Outside of philosophy, the idea that workers deserve to be paid according to their productive contributions is very popular. But political philosophers have given it relatively little attention. In this paper, I argue against the attempt to use this idea about desert and contribution to vindicate significant income inequality. I claim that the inegalitarian invocation of reward according to contribution fails on its own terms when the following condition holds: the size of each worker's contribution depends on what others (...) only together do. When workers only together make another more productive, that is not reflected in the sum of their own contributions. Thus reward according to contribution recognizes individual accomplishments without recognizing their dependence on collectives, dependence that is, in complex economies, ubiquitous. (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)

There is growing concern that decision-making informed by machine learning (ML) algorithms may unfairly discriminate based on personal demographic attributes, such as race and gender. Scholars have responded by introducing numerous mathematical definitions of fairness to test the algorithm, many of which are in conflict with one another. However, these reductionist representations of fairness often bear little resemblance to real-life fairness considerations, which in practice are highly contextual. Moreover, fairness metrics tend to be implemented in narrow and targeted toolkits that (...) are difficult to integrate into an algorithm’s broader ethical assessment. In this paper, we derive lessons from ethical philosophy and welfare economics as they relate to the contextual factors relevant for fairness. In particular we highlight the debate around acceptability of particular inequalities and the inextricable links between fairness, welfare and autonomy. We propose Key Ethics Indicators (KEIs) as a way towards providing a more holistic understanding of whether or not an algorithm is aligned to the decision-maker’s ethical values. (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)

Modern information communication technology eradicates barriers of geographic distances, making the world globally interdependent, but this spatial globalization has not eliminated cultural fragmentation. The Two Cultures of C.P. Snow (that of science– technology and that of humanities) are dri6ing apart even faster than before, and they themselves crumble into increasingly specialized domains. Disintegrated knowledge has become subservient to the competition in technological and economic race leading in the direction chosen not by the reason, intellect, and shared value-based judgement, but rather (...) by the whims of autocratic leaders or fashion controlled by marketers for the purposes of political or economic dominance. If we want to restore the authority of our best available knowledge and democratic values in guiding humanity, first we have to reintegrate scattered domains of human knowledge and values and offer an evolving and diverse vision of common reality unified by sound methodology. This collection of articles responds to the call from the journal Philosophies to build a new, networked world of knowledge with domain specialists from different disciplines interacting and connecting with other knowledge-and-values-producing and knowledge-and-values- consuming communities in an inclusive, extended, contemporary natural–philosophic manner. In this process of synthesis, scientific and philosophical investigations enrich each other—with sciences informing philosophies about the best current knowledge of the world, both natural and human-made—while philosophies scrutinize the ontological, epistemological, and methodological foundations of sciences, providing scientists with questions and conceptual analyses. This is all directed at extending and deepening our existing comprehension of the world, including ourselves, both as humans and as societies, and humankind. -/- Print copies (17. (shrink)

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

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

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

Educated people everywhere now acknowledge that ecological destruction is threatening the future of civilization. While philosophers have concerned themselves with environmental problems, they appear to offer little to deal with this crisis. Despite this, I will argue that philosophy, and ethics, are absolutely crucial to overcoming this crisis. Philosophy has to recover its grand ambitions to achieve a comprehensive understanding of nature and the place of humanity within it, and ethics needs to be centrally concerned with the virtues (...) required to create and then sustain economic, social and political formations that augment the life of ecological communities. Achieving these ends will involve reviving speculative philosophy and its quest to forge a synthesis of natural philosophy, history and art to enable humanity to redefine its place in the world, both collectively and as individuals, in very practical ways. Such a synthesis is required to oppose the corrosion of democracy and to revive the virtues of citizenship and the sense of responsibility citizenship entails, but more fundamentally and intimately related to such citizenship, to oppose managerialism and the proletarianization of the workforce and to revive workmanship and professionalism as the foundations of not only economic life, but social and political life. (shrink)

This work introduces the reader to the central issues and theories in Western environmental ethics, and against this background develops a Buddhist environmental philosophy and ethics. Drawing material from original sources, there is a lucid exposition of Buddhist environmentalism, its ethics, economics and Buddhist perspectives for environmental education. The work is focused on a diagnosis of the contemporary environmental crisis and a Buddhist contribution for positive solutions. Replete with stories and illustrations from original Buddhist sources, it is both (...) informative and engaging. (shrink)

Our world is under going an enormous digital transformation. Nearly no area of our social, informational, political, economic, cultural, and biological spheres are left unchanged. What can philosophy contribute as we try to under- stand and think through these changes? How does digitization challenge past ideas of who we are and where we are headed? Where does it leave our ethical aspirations and cherished ideals of democracy, equality, privacy, trust, freedom, and social embeddedness? Who gets to decide, control, and (...) harness the powers of digitization and for which purposes? Epistemologically, do most of us understand these new mediations – and thus fabrics – of our new world? Lastly – how is the new technological landscape shaping not only our living conditions but also our collective imaginary and our self-identities? (shrink)

Anarchist philosophy has often played and continues to play a crucial role in interventions in working-class and labor movements. Anarchist philosophy influenced real-world struggles and touched the lives of real, flesh-and-blood workers, especially those belonging to the industrial, immigrant working classes of late nineteenth- and early twentieth-century America. Too often the writings, which were disseminated to, and hungrily consumed by, these workers are dismissed as “propaganda.” However, insofar as they articulate and define political, economic, and social concepts; subject (...) political, economic, and social institutions to trenchant critique against clear and well-defined normative standards; offer logical justifications of their own positions; and advance positive alternative proposals, why should these writings not be regarded as philosophical texts and analyzed accordingly? Obviously they should, and the fact that they have been so long ignored by political philosophers, historians, and other scholars reflects academic prejudice rather than the intellectual and philosophical merit of the writings. This article is a preliminary step toward giving anarchist philosophy the hearing it so richly deserves. (shrink)

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

How should we theorize about the social world? How can we integrate theories, models and approaches from seemingly incompatible disciplines? Does theory affect social reality? This state-of-the-art collection addresses contemporary methodological questions and interdisciplinary developments in the philosophy of social science. Facilitating a mutually enriching dialogue, chapters by leading social scientists are followed by critical evaluations from philosophers of social science. This exchange showcases recent major theoretical and methodological breakthroughs and challenges in the social sciences, as well as fruitful (...) ways in which the analytic tools developed in philosophy of science can be applied to understand these advancements. The volume covers a diverse range of principles, methods, innovations and applications, including scientific and methodological pluralism, performativity of theories, causal inferences and applications of social science to policy and business. Taking a practice-orientated and interactive approach, it offers a new philosophy of social science grounded in and relevant to the emerging social science practice. (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)

In this chapter, I systematically distinguish a variety of ways to rela- tionalize economics and focus on a certain approach to relationalizing normative economics in the light of communal values salient in the African philosophical tradi- tion. I start by distinguishing four major ways to relationalize empirical economics, viz., in terms of its ontologies, methods, explanations, and predictions and also three major ways to relationalize normative economics, with regard to means taken towards ends, decision-procedures used to (...) specify ends, and ends themselves. Then, in the remainder of the chapter, I address what would be involved in relationalizing the ends of economic choices, given ideals of communal relationship characteristically prized by sub-Saharan philosophers, particularly southern African adherents to ubuntu. I advance communal answers to the two large questions of what an economy should distribute and how to engage with stakeholders, and I suggest that the implications will be found plausible by many open-minded enquirers around the world. Although this chapter is a work of ethical philosophy, it is meant to be of broad interest to scholars in economics. (shrink)

In this chapter, I systematically distinguish a variety of ways to rela- tionalize economics and focus on a certain approach to relationalizing normative economics in the light of communal values salient in the African philosophical tradi- tion. I start by distinguishing four major ways to relationalize empirical economics, viz., in terms of its ontologies, methods, explanations, and predictions and also three major ways to relationalize normative economics, with regard to means taken towards ends, decision-procedures used to (...) specify ends, and ends themselves. Then, in the remainder of the chapter, I address what would be involved in relationalizing the ends of economic choices, given ideals of communal relationship characteristically prized by sub-Saharan philosophers, particularly southern African adherents to ubuntu. I advance communal answers to the two large questions of what an economy should distribute and how to engage with stakeholders, and I suggest that the implications will be found plausible by many open-minded enquirers around the world. Although this chapter is a work of ethical philosophy, it is meant to be of broad interest to scholars in economics. (shrink)

In this chapter, I systematically distinguish a variety of ways to rela- tionalize economics and focus on a certain approach to relationalizing normative economics in the light of communal values salient in the African philosophical tradi- tion. I start by distinguishing four major ways to relationalize empirical economics, viz., in terms of its ontologies, methods, explanations, and predictions and also three major ways to relationalize normative economics, with regard to means taken towards ends, decision-procedures used to (...) specify ends, and ends themselves. Then, in the remainder of the chapter, I address what would be involved in relationalizing the ends of economic choices, given ideals of communal relationship characteristically prized by sub-Saharan philosophers, particularly southern African adherents to ubuntu. I advance communal answers to the two large questions of what an economy should distribute and how to engage with stakeholders, and I suggest that the implications will be found plausible by many open-minded enquirers around the world. Although this chapter is a work of ethical philosophy, it is meant to be of broad interest to scholars in economics. (shrink)

Right from traditional African philosophy, down to its modern and contemporary era, there has been a strong link between African philos ophy and language, underlined by the principle of complementarity. This is not disconnec ted with Placid Tempels’ employment of force to explain being, and Alexis Kagame’s NTU, as the underlying principle of reality. Pantaleon Iroegbu explained being as belon gingness. In the thoughts of Innocent Asouzu, Ibuanyidanda, was used to explain the compl ementary nature of reality. In the (...) face of ever growing complexities, African philosop hers have continued to employ African categories for the search for solutions to African problems. At a time like ours when many African governments have failed in national develop ment, especially in their ability to improve the social welfare of her people through th e provision of social amenities like quality education, portable water, transportation, good roads, good medical amenities, security of lives and property, basic infrastructur e, etc., this work employs Igwebuike philosophy, another African category, as a framewor k for Africa’s development. It develops a model of development which is inclusive and wholistic, and traces Africa’s problem of underdevelopment to the employment of no n-inclusive political and economic institutions. For the purpose of this research, the hermeneutic and Wholistic indigenous method of inquiry was employed. (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)

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)

I examine the history of the concept of spontaneity in philosophy and the social sciences, particularly as it relates to monetary phenomena. I then offer an argument for the general significance of spontaneity. The essay concludes that scholars across the humanities and social sciences, whatever their (disciplinary, political, ideological, etc.) persuasion, would be well-served to further develop the theory of spontaneity and its social effects.

This paper challenges the first Gettier counterexample to the tripartite account of knowledge. Noting that 'the man who will get the job' is a description and invoking Donnellan's distinction between their 'referential' and 'attributive' uses, I argue that Smith does not actually believe that the man who will get the job has ten coins in his pocket. Smith's ignorance about who will get the job shows that the belief cannot be understood referentially, his ignorance of the coins in his pocket (...) shows that it cannot be understood attributively. An explanation for why Smith appeared to have justified true belief is given by distinguishing between 'belief' and 'belief in truth'. Smith believes the sentence 'the man who will get the job has ten coins in his pocket' to be true (he mistakenly believes that Jones will get the job, of whom he knows that he has ten coins in his pocket) (hence his 'belief'), the sentence is true (hence 'truth'), and he has sufficient reason to assent to it (hence his 'justification'). But he does not believe the proposition expressed. Hence he does not know it either. (shrink)

This paper proposes that goods (the things exchanged in financial transactions and an object of study in economics) should be individuated according to a two-place relation constituted by an object and a description. Several of the problems in contemporary philosophy of economics involve shifting focus from objects to descriptions, while certain phenomena central to micro-economics, market regulation, and political economy require consideration of one of the two places. The paper argues thatby considering both constituents in a (...) relation, many of those issues can be more effectively addressed, communicated, and even resolved. The issues that may be so resolved include the seminal discussions of transformable goods, or goods whose existenceor relevant properties are impacted by their means of acquisition (e.g., buying, giving, awarding, etc.). The two-place approachto individuation shows how the cases of transformable goods can be more effectively addressed without incurring problematicmetaphysical commitments which may spiral out into confusion in the ethical and social scientific literature. The paper thenargues that the two-place approach can be leveraged into more fruitful discussion in microeconomics and the ongoing literature inthe metaphysics and ethics of markets. -/- . (shrink)

In the course of the eighteenth and nineteenth centuries the paradigm of a new science, political economy, was established. It was a science distinct from the Aristotelian sub-disciplines of practical philosophy named oikonomía and politiké, and emphasis on its character of science not unlike the natural sciences – still called ‘natural philosophy’ – mirrored precisely a willingness to stress its autonomy from two other sub-disciplines of practical philosophy, that is, ethics and politics. However, the new science resulted (...) from a transformation of part of traditional practical philosophy, allowing the inclusion of bodies of knowledge accumulated by experts of commerce and public finance. Such bodies of knowledge were unified by the (true or alleged) discovery of regularities, mechanisms, causal connections making for a new partial order within the overall social order. How far this paved the way to a science similar to mathematics rather left a normative discipline as alive as ever was a recurrent question for at least a century, until the marginalist revolution opened the way for a sharp division, leaving ‘economics’ as a science of causes and effects facing ‘economic policy’ as a discourse on ends. (shrink)

In this paper I reconstruct the birth, blossoming and decline of an eighteenth century program, namely “Moral Newtonianism”. I reconstruct the interaction, or co-existence, of different levels: positive theories, methodology, worldviews and trace the presence of scattered items of the various levels in the work of Hume, Adam Smith, Adam Ferguson, Dugald Stewart. I highlight how Mirowski’s reconstruction of the interaction between physics and economics may be extended to the eighteenth century in an interesting way once the outdated reconstruction (...) of Adam Smith that has been adopted by Mirowski is updated. I show how general methodological ideas, such as the distinction between ultimate causes or essences and intermediate principles, that originated in a context where the issue was the interaction between natural science and theology, proved useful when transferred to social theory in encouraging a kind of “experimental” approach to social phenomena. I discuss finally the genesis of frozen metaphors such as equilibrium, circulation, and value, arguing that Canguilhem’s lesson – namely that scientific change is produced not only by similarity but also by opposition – may be applied also to the history of economic thought. I take as an example Adam Smith’s ‘discovery’ of social mechanisms vis-à-vis his sceptical mistrust of neo-Stoic and Platonic views of a world-order. (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)

I distinguish several doctrines that economic methodologists have found attractive, all of which have a positivist flavour. One of these is the doctrine that preference assignments in economics are just shorthand descriptions of agents' choice behaviour. Although most of these doctrines are problematic, the latter doctrine about preference assignments is a respectable one, I argue. It doesn't entail any of the problematic doctrines, and indeed it is warranted independently of them.

In this paper, I compare the methodology of the Austrian school to two alternative methodologies from the economic mainstream: the ‘orthodox’ and revealed preference methodologies. I argue that Austrian school theorists should stop describing themselves as ‘extreme apriorists’ (or writing suggestively to that effect), and should start giving greater acknowledgement to the importance of empirical work within their research program. The motivation for this dialectical shift is threefold: the approach is more faithful to their actual practices, it better illustrates the (...) underlying similarities between the mainstream and Austrian research paradigms, and it provides a philosophical foundation that is much more plausible in itself. (shrink)

This chapter does not presume to outline a new economic theory, nor a novel perspective on Jewish approaches to economy. Rather, it suggests the concept of pragmatic interestedness (PI) as means for thinking on the search for conscious or moral forms of capitalism. In short, pragmatic interestedness means that having interests is basic to human nature, and that interestedness is or can be non-egoistic and pro-social. This chapter proposes that PI, which has a significant role in normative Jewish tradition, can (...) contribute to the articulation of conscious capitalism. The chapter first defines what pragmatic interestedness is, and its opposite, namely disinterestedness (DI), which demands total impartiality. The second section considers the influential Christian concept of Agape or universal and egalitarian love, which is arguably at tension with eros and particular commitments (and with PI in this regard). It is argued that prominent modern philosophies secularize the Agape, especially Karl Marx’s Communism and Peter Singer’s Sentientism, in a way that marginalizes PI. The third section explores the appearance of pragmatic interestedness within rabbinic Jewish tradition, by (i) presenting the complicated duality of the concept of interest, (ii) emphasizing the recognition of human needs and interests in Judaism and (iii) highlighting Jewish sensitivity to the differences between various spheres of human commitment, and (iv) the role of market and economic considerations in Jewish tradition. The fourth section reflects more broadly on how PI may contribute to the conception of conscious or humane capitalism. (shrink)

In the latter half of the 19th century, economic thought in the Germanspeaking world was dominated, both intellectually and academically, by the so-called historical school, from Wilhelm Roscher to Gustav Schmoller and others. In 1871, the Austrian Carl Menger published his Grun&tze der Volkswirtschaftslehre (Menger, 1976 (1871)), customarily referred to as one of the three simultaneous discoveries of marginalist economics-the other two marginalist ‘revolutionaries’ being Jevons in England and Walras in France. Twelve years later, in 1883, Menger published a (...) major methodological treatise entitled Untersuchungen iiber die Methode der Socialwissenschaften und der Politischen Oekonomie insbesondere (Menger, 1963 (1883)). This book included criticisms of some of the historicist principles of doing economics. In the same year, Schmoller, leader of the German historicists, wrote a critical review of Menger’s book (Schmoller, 1883). Menger reacted forcefully with a more straightforwardly polemical small book, Die Irrthiimer des Historismus in der deutschen National6konomie (Menger, 1884). Commentaries by others appeared in later years, but this brief episode amounted to what has thereafter been called the Methodenstreit between Menger and Schmoller. It has been established as perhaps the most famous methodological controversy in the history of the social sciences. (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 paper aims to address the following two questions: what kind of discourse is that which attempt to found or defend the autonomy or the boundaries of a discipline? Why do such discourses tend to turn into normative, dogmatic-excommunicating discourses between disciplines, schools or scholars? I will argue that an adequate answer may be found if we conceive disciplines as dogmatics, where such discourses often take the form of a discourse on the foundation of a discipline, a foundation in the (...) name of which the scholar speaks and with which he/she entertains an identity relationship. To this purpose I will re-examine the methodological discourses of (and debates between) Pareto, Croce and Einaudi on the demarcation issue between philosophy, economics and value-judgments as highly instructive to understand such issues. (shrink)

While economic theory has been enormously influential since the eighteenth century, the level of dominance of culture, politics and ethics gained by it in the last few decades is unprecedented. Not only has economic theory taken the place of political philosophy and ethical discourse and imposed its own concepts and image of society on other social sciences, it has redefined the natural sciences through its own categories as nothing but instruments of production, investment in which is to be judged (...) in terms of its profitability. In this chapter I challenge all this, arguing for the primacy of political philosophy inspired by T.H. Green, showing how A.N. Whitehead provided the natural philosophy to defend Green's social liberalism. I then defend ecological economics and human ecology based on assumptions deriving from Whitehead to replace current economic and political doctrines as the basis for formulating public policy. (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.

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.

Why, if at all, should we object to economic inequality? Some central arguments – the argument from decreasing marginal utility for example – invoke instrumental reasons and object to inequality because of its effects. Such instrumental arguments, however, often concern only the static effects of inequality and neglect its intertemporal conse- quences. In this article, we address this striking gap and investigate income inequality’s intertemporal consequences, including its potential effects on humanity’s (very) long-term future. Following recent arguments around future generations (...) and so-called longtermism, those effects might arguably matter more than inequality’s short-term con- sequences. We assess whether we have instrumental reason to reduce economic inequality based on its intertemporal effects in the short, medium, and the very long term. We find a good short and medium-term instrumental case for lower economic inequality. We then argue, somewhat speculatively, that we have instrumental reasons for inequality reduction from a longtermist perspective too, primarily because greater inequality could increase existential risk. We thus have instrumental reasons to reduce inequality, regardless of which time-horizon we take. We then argue that from most consequentialist perspectives, this pro tanto reason also gives us all-things-considered reason. And even across most non-consequentialist views in philosophy, this argument gives us either an all-things-considered or at least weighty pro tanto reason against inequality. (shrink)

Scientists and engineers seek to understand how real-world systems work and could work better. Any modeling method devised for such purposes must simplify reality. Ideally, however, the modeling method should be flexible as well as logically rigorous; it should permit model simplifications to be appropriately tailored for the specific purpose at hand. Flexibility and logical rigor have been the two key goals motivating the development of Agent-based Computational Economics (ACE), a completely agent-based modeling method characterized by seven specific modeling (...) principles. This perspective provides an overview of ACE, a brief history of its development, and its role within a broader spectrum of experiment-based modeling methods. (shrink)

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)

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 argument presented here is that we live in a nihilistic culture founded on a nihilistic metaphysics, and to recover ethics it is not merely a matter of returning to virtue ethics, as called for by Alasdair MacIntyre, but the development of a new metaphysics and the incorporation of this into a new socio-economic order.

This article has provided a forum for analytical discourses pertaining to two philosophical and methodological concepts (Phronesis and Hermeneutics) in a bid to addressing the key objectives set out. Dscussions emanated from the work (more so from literature review carried out) clearly shows that, there is no crystal dichotomy between the two concepts, but more so the prevalence of inter-connectedness and interpretation of situations or even texts can also be based on an expression of positive biasness towards what one may (...) perceive as being humanely justifiable, closely linked to Hans-Georg Gadamer's hermeneutical philosophy. The methodological inquiry of the study’s reliance on literature review materials and other documentations has helped greatly in unravelling an open, but more critical discourses pertaining to the two case study countries selected (Sierra Leone and the United Kingdom). (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)