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on History and Philosophy of Economics |
| By: | Alexander Harin (MODERN UNIVERSITY FOR THE HUMANITIES - Modern University for the Humanities - [Modern University for the Humanities]) |
| Abstract: | A man is a key subject of economics. “A man is irrational” - this opinion can be made from Allais paradox, risk aversion and other well-known fundamental problems. For a long time, this opinion was a barrier to proper solution of these problems and the development of the economics. A radically new way is proposed to solve them and remove this barrier. The way is the generalization of a breach of a term of contract. |
| Keywords: | contract; business; bank; trade; industry; development; risk; “ideal” economics; investment; choice |
| Date: | 2006–08–10 |
| URL: | http://d.repec.org/n?u=RePEc:hal:papers:halshs-00089118_v1&r=hpe |
| By: | José Antonio Ocampo |
| Abstract: | This paper offers three guiding principles for a better relationship between the economy and democracy: democracy as the extension of citizenship; democracy as diversity; and democracy as complementary to clear, strong macroeconomic rules. This view, it is argued, implies that economic and social institutions must be subject to democratic political choice. In this context, it analyses the role of both national and international institutions in improving the complementarity of the market, social cohesion and democracy. The central role of economic and social rights serves as the overarching framework for the analysis. |
| Keywords: | citizenship, democracy, social cohesion, market economy, inequality, property rights |
| JEL: | H1 H4 I3 E61 D6 F02 |
| Date: | 2006–02 |
| URL: | http://d.repec.org/n?u=RePEc:une:wpaper:9&r=hpe |
| By: | Daniel Levy |
| Abstract: | The price system, the adjustment of prices to changes in market conditions, is the primary mechanism by which markets function and by which the three most basic questions get answered; what to produce, how much to produce and for whom to produce. To the behaviour of price and price system, therefore, have fundamental implications for many key issues in microeconomics and industrial organization, as well as in macroeconomics and monetary economics. In microeconomics, managerial economics, and industrial organization, economists focus on the price system efficiency. In macroeconomics and monetary economics, economists focus on the extent to which nominal prices fail to adjust to changes in market conditions. Nominal price rigidities play particularly important role in modern monetary economics and in the conduct of monetary policy because of their ability to explain short-run monetary non-neutrality. The behaviour of prices, and in particular the extent of their rigidity and flexibility, therefore, is of central importance in economics. |
| Date: | 2006–08 |
| URL: | http://d.repec.org/n?u=RePEc:emo:wp2003:0608&r=hpe |
| By: | Jean-Yves Duclos |
| Abstract: | Is horizontal equity (HE) the "most widely accepted principle of equity"? Or does it stand in "opposition to the advancement of human welfare"? This paper argues that the case for the HE principle is not as straightforward as is usually thought and that it requires advanced notions of justice and well-being. The most likely ethical basis HE appears to combine a Rawlsian maximin principle and a view of well-being that allows for relative local comparison effects. The paper also explores some of the dimensions of equality and well-being along which the HE principle can be applied and presents a number of examples showing how HE considerations can provide an important input into policy analysis. |
| Keywords: | Horizontal equity, vertical equity, redistribution, equality, social justice |
| JEL: | D31 D60 D63 I30 |
| Date: | 2006 |
| URL: | http://d.repec.org/n?u=RePEc:lvl:lacicr:0629&r=hpe |