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In the last decades, demand-side populist policies (DSPPs) have played a significant yet controversial role in Thai politics. Most Thai economists disagree with DSPPs. They have argued that such policies are inefficient and have suggested the Thai government drop short-sighted DSPPs and replace them with supply-side policies that are more effective in the long run. However, Thai politicians have viewed DSPPs as unavoidable for political reasons and turned a deaf ear on economists' suggestions to stop issuing them. In this paper, we argue that the domination of the neoclassical economics paradigm prevents Thai economists and politicians from understanding the role of DSPPs in shaping the demand and supply sides of the macroeconomy in both the short run and long run. Based on the theory of transformational growth, DSPPs are endogenous phenomena emerging from Thailand's uneven economic development. Therefore, Thailand could implement the policies to facilitate long-run economic growth. We propose three principles for future DSPPs that can positively impact the economy in the long run: boosting productivity, promoting innovation, and addressing income inequality. [ABSTRACT FROM AUTHOR]

Another important strand of work the CSE was concerned with is the role of the state in capital accumulation, and how progressive activists engage with the state. 14 Elson, D. (1996) ' Appraising Recent Developments in the World Market for Nimble Fingers ', in A. Chhachhi and R. Pittin (eds) Confronting State, Capital and Patriarchy, pp. 35 - 55. 26 Elson, D. and N. Çagatay (2000) ' The Social Content of Macroeconomic Policies ', World Development 28 (7): 1347 - 64. 27 Elson, D. and M. Fontana (2014) ' Public Policies on Water Provision and Early Childhood Education and Care: Do they Reduce and Redistribute Unpaid Work? 21 Elson, D. (2017) ' Recognize, Reduce, and Redistribute Unpaid Care Work: How to Close the Gender Gap ', New Labor Forum 26 (2): 52 - 61. 22 Elson, D. (2019a) ' Push No One Behind', Journal of Globalization and Development 9 (2). https://doi.org/10.1515/jgd-2018-0026 23 Elson D. (2019b) ' Securing the Social and Economic Rights of Women in Economic Policy Making ', in N. Reilly (ed.) International Human Rights of Women, pp. 305 - 24. [Extracted from the article]

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]

• Delays in the process from investment in innovation to productivity gains can explain cyclicality within an economic system. • The type of the economic fluctuations greatly depends on alternative formulations for the economic system. • The results indicate that it is difficult to measure the influence of innovation on the economic system and their role in the business cycle. While explaining economic growth is still an open question in economics, it is widely recognized that innovation plays a leading role in its promotion. However, innovative activity involves both time delays and accumulation, and both are topics that neoclassical economics do not put an emphasis upon. If one introduces these features into a growth model and allows for imbalances between the demand and supply side of the economy, fluctuations are the result. This means that by introducing these mechanisms one can argue that investing in innovation can be both a driver for long-term growth as well as a reason for mid-term fluctuations. Hence, the growth dynamics arising from innovative activities have a more complicated pattern than neoclassical growth models can usually account for. [ABSTRACT FROM AUTHOR]

As offshoring allowed producers in the core states to circumvent trade unions and other downwardly redistributive paraphernalia of the post-1945 social structure of accumulation, it also enabled capital to further penetrate and thereby more fully integrate the states of the Third World into the imperialist chain of value extraction. While today Japan's developmental state apparatus is unquestionably weaker ([30]), Japanese capital remains sufficiently autonomous as a national interest bloc to warrant particular caution with respect to treating it as a homogenizing, globalist neoliberalism's East Asian outpost ([17]; [18]; [14]). In this respect, Cox's treatment of global production networks or value chains is consistent with that of [28], upon whose work Cox draws. Consequently, the limitations of realist and liberal treatments of international relations or world politics, stemming from their shared, axiomatic separation of state and economy, are summarily dispatched: "Realists assume that a state's security interest can be formulated as an independent expression of state policy. [Extracted from the article]

This paper aims to explore the factors associated with the return intentions of Brazilians in Japan. It examines hypotheses drawn from two economic perspectives of migration, neoclassical economics (NE) and the New Economics of Labour Migration (NELM) using survey data obtained from the Shizuoka Prefecture. The degree of sociocultural integration and immigrants' ties to Brazil and Japan are also considered. The findings support both NE and NELM, suggesting that Brazilian immigrants in Japan are a diverse group, differing substantially in their migration motivations and family strategies. However, one‐third of immigrants are undecided about whether to stay or return. In the future, the number of intended stayers is expected to increase as schooling in Japan is one of the strongest determinants of intention to stay. Future research should focus on the transitions of immigrants' return intentions, as the indecisiveness may exert a negative impact on immigrant children's integration. [ABSTRACT FROM AUTHOR]

In its depictions of characters' processes of decision-making, Jane Austen's Emma incorporates a model of choice that later came to dominate neoclassical economics. This model is preferential choice, which asserts that individuals choose based on their subjective, idiosyncratic preferences rather than following socially sanctioned value systems. While Emma represents preferential choice and illustrates its connection to consumer capitalism, unlike neoclassical economists, the novel ultimately exhibits skepticism toward this modern model of decision-making. This skepticism is rooted in Emma's conservative economic and political vision. Its conservatism paradoxically gestures to a point that is important to some of today's progressive thought: that our valorization of preferential choice—of the idea that choices should be a matter of individual desire for one option among many—is not inevitable and comes with its own significant difficulties. This article shows that even as the novel distances itself from consumerism's mode of preferential choosing, Emma's representation of preferential choice acknowledges its aesthetic importance in the construction of interiorized characters and in open-ended narrative forms. Such an acknowledgment shows Austen's recognition that consumerist habits of mind are important to literary production, especially at a moment when novels vied for attention in a competitive literary marketplace. In such a marketplace, readers chose among many disparate titles; the late eighteenth- and early nineteenth-century literary field was, indeed, one of the first manifestations of modern consumerism wherein overflowing markets tried to convince shoppers to express their individuality through their preferences for some goods over others. [ABSTRACT FROM AUTHOR]

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]

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]

Climate and fiscal policy interact closely. The former imposes explicit prices for carbon emissions, while the latter affects emissions implicitly. We study the correspondence between explicit and implicit carbon pricing of a Ramsey-optimal fiscal policy in a neoclassical growth model of climate change. Our central result is that any arbitrary sequence of explicit carbon prices can be achieved implicitly through a blend of conventional taxes (e.g., consumption, energy, and income taxes), when lump-sum transfers are available. In a Ramsey setting, policy balances these taxes' traditional revenue-raising role with the Pigouvian role of fixing the climate externality. We characterize the Ramsey and Pigouvian components of optimal tax rates. We show that explicit carbon pricing is implicitly implementable through a mix of conventional taxes also in this framework. We extend these findings to scenarios compatible with net-zero emissions, adding carbon capture technologies and a cap on cumulative emissions. [ABSTRACT FROM AUTHOR]

There are other alternatives to conventional economics available, including the fields of ecological economics and my favorite, biophysical economics (e.g. Hall and Klitgaard [2]). Herman Daly is most widely known for an antidote to that, the concept of steady-state economics, an approach to economics that does not rely on growth to be successful. Although it is often cloaked in seemingly sophisticated and complex, impenetrable mathematics, Daly, Victor, and I find that conventional economics does not pass muster with real natural scientists. [Extracted from the article]

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]

This article argues for the construction of a new political economy based on Chinese practices. It begins with an explanation of the research approach of starting from practice, and from a distinctive mode of thinking that is akin to that of medicine, rather than Newtonian physics and mathematical logic. Then it discusses the present-day Chinese practices of combining socialism with market economy, state enterprises with private enterprises, the peasant economy with an industrial economy, and the party-state with the economy—all distinctive realities about the new Chinese political-economic system. The foil for the discussion is the long-standing hegemonic ideology and worldview of Anglo-American classical and neoclassical liberal economics and law. This article suggests that we employ China's traditional dyadic integration worldview, evident in today's practices, to arrive at a new integrative cosmological view that rises above both. To a considerable extent, this article is also a reinterpretation of classical Marxist political economy. What the article advocates may be termed a "participatory socialist market economy," to be distinguished from a bureaucratized and controlling socialist planned economy. This is a system that is still very much in the process of formation, its particular content and characteristics yet to be clarified and specified through a sustained period of searching through practice. [ABSTRACT FROM AUTHOR]

The rise of Behavioral Economics poses an important question: does it substitute or complement Neoclassical Economics? This article makes an analysis to identify how the substitution-complementarity issue is highly sensitive to the epistemic context. In particular, the paper distinguishes four epistemological contexts: descriptive, explicative, predictive, and prescriptive. The idea that the behavioral substitute the neoclassical approach in descriptive and explicative contexts is defended; however, there is a complementarity in the predictive and prescriptive contexts, where there are some domains in which the neoclassical approach might still work well. [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]

Editors' Introduction written by Edward Baring and Maliha Safri on behalf of the Editorial Collective. Yahya M. Madra Teaches economics and history of economic thought at Drew University in Madison, New Jersey, since 2016, and is a psychoanalyst practicing in New York City, since 2022. Maliha Safri Teaches political economy at Drew University in Madison, New Jersey. [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]

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]

Neoclassical economics relies on highly formalized deductive logic to create an overly simplified picture of economic practices. Its universalized model of modernization assumes that the relationship between state and market is antagonistic. This presumption reduces China's "economic miracle" to a simple transformation into a market economy and underestimates the role played by the government, making it impossible to construct a theory that considers China's subjectivity. Studies on China's economy should focus on its practices, which may appear to be paradoxical if seen only from the perspective of Western neoclassical economics, in order to construct an accurate depiction of the foundations of China's development experience. Only through such an endeavor will it be possible to incorporate into any new theory of economic modernization the distinctive features of China's development. [ABSTRACT FROM AUTHOR]

The theoretical focus of neoclassical economics experienced a significant change in the 1970s–1980s. General equilibrium theory lost its dominant position in theoretical economic studies, with its role of setting the research agenda taken over by what this article calls the "new microeconomic theories," principally decision theory, game theory, and mechanism design. Mainstream economists, post-Keynesians, and historians of economic thought each give a different explanation of the hows and whys of that change, but all miss some critical methodological implications. That change, as this article discusses, shows that neoclassical economics has turned from "grand theory" toward "small models" with empirically delimited utility and that the ideology of marketism lacks a valid scientific foundation. This interpretation can help illuminate the deeper dynamics of the postwar development of neoclassical economics and provide insights for a new political economy that can come to grips with political-economic practices that cannot be fully grasped by the neoclassical tradition. [ABSTRACT FROM AUTHOR]

In this paper, we have analyzed the sensitivity of the aggregate volume of Mergers and Acquisitions (M&A) in Brazil to fluctuations (shocks) in the Economic Uncertainty level from 2010 to 2021 under behavioral and neoclassical theoretical foundations on the M&A causes. We estimated a Vector Autoregressive (VAR) model with the volume of M&A announcements, the Brazil Economic Uncertainty Index (IIE-Br), and macroeconomic and market variables. There is evidence that the M&A announcements in Brazil can respond positively to an economic uncertainty shock. Thus, we contribute with empirical evidence to understand the role of macroeconomic factors, including economic uncertainty, in the future conduct of the M&A market. [ABSTRACT FROM AUTHOR]

The notion of 'opportunity cost' has been neglected in economics. The reason is that any such measure of cost is invisible, unobservable, and untestable. Yet the so-called 'competitive ideal' in neoclassical theory is based on claims of decreasing returns and substitutional tradeoffs in production, consumption, and social relations, and therewith an exclusive focus on scarcity in economics. Within this view, collusion is suspect: it raises prices, reduces sales, and so harms social welfare. This is the baseline emphasis of neoclassical microeconomic theory. The opportunity costs of this framework involve a significant loss of perspective on actual economic phenomena, the potential value of which may far exceed that of orthodoxy. The unbounded character of economic effects suggests an analytical bound derived from our rational limits, since we cannot see the full range of outcomes stemming from our decisions: planning horizons so enter this scene. The paper describes the horizonal theory that would have emerged from the 1930s debates on cost had Hicks not walked away from increasing returns and had Hirshleifer not promoted a false 'rescue' endorsed by Alchian in 1968, declaring decreasing returns 'a general and universally valid law.' [ABSTRACT FROM AUTHOR]

In chapters on private finance, education, pensions and housing, Offer illustrates attempts by successive governments to delegate responsibility to markets. Offer, however, presents a different argument, based on the distinctive time horizons of markets and governments. Avoiding romanticism about the state, Offer confronts the growing corruption in politics, the normalisation of private interests in political careers. [Extracted from the article]

This study examines public sentiment during the COVID-19 pandemic, considering time, space, and the severity of the event, and leverages the marginal rate of substitution (MRS). Based on the context of COVID-19 transmission in a mega-city, we set up a novel theoretical model of public sentiment, showing the time-space substitution effect. Then, using the daily panel data including all the prefecture-level cities in China, empirical results show that the level of public sentiment is positively related to the severity of the event, while it is negatively related to the distance and the length of the period. To make the level of public sentiment equal, 1 km farther from the center of the event will require 0.072 to 0.130 days closer to the starting time on average. We further investigate the relationship between the level of public sentiment and time, which can be better depicted as a reversed U-shape. The original contribution of the piece arises principally around the novel application of the concept of the marginal rate of substitution drawn from neoclassical economics, providing insightful policy implications for pandemic control. • This study examines public sentiment during the COVID-19 pandemic. • We set up a novel theoretical model including severity, time, and space. • We show the time-space substitution effect of public sentiment toward major events. • The level of public sentiment is negatively related to the distance and the length of the period. • Marginal rate of substitution (MRS) is calculated as 0.072 to 0.130 on average. [ABSTRACT FROM AUTHOR]

Prior studies have largely debated and demonstrated the positive effect of economic liberalization on economic growth, but they have not clarified how and to which extent economic liberalization affects corporate investment, the main driver of a country's economic growth. This paper investigates the relationship between economic liberalization and corporate investment by modelling the microeconomic channels through which economic liberalization affects corporate investment. Our theoretical framework extends the standard neoclassical model of firm value maximization to incorporate the effect of economic liberalization on corporate investment via several microeconomic channels. We test the theoretical predictions of our model by using a large and heterogeneous sample of non-financial US firms for the period 2000–2019. The empirical results support our hypotheses that economic liberalization positively affects corporate investment both directly and indirectly through different channels. These effects hold, although with different intensity, for all dimensions of economic liberalization. • We investigate the relationship between economic liberalization and economic growth by modelling the microeconomics channels through which economic liberalization affects corporate investment and hence economic growth. • The theoretical predictions of the model are tested on a large and heterogeneous sample of non-financial U.S and Canadian firms over the period 2000–2019. • Empirical results suggest that economic liberalization positively affects economic growth by enhancing corporate investment via different channels or effects. • These different effects hold, although with different intensity, for many constituent components of economic liberalization/freedom. [ABSTRACT FROM AUTHOR]

In this article the author honors professor Peter Gerhart's legacy to the legal academy by his books on unified theory of several different areas of law including "Tort Law and Social Morality," "Property Law and Social Morality," and "Contract Law and Social Morality." Topics discussed include tension between scholarship in the tradition of neoclassical economics and its progressive counterpart, dyad that characterizes most contemporary property scholarship and contemporary property theory.

This article explores the application of the principle of continuity to general equilibrium theory by Vilfredo Pareto, Gustav Cassel, and Knut Wicksell. It begins by recapping Pareto's early works based on cardinal utility and continuity. After that, Cassel's proposal of an elementary framing for general equilibrium with discontinuous functions is presented. The next section covers some unpublished letters between Pareto, Maffeo Pantaleoni, and Cassel related to the issue. It is followed by a review of the reception of Cassel's ideas advanced in his 1899 Grundriss. In the end, some reflections are offered on the scientific implications of the principle of continuity to neoclassical economics. [ABSTRACT FROM AUTHOR]

Contemporary economics speaks about trade in the familiar abstractions of comparative advantage, tracing the modern formulation of the case for free trade made in terms of welfare maximization to late-Victorian economists like W. Stanley Jevons and Alfred Marshall. Though Jevons and Marshall did formalize theories that treat countries as if they are abstract individuals, a closer reading suggests that their thinking on trade was informed by colonial imaginaries of civilization and race. The economics invented by Jevons and Marshall manages claims about human sameness and difference in a particularly colonial fashion. They both slide readily and uncertainly between the idea that parts of humanity are permanently lesser races and explaining lesser humans as simply developmentally backward. The latter might achieve full physiological and moral humanity over time through the improvements (and attendant but necessary suffering) administered by Empire via market competition. They sometimes point to a common set of desires and calculating capacities, but never so decisively as contemporary economics. Jevons takes these commonalities as the basis of a quantitative science of economics, but doubts their empirical universality. Marshall sees these traits as distinctively modern and achieved only via the rise of modern institutions. By contrast, contemporary economics insists on the universality of these traits, claiming for economics a distinctive "analytical egalitarianism." But difference is only defined away by fiat in contemporary textbooks and where difference arises, as in the problem of uneven development, the colonial impulse of economics remains. The connection to Jevons' and Marshall's own colonial management of difference becomes sharply visible. To return to Jevons and Marshall allows us to provincialize economics. [ABSTRACT FROM AUTHOR]

This paper explores UK public sector outsourcing to offer a critique of the theory of liberal institutional convergence. The latter argues that NPM is a case of empiricist scientific rationalism but the neoclassical economics that justifies public sector outsourcing operates with a closed-system ontology of the economy that has more affinities with Stalinist central planning than to empirical political economic science, and this has real institutional consequences. The argument sets out the neoclassical logic behind outsourcing, the unanticipated risks in its conception and the deepening problems with its intensification as practice. It shows how, when we put the market rhetoric of NMP to one side, outsourcing necessitates the central planning of private actors, and the success of this venture hinges on the viability of the outsourcing contract as an effective junction of instruction and control. If there is institutional convergence in New Public Management it is with Soviet enterprise planning. It follows that it is not simply 'second-best-world' neoclassical theories that can shed light on outsourcing's chronic failures but also the critiques of Soviet central planning. The latter help explain why incomplete contracts in outsourcing are just the start of bargaining games that the state cannot win. [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]

This paper discusses why in the 1950s Herbert Simon introduced bounded rationality as a modular notion—consisting of a "cognitive" and an "environmental" module—and explores the consequences of this choice. Originally, Simon emphasised cognition in economics and the environment in psychology to meet specific disciplinary interests. Continuing adaptively to emphasise cognition in economics has led, then, to significant unintended consequences: (i) the easier assimilation of Simon's bounded rationality by neoclassical economics, and (ii) the persistent confusion between Simon's and Kahneman and Tversky's contribution. Seeing the recognition of his credit endangered, Simon reemphasised the environment when Gigerenzer introduced environment-based ecological rationality. [ABSTRACT FROM AUTHOR]

In the final essay of the symposium on Linhart, Eren Kozluca interrogates the epistemological value of Linhart's texts of the late 1970s and early 1980s, at the same time offering a protocol for reading his body of work. This issue opens with a special symposium that revisits some of Robert Linhart's key texts and ideas while expanding on analyses of his work. In a rejoinder that returns the favor to these generative encounters, Yahya Madra picks up on a cue reflected in all three commentaries, to a greater or lesser degree: they all read his text "in a certain psychoanalytical key", invoking psychoanalytical insights - in fact, Madra calls them "models" - in order to expand on the book's critique of political economy. [Extracted from the article]

Using neoclassical thought as his entry point, Yahya M. Madra offers a vital prolegomenon to a recalibrated critical political economy. Madra's reinterpretation of the economic field pivots around what he calls the theoretical-humanist problematic, suggesting that an ontologically inflected recharacterization of economic thought is essential to any serious development of progressive alternatives to dominant mainstream forms of political economy. After outlining the constituent elements of theoretical humanism and some of Madra's key conceptual moves, this essay explores several analytical, normative, and ideological implications of such a redrawing of the boundaries of economic thought. Madra's intervention opens up at least three lines of inquiry regarding the theoretical-humanist problematic: the relative amplitude of tensions internal to different economic approaches in its orbit, including their capacities to resist or escape its gravitational pull; how it circumscribes the scope of concrete, normative visions; and how everyday practices and identifications reinforce or depart from related ideological fantasies underpinning it. [ABSTRACT FROM AUTHOR]

Despite the fact that psychoanalytical concepts are absent in Yahya M. Madra's Late Neoclassical Economics, the three commentaries on the book, by Chakrabarti, Glynos, and Primrose, read the text in a certain psychoanalytical key, and for good reason. Their readings demonstrate that a number of unnamed psychoanalytical models silently informed the discourse analysis mobilized throughout the text. Reading late neoclassical economics as an internally differentiated field of defense formations against contradictions, antagonisms, and conflicts that arise from the constitutive destructuredness of the economy, this response essay by Yahya M. Madra explores the applicability of the key psychoanalytical concepts of negation (repression, foreclosure, disavowal) for a discourse analysis of economic models. [ABSTRACT FROM AUTHOR]

This review of Yahya Madra's Late Neoclassical Economics centers on a claim made by mainstream economics to have surpassed the narrow horizon of neoclassical economics, understood as general equilibrium or Walrasian economics, having differentiated into a pluralist field. Through a detailed study of neoclassical economics, Madra distills the misplaced nature of this claim and disputes the propositions that neoclassical economics is nothing but Walrasian and that its new diverse theories belong to the nonneoclassical domain. Rather, the diverse theories of mainstream economics are shown to share with Walrasian economics, and with one another, a common problematic of theoretical humanism in the form of reconciling individual and aggregative/collective rationality in order to achieve a socioeconomic order. This review discussion ends by raising some issues that are absent or latently present in Madra's book. [ABSTRACT FROM AUTHOR]

This commentary reflects on the potential of Madra's Late Neoclassical Economics for comprehending neoliberalism. Extending Madra's work, it presents an ideology critique of late neoclassical economics (LNE) as articulating a social fantasy of harmonious market order that enables neoliberal proponents to structure their reality against the Real of Capital. Madra's exposition of LNE's orientation around the theoretical problematic of neoclassical humanism enables consideration of neoliberalism as informed by an obsessional neurotic logic, whereby subjects postpone encountering the Real via repeated ideological modifications to preserve their fantasy against traumatic incursions. Exploring the conditions of possibility for functioning markets, LNE reinforces the fantasy of market order through theoretical innovations rationalizing increasingly intensive measures to realize it. Thus, symptoms bleeding through gaps between the Symbolic reality of neolibealism and the Real of Capital are disavowed as market and cognitive failures, foreclosing critical engagement with capitalist dynamics. This is illustrated through examining the new institutional economics of development as disavowing the violence of capitalism. [ABSTRACT FROM AUTHOR]

The acute awareness of scarcity, land rent, fixed costs and environmental limits that characterized the classical period was largely forgotten during the hey-day of neoclassical growth economics. Awareness has now returned, and many scientists and engineers are devoting themselves to these issues. But a revolution in economic thought, bringing economics into line with biophysical principles and the challenges of climate change, consistent with the laws of thermodynamics, has not occurred. The paper closes with examples of the application of basic principles to the policy choices that lie ahead, and some suggestions for the future of economics. [ABSTRACT FROM AUTHOR]