10 results on '"NEOCLASSICAL school of economics"'
Search Results
2. On the Natural and Economic Difficulties to Fulfilling the Human Right to Water Within a Neoclassical Economics Framework.
- Author
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Jeffords, Christopher and Shah, Farhed
- Subjects
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ECONOMIC models , *NEOCLASSICAL school of economics , *CONSUMPTION (Economics) , *INCOME , *HUMAN rights - Abstract
We present a neoclassical economic model of the human right to water using a nonrenewable resource model inclusive of a backstop technology. The right is interpreted as a minimum consumption requirement the government is obligated to fulfill in the event that any one household cannot do so independently. Differing by income levels, households maximize utility by purchasing a composite consumption good and water from two distinct, government-owned sources. Facing physical and financial constraints, the government uses fiscal policy to address potential human rights violations. Reducing the analysis to two periods, we develop a novel approach to compare total welfare levels from a joint human rights and neoclassical economics perspective. We define a human rights welfare standard and discuss cases in which traditional social welfare measures would exceed, violate, or meet this standard. We thus offer a unique way to merge economic analysis with human rights research. [ABSTRACT FROM AUTHOR]
- Published
- 2013
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3. Interrogating Sickonomics, from Diagnosis to Cure: A Response to Hodgson.
- Author
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Milonakis, Dimitris and Fine, Ben
- Subjects
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BOOKS , *INDIVIDUALISM , *NEOCLASSICAL school of economics , *WORLD War II , *ECONOMICS methodology ,REVIEWS - Abstract
Hodgson's review of our books argues against us that marginalism neither adopted methodological individualism nor excluded the social from economics. Thus, he finds a partial solution to sickonomics in abandoning the term methodological individualism and using both structures and individuals as analytical starting point(s), revisiting Marshallian marginalism dressed up in socio-institutional clothing. He also denies any relationship between the current malaise in economics and the marginal revolution, as we claim, focusing exclusively on institutional developments since the Second World War. We show Hodgson is either partial or wrong on all of these counts. Firstly, his alternative to methodological individualism is untenable. Secondly, institutions, although implicitly present in Marshallian and Walrasian economics, play no substantive analytical role and as such are superfluous. Finally, although institutional factors help explain the sickness of modern economics (in addition to socioeconomic, ideological, political, and intellectual factors), the intellectual roots of this decay lie in the conceptual framework established around the marginal revolution. [ABSTRACT FROM AUTHOR]
- Published
- 2012
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4. Sickonomics: Diagnoses and Remedies.
- Author
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Hodgson, GeoffreyM.
- Subjects
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ECONOMICS , *NEOCLASSICAL school of economics , *METHODOLOGICAL individualism , *MARGINAL productivity , *WORLD War II - Abstract
In their recent analysis of the alleged decay in modern economics, Ben Fine and Dimitris Milonakis claim to find its source and origin in the 'marginal revolution' of the 1870s. They argue that this development led to 'methodological individualism' and the detachment of economics from society and history. I contest their account of the marginal revolution and of the role of Alfred Marshall among others. They also fail to provide an adequate definition of methodological individualism. I suggest that neoclassical economics adopted a denuded concept of the social rather than removing these factors entirely. No such removal is possible in principle. It is also mistaken to depict neoclassical economics as the science of prices and the market. In truth, neoclassical economics fails to capture the true nature of markets. I consider some sketch an alternative explanation of the sickness of modern economics, which focuses on institutional developments since World War II. [ABSTRACT FROM AUTHOR]
- Published
- 2011
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5. On Logical Difficulties, Philosophy, and the T.C.E. Explanation of the Firm.
- Author
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Nash, Stephen and Rybak, Liza
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PRAGMATISM , *NEOCLASSICAL school of economics , *TRANSACTION cost theory of the firm , *ORGANIZATIONAL sociology , *HEGELIANISM , *PHILOSOPHY of economics , *SOCIOECONOMICS , *THEORY of knowledge - Abstract
By exploring the implications of the linkage between Knight and Pragmatism, some non-trivial implications can be argued to exist. Specifically, section 2 outlines the T.C.E. literature, and how it exists in an atmosphere mixed with Marshallian competition and Knightian uncertainty. Section 3 then considers the disparate philosophical positions behind the work of Knight and Marshall. Knight's critique of Marshall is seminal, not because of any trivial technical innovations that Knight may have inspired within economic theory, but because Knight grounds his work on a philosophical viewpoint that effectively devastated Hegelian philosophy: American Pragmatism. Section 4 then links together the previous two sections by considering how the T.C.E. literature exhibits a dependency on both Pragmatism and Hegelian philosophy. The non-trivial implications of understanding the T.C.E. literature as a branch of Marshallian economics, which recognises Knightian uncertainty, are developed in section 5. Possible conclusions and a summary of the argument are provided in section 6. [ABSTRACT FROM AUTHOR]
- Published
- 2010
- Full Text
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6. The Gift Paradox: Complex Selves and Symbolic Good.
- Author
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Khalil, Elias L
- Subjects
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WELFARE economics , *SOCIOLOGY , *ECONOMICS , *BUDGET , *NEOCLASSICAL school of economics - Abstract
Symbolic utility involves appreciation and esteem and expressed by symbolic products (gifts), while substantive utility entails ordinary welfare satisfied by substantive products. For neoclassical theory, both utilities are symmetrical or fungible and, hence, substitutable along the uni-dimensional utility function. If they are substitutable, though, why would agents be judged as "crass" if they intentionally remind the recipient of the cost of the substitution? For normative sociological theory, the judgment of "crassness" would arise if the agent mixes moral norms with non-moral substantive interests. The two are supposed to be non-fungible, stemming from multiple selves. If both utilities are non-fungible and stem from multiple selves, though, why do we call agents who spend on gifts beyond their means "fools," while those who spend very little "cheapskates"? It seems that there must be a supervising, single self that makes decisions on the proper division of the budget between substantive products and gifts. But this invites the single-self idea from the back window, reverting back to the neoclassical approach. We would be caught in a vicious cycle of anomalies. To get out of the cycle, this paper identifies the critical issues and suggests an alternative, complex-self view. [ABSTRACT FROM AUTHOR]
- Published
- 2004
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7. Is Gerard Debreu a Deductivist? Commentary on Tony Lawson's Economics and Reality.
- Author
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Lawson, Tony
- Subjects
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NEOCLASSICAL school of economics , *LOGIC , *ECONOMIC models , *RATIONALISM , *ECONOMICS - Abstract
Tony Lawson has argued that the methodology of neoclassical economics is deductivist: in constructing their formal models, economists hope to be able to provide explanations based on laws, as described by the deductive-nomological model of explanation. This article argues in contrast that neoclassical economics cannot be understood as following just one methodology. It is argued that neoclassicism exhibits two methodologies, one "official" and one tacit. The former is empiricist, and corresponds to the practice that has been described by Lawson. The latter, which can be called "hypothetico-deductive rationalism", amounts to the position that knowledge of the world can be obtained without any empirical verification of one's assumptions, simply by exploring the implications of the assumptions one makes. [ABSTRACT FROM AUTHOR]
- Published
- 1998
8. Is Gerard Debreu a Deductivist? Commentary on Tony Lawson's Economics and Reality.
- Author
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Viskovatoff, Alex
- Subjects
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NEOCLASSICAL school of economics , *LOGIC , *RATIONALISM , *REALISM , *ECONOMICS - Abstract
Tony Lawson has argued that the methodology of neoclassical economics is deductivist: in constructing their formal models, economists hope to be able to provide explanations based on laws, as described by the deductive-nomological model of explanation. This article argues in contrast that neoclassical economics cannot be understood as following just one methodology. It is argued that neoclassicism exhibits two methodologies, one "official" and one tacit. The former is empiricist, and corresponds to the practice that has been described by Lawson. The latter, which can be called "hypothetico-deductive rationalism", amounts to the position that knowledge of the world can be obtained without any empirical verification of one's assumptions, simply by exploring the implications of the assumptions one makes. [ABSTRACT FROM AUTHOR]
- Published
- 1998
- Full Text
- View/download PDF
9. Another View of Development, Ecological Degradation, and North-South Trade.
- Author
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Giampietro, Mario and Mayumi, Kozo
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NEOCLASSICAL school of economics , *CLASSICAL school of economics , *ECONOMIC development , *SOCIOECONOMICS , *TECHNOLOGICAL innovations , *INTERNATIONAL competition - Abstract
Based on N. Georgescu-Roegen's bioeconomic paradigm, this paper reconsiders the neoclassical economic paradigm which endorses continuous global economic growth through stimulated trade. We suggest that, in view of sustainability, it is fundamental to acknowledge: (1) the importance of preserving the identity and integrity of economic systems in different regions of the world through enlarging as much as possible self-sufficiency and equity assessed at national and regional levels; and (2) the importance of including respect for biospheric equilibria as one criterion to be used to regulate world economic activity and trade. We examine differences and similarities of the past and present patterns of ecological degradation. We also present two types of efficiency to assess technological changes and the drive toward unsustainability. Then we discuss an entropy-based theory of North-South trade issues and three points for promotion of sustainability. Finally, we show that the true origin of current ecological crisis lies in a deep change in the perception of the relation between humans and nature that affects the mode of technological development of modern society. [ABSTRACT FROM AUTHOR]
- Published
- 1998
- Full Text
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10. The Firm and the Price Formation Process: On the Presence and the Ramifications of a "Logical Gap" in the Neoclassical Framework.
- Author
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Wojick, Paul P.
- Subjects
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ECONOMICS , *ECONOMIC competition , *NEOCLASSICAL school of economics , *PRICES , *LABOR theory of value , *BUSINESS enterprises , *ECONOMIC structure , *GAP analysis (Planning) - Abstract
This paper represents an attempt to follow-up on Kenneth Arrow's long-neglected identification of a ‘logical gap’ in the perfectly competitive foundation of the neoclassical framework. Attention is initially focused on establishing the fact that this logical gap exists and that it leaves the orthodox paradigm without an endogenous account of the manner in prices are determined. The presence of this logical gap implies, in other words, that neoclassical economics fails to provide our discipline with a theory of value. Given this fact, the second, considerably longer part of this paper establishes the broad outlines of a framework in which this logical gap is not present and that is capable, therefore, of providing our discipline with a legitimate theory of value. While prior efforts to develop an explicit account of the manner in which prices are determined provide crucial guidance in this regard, these efforts are extended in terms that address certain shortcomings and traditional sources of resistance. [ABSTRACT FROM AUTHOR]
- Published
- 1996
- Full Text
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