to individual agents as ‘qua beliefs’. That is, institutional beliefs attributable to individual agents acting qua members of certain institutionally shaped groups. Within this framework, individuals’ qua actions occur in a shared realm of problems that can only be addressed through collective efforts. The relationship between individuals and their groups can be rendered tractable under formalised conditions. Under these conditions, choice data collected from individuals need not obstruct the elicitation of institutional beliefs for empirical study at both the collective and the individual level. We refer to these conditions as “IS conditions”, which are developed based on the synthesis between an interpretationist understanding of mental states and standard models of revealed preference theory as used in experimental economics. For an illustration of how this approach can be operationalised experimentally, we direct our readers to chapter 10 of this volume, where an experimental study applied our account of institutional beliefs. (shrink)

Purpose: To develop proposals on the directions of institutional support for the processes of creativity of the Ukrainian economy. Design/methodology/approach: The analysis of trends in the creativity of the Ukrainian economy is carried out and proposals are developed for conceptualizing institutional support for these processes. The authors set out to develop proposals for institutional support for creativity processes and offer recommendations for systematic updating of Ukrainian legislation in the areas of state regulation of high-tech business. The information (...) base was the information materials of the State Statistics Service of Ukraine, Ministry of Economic Development and Trade of Ukraine, the statistical databases of the European Commission, OECD and World Bank for the period 2014–2020. The research methodology is based on scientific tools that include comparative analysis and economic and mathematical modeling. Findings: Building a national program of public investment in creative development will allow us to systematically approach the issue of institutional support for technological breakthroughs. Research limitations/implications: Recommendations on the development and improvement of legislative instruments of deregulatory policy, harmonization with European standards are substantiated. Directions of systematic updating of legislation on guaranteeing foreign investment of creative projects and targeted investment of joint research projects of academic science and creative organizations are proposed. The implementation will allow a systematic approach to the issue of institutional support for the technological breakthrough of Ukraine. Originality/value: There is a need to step up institutional activities in the field of organizing research centers, introduce targeted investment in the academic science and research activity of creative organizations. (shrink)

In this Chapter, we address the challenge of explaining institutional change, asking whether the much-criticized rational choice perspective can contribute to the understanding of institutional change in political science. We discuss the methodological reasons why rational choice institutionalism (RCI) often assumes that institutional change is exogenous and discontinuous. We then identify and explore the possible pathways along which RCI can be extended to be more useful in understanding institutional change in political science. Finally, we reflect on (...) what RCI theorizing would look like if it started to take endogenous change seriously: by giving up some of its simplifying assumptions, RCI can be a useful tool for analyzing institutional change, but choosing this path has consequences for the generality of the models in RCI as well as for the style of its theorizing. (shrink)

This paper addresses ways of arguing fors ome form of economic democracy from within a broadly Rawlsian framework. Firstly, one can argue that a right to participate in economic decision-making should be added to the Rawlsian list of basic liberties, protected by the first principle of justice. Secondly,I argue that a society which institutes forms of economic democracy will be more likely to preserve a stable and just basic structure over time, by virtue of the effects of economic democratization on (...) the development of an active, democratic character among citizens. Thirdly, I argue that a proper understanding of the demands of the difference principle shows that justice demands more than ex post redistribution, but also requires the ex ante redistribution of power and authority in economic life. This connects to Rawls’s discussion of the badness of inequality, and to his endorsement of a “property-owning democracy”. -/- My conclusion is that, even if we may doubt the success of this first Rawlsian argument,the second and third arguments are both successful, and together establish a strong Rawlsian case forseeing economic democratization as a requirement of justice. (shrink)

When organizations solve collective action problems or realize values, they do so by means of institutions. These are commonly regarded as self-stabilizing. Yet, they can also be subject to endogenous processes of decay, or so we argue. We explain this in terms of psychological and cultural processes, which can change even if the formal structures remain unchanged. One key implication is that the extent to which norms, values, and ideals motivate individuals to comply with institutions is limited.

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

In the context of the digital economy development, the priority component of the economic security of an enterprise is changing from material to digital, constituting an independent element of enterprise security. The relevance of the present research is driven by the need to solve the issue of modernizing the economic security of the enterprise taking into account the new risks and opportunities of digitalization. The purpose of the academic paper lies in identifying the features of preventing internal and external negative (...) influences (threats) in order to guarantee the effective and stable functioning and dynamic social development of the enterprise in the context of digitalization. The research methods are as follows: general scientific research methods, in particular, logical analysis, theoretical substantiation, methods of induction and deduction, formalization and generalization, statistical observation. Results. It has been proposed to introduce the concept of “digital security of the enterprise” for replacing the concept of “information component of economic security” in order to bring the terminology in line with new economic realities. The implementation of the “black box” model has made it possible to identify the latest risks and threats to the economic security of an enterprise within the conditions of the digitalization that differs from the existing ones. The assessment of enterprises’ digital security of the European Union member states has revealed that the digital security level does not depend on the size of the country, however, it is influenced by the institutional environment (in particular, digital development tools in the EU) and the size of enterprises. Also, within the research framework, an assessment of the digital security level of enterprises in the context of digitalization has been proposed. In order to characterize enterprises by the level of digital security, a calculation procedure using the coefficient method has been proposed. (shrink)

Economies are complicated systems encompassing micro behaviors, interaction patterns, and global regularities. Whether partial or general in scope, studies of economic systems must consider how to handle difficult real-world aspects such as asymmetric information, imperfect competition, strategic interaction, collective learning, and the possibility of multiple equilibria. Recent advances in analytical and computational tools are permitting new approaches to the quantitative study of these aspects. One such approach is Agent-based Computational Economics (ACE), the computational study of economic processes modeled as (...) dynamic systems of interacting agents. This chapter explores the potential advantages and disadvantages of ACE for the study of economic systems. General points are concretely illustrated using an ACE model of a two-sector decentralized market economy. Six issues are highlighted: Constructive understanding of production, pricing, and trade processes; the essential primacy of survival; strategic rivalry and market power; behavioral uncertainty and learning; the role of conventions and organizations; and the complex interactions among structural attributes, institutional arrangements, and behavioral dispositions. (shrink)

In The Construction of Social Reality, John Searle develops a theory of institutional facts and objects, of which money, borders and property are presented as prime examples. These objects are the result of us collectively intending certain natural objects to have a certain status, i.e. to ‘count as’ being certain social objects. This view renders such objects irreducible to natural objects. In this paper we propose a radically different approach that is more compatible with standard economic theory. We claim (...) that such institutional objects can be fully understood in terms of actions and incentives, and hence the Searlean apparatus solves a non-existent problem. (shrink)

This paper explores and defends an institutional metaphysics for the Trinity as providing us with an inherently interpersonal reality, and provides general and specific methodological arguments in that direction in the first section. The actual argumentation is then first of all directed against Augustine’s rejection of the family as a suitable analogy for the Trinity. It is instead argued that the family does in fact offer an interesting and suitable analogy. Next, several more general and historic precursors to such (...) an institutional analogy are explored and fleshed out, relying on the legal and economic meaning of the term ‘substance’ as an estate, such as the shared inheritance between a father and a son. The main section further develops the outlines and main features of such an institutional metaphysics, relying on both analogies to result in three persons in one numerically identical substance. The final section returns to the methodological issue but now in an explicitly Marian key, culminating in the Holy Family as a key exemplar for the family analogy. (shrink)

Economic liberty is best understood in opposition to economic domination. This article develops a radical republican conception of such domination. In particular, I argue that radical republicanism provides a more satisfactory account of individual economic freedom than the market-friendly liberties of working, transacting, holding, and using championed by Nickel and Tomasi. So too, it avoids the pitfalls of other conceptions of economic liberty which emphasize real freedom, alternatives to immiserating work, or unalienated labor. The resulting theory holds that economic domination (...) occurs when someone’s access to civic capabilities is contingent on the arbitrary economic power of others. Socialist institutions—suitably configured—can deliver on this individual economic freedom, allowing the dominating power of proprietors, shareholders, landlords, and managers to be kept in check, and providing an unconditional minimum that allows individual citizens to be less beholden to others in meeting many of their most fundamental civic needs. Thus, I conclude that socialism can be championed as a politics of individual economic liberty. (shrink)

This essay is my extended review of Eamonn Butler’s outstanding primer, Classical Liberalism. In his book, Butler notes that the phrase “classical liberal” encompasses a wide spectrum of views, from conservatism to libertarianism. Butler lays out 10 principles that characterize classical liberalism, sketches its history, and discusses the value classical liberals place on freedom and toleration. He also examines the classical liberal views of politics, government, and society, and some useful compendia for the reader.

After the financial crisis of 2008, many economists expressed dissatisfaction with the state of macroeconomics. They criticised deficiencies in the dominant dynamic stochastic general equilibrium modelling approach and conceptions of good macroeconomic research behind that dominance. This paper argues that there is a deeper problem in macroeconomics, which remains unaddressed. I connect existing literature critical of the institutions of macroeconomics and of economics in general to the institutional preconditions of effective criticism outlined by the philosopher Helen Longino. I (...) find that as an epistemic community, macroeconomics does not function in a way that adequately supports critical evaluation of established beliefs, norms and practices. This failure may partly explain why many views on macroeconomic modelling, the tenability of which economists questioned after the crisis, were able to persist for so long. My analysis gives additional support to several recent proposals for institutional reforms in economics. (shrink)

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)

Human life in contemporary society is extremely complex and there are various external factors that directly affect the realization in the individual ends. In this work I analyze the effects of the global market economy, manifested by a mode of production and distribution of goods and services in the form of a global network of economic relations, which involve people, transnational corporations and political and social institutions in moral sphere of people, affecting their choices and the realization of these choices. (...) Individual freedom can be understand as a freedom to realize our choices in the environment of a global economic market, but it is still problematic in the sense that the choices of goods and services available in this market do not reflect individual choices, but a set of preferences standardized according to the market itself. In this paper I will reflect about the individual freedom in economic globalization pointing from the debate between Pettit and Berlin that social freedom advocated by Republican Petit can be satisfactory for a start. (shrink)

The purpose of this article is to provide an alternative antitrust model to the mainstream model that is used in competition policy. I call it the InstitutionalEvolutionary Antitrust Model. In order to construct an antitrust model one needs both empirical knowledge and considerations of how to adequately deal with norms. The analysis of competition as an evolutionary process that unfolds within legal rules provides the empirical foundation for the model. The development of the normative dimension involves the elaboration of a (...) comparative approach. Building on those foundations the main features of the Institutional-Evolutionary Model are sketched out and it is shown that its use leads to systematically different outcomes and conclusions than the dominant antitrust ideals. (shrink)

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

This chapter discusses the role of methodological individualism in behavioral economics. Since behavioral economics developed in reaction to traditional microeconomics, the chapter sketches first the latter’s understanding of methodological individualism. It argues that traditional microeconomics is based on three principles: the self-interest principle, the rationality principle, and the social change principle. The chapter then discusses experimental findings that led behavioral economists to relax all three principles. It argues that, in particular, the relaxation of the social change principle pushes (...) the boundaries of methodological individualism as understood in traditional microeconomics since it highlights ways in which social institutions, norms, and rules affect individual processes of preference formation. In doing so, behavioral economics invites intricate methodological discussions of the bidirectional relationship between social institutions and individual actions. (shrink)

The current appeal of non-standard economic alternatives is backgrounded against the vulnerability of mainstream capitalism to meltdown and crisis as shown in recent times. There is an increasing number of governments, institutions, and civil societies (NGOs) that have been advocating economic systems, structures, or dynamics that would promote the good of the human person (dignity, personhood, values, and worth). People have started to realize that doing economics is not always within the realm of rationalized judgments and mathematized calculations (highly (...) impersonal) but must look after the human person, at all costs. This paper attempts to contribute to this agendum by employing an interdisciplinary dialogue between theology and economics; drawing a moral-cultural framework towards a compassion-based economics. Together with the positive traits of today’s economic alternatives and the salient features of Jesus’ praxis of compassion, this paper would offer fourteen (14) criteria as basis for what could be the most feasible base/locus for an economics of compassion. Eventually, what has been considered as the suitable base/locus is the Basic Ecclesial Communities (BECs). Hence, a BEC-based Economics of Compassion or BEC-EC. (shrink)

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

In this work, touched on some social issues whatever the result, and a raising awareness was aimed by some new technological upgrades for the vital infrastructures of states, social order and economic plans. The main aim is one world order which has no king and accepts nations as local governance as a requirement of hierarchical order. It is completely based on economic benefits of all nations as there is no alternative to establish a healthy economic order as economic management is (...) directly related with laws. As the important is a law exists or not, or is just or not for justice, also it encourages to develop organic laws in state institutions as it recognizes any state institution as autonomous. No state has this constitution. This work is only an offer. (shrink)

Globalization is resulting in complex decisions by businesses as to where and what to produce, while free trade is resulting in a greater menu of choices for consumers, often with the blending of products and goods from various cultures, called ‘glocalization.’ This paper reviews the theories and practices behind these current happenings, which are each economic, politicaleconomic, institutional, and sociological, first by looking at the supply side of why certain countries produce the goods that they do, and then at (...) the demand side, why consumers have particular, cultural tastes and preferences for goods. It also proffers theories to explain firm location and that of intra-industry trade. This occus when countries trade similar products rather than differentiating, as economic theory would suggest. After reviewing the literature, through numerous examples of political-economy and culture, it argues somewhat normatively that differences in culture and goods are a strength to the world community, and that globalization in the end will not likely result in a singular global culture with a uniformity of exactly identical economic goods anytime in the near future. (shrink)

How can a business institution function as an ethical institution within a wider system if the context of the wider system is inherently unethical? If the primary goal of an institution, no matter how ethical it sets out to be, is to function successfully within a market system, how can it reconcile making a profit and keeping its ethical goals intact? While it has been argued that some ethical businesses do exist, e.g., Johnson and Johnson, the argument I would like (...) to put forth is that no matter how ethical a business institution is, or how ethical its goals are, its capacity to act in an ethical manner is restricted by the wider system in which it must operate, the market system. Unless there is a fundamental change in the notion of the market system itself, the capacity for individual businesses to act in an ethical manner will always be restricted. My argument is divided into two parts. The first part is to show the inherent bias towards unethical outcomes that is inherent in the market system. The second part is to suggest how to reorient the general economic framework in order to make ethical institutions more possible. The question then becomes, how to define economic behavior in terms other than competition for profit. (shrink)

The current economic crisis caused by the COVID-19 pandemic has created new changes and challenges for society, which has led to a deeper identification of pressing problems and to develop strategies and models for overcoming crises in various countries, industries and businesses. The formation and improvement of modern strategies and models of crisis management is impossible without optimizing the resources of economic entities, providing assistance at various levels of government to support priority sectors of the economy, finding additional sources of (...) funding to combat the COVID-19 pandemic. To ensure the effective develop and implementation of modern strategies and models of crisis management it is necessary to have information about the state of economic entities, relevant commodity, raw materials, financial markets, explore the internal and external environment, determine the impact of risks on current activities business entities or industries. The effectiveness of crisis management strategies and models is determined by the ability of the management system to ensure the support of business activity of economic entities in the relevant market and to stimulate effective consumer demand. The purpose of writing this scientific monograph is to substantiate the theoretical and methodological foundations and to form and improve strategies and models of crisis management taking into account new changes and challenges for society related to the COVID-19 pandemic and declining business activity of economic entities. The object of the author’s research was the process of formation and improvement of crisis management strategies and models in the conditions of market imbalance and change of the external environment, reduction of activity volumes of economic entities, growth of budget expenditures to combat the COVID-19, formation of new forms of activities and penetration of information technology into various spheres of life to optimize the negative consequences of a pandemic. The subject of the study were socio-economic, organizational and institutional processes of formation and effective implementation of strategies and models of crisis management in various areas of economic activity; substantiation of mechanisms for ensuring the competitiveness of economic entities and the formation new forms of entrepreneurship; development of modern information technologies; consideration of best practices in business process management and digitalization using world experience in various sectors of the economy caused by the COVID-19. (shrink)

At first blush, values such as diversity appear to be worth striving for. The question is whether or not such values—which have become increasingly prevalent in university mission statements—are values as such, which is to ask whether they are things of moral worth (Value, n.d.), or are something else altogether. My unpopular suspicion leans toward the latter. Personal opinions, of course, are hardly a justification for an impassioned critique, however, my opinions mirror those held by moderate and conservative witnesses to (...) the sociopolitical climate of academia (Pew Research Center, 2017) as well as individuals who would typically be considered classically liberal such as Peter Boghossian (2021). Because of this concordance and in order to understand the constitutive relations of academic production, it becomes necessary to critically examine the nature of institutional values, separate from polemical rhetoric that either seeks to construct a "straw man" of them in order to lay them low or insulate them from outside reproach altogether Since "diversity" seems to be the chief concern among interested groups both in the academic setting and the world at large, this article's point of access to the relations of production in academia will be anchored by a Marxian assessment of diversity as a product of social labour in the academic environment. (shrink)

The authors of the book have come to the conclusion that it is necessary to effectively use modern management mechanisms and development strategies of economic entities in order to increase the efficiency of their activities. Basic research focuses on diagnostics threat of bankruptcy, assessment of bioenergy potential, intellectual property, efficiency of corporate governance, use of information support, ensuring competitiveness of banking institutions, functioning of the tax system and its decentralization, assessment of the investment climate and investment risks, functioning of a (...) small business. The research results have been implemented in the different models of cluster structures, mechanisms for monitoring the quality of health care, predicting the convergence of economic development, innovative development models, and development strategies of economic entities in various sectors of the economy in the context of euro integration. The results of the study can be used in decisionmaking at the level of international business, ministries and departments that regulate the processes development of economic systems, ensuring stability and efficiency. The results can also be used by students and young scientists in modern concepts of the development of economic entities in the context of institutional transformations of the global environment. (shrink)

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)

This chapter takes the form of a discussion between the editors of this volume and Joseph Agassi, regarding the relationship between methodological individualism and institutional individualism. The focus is on Agassi’s interpretation of traditional methodological individualism in terms of psychologism; the role of institutions and structural factors in social explanation; Popper’s theory of World 3; the application of Weber’s interpretative approach—Verstehen—to typical ways of thinking and acting; and the Austrian School of economics.

How should international law’s role in determining international distributive outcomes, economic and otherwise, affect how we think about its legitimate authority? Domestic institutions’ legitimate authority in respect of distribution derives in large part from their concurrent roles in enabling security and coordination. Internationally, by contrast, functional disaggregation means that distribution must be legitimised in its own right. I begin by distinguishing the phenomenon of Distributive International Law, on which my argument focuses. I next introduce a number of wide instrumental accounts (...) of legitimate authority, including Rawls’ Natural Duty account, Buchanan’s metacoordination view, and Williams’ political realism, showing how each understands legitimacy as an institution-level characteristic, allowing an institution’s success in one area to support its legitimacy in another where it may be less successful. This poses the question of how we distinguish amongst distinct institutions, which I answer by reference to the causal and constitutive (in)dependence amongst activities. This approach explains why distributive legitimacy does not arise as a separate question domestically: we cannot distinguish the state’s security and coordination activities from its distributive activities, so if the former are legitimate then so, ipso facto, are the latter. Internationally, by contrast, these mutual dependencies are limited, requiring that the legitimacy of distribution be established independently of other roles that international law plays. (shrink)

Students with visual impairments (VI) are among the groups of students needing specialized resources and supports for their school success. Using a scoping review, the institutional support services needed by visually impaired students were examined in this paper. It looked at different strategies for putting these students' institutional support into practice and collated such strategies into levels that can inform inclusive practices in higher institutions of learning. The study followed a PRISMA protocol to present a descriptive analysis of (...) peer-reviewed publications gathered from PubMed, Scopus, Google Scholars, and PsychInfo. Eight peer reviewed papers with a sample of 316 (303 post-secondary school students with VI and 13 teachers) were drawn for the study after eligibility assessment. It was found that post-secondary school students with VI still requires a number of institutional support modalities for their smooth career transition. Institutional support needs were described under the career challenges experienced by students with visual impairments and the needs for institutional support for building on smooth transition from school to career. It was deduced that student with VI still experiences barriers such as inadequately trained teachers, ill-equipped schools to address their needs, financial challenges, public stigma, accessibility, peer-to-peer acceptance and difficulties in learning at the university. The support needed from the institution were found to be those associated with academic support, integration into the social environment, need for institutional structural support services, and career transition intervention support. Practical implications demonstrates that educational institutions play a big part in helping visually impaired students in career transition. These implications can be built into a framework of action for institutional support for students with VI in schools as proposed in this paper. (shrink)

Long before the colonialists stepped into the shore of the Nigerian nation and African Continent in general,masquerade played a central role in the lives of the people. Even at the moment, among many others, masquerade performs the role of social control across some Nigerian rural communities. It is based on this that the researchers are motivated to examine the social role of masquerade in the society with the aimofusing the knowledge to review how cultural institution like masquerade can be used (...) to resuscitate social orders in the contemporary Nigerian socio-economic and political systems. To this end, the critical discourse analysis methodology was adopted for the study. Through this research apparatus, the paper systematically analyses the issue. The result shows that cultural institution such as masquerade, if properly given attention to, like in the yesteryears, can control social ills such as corruption, bribery, and lots of other social problems that have bedeviled the Nigerian nation over the years. (shrink)

From the perspectives of early warning and identification of risk, risk quantification and analysis, also as risk management, we propose recommendation, which includes analysis of citizen behavior in panic, cooperation of the institutions in Romania. The whole analysis will be performed from a perspective of the field of economic cybernetics. The 2019-nCoV coronavirus epidemic started in China's Wuhan city, which has spread throughout the country and subsequently, in a very short period of time, in several states, being viewed as a (...) global contagion effect that causes great concern. As the virus gets closer to Romania, it becomes worrying and citizens are already panicking. Therefore, in this article we will analyze, according to public data, what is the current situation and how well Romania is prepared to manage the risks arising from the confirmation of COVID-19 in the country and how the behavior of citizens in a state of panic is influenced. In addition, we analysed the medical system from Romania from the point of view of the analysis of the management of the viable system, in the situation of pandemic crisis the medical system being one of the sensitive points of any system. (shrink)

This work aims to study strategies used in Argentine local development experiences, focussing on industrial design, marketing and entrepreneurship. In order to this purpose, backgrounds are analysed with this approach adding the study of three strategic plans for national and provincial-level that are currently in force. With the analysis of the transport system in the last decade, an accelerated cost increase is evident, resulting in a relatively higher price of distributed products. This situation that was initially perceived as a disadvantage (...) finally set up an opportunity to produce locally. The goal of this paper is to provide tools that contribute to the work shipped by key institutions for local development (public, private and intermediary organisations), and the way these interact with the actors and the territory. In particular, the identification of productive sectors and the selection of goods that can be produced and consumed locally, as a key input for the formulation of projects. (shrink)

Mankind history has recorded the birth, development, survival struggle, and decline of various forms of states. Along with that process, the role and function of the State in socio-economic development have been strongly highlighted, represented not only social classes but also the characteristics of institutions, structures, and organizations of society in each period, and in accordance with the development of human cognition. The state in a socialist-oriented market economy has similar connotations and differences in comparison with states in general. However, (...) due to the lack of clear definitions to distinguish the two concepts of "economic function" and "economic management function," the design, implementation, monitoring, and evaluation of the effectiveness of state management policies are ineffective, as right now there exist many fuzzy and overlapping gaps in theory. Not only that, the gap between the designed policy and the actualization of policy decisions is quite far from reality. Therefore, from the time the policies are established and issued until those policies take effects, there are many issues worth discussing. (shrink)

This two-part paper reconstructs the analytic turn in American philosophy through a comparative longitudinal study of three major philosophy departments: Princeton, Yale, and Columbia. I trace their hiring policies, tenure decisions, curriculum designs, and the external pressures that forced them to continuously adapt their strategies; and I use those analyses to distill some of the factors that contributed to the rapid growth of analytic philosophy between 1940 and 1970. In this first part, I show that philosophers at Princeton, Yale, and (...) Columbia actively tried to promote a ‘humanistic’ conception of philosophy until the early 1950s. I argue that logical positivism and related ‘scientific’ approaches were seen as a fundamental threat to the discipline and that this opposition influenced decision making at all three institutions. While many students and recent graduates saw philosophy as a scientific discipline, senior members of the community deplored the decline of the humanities and appointed mostly humanistic philosophers. I show that this generational conflict was reinforced by demographic, political, and economic developments and argue that these discriminatory practices helped forge a coalition between logical empiricists, scientific pragmatists, and ordinary language philosophers, who all began to identify as ‘analytic’ philosophers after the war. (shrink)

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

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

Today's realities require medical institutions to take more careful account of intangible factors that make up an irreplaceable component of cultural characteristics. Changes in the socio-economic conditions of economic activity have led to increased attention of the management of medical institutions to the need to form a corporate style that will provide additional competitive advantages. The purpose of the study is to identify the functions and elements of the corporate style of a medical institution and its subdivisions, to find out (...) its impact on the collective consciousness and behavior of consumers of medical services and to establish requirements for its development. The methodological basis of the study is modern research on the formation of corporate style and its impact on the reputation and successful development of organizations. The main hypothesis of the study is the assumption that corporate style influences the level of recognition and authority of a medical institution. Summary of the main research material. It is proved that an authentic, working corporate style for a modern medical institution is a necessary element of its organizational culture. It is determined that the corporate style contributes to creating a positive image of a medical institution in the eyes of consumers; allows distinguishing a medical institution from other medical institutions with a similar range of services; strengthens the organizational spirit of medical staff; increases the effectiveness of advertising; and creates a favorable image of a medical institution. The originality and practical significance of the study lies in the fact that a comparative analysis of the elements of corporate style of city clinical hospitals in Dnipro, which are clearly implemented on the official pages on the Internet, was carried out. Conclusions and prospects for further research. The conducted research has made it possible to state that the considered medical institutions of the city of Dnipro do not pay the necessary attention to the formation of their own corporate style. Sporadic initiatives and events create the appearance of the existence of a corporate style of a medical institution, but do not ensure the existence of such a corporate style that would work to increase the recognition and authority of a medical institution. (shrink)

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

In this retrospective for Ethics, I discuss H.M. Oliver’s “Established Expectations and American Economic Policies.” This article, by a then-modestly-famous economist, has been ignored (no citations) since its 1940 publication. Yet it bears directly on a normative problem at the intersection of ethics and economics that challenges today’s policymakers but has received comparatively little philosophical attention: how should we balance potentially desirable institutional change against the disruption of established expectations? -/- Oliver details how the principle of fulfilling established (...) expectations cuts across political lines. Conservatives, he observes, criticized inflation for disrupting expectations, and demanded the protection of established corporations. New Deal progressives achieved “the safeguarding of the economic positions of certain important sections of the American people” (104) via statutes designed to protect income and homeownership status. And labor leaders lobbied for the preservation of occupational status. Oliver criticizes these demands on two grounds. First, they are noncompossible: they can’t simultaneously be fulfilled. Second, they are economically inefficient. He concludes that “in a modern dynamic economy, the preservation of status is not and cannot be a feasible criterion of economic justice” (107). -/- I argue that Oliver accurately recognizes both the wide endorsement and the moral ill-foundedness of fulfilling expectations. However, I criticize Oliver’s belief in the noncompossibility of expectations. The established expectations of the wealthy, middle-class homeowners and retirees, and current workers can all be maintained, but at the price of constricting the opportunities of new graduates, immigrants, and the poor—all groups yet to develop settled expectations. This insight renders the protection of expectations not merely inefficient but also unjust. (shrink)