591 results on '"NEOCLASSICAL school of economics"'
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2. Logic and Economics II: Pure Neoclassicism, Part A.
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O'Donnell, Rod
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NEOCLASSICAL school of economics , *LOGIC , *INDIVIDUALISM , *CONTRADICTION - Abstract
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]
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- 2024
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3. Logic and Economics I: Synthesis Neoclassicism.
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O'Donnell, Rod
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NEOCLASSICAL school of economics , *LOGIC - Abstract
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]
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- 2024
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4. Old Age but No Rest: The Political Economy of Delayed Retirement.
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CAI CHAO
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OLD age , *LABOR laws , *NEOCLASSICAL school of economics , *LIFE expectancy , *RETIREMENT , *CAPITALISM - Abstract
This article explores the political economy of delayed retirement and its societal impact. It examines the conflict between official and civil discourse on proposals to raise the retirement age, arguing that prolonging labor benefits capitalists by increasing surplus value. The article criticizes neoclassical economics for its narrow focus on economic interests and advocates for a comprehensive understanding of social production and distribution. It emphasizes the importance of shortening the working day for human development and discusses the shift from "material dependence" to "free and comprehensive development." The text also addresses the paradox of old age and the failure to solve elder care despite increased wealth, attributing the issue to the capitalist mode of production. It suggests reforms such as building a socialist economic system, improving fiscal and financial systems, investing in social programs, and strengthening social and labor security while gradually reducing working hours. [Extracted from the article]
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- 2024
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5. Extractivism in the Anthropocene.
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FOSTER, JOHN BELLAMY
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SOCIAL ecology , *RESOURCE exploitation , *NEOCLASSICAL school of economics , *NATURAL resources , *EMINENT domain , *PRIVATE property - Abstract
This article explores the concept of extractivism and its role in the current ecological crisis. Extractivism refers to the global extraction of resources, which has been a key aspect of capitalism since the colonial era. The article focuses on the acceleration of resource extraction in the Global South, particularly in Latin America and Africa, and the devastating ecological consequences of this trend. It also delves into the historical roots of extractivism in the Marxist tradition and emphasizes the need for a critical analysis of its political, economic, and ecological dimensions. The article discusses Marx's analysis of appropriation and its connection to extractivism, highlighting the expropriation of land, bodies, and nature under capitalism. It also explores the concept of extractivist surplus, which encompasses excessive extraction processes and their negative impacts. The article concludes by emphasizing the urgency of addressing the capitalist expropriation of nature and transitioning to a more sustainable society that balances the relationship between humanity and the environment. The document includes a list of references and citations related to extractivism, capitalism, and the environment, providing a range of perspectives on the topic. [Extracted from the article]
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- 2024
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6. The value and price of digital media commodities.
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Yun, Jang-Ryol
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DIGITAL media , *VALUE (Economics) , *PRICES , *NEOCLASSICAL school of economics , *DIGITAL technology - Abstract
Focusing on the fact that digital media commodities are easily reproduced once initially produced, this paper explains, against the backdrop of Marxist insights, just how these commodities are produced, distributed, and consumed in the current digital media environment. Working with Marx's definition of the value of commodities as the social labor time required for their production, we can thereby define the value and price of reproduced digital media commodities as zero, but the market price of these commodities as in fact constituting the Marxist monopoly price. These determinations are then supported by a review of the ways valueless digital media goods are commodified in a monopolistic real world. The approach here, borrowing from Marx's research methods, starts from commodity analysis to explain comprehensively the wider political and economic system of capitalism. This viewpoint of the inherent value of media products is foreign to neoclassical economics as well as to mainstream media and communication studies embracing the utility theory of value. [ABSTRACT FROM AUTHOR]
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- 2024
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7. Land, Abstraction, and Housing Provision.
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Moreno Zacarés, Javier
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MARXIAN economics , *NEOCLASSICAL school of economics , *HOUSING , *SOCIAL forces , *LAND use , *URBANIZATION , *INSTITUTIONAL logic - Abstract
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]
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- 2024
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8. Homo digitalis: narrative for a new political economy of digital transformation and transition.
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Torrent-Sellens, Joan
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DIGITAL transformation , *HIGH technology industries , *ONLINE identities , *INCOME inequality , *ECONOMIC man , *BEHAVIORAL economics , *NEOCLASSICAL school of economics - Abstract
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]
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- 2024
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9. Economic growth in the Balkan area: An analysis of economic β-convergence.
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Grodzicki, Tomasz and Jankiewicz, Mateusz
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ECONOMIC development , *ECONOMIC convergence , *GROSS domestic product , *NEOCLASSICAL school of economics - Abstract
The Balkan countries undergoing the transition must advance their economies to be more competitive. The aim of this paper is to analyse economic growth with a primary focus on the analysis of economic convergence in the Balkan region in the period of 1997-2020. The research analyses the following Balkan economies: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Greece, Montenegro, North Macedonia, Romania, Serbia, and Slovenia. This study applies Gross Domestic Product (GDP) as a measure of economic growth and is based on the neoclassical economic growth model: the Solow's convergence concept. The results show that the Balkan countries experienced economic convergence with a speed of 1.82% in the cross-sectional model and 7.87% in the panel data model. It means that the initially less developed economies noted higher economic growth than those richer. [ABSTRACT FROM AUTHOR]
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- 2024
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10. "The Value of a Statistical Life" in Economics, Law, and Policy: Reflections from the Pandemic.
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Silverman, Mark
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VALUE (Economics) , *COVID-19 pandemic , *PANDEMICS , *NEOCLASSICAL school of economics , *COST benefit analysis - Abstract
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]
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- 2024
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11. 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.
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Bertocco, Giancarlo and Kalajzić, Andrea
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NEOCLASSICAL school of economics , *MARGINAL productivity , *BUSINESSPEOPLE , *BANK loans , *ECONOMIC systems , *ECONOMICS education - Abstract
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]
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- 2023
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12. Real estate in the home country: Why Polish migrants keep properties in Poland.
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Jancewicz, Barbara
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REAL property , *COUNTRY homes , *NEOCLASSICAL school of economics , *IMMIGRANTS , *HOUSEKEEPING - Abstract
Real estate is often the most visible contribution that emigrants add to their home country's landscape. Such properties serve different functions, from rental investments, through migrant families' homes, to holiday homes or empty spaces. Economists often view real estate through financial lens, frowning upon vacant houses. I argue that keeping vacant houses is often caused by social and emotional factors rather than financial ones. This article uses data from 120 qualitative interviews with Polish EU migrants and juxtaposes them with the typology of remittance houses proposed by Boccagni and Erdal. The data, combined with the theoretical perspective of Neoclassical Economics, New Economics of Labour Migration, and Grzymała‐Kazłowska's concept of social anchoring, allow me to improve the typology. The updated typology systematises the functions of and reasons why migrants keep properties in their home countries and provides a sound frame for future research and policymaking. [ABSTRACT FROM AUTHOR]
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- 2023
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13. On the genealogy of geoeconomics.
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Slobodian, Quinn
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COLONIES , *ECONOMIC geography , *GENEALOGY , *NEOCLASSICAL school of economics , *GEOGRAPHY , *THEORY of knowledge - Abstract
This commentary on Felix Mallin and James Sidaway's (2023) article on 'Critical geoeconomics' returns to the German Historical School of economics to recall their emphasis on geography, history and culture, but also their frequent advocacy for imperial expansion and colonial annexation. It revisits the divide between the Historical School's vision of the world economy and that of Austrian School marginalists and suggests that we can understand geoeconomics as the expression of a desire for sovereignty in an era of mutual interdependence. This response to Felix Mallin and James Sidaway's genealogy of the category of geoeconomics follows them in returning to early‐twentieth century debates in German‐language economics. It suggests that the divorce between geography and economics under neoclassical and neoliberal epistemology can be reconciled through geoeconomics, but that we should remain aware of the risks this entails. [ABSTRACT FROM AUTHOR]
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- 2024
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14. Rethinking markets to rethink economics.
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Guérin, Isabelle
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SOCIAL exchange , *ECONOMIC anthropology , *CAPITALISM , *RATINGS & rankings of public debts , *NEOCLASSICAL school of economics - Published
- 2023
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15. Herman Daly's Economics for a Full World: His Life and Ideas: His Life and Ideas.
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LIFE sciences , *SOCIAL theory , *SOCIAL scientists , *LAND economics , *NEOCLASSICAL school of economics , *ENVIRONMENTAL impact charges , *BIOSPHERE - Published
- 2023
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16. Hayek against Malthus: Julian Simon's Neoliberal Critique of Environmentalism.
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Vettese, Troy
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PRICES , *NEOLIBERALISM , *NEOCLASSICAL school of economics , *ENVIRONMENTALISM , *TWENTIETH century , *SOCIAL movements , *BIOLOGISTS - Abstract
The transition to neoliberal hegemony during the last quarter of the twentieth century is generally portrayed as a contest between Hayekians and Keynesians. This portrayal overlooks the brief but potent effervescence of the neo-Malthusian movement. Biologists Garrett Hardin, Paul Ehrlich, and Donella Meadows led a social movement that pursued environmentalist governance wherein scarce resources and population growth were managed by command-and-control instruments, Pigouvian taxation, and coercion. The neoclassical mainstream of economics conceded to the neo-Malthusian upstarts that if a "backstop" energy source was not discovered, then there were indeed "limits to growth," but neoliberals eventually devised alternative environmental frameworks, such as Elinor Ostrom's "commons" and John Dales's "cap-and-trade." The first significant clash between neoliberals and neo-Malthusians came in the form of a bet between Julian Simon and Paul Ehrlich over commodity prices during the 1980s. This article reconstructs the broader context of their confrontation, as well as the theoretical influences on Simon's cornucopian framework of "resourceship." [ABSTRACT FROM AUTHOR]
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- 2023
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17. Making it Work: Music and Contemporary Art Spaces, Post-2008.
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PUNK culture , *TRADE regulation , *SOCIAL forces , *ART & society , *20TH century art , *NEOCLASSICAL school of economics - Abstract
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]
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- 2023
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18. Heterodox approaches to save the day: A framework for analysing data-related innovation in legacy media businesses.
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Jemmer, Hanna and Ibrus, Indrek
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HETERODOX economics , *NEOCLASSICAL school of economics , *ELECTRONIC commerce , *BLOCKCHAINS , *MASS media industry , *CONCEPTUAL models - Abstract
That legacy media organisations are struggling in this era of global platformisation and datafication is well established. Yet, the power of platforms as well as critiques of them could be seen as being framed and facilitated by the prevailing forms of neoclassical economics. This paper addresses how analysis and planning of data-driven innovation in legacy media organisations could benefit from the perspectives deriving from heterodox economics. Using approaches within heterodox economics as a foundation, we build on two novel conceptual frameworks – innovation commons and cross-innovation systems, where decentralisation of media markets and collaboration between agents on different levels are central. Further, three tools – open data, blockchains and agent-based modelling (ABM) – offer ways to operationalise these frameworks. Central to these tools are further democratisation and growing complexity, openness and dynamism that enable media organisations to identify paths towards data-driven innovation that could improve the competitiveness of the legacy media industry in the platform economy. [ABSTRACT FROM AUTHOR]
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- 2023
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19. The economics of the wellbeing economy: Understanding heterodox economics for health‐in‐all‐policies and co‐benefits.
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Hensher, Martin
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HETERODOX economics , *WELL-being , *COST benefit analysis , *NEOCLASSICAL school of economics , *MONETARY theory - Abstract
Issue Addressed: The "wellbeing economy" represents a significant departure from the orthodox, neoclassical economic model of rational, utility‐maximising individuals embedded in a growth economy. Emerging approaches to the wellbeing economy draw heavily upon insights from a range of heterodox schools of economic thought; these schools differ in many respects, but all share the central common insight that the economy is best conceived as a social provisioning system for humanity's needs. Methods: This narrative review introduces and summarises key dimensions of a number of these heterodox economic approaches, all of which have had or are likely to have significant implications for wellbeing economics. Their relationship with wellbeing and their resulting approaches to public policy and the Health‐in‐All Policies (HiAP) approach is described and explored. Results: The schools of heterodox economic thought which have had the most impact on the development of approaches to the "wellbeing economy" include ecological economics (including both post‐growth and degrowth economics), feminist economics, and modern monetary theory. Recent developments in the economics of inequality and institutional economics have also been of significance. Yet HiAP approaches represent an attempt to incorporate consideration of health consequences within public policy processes inside the neoclassical economics paradigm, reflecting the reality that social and economic forces are typically the most important determinants of health. WHO's new Health For All approach draws much more directly on the heterodox economics that underpins wellbeing economy thinking. Conclusions: Wellbeing economics offers many attractive features for HiAP—but may not achieve its full potential within conventional economic policy paradigms. Calls to replace cost–benefit analysis with "co‐benefit" analysis are attractive, but face strong practical obstacles. Meanwhile, strong countervailing forces and interests might still thwart achieving the broader goals of wellbeing economics. So What?: Operationalising "wellbeing economy" thinking requires a clear understanding of heterodox economics, and how they can be incorporated into more formal economic analysis. It remains to be seen if HiAP is the right tool by which to implement the new Health For All approach. [ABSTRACT FROM AUTHOR]
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- 2023
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20. Transcending the Capitalism and Slavery Debate: Slavery and World Geographies of Accumulation.
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Parron, Tâmis
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SLAVERY , *VALUE (Economics) , *CAPITALISM , *NEOCLASSICAL school of economics , *INDUSTRIAL relations , *SLAVE labor , *POPULATION geography - Abstract
The capitalism and slavery debate is among the most significant in world historiography. This essay suggests that its main perspectives still use nation-based approaches and employ analytical categories of classical and neoclassical economics that obscure the very notion of capital. As a result, the material relations of slavery are reduced to the problem of profitability within national or colonial contexts, an approach that depicts the nineteenth-century nexus between slavery and capitalism as a transhistorical one. Against this backdrop, this essay proposes that the rise and fall of slavery can be better understood by examining the changing material composition of capital as well as its equally changing cluster of global circuits. Based on critical value theory, it argues that industrialization consistently reshaped spatial and material relations between town and country, capital and labor, and production and consumption, engendering world geographies of accumulation that both fueled and challenged the reproduction of slave labor in the Americas. [ABSTRACT FROM AUTHOR]
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- 2023
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21. A Sheer Excess of Powers.
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Gustafsson, Martin
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NEOCLASSICAL school of economics , *BEST friends , *WIDOWS , *COUNTERFACTUALS (Logic) , *ACHIEVEMENT - Abstract
Misak's account is a missed opportunity, for she is surely right that Ramsey's significance for Wittgenstein's philosophical development has not been sufficiently well understood and appreciated. Even if her story about the Ramsey-Wittgenstein exchange plays a central role in Misak's biography, I do not want my misgivings about it to overshadow the fact that her book is in many ways a truly brilliant piece of work. (p. 375) According to Misak, it was Ramsey who made Wittgenstein think of meaning in terms of use, even if Wittgenstein explicitly linked the two only after Ramsey's death: 'Perhaps once the person who kept urging the move was dead, Wittgenstein could drop his defenses and take on the suggestion' (p. 366; cf. also p. 376). [Extracted from the article]
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- 2023
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22. The Market's Specter.
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LIU, ANDREW B.
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NEOCLASSICAL school of economics ,GREAT Leap Forward, China, 1958-1961 - Abstract
Weber writes that reformers in China successfully diverged from the national neoliberal ideal, but this is not to deny that the rise of China is central to the story of the global neoliberal era. That China has embraced such an approach instead of the austerity programs and free market policies of the former Soviet states has made it clear to leaders in the United States and the European Union that China has emerged in the 21st century not only as a trading partner and an ally but as a potential rival. Even today the Chinese state views the market primarily in instrumental terms - as Weber puts it, a "tool in the pursuit of its larger development goals" - thereby preserving a degree of economic sovereignty that distinguishes China from other powerful countries. THE LAST FEW YEARS HAVE SEEN A NEW TURN IN THE RE-lationship between the People's Republic of China and the rest of the world. [Extracted from the article]
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- 2022
23. Degrowth—What’s in a Name?: Assessing Degrowth’s Political Implications.
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YING CHEN
- Subjects
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NEOCLASSICAL school of economics , *ECONOMIC history , *ENVIRONMENTAL economics , *NATURAL resources , *ECONOMIC structure , *INFANT mortality , *SOCIAL exchange - Published
- 2023
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24. Planning Degrowth: The Necessity, History, and Challenges.
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KLITGAARD, KENT
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CONSUMPTION (Economics) , *NEOCLASSICAL school of economics , *SUSTAINABLE development , *ECONOMIC history , *BUSINESS enterprises - Published
- 2023
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25. Degrowing China—By Collapse, Redistribution, or Planning?
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MINQI LI
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NATURAL resources , *NEOCLASSICAL school of economics , *CAPITALISM , *CONSUMPTION (Economics) , *FINANCIAL crises , *SOCIAL sustainability , *SUDDEN death - Published
- 2023
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26. The soul of economics: editorial.
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Herfeld, Catherine, Lisciandra, Chiara, and Martini, Carlo
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SOCIAL science research , *SOCIAL sciences education , *BUSINESS cycles , *HETERODOX economics , *ECONOMIC models , *ECONOMICS education , *NEOCLASSICAL school of economics - Abstract
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]
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- 2023
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27. The Homer economicus narrative: from cognitive psychology to individual public policies.
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Lecouteux, Guilhem
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ADLERIAN psychology , *COGNITIVE psychology , *GOVERNMENT policy , *EXPERIMENTAL psychology , *NEOCLASSICAL school of economics - Abstract
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]
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- 2023
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28. The struggle for the soul of macroeconomics.
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Hoover, Kevin D.
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MACROECONOMICS , *FINANCIAL crises , *NEOCLASSICAL school of economics , *STRUGGLE , *STOCHASTIC models - Abstract
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]
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- 2023
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29. Theoretical models of inequality: Examples from rational choice theory and behavioural economics.
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Puzon, Klarizze Anne and Gisselquist, Rachel
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EQUALITY research , *RATIONAL choice theory , *BEHAVIORAL economics , *NEOCLASSICAL school of economics , *EQUALITY & economics ,DEVELOPING countries - Abstract
Using illustrations from research on inequality, this essay makes a case for 'behavioural synthesis', that is the reconciliation between neo‐classical and behavioural economics. Focusing on selected theories of absolute and relative inequality, we first give a brief critique of utilitarian models that emphasize self‐interested income maximization. Their assumptions are then compared to status‐seeking models of competition where income differences are maximized. These are then contrasted to altruism models that consider other‐regarding preferences that encourage less inequality. We emphasize the value of behavioural economic experiments in testing the competing predictions of these models. We conclude that consolidation among assumptions from neo‐classical and behavioural economics is necessary when it comes to understanding inequality and propose strategies on how it can be done. We specifically identify some empirical shortcomings of these key economic theories of inequality: context‐dependency in the Global South, specificity of reference groups and consistency of measurement. We propose several ways forward, including the relaxation of assumptions of rationality in theoretical models and further fieldwork in developing countries. [ABSTRACT FROM AUTHOR]
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- 2023
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30. Shareholder cities: land transformations along urban corridors in India: by Sai Balakrishnan, Philadelphia, USA, University of Pennsylvania Press series City in the Twenty-First Century, 2019, 256 pp., $69.95 (cloth), ISBN: 9780812251463, $61.49 (eBook), ISBN: 9780812296303
- Author
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Rowland, Marty
- Subjects
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CITIES & towns , *ELECTRONIC books , *TWENTY-first century , *REAL property sales & prices , *NEOCLASSICAL school of economics , *LAND value taxation , *VALUATION of farms - Abstract
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]
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- 2023
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31. Franco Modigliani and Keynesian Economics: Theory, Facts and Policy: by Antonella Rancan, London and New York, Routledge, 2020, 182 pp., £96,00 (hardcover), ISBN 9781848935013.
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Paesani, Paolo
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KEYNESIAN economics , *MATHEMATICAL economics , *ECONOMIC history , *BUSINESS cycles , *NEOCLASSICAL school of economics , *FISCAL policy , *ACADEMIC freedom , *ECONOMICS education - Abstract
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]
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- 2023
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32. Non-Design: Architecture, Liberalism and the Market: by Anthony Fontenot, Chicago: University of Chicago Press, 2021, 376 pages.
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Kaminer, Tahl
- Subjects
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LIBERALISM , *URBANIZATION , *URBAN planning , *NEOCLASSICAL school of economics , *CITIES & towns , *FINANCIAL crises - Abstract
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]
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- 2023
- Full Text
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33. Plan and Council: Genealogies of Calculation, Organization, and Transvaluation.
- Author
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Lütticken, Sven
- Subjects
- *
SOCIALISTS , *DIGITAL technology , *BIG data , *ECONOMISTS , *ECONOMIC policy , *NEOCLASSICAL school of economics , *VISUALIZATION - Abstract
The article focuses on the resurgence of the Socialist Calculation Debate due to the rise of digital platforms and Big Data. Topics include the historical exchange between Austrian School economists and socialists on economic planning and pricing, with an emphasis on the adaptation of neoclassical economics by socialist proponents; and role of organization with the concept of workers' councils the significance of representation and visualization.
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- 2023
- Full Text
- View/download PDF
34. The Not-So-Dismal Science.
- Author
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Sonti, Samir
- Subjects
- *
NEOCLASSICAL school of economics , *BUSINESS cycles , *HETERODOX economics , *ECONOMIC history , *LABOR economics - Abstract
In I Reforming Capitalism for the Common Good: Essays in Institutional and Post-Keynesian Economics i , Charles Whalen provides much needed historical perspective on these alternative currents within the discipline and compellingly demonstrates the ongoing value of heterodox economics. Reforming Capitalism for the Common Good: Essays in Post-Keynesian Economics By Whalen, Charles J.. Indeed, upon reading the Wisconsin institutionalist's work, Keynes wrote that "there seems to be no other economist with whose general way of thinking I feel myself in such general accord.". [Extracted from the article]
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- 2023
- Full Text
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35. STI policy conventions in Uruguay. An analysis of political party platforms 2004–2019.
- Author
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Bianchi, Carlos and Martínez, Camilo
- Subjects
- *
POLITICAL platforms , *POLITICAL competition , *POLITICAL parties , *NEOCLASSICAL school of economics , *GOVERNMENT policy - Abstract
Science, Technology, and Innovation (STI) have been considered as critical tools in development processes, gaining growing importance in the public policy agenda. We assert that an intersubjective agreement about STI policy has emerged in Latin America from the beginning of the twenty‐first century. This operates as a developmental convention which is based on a hybrid theoretical rationale from neoclassical economics and the innovation systems approach. This process has been analyzed from different perspectives of innovation and political economy studies. However, as far as we know, the role of political parties in the construction and reproduction of STI conventions has not been studied. After illustrating the general assertion with stylized facts from the whole Latin American region, we study the platforms that Uruguayan political parties presented in the national elections between 2004 and 2019. Text analysis techniques show that platforms of both left‐ and right‐wing political parties were embedded in the current STI policy convention. However, critical discrepancies emerge in relation to policy implementation—the positive and negative agendas—which show that there has been political competition regarding the role of the state and of markets. This leads us to conclude that even though one can observe a shared set of building blocks on STI policy and development, there is competition within the current convention, suggesting that any agreement is illusory. [ABSTRACT FROM AUTHOR]
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- 2023
- Full Text
- View/download PDF
36. When economic theory meets policy: Barbara Wootton and the creation of the British welfare state.
- Author
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Alves, Carolina and Guizzo, Danielle
- Subjects
- *
WELFARE state , *JOB involvement , *UNPUBLISHED materials , *ECONOMIC policy , *NEOCLASSICAL school of economics - Abstract
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]
- Published
- 2023
- Full Text
- View/download PDF
37. Veblen, Marshall and neoclassical economics.
- Author
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Pratten, Stephen
- Subjects
- *
NEOCLASSICAL school of economics , *SOCIAL reality , *SOCIAL types - Abstract
Alfred Marshall is often depicted as a pioneer of neoclassical economics almost as if this is a label he embraces and promotes. Yet neoclassical economics is not a category Marshall deploys but a term Thorstein Veblen introduces in characterising Marshall. Veblen coins the term neoclassical to identify an ontological discrepancy in the work of a specific group of his contemporaries, a prominent figure among whom is Marshall. Veblen's view is that Marshall and other neoclassicals discern features of social reality that suggest a tentative recognition of a causal processual social ontology of the type Veblen associates with modern evolutionary approaches and yet also remain staunchly committed to a taxonomic conception of science underpinned by a quite different set of ontological presuppositions. Veblen's assessment of Marshall is brief and assertive. In this paper it is argued that the ontological discrepancy interpretation of Marshall, that Veblen first sketched, can convincingly be filled out, has substantial merit and is of importance in developing an adequate appreciation of Marshall. [ABSTRACT FROM AUTHOR]
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- 2023
- Full Text
- View/download PDF
38. Pro-Ecological Energy Attitudes towards Renewable Energy Investments before the Pandemic and European Energy Crisis: A Segmentation-Based Approach.
- Author
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Graczyk, Alicja Małgorzata, Kusterka-Jefmańska, Marta, Jefmański, Bartłomiej, and Graczyk, Andrzej
- Subjects
- *
ENERGY shortages , *RENEWABLE energy sources , *NEOCLASSICAL school of economics , *ATTITUDE (Psychology) , *YOUNG consumers , *PANDEMICS , *ENERGY consumption - Abstract
The household as the primary decision-making unit is founded on classical and neoclassical economics. However, household behaviour changes have been noticeable in the last decade, moving towards more green and sustainable patterns, which have been pronounced in EU countries striving for a more significant share of renewable energy sources (RES) in energy consumption. These behaviours can be attributed to sustainable economics and are an essential part of energy transformation, as they are focused on pro-ecological attitudes, considering both financial activities and those related to caring for the environment and future generations. This article aims to segment energy consumers and to determine what attitudes prevailed in the selected segments and to what extent consumers were pro-ecologically oriented when making decisions regarding RES management before the pandemic and the energy crisis outbreak in Europe. We propose a three-segment model for archetyping household energy consumers in Poland by considering the following groups of factors: environmental and energy goods protection (F1), the mirror effect (F2), and energy and devices profitability (F3). The segments are distinguished based on factor analysis and the fuzzy c-means method. The number of segments is determined based on the cluster validity measure. The presented results prove that the F1 factor plays the leading role in each segment. The percentage of positive responses for each segment, including a migrating group of households, oscillates over 80%. It gives strong hope for retaining sustainable attitudes regardless of the pandemic and energy crisis that occurred in 2022 in the EU. [ABSTRACT FROM AUTHOR]
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- 2023
- Full Text
- View/download PDF
39. A Classical-Post Keynesian critique on neoclassical environmentally-adjusted multifactor productivity.
- Author
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GUARINI, GIULIO
- Subjects
- *
ENVIRONMENTAL economics , *NATURAL resources , *RETURNS to scale , *EVOLUTIONARY economics , *MACROECONOMICS , *NEOCLASSICAL school of economics - Abstract
The aim of the article is to critically analyze Environmentally-Adjusted Multifactor Productivity (EAMP), by considering the Classical-Post-keynesian environmental framework Ecological Macroeconomics, integrated with the Evolutionary Environmental Economics. The paper introduces EAMP as rooted in in neoclassical economics and derived from Cobb-Douglas function with natural resources built by Solow (1974). I present theoretical critiques of EAMP's neoclassical assumptions by developing perspectives from heterodox Ecological Macroconomics literature. Finally, I discuss the shortcomings of EAMP's conceptual framework, making specific reference to the policy debate on Porter Hypothesis. The article puts in evidence how the assumptions of constant returns to scale, perfect competition and perfect input substitutability seriously alter the meaning and promise of sustainability policy. The analysis indicates that EAMP is a poor instrument to study complex issues regarding the promotion and effectiveness of green innovations and should therefore be abandoned to face the great challenges regarding the process of ecological transformation. [ABSTRACT FROM AUTHOR]
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- 2023
- Full Text
- View/download PDF
40. Classical-Keynesian Political Economy, not Neoclassical Economics, is the Economic Theory of the Future.
- Author
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Bortis, Heinrich
- Subjects
- *
SOCIAL theory , *INCOME inequality , *NEOCLASSICAL school of economics , *BALANCE of payments , *VALUE (Economics) , *SOCIAL values , *EMPLOYMENT policy , *SOCIALISM - Abstract
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]
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- 2023
- Full Text
- View/download PDF
41. Adam Smith and Gaston Fessard on the Roots of Authority.
- Author
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Hoipkemier, Mark
- Subjects
- *
POLITICAL science , *POLITICAL philosophy , *SYMPATHY , *IMAGINATION , *NEOCLASSICAL school of economics , *MENTAL orientation , *CITIZENS - Published
- 2023
42. Reducing the Transactional Value of Identity & Race.
- Author
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Farrell, Henry and Levi, Margaret
- Subjects
- *
RACE identity , *MARXIAN economics , *NEOCLASSICAL school of economics , *SOCIAL norms , *RACIAL differences , *CAPITALISM - Abstract
Grieve Chelwa, Darrick Hamilton, and Avi Green explain how existing accounts of capitalism systematically neglect racial identity group stratification. Their approach points to an important comparative dimension and two significant research agendas that could supplement their arguments. First would be to inquire into the role that equal respect plays in pushing back against stratification. Second would be to investigate how other aspects of social norms may have consequences too, perhaps drawing insights from a new body of research on racial stratification that draws upon Marxian and neoclassical economics. [ABSTRACT FROM AUTHOR]
- Published
- 2023
- Full Text
- View/download PDF
43. A Textbook of Heterodox Economics.
- Author
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Turchin, Peter
- Subjects
- *
HETERODOX economics , *TEXTBOOKS , *CONSUMPTION (Economics) , *NEOCLASSICAL school of economics , *BEHAVIORAL economics - Published
- 2023
- Full Text
- View/download PDF
44. Capitalism and Distributive Justice: Musings of a Mormon Economist.
- Author
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Takagi, Shinji
- Subjects
- *
CAPITALISM , *DISTRIBUTIVE justice , *ECONOMISTS , *NEOCLASSICAL school of economics - Published
- 2023
- Full Text
- View/download PDF
45. The nature of economic analysis for resource management.
- Author
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Morgan, Emma
- Subjects
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ECONOMIC research , *RESOURCE management , *NEOCLASSICAL school of economics , *ENVIRONMENTAL economics , *NATURAL resources - Abstract
The article focuses on the need to improve economic analysis in the context of New Zealand's resource management. Topics include the failure of the current system, the importance of economic understanding, and the need for comprehensive and balanced economic assessments to support effective policy decisions.
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- 2023
46. Humans, technology and control: An essay based on the metalanguage of economic calculation.
- Author
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Lopes, Tiago Camarinha
- Subjects
- *
METALANGUAGE , *MARXIAN economics , *NEOCLASSICAL school of economics , *ECONOMIC history , *HUMAN beings , *ECONOMIC convergence , *SOCIALISM - Abstract
The socialist economic calculation debate can work as a platform of communication between different traditions in economics to explore the dichotomy of technology-humans. Based on the metalanguage of the economic calculation as first systematized by Don Lavoie, I develop a triangular and complementary relationship between the mainstream neoclassical model, the Austrian school of economics and the Marxist Political Economy to minimize misunderstandings due to poor communication and to look for agreements that are usually disregarded. This paper draws attention to an important convergence between the antagonistic sides in the socialist economic calculation debate regarding the relationship between humans and technology and that the issue of control must be explicitly taken into account if any scientific advancement is to be made. [ABSTRACT FROM AUTHOR]
- Published
- 2022
- Full Text
- View/download PDF
47. Axel Leijonhufvud (1933–2022).
- Author
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Trautwein, Hans-Michael
- Subjects
- *
MATHEMATICAL economics , *ECONOMIC history , *REAL economy , *NEOCLASSICAL school of economics , *KEYNESIAN economics - Abstract
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]
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- 2022
- Full Text
- View/download PDF
48. EDUCATIONAL INCOMPATIBILITY: THE NECESSARY INTERDISCIPLINARITY OF OVEREDUCATION.
- Author
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Duarte Gomide dos Santos, Igor Gomes
- Subjects
- *
INTERDISCIPLINARY education , *EDUCATION research , *PUBLIC education , *EDUCATION policy , *NEOCLASSICAL school of economics - Published
- 2022
- Full Text
- View/download PDF
49. Uncertainty, Profit, and the Limits of Markets.
- Author
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Hirsch, Roni
- Subjects
- *
MARKETS , *NEOCLASSICAL school of economics , *ECONOMIC competition , *PROFIT , *RISK aversion , *EQUALITY - Abstract
The neoclassical market model is the overwhelming basis for contemporary views of markets as fair, efficient, or both. But is it an appropriate starting point? The article draws on Frank Knight's 1920s work on the economics of uncertainty to show that the ideal of perfect competition conceals a tacit trade-off between equality and certainty. Largely undetected, this trade-off continues to govern financialized capitalist democracies, evading normative and political debate. By explaining how markets and firms resolve the problem of uncertainty, Knight shows that all supposed market benefits, even allocative efficiency, are not costless to society. More specifically, Knight argued that modern markets are premised on a tacit agreement between a handful of "daring" entrepreneurs and the "risk-averse" public: the former agree to carry the uncertainties of business-life in return for a substantially larger share of its power and rewards. Despite the highly static assumptions of neoclassicism, therefore, and its linked assumption of perfect knowledge, uncertainty is far from absent in modern economics. It is built into firms and markets and manifests itself as a steep social and material hierarchy. [ABSTRACT FROM AUTHOR]
- Published
- 2022
- Full Text
- View/download PDF
50. THE SOCIOLOGY AND PSYCHOLOGY OF INNOVATION: A SYNTHESIS AND RESEARCH AGENDA FOR INTELLECTUAL PROPERTY SCHOLARS.
- Author
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Bair, Stephanie Plamondon and Pedraza-Fariña, Laura
- Subjects
- *
INTELLECTUAL property , *NEOCLASSICAL school of economics , *SOCIAL context , *SOCIAL norms , *MANNERS & customs - Abstract
Intellectual Property (IP) and innovation law scholarship is generally concerned with the question of how to promote socially beneficial innovation. Until recently, the analysis brought to bear on that question in the literature has been dominated by an individual, rational-actor-centered model grounded in the neoclassical economics tradition. Under this model, individual innovators are assumed to respond to innovation incentives in rational ways, unswayed by their social environments or their own psychology. Of course, as innovation scholars are beginning to recognize, the road to innovation is much more winding and complex than the straight path from incentive to innovation that the rational actor model implies. Innovators are people, and people cannot be divorced from their own psychology or social influences. If scholars truly want to understand how innovation happens and how best to encourage it, they must also understand how innovators' social context and psychology influence both their decisions to innovate or copy and their choices regarding which innovative projects to pursue. A rich literature in both the sociological and psychological sciences has remained largely untapped in legal innovation scholarship. In this Article, we discuss how building bridges between these literatures and the legal innovation literature can help legal scholars better understand many of the social forces that influence potential innovators and the psychological factors that explain why these social norms emerge and persist. Among other things, this type of work adds complexity and richness to traditional legal economic accounts of innovation and helps prevent legal innovation scholars from unnecessarily "re-inventing the wheel" by bringing them into conversation with preexisting and well-developed accounts of behaviors relevant to innovation. It also generates testable hypotheses, guiding how legal innovation scholars pose questions and paving the way for new avenues of original research. We conclude this Article by exploring some of the questions that might be particularly promising candidates for original research going forward. [ABSTRACT FROM AUTHOR]
- Published
- 2022
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