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Studies of the political economy of decarbonisation have begun to move beyond the price-centrism of neoclassical economics to explore the role of profits in propelling, or failing to propel, a green transformation. This article pushes this argument further, claiming with Marx that the focus on profits is useful insofar as it leads us to a broader analysis of the capitalist dynamics of competition, overaccumulation, and crisis that any green transition will have to reckon with. This is illustrated through an historical study of the steel industry – a prodigious carbon emitter that must be urgently greened. This article traces the interwoven patterns of crisis and technological change in steelmaking through the nineteenth and twentieth centuries, before drawing out certain core themes that then serve as a lens through which to analyze the prospects of steel decarbonisation today. Since its modern birth, technological revolutions in steelmaking have generated and in turn been conditioned by crises of overaccumulation and restructuring. These same forces are shaping the drive to decarbonise the industry today, as vital green investments are obstructed by reoccurring cycles of overcapacity and weak profitability. Greening steelmaking, and capitalism more generally, means wrangling with this boom-and-bust logic and its political ramifications. [ABSTRACT FROM AUTHOR]

This paper examines Kirzner's contribution to the study of the equilibrating tendency in economics. By analyzing his interpretation of Jevons' law of indifference, we participate in the debate on Kirzner association with neoclassicals when discussing the equilibrating tendency. A reconstruction of Kirzner's use of Jevons' law is conducted, considering his argumentative strategy when presenting the Austrian economics ideas to other professionals in the field. We conclude that Kirzner drew close to neoclassical economics to emphasize the relevance and uniqueness of Austrian economics. By doing so, we highlight the main differences between the two currents of economic thought. [ABSTRACT FROM AUTHOR]

This paper investigates Pure Neoclassical economics from a logical standpoint. After discussing validity criteria, it focuses on theoretical individualism, a core foundation of Neoclassical theorizing in all its variants. Careful analysis of this doctrine reveals that, while mathematically valid, it generates many propositional contradictions in all economic and social science theories grounded upon it. [ABSTRACT FROM AUTHOR]

Economic theory has two inter-related, desiderata — valid argumentation, and scientific explanations of relevant realities. This paper explores whether these objectives can be achieved with a widely-deployed form of Neoclassical economics. Applying arguments drawn from logic to this type of theorizing produces far-reaching conclusions. [ABSTRACT FROM AUTHOR]

This article is a brief reply to David Byrne's perspective on the goal of academic social science. The author, Martyn Hammersley, disagrees with Byrne on the fundamental goal of social science but agrees on other matters. Hammersley criticizes "critical" and "activist" conceptions of social research and defends a concept of objectivity based on Max Weber's position. Hammersley argues that partisan research increases bias and undermines discursive democracy. The article also addresses ethical arguments in favor of a critical or activist position and emphasizes the importance of recognizing the distinction between academic research and political action. [Extracted from the article]

The rise of globally fragmented production since the 1980s encouraged economic regions to specialise in narrow slices of the value chain, making the benefits from local agglomeration no longer certain. Nonetheless, locally integrated production districts continue to thrive. Locally integrated industrial districts have proven sustainable in times of both increasing and decreasing fragmentation of production. Drawing upon insights from three schools – the Markusian logic of multiple district models, strategic coupling and the production of semi-public goods – this article uses a two-staged case-study design to explore the conditions under which locally integrated production districts continue to thrive in the global economy. [ABSTRACT FROM AUTHOR]

Amartya Sen is often described as an insightful critic of mainstream economics, and in particular, his work in development economics, alongside the construction of the capabilities approach, has been associated with endeavors to revisit both the theory and practice of the discipline. Despite his in-depth criticisms of certain aspects of mainstream economics, Sen's extensive use of formal methods is suggestive of an ontological tension, one identified by Thorstein Veblen when commenting on some of his contemporaries and originally introducing the term "neoclassical." Veblen argued that the work of these economists involved both an implicit recognition of a causal processual social ontology he associated with modern, thoroughly evolutionary, approaches and a commitment to a taxonomic conception of science—the latter relying on a set of methods that presupposed an associationist ontology of event regularities. For Veblen, the adherence to taxonomic methods was the classical feature of their work, and the commitment to an evolutionary viewpoint was the neo aspect. This article argues that the same tension runs through Sen's contributions and that he is neoclassical in this specifically Veblenian sense. The assessment of the ontological inconsistencies in Sen's work is shown to shed light on its reception within the economics academy. [ABSTRACT FROM AUTHOR]

The article "Land, Abstraction, and Housing Provision" explores the debate between the nomothetic and idiographic approaches in the social sciences, specifically in the study of housing provision. The author argues for a middle ground that combines both approaches, emphasizing the role of demand in determining land and housing prices. The article addresses criticisms and clarifies the author's position, discussing the historical record of global house prices and the inflationary role of land. The author defends their framework for analyzing housing provision under capitalism, considering the entanglement of rent extraction and capitalist production. They acknowledge the novelty of financialization in the construction industry and see their framework as an ongoing theoretical project. [Extracted from the article]

In the debate for and against European integration economists had an important part in so far as from the beginning European integration took on an essentially economic connotation. Among them Francois Perroux had a rather original position: he based his critique of European economic integration on a series of analytical tools that he developed in his critical reflection on the limits of a part of the dominant economic theory. The link between Perroux's criticism of neoclassical economics and his position on European integration is particularly interesting because it makes Perroux's position original and provocative among the various reflections on Europe and it gives us some important hints to further reflect on the role of economic theory and especially on the important tie between economic theory and policy. [ABSTRACT FROM AUTHOR]

The second digital wave has positioned artificial intelligence and digital platforms as new general purpose technologies, has driven the emergence of new value sources: prediction and circulation values, and has created a new explanatory phase into the relationship between digitalisation and economy: the digital transition. The governance of the digital transition, fully inserted in globalised capitalism, are not being able to reduce polarisation, economic inequalities, or the worsening environment. The article argues that failure in economic policy is closely linked to failure in political economy. The prevailing neoclassical approach is not being able to comprehensively explain the foundations, behaviour and results of digital economic life. To overcome this limitation, the article proposes a new narrative, the emergence of a new explanatory figure of economic behaviour and exchange. Homo digitalis extends the egotistical, isolated, and rational precepts of Homo economicus, and incorporates the scope of social welfare and environmental sustainability as enabling goals. The main components of Homo digitalis are the emergence of multiple biological, social and virtual identities and worlds; the integration of new forms of artificial and intelligent life into our bodies and minds (transhumanism); and the consolidation of a new egalitarian rule based on the access-platform-collaboration identity. [ABSTRACT FROM AUTHOR]

Mitigation policies during the COVID-19 pandemic were justified on benefit-cost-analysis (BCA) grounds, with the value of a statistical life (VSL) measuring the benefit of saving lives. This essay argues that a BCA and VSL framework is not a value-neutral basis for pandemic policy: first because the characterization of labor-market behavior as choices merely regarding money and risk of mortality implicitly endorses those institutions that constrain such choices, as illustrated by pandemic economic conditions; and second because this characterization assumes that individual subjects have exogenous preferences, and accordingly have one "true" valuation, thus ignoring how subjectivity is constituted by capitalist institutions. Such VSL estimates in pandemic scholarship illustrate the search for a single valuation regarding elderly life, whereas the "good" of human life warrants valuation in our capacity as citizens in democratic institutions rather than as market agents. The language of overdetermination highlights the contradictory effects of the mutual constitution of institutions and the individual subject. [ABSTRACT FROM AUTHOR]

Edith Penrose's The Theory of the Growth of the Firm provides an intellectual foundation for a theory of innovative enterprise, which is essential to any attempt to explain productivity growth, employment opportunity, and income distribution. Penrose's theory of the firm is also an antidote to the absurdity that has been taught by PhD economists to millions of college students for over seven decades: the most unproductive firm is the foundation of the most efficient economy. The dissemination of this 'neoclassical fallacy' to a mass audience began with Paul A. Samuelson's textbook, Economics: An Introductory Analysis, first published in 1948. Over the decades, the neoclassical fallacy has persisted through 18 revisions of Samuelson, Economics and in its countless 'economics principles' clones. This essay challenges the intellectual hegemony of neoclassical economics by exposing the illogic of its foundational assumptions about how a modern economy operates and performs. To get beyond the neoclassical fallacy, economists must be trained in a 'historical transformation' methodology that integrates history and theory. It is a methodology in which theory serves as both a distillation of what we have learned from the study of history and a guide to what we need to learn about reality as the 'present as history' unfolds. [ABSTRACT FROM AUTHOR]

The paper seeks to understand the pattern of manufacturing exports in 35 developed and developing countries and 99 industrial sectors over the period 1999-2013 using a methodological approach that relies on propositions of the neoclassical trade theory. Next to the impact of traditional factors such as the endowment of public capital, we look at the importance of accounting for public capital heterogeneity, by distinguishing countries based on their proximity to the technology frontier. We consider public capital as a non-rival factor, which has a property of "creation of atmosphere" in a model that treats factor intensity as a mechanism of industrial development. We use the system GMM technique to estimate the elasticities of public capital. Our results show that public capital plays a differentiated role in the capacity to export industrial goods depending on whether countries are far or close to the technological frontier. [ABSTRACT FROM AUTHOR]

Keen's fundamental criticism is that Neoclassical economics has developed an abstract theory describing a utopian economy, and that it is unable to explain: "the complex, changing world in which we live" (Keen [6], p. 139). Steve Keen ([6]) has written a book full of passion, which highlights the macroscopic limits of Neoclassical economics and specifies the fundamental points of a Manifesto for a New Economics. Based on the results of the simulations of Minsky's Financial Instability Hypothesis, Keen concludes that the functioning of an economy making use of bank money is opposite to what is claimed by Neoclassical economics. Some Constructive Comments on Steve Keen's Manifesto for a New Economics: The New Economics: A Manifesto, Steve Keen, Cambridge, Polity, 2022, 140 pp., £12,99, ISBN-10: 1509545298, ISBN-13: 978-1509545292. [Extracted from the article]

This article explores the themes of neoliberalism, DIY culture, and the use of urban space in contemporary music and art. It discusses the shift from government intervention to market focus in the late 1970s/early 1980s, leading to the financialization of art and a focus on commercial viability. DIY culture emerged as a response, allowing for avant-garde expression and a broad-based approach to aesthetics. After the 2008 financial crash, DIY approaches became more prevalent due to decreased state funding. The article suggests alternative systems, such as basic income provision and cooperative structures, to sustain creativity. It also discusses the challenges faced by experimental music in urban spaces, including gentrification and funding cuts, and the importance of sustainability and alternative funding methods. The collection of papers covers various topics related to DIY culture and the challenges of sustaining radical venues. The overall message is that the arts can provide creative solutions and valuable experiences, particularly in times of crisis. [Extracted from the article]

Debates in economic policy Much soul-searching in the wake of the Financial Crisis was centered around the question of whether economics and economists can be trusted, respectively, as a science, and as advisors. This ongoing interest among economists, historians and philosophers of economics speaks to the observation that the crisis has renewed those debates and that economics has not yet come to rest. The general criticism that economics failed in predicting the Financial Crisis, explaining its occurrence, and enabling policy recommendations for not only remedying but also preventing such crises in the future was specifically directed at DSGE models based on New Keynesian economics (Galí, [11]; Stiglitz, [20]). Dow identifies a difficulty in this claim by relying on an unjustified distinction between value-laden and ideologically charged heterodox economics and value-free mainstream economics that Hoover seems to embrace with his dismissal. [Extracted from the article]

A common narrative among some behavioural economists and policy makers is that experimental psychology highlights that individuals are more like Homer Simpson than the Mr Spock imagined by neoclassical economics, and that this justifies policies aiming to 'correct' individual behaviours. This narrative is central to nudging policies and suggests that a better understanding of individual cognition will lead to better policy prescriptions. I argue that this Homer economicus narrative is methodologically flawed, and that its emphasis on cognition advances a distorted view of public policies consisting in fixing malfunctioning individuals, while ignoring the characteristics of the socio-economic environment that influence individuals' behaviours. [ABSTRACT FROM AUTHOR]

Critics argued that the 2007–09 financial crisis was failure of macroeconomics, locating its source in the dynamic, stochastic general-equilibrium model and calling for fundamental re-orientation of the field. Critics exaggerated the role of DSGE models in actual policymaking, and DSGE modelers addressed some criticisms within the DSGE framework. But DSGE modelers oversold their success and even claimed that their approach is the sine qua non of competent macroeconomics. The DSGE modelers and their critics renew an old debate over the relative priority of a priori theory and empirical data, classically exemplified in the Measurement without Theory Debate of the 1940s between the Cowles Commission and the National Bureau of Economic Research. The earlier debate is reviewed for its implications for the recent controversy. In adopting the Cowles-Commission position, some DSGE modelers would essentially straight-jacket macroeconomics and undermine economic science and the pursuit of knowledge in an open-minded, yet critical framework. [ABSTRACT FROM AUTHOR]

Balakrishnan has produced a definitive report on the effects of market liberalization and decentralization of governance in the Western Indian region of the Mumbai-Pune economic corridor. Whenever land has an astronomical price, there is an extreme discount that can only be reconciled by taxes on other, non-land activities. (16) True, a self-regulating land market is an economic fallacy, but saying so does not advance an alternative view, such as land value return. [Extracted from the article]

One reason why voices such as Erickson's have not been heard as clearly as they should have, is no doubt the dominance of the economics profession by mainstream economics that promotes an entirely different - and unrealistic - world view. In all this, Erickson advocates not only a more pluralist approach to economics - taking on board the various approaches within political economy broadly defined, historically - but also an interdisciplinary approach to problem solving, where economists listen and learn from others, rather than seeking to impose the approaches of mainstream economics onto the areas being analysed by other disciplines. The economist Nicholas Stern wrote a report on I The Economics of Climate Change i for the UK Labour Government in 2006, in which he used a discount rate to compare the costs and benefits of things today as against in the future (Stern, [9]). As the title indicates, like Michie and Raworth, Erikson considers that one of the causes of the economy being on a destructive path is the state of economics as a discipline, and the connected role of economists in promoting and perpetuating a doctrine that is both wrong and damaging. [Extracted from the article]

Modigliani considered himself a Keynesian economist, convinced that 'a private enterprise economy using an intangible money needs to be stabilized, can be stabilized, and therefore should be stabilized' (Modigliani [5], p. 1). In the intervening years, Modigliani was confronted with diverse research experiences, which Rancan reconstructs by paying particular attention to Modigliani's scientific network. Antonella Rancan's new book retraces the intellectual path of Franco Modigliani, from his early writings, including the famous article on Keynesian and classical economics (Modigliani [4]), to his contributions of the 1950s and 1960s.[1] In this way, Rancan offers relevant insights into the origins and development of the neoclassical synthesis of Keynesian macroeconomic thinking. [...] I resorted to the help of one of the most brilliant of the Keynesians here, Franco Modigliani [...] When Modigliani had finished sketching the outline of the Keynesian edifice I raised my objections. [Extracted from the article]

But Fontenot's careful interrogation of Jacobs' work leaves little doubt regarding its tight correlation to Hayek's ideas. Despite his neutral tone, Fontenot does here much more than "investigate [the philosophy of non-design's] relationship with design theory": the book de-naturalizes and hence politicizes architecture and urbanism by exposing an ideological grounding that has often been obscured if not thoroughly veiled. More than sixty years after the publication of I The Death and Life of Great American Cities i , the influence of the book and its author Jane Jacobs has not waned. [Extracted from the article]

Community development in the UK has moved from private philanthropy in the early 20th Century through welfarism to a 'marketisation' in the 21st Century with both state contracts, and market-based performance measures. But neoclassical economics, on which such marketization is based, is an inadequate measure of community development practice as it does not accommodate a range of inequalities, spatial differences, changes over time, market failures and externalities, all of which are at the core of community food projects. Whilst community food projects address market failures, they can use innovative market mechanisms to "cushion" some of these neoclassical economics failings. A number of practical examples is offered, from Lincolnshire UK, of such innovations in relation to community food production, and environmental, food waste, and food poverty externalities. [ABSTRACT FROM AUTHOR]

We propose a relational theoretical model of economic organization that offers new insight into the organizing dynamics of economic systems. Neoclassical and complexity economics are, in their Western cultural origins, based on an assumption of the primacy of the discrete individual. Collectivist economic traditions are based on the principle of collective interest rather than self-interest. We attempt a rapprochement of individualist (especially free market) and collectivist (especially centrally planned) economic cultures and traditions by modelling economic organization as arising from individual and collective dynamics and the relationships between them. Structure, process, function, and content are four fundamental inter-related properties of our model of economic organization. We posit the existence of micro, meso, macro scales of economic organization in all of structure, process, function, and contents. To operationalize our relational model, the conventional bottom-up process of self-organization is reconceived to involve relationships within micro-, meso-, and macro-economic organization. In turn, the new concept of socio-cultural organization is construed to involve relationships between and among economic organization, across micro, meso, and macro scales. Our model of relations provides a structure for complex-realist exploration, making cross-scale inter-relationships explicit and by providing a structured language for description of these relationships. [ABSTRACT FROM AUTHOR]

This article investigates Barbara Wootton's contributions to the discussion and implementation of a welfare system in Britain. It draws both from her theoretical work and her engagement in the public debate, including her interactions with William Beveridge and his welfare plan for post-war Britain. An assessment of Wootton's published and unpublished works allows for correlating her views on economic theory and policy with the role of the state. We claim that Wootton's critique of economic theory and her understanding of reality provided a sound foundation for her policy-making prescriptions, which contributed to a more interventionist perspective of Britain's welfare state. [ABSTRACT FROM AUTHOR]

This study investigates the sustainability implications of the theoretical models of industrialization and urbanization pioneered by Dixit and Stiglitz1 so to open the theoretical "black box" of the unsustainability of the traditional industrialization mode, and shows how to reshape the relationship between the environment and development under the paradigm of ecological civilization. It finds that the theoretical models that "perfectly" simulate the traditional industrialization mode all have the implicit consequence of environmental unsustainability. Nonetheless, this limitation is not due to the problems of the models themselves but is more a result of the limitations of the traditional developmental and neoclassical economics paradigms of the industrial era. Therefore, the consequences of unsustainability cannot simply be avoided through external policies such as technological progress and environmental regulations, nor can they be prevented by simply adjusting some parameters in these theoretical models. Instead, a shift is required in both the developmental and the economics paradigms formed in the traditional industrial era. From an ecological civilization perspective, this study rethinks the basic issues of economics along the two lines of the ends (what) and the means (how) of development; briefly reviews the history of economic thought; and uses a conceptual framework to reorganize the relevant intellectual profundities that are neglected in standard neoclassical economics. The study further formalizes the conceptual framework in a general form model and shows how a paradigm shift in development could shift the trade-offs from the multiple goals of the economy, the environment, and well-being in the traditional industrial era to mutual reinforcement in eco-civilization. [ABSTRACT FROM AUTHOR]

This article implies that the time is ripe for a new paradigm in economic theory comprising classical (Ricardian) and Keynesian elements of analysis. The central Section Five presents the basic equations of classical-Keynesian political economy, the price and the quantity equation, based on three constitutive principles: the classical labour value and surplus principles and the Keynesian principle of effective demand. Subsequently, two employment mechanisms implied in the super-multiplier relation, the classical-Keynesian quantity equation, are mentioned, the internal and the external employment mechanism. Section Seven provides an analysis of the actual situation on the basis of the external employment mechanism, associated with cumulative processes of increasing disequilibria and inequalities. Given this, it ought to be replaced by the internal employment mechanism, allowing for Keynesian employment and distribution policies (Section Eight). However, the internal mechanism can only be implemented if a new world economic order is brought about, based upon a supranational currency, that is, Keynes's bancor, to ensure balance of current account equilibria worldwide. Section Ten sets forth Keynes's social liberalism, the social philosophy underlying classical-Keynesian political economy, the fundamental social ethical value of which is the Common Good. Social Liberalism thus emerges as the alternative to Capitalism and Socialism. [ABSTRACT FROM AUTHOR]

The reliance of current economic systems on economic growth is increasingly being questioned by academics and environmental organizations in the context of the climate emergency and rising social inequalities and conflicts. While political backing for post-growth initiatives has been limited to date, advocacy work by the Wellbeing Economy Alliance (WEAll) aims to shift narratives around the purpose of the economy away from a focus on economic growth. WEAll also facilitated the formation of the Wellbeing Economy Governments (WEGos). Early research in the field indicates that while WEGos have made some steps toward adopting wellbeing economy narratives, limitations to full adoption remain. What these barriers consist of remains poorly understood by researchers. With the aim to contribute to research on understanding (barriers to) social transformation, this article compares the wellbeing economy narratives that WEAll and WEGos have adopted and then examines reasons for differences between them. We find that disparities in narratives exist: while WEAll promotes the deprioritization of economic growth as a policy objective and criticizes capitalism, WEGos remains more narrowly focused on complementing GDP as a measure of performance with other indicators. The dominance of neoclassical economics training within policymaking institutions, siloed and short-termist approaches to policymaking, and the role of vested interests emerged as the main barriers to the adoption of more radical wellbeing economy narratives among WEGos. [ABSTRACT FROM AUTHOR]

This study examines causal relationship between foreign direct investment (FDI) inflows and economic growth in Tanzania during 1990–2020. As financial development and trade were not incorporated in extant studies, we included them as intermediate variables because of their intermediation role in this study. FDI inflow is considered an important economic growth catalyst in developing economies. Neoclassical growth theories claim that it enhances economic growth by augmenting capital stock and technology. According to the neoclassical theories, FDI does not enhance the long-run growth rate but instead is related to the level of output. However, empirical evidence is rather mixed, with some supporting the neoclassical theoretical views on economic growth, while others opposing them. We employ the autoregressive distributed lag model and Granger causality tests to analyze the relationship. The results indicate that there exists a long-run relationship among the variables under considerations in Tanzania. Furthermore, the finding reveals positive and statistically significant unidirectional causality running from FDI inflow to economic growth in Tanzania in the long and short run. Hence, we conclude that Tanzania should emphasize FDI-led growth policies to enhance economic growth to realize the desired economic objectives. [ABSTRACT FROM AUTHOR]

As reiterated for a long, mainstream economics mainly relies upon a set of unrealistic axioms and deductive assumptions, which, nevertheless, are what underpins its core postulates. They are unnecessarily unrealistic assumptions, mainly because the empirical evidence for contrasting them is as overwhelming as old. Even the claim for (returning to) realism in economics is already old within part of the profession. However, most mainstream academics tend to consider that their research works have in fact empirical contents insofar as they usually start by considering simplified cases, situations, or descriptions that allude to some real economic facet; this, in the way of specificities to be introduced into the standard General Equilibrium model. This seeming paradox is discussed in this paper, and as a result, it is argued that there do is a predominance of a research programme in mainstream orthodox economics (modern neoclassical "economic theory," plus "econometrics") that is mainly characterized, more than by micro-empirical precisions, by a sort of abstract micro empiricism. It is also argued that the outcomes brought about by such a "mode of research production" (contributions) do not appear significantly relevant in terms of the quantum of knowledge provided about the functioning and problems of our economies. [ABSTRACT FROM AUTHOR]

Talking about "The Uses of the Past", Axel compared the evolution of economic thinking to the growth of a decision tree (Leijonhufvud [6]). On 2 May 2022 Axel Leijonhufvud passed away at the age of 88 years. Axel amply demonstrated that he was up to this challenge, beginning with his doctoral dissertation I On Keynesian Economics and the Economics of Keynes i (Leijonhufvud [1]). [Extracted from the article]

Precise multi-scenario projections of future economic outputs based on localised interpretations of global scenarios and major growth drivers are important for understanding long-term economic changes. However, few studies have focussed on localised interpretations, and many assume regional uniformity or use key parameters that are recursive or extrapolated by mathematical methods. This study provides a more intuitive and robust economic framework for projecting regional economic growth based on a neoclassical economic model and shared socioeconomic pathways (SSPs) scenarios. A non-uniform version of SSP2 (the middle-of-the-road scenario) was developed, and more detailed population projections for China were adopted using municipal-level data for 340 districts and parameter settings based on China's recent development. The results show that China's GDP will vary substantially across SSPs by 2050. Per capita GDP ranges from 19,300 USD under SSP3 (fragmentation) to 41,100 USD under SSP5 (conventional development). Per capita GDP under SSP1 (sustainability) is slightly higher than under SSP2, but lower on average than under SSP5. However, SSP1 is a better choice overall because environmental quality and equity are higher. Per capita GDP growth will generally be higher in relatively low-income regions by 2050, and the upper-middle-income provinces will become China's new engine for economic growth. [ABSTRACT FROM AUTHOR]

The methodology of Carl Menger is often presented as contributing to the birth of neo-classical economics and following British classical liberalism, misrepresenting his original approach. On the contrary, Menger pretended empiricism. His application of subjective evaluation and his theoretical explanation of organic institutions are here seen as embedded in the Continental stream of enlightened liberalism inspired by the Lockean theory of knowledge. This methodological stream that deals with decision-making under uncertainty includes Galiani, Condillac, and Turgot, possibly preceded by Vico. [ABSTRACT FROM AUTHOR]

Carl Menger's Principles of Economics was published in 1871, and was a central text in the marginalist revolution in economic theory. From the beginning, however, it was recognised that Menger's "Austrian" brand of neoclassical economics stood out from the contributions of Jevons and Walras in the marginal revolution due to his emphasis on subjectivism, price formation through bargaining and exchange, the passage of time in production and exchange activity, and the evolution of institutions in addition to the focus on choice against constraints. In this paper, I attempt to trace out Menger's continuing influence on the contemporary Austrian School of economics in terms of methodology, analytical economics, and social philosophy. [ABSTRACT FROM AUTHOR]

If this is correct, why did the classical economists spend so much time creating more physical capital for economic growth when they could substitute capital with natural resources? Victor approaches many of these topics in an interesting way by covering different "debates" that Daly had with mainstream economists. We might want to blame Adam Smith's I Wealth of Nations i (1776) for economists' preoccupation with economic growth. [Extracted from the article]

Hence, starting with the original Maastricht Treaty and the various binding treaties of the Economic and Monetary Union (EMU) that ensued, according to Alain, this constraining structure imposed on national governments a "market" discipline that would destroy the "real" economy. Like Marx, Alain saw the state in its predatory role in favouring the private wealth accumulation of the economically powerful, and like Keynes he also saw the state in its role as a potential source of stability in reducing social anxiety and predation by promoting genuine social progress. Alain, on the contrary, fully embraced a theory of endogenous money, and as Lavoie ([4], p. 13) suggests, Alain was close to the horizontalist view of money as defended by Basil Moore ([5]). We have lost a truly special friend, Alain Parguez, who passed away peacefully on 5 April 2022, in Paris, at the age of 81. [Extracted from the article]

Southern Africa has a long and complex history of migration. This article argues that overall, the mechanisms for governing migration and the practice of migration in the region ignore prevailing theoretical and ideological influences. Instead, Southern Africa operates on an age-long labour migration governance system predicated on private capital. The article qualitatively analyses scholarly literature, migration policy and legislation, and data from interviews with relevant stakeholders. Southern Africa could benefit more from favourably governing migration at the regional rather than the national level. This is consistent with the African Union's preferred approach to integrating Africa. Also, sociocultural traits in borderland communities of neighbouring Southern African countries tend to be shared and traverse state borders. [ABSTRACT FROM AUTHOR]

This paper argues that the concept of intrinsic motivation has been used by economists in inconsistent ways because the underlying theories of intrinsic motivation, imported into economics from psychology, are competing and mutually exclusive despite employing the same terminology. I first identify and analyze three distinct economic accounts where intrinsic motivation refers to different things due to different underlying psychological theories employed. I then discuss implications these differences have for empirical work and incentive-based policy interventions. Finally, I use this discussion as a case study to demonstrate the shortcomings of the recently proposed pragmatic synthesis between neoclassical and behavioral economics. If there are multiple and fundamentally different psychological theories of the same phenomenon, using their insights in economic analysis is hardly just a matter of a straightforward pragmatic choice among the various tools in the economist's toolbox. [ABSTRACT FROM AUTHOR]

"Pragmatic socioeconomics" seeks to provide a more solid interdisciplinary bridge between economics and sociology, by pragmatically setting aside incompatibles. Its key point, that social norms condition resource allocations also in housing markets, is important and matters for our analysis of affordability and financial and macroeconomic stability. It also extends to the role of housing in transitioning to socially and environmentally sustainable urban futures. However, there are also aspects of "pragmatic socioeconomics" that become entangled in conceptual fault lines between sociology and neoclassical economics and also within economics itself. Drawing on institutional economics (old and new), this commentary focuses on the upwards and downwards reconstituting effects of norms and institutions in decision-making and its implications for "pragmatic socioeconomics". A second and shorter commentary relates to discussion of price elasticities (demand, income and supply). Both these, in turn, relate to the effect of norms and institutions on housing markets. [ABSTRACT FROM AUTHOR]

This commentary examines the concept of "pragmatic socio-economics" and argues that it is unlikely to offer a major breakthrough in the search for a holistic approach to the study of housing. Although the authors outline the serious barriers to the integration of sociological insights into neo-classical economics, they seek to avoid these through the adoption of concepts, such as that of social norms, that could be acceptable to economists. The result does not challenge some of the fundamental assumptions of neo-classical economics that need to be amended if meaningful integration with sociology is to be achieved. [ABSTRACT FROM AUTHOR]

In "Green Technology Innovation under China's New Development Concept: The Effects of Policy-Push and Demand-Pull on Renewable Energy Innovation", Huang Yanghua, Cui Jingbo and Lin Shen examine the policy-push and demand-pull effect on renewable energy patent innovation. The global eco-environmental crisis is one of the most serious challenges facing mankind today, and underlying it is the crisis besetting the traditional development paradigm established after the Industrial Revolution. Having employed the triple difference-in-difference method on data for city-level renewable energy patents from 2000 to 2020, their findings suggest that both policy-push and demand-pull factors exert positive effects on innovation. [Extracted from the article]

Adenike Fapohunda ('"My mother was a kitchen girl": legal and policy responses to the problem of care for women who provide care in South Africa') asserts the need to "understand the colonial origins of care work", and the reality that most of the care is being performed by poor black women for little remuneration. This makes it all the more essential for analyses that shine a light on the interaction between paid work, unpaid care work, and paid care work, and the impact of public policies in supporting (or further stretching) this "care circle" (ILO [5]). Questions of caste and race are intricately and intimately tied with care work and all its varied aspects - such as cleaning, dealing with soiled clothes, looking after people who are unwell, caring for children and elderly people, and the economic and social pressure to continue to care for others even at grave risk to their own bodily and mental health - these need to be centred in any legal and policy discussion regarding care work. [Extracted from the article]

Heterodox economics emerged because of dissatisfaction with the high level of abstraction of neoclassical economics and its excessive reliance on mathematical modelling. Instead of ontological and epistemological references to the natural sciences, heterodox economists turn their attention to the social sciences and biology. The article aims to contribute to the discussion of methodology of heterodox economics and original institutionalism in particular. It explores the potential of content analysis for empirically oriented research in heterodox economics. Content analysis is widely used in the social sciences (sociology, linguistics, political sciences, legal studies) to analyze qualitative data (texts, images, videos) but is relatively unknown to heterodox economists. Content analysis takes several forms: qualitative, quantitative and mixed methods. It is argued that content analysis is not only compatible with the methodology of heterodox economics through critical realism but has a potential to contribute to its further development. With the help of content analysis, heterodox economists would be better equipped to collect and process qualitative data that prevail in social realms. A content analysis of a sample of articles published in Journal of Economic Issues (N = 763) in 1967–1969 and 2010–2019 informs the discussion of applications of content analysis to heterodox economics. [ABSTRACT FROM AUTHOR]

China has enjoyed high saving and high investment ratios by international standards. However, mainstream economists argue that China suffers from inefficient investment due to excessive state interventions. The mainstream argument is in conflict with the observed high output-capital ratios and rates of return on capital in China before 2008. China's investment efficiency has deteriorated since 2008 despite the progress of financial liberalization. In this essay, we used provincial-level panel data from 1993 to 2017 and the technique of General Method of Moments to examine how China's saving and investment respond to output-capital ratio, gross profit share, and real interest rate. We find that output-capital ratio has positive effects on saving and investment in all three periods (1993–2000, 2001–2008, 2009–2017); gross profit share has positive effects on saving; but gross profit share has negative and significant impact on investment for the period 2009–2017. We find that real interest rate has significant and negative impact on China's saving for the period 1993–2000, a result that is inconsistent with the neoclassical theory of saving. On the other hand, real interest rate has a significant and negative impact on investment and a significant and positive impact on saving for the period 2009–2017, consistent with what should happen in a liberalized financial market according to neoclassical economics. These findings suggest that China's financial market may have become sufficiently liberalized to induce the "correct" behavior from businesses and households but the "correct" behavior has not yet led to improvement in China's investment efficiency. [ABSTRACT FROM AUTHOR]

This article comprehensively examines Friedrich von Wieser's thoughts on labour. Although Wieser evolved marginalist theories of value and imputation, he set institutional bounds to them. As his sociological investigations presented perspective that went beyond neo-classicist scopes, Wieser thus provided insightful arguments on capitalistic labour that could be likened to those of Karl Marx. Despite their incompleteness, Wieser's thoughts on labour carried a potential that differed from the subsequent course that the neoclassical school pursued. [ABSTRACT FROM AUTHOR]

An encyclopaedia of feminist economics was published in 1999 (Peterson and Lewis [5]), and a review of developments during the first ten years of feminist economics was published in 2003 (Ferber and Nelson [3]). Alessandro Roncaglia has given us fundamental reflections on the methodological and conceptual canons that should be the cornerstones of a realistic vision of how economic theories have developed through time. The introduction of a feminist perspective into economic theory during the last two or three decades can be regarded as part of a general project to rethink economics, either as a revised version of neoclassical economics, or as a deep heterodox critique to neoclassical economics. [Extracted from the article]

The objective in this paper is to introduce ECON 101 students, who usually learn about stylized neoclassical economics models, to the pressing issues of our times including climate change and economic inequality. In this regard a review of the book, Making Sense of the Future by interdisciplinary scholar, Rick Szostak, is undertaken and paired with ancillary material based on videos and articles. Students will learn that working for a better future does not mean a lifetime of limitless sacrifice, and that they can use their education to push for meaningful change in the world. [ABSTRACT FROM AUTHOR]

In The Community of Advantage, Robert Sugden reconstructs and defends an account of the liberal tradition (LT) in normative economics in the light of the findings of Behavioural Economics (BE). In this paper, the LT in neo-classical welfare economics which has roots in J.S. Mill's thought is contrasted with Sugden's account. Cass Sunstein and Richard Thaler's Libertarian Paternalism (LP) arguably attempts to reconcile the LT in neo-classical welfare economics with the findings of BE and to provide it with a Millian pedigree. To the extent that it attempts this, LP is unsuccessful. While Sugden abandons core elements of traditional normative economics – notably the 'view from nowhere', welfarism and the preference satisfaction view of welfare – which have a Millian pedigree and advances a contractarian alternative, he successfully reconciles his reconstruction of the LT with the findings of BE and also provides it with a sound Millian pedigree. [ABSTRACT FROM AUTHOR]