nep-hpe New Economics Papers
on History and Philosophy of Economics
Issue of 2021‒11‒01
thirteen papers chosen by
Erik Thomson
University of Manitoba

  1. Justice and just price in Francisco de Vitoria's Commentary on Summa Theologica II-II q77 By José Luis Cendejas Bueno
  2. A Formal Representation of Smith's Gravitational Theory of Happiness By Laurie Bréban
  3. Marx's Rate of Profit and the Theory of Labour values as Conservation Law By Giovanni Scarano
  4. Method and scope in Joseph A. Schumpeter's economics: a pluralist perspective By Turan Yay
  5. Philosophie et sciences de gestion : Bergson et l’élan vital By Yvon Pesqueux
  6. Philosophie et sciences de gestion : Habermas et Appel : une éthique fondée sur les impératifs de la communication et de l’argumentation By Yvon Pesqueux
  7. A first French episode in the renewal of nonlinear theory of economic cycles By Alain Raybaut
  8. Central Banks and Inflation: Where Do We Stand and How Did We Get Here? By Karl Whelan
  9. Neoliberal governmentality, knowledge work, and thumos By Benda Hofmeyr
  10. A critical note on the scientific conception of economics: claiming for a methodological pluralism By Rouven Reinke
  11. Le capital immatériel et la problématique de sa mesure : Une revue de littérature By Abdessamad Dibi
  12. Decolonization: where and how does it fit at IOB? By Gleiberman, Mollie
  13. A Bibliography of Free Banking Scholarship (2021) By Qiao, Elizabeth

  1. By: José Luis Cendejas Bueno (UFV - Université Francisco de Vitoria = Universidad Francisco de Vitoria)
    Abstract: Following Thomas Aquinas, Francisco de Vitoria's analysis of justice in exchanges takes place by commenting on the corresponding questions of the Summa Theologica. The identification of the just price with that of common estimation occurs under a sufficient concurrence of sellers and buyers. A high level of concurrence limits the ability to take advantage of the need on the other side of the market. This fact guaranties a full consent of the parties involved in trading. Under conditions of market power or when some authority fixes a legal price, just price should also be taken as a normative ideal.
    Keywords: School of Salamanca,Scholastic economic thought,just price theory,Francisco de Vitoria
    Date: 2021–11–20
  2. By: Laurie Bréban (PHARE - Philosophie, Histoire et Analyse des Représentations Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)
    Date: 2021–10–20
  3. By: Giovanni Scarano
    Abstract: The paper argues that Ricardo’s concern with determining the rate of profit had no central place in Marx’s analysis. Marx, in fact, utilised his own version of the labour theory of value – very different from that of Smith and Ricardo – not to determine the rate of profit, but to analyse the dynamics of economic aggregates and bring to light the inner social nature of production and distribution processes. The present analysis of the peculiar use of Marx’s labour theory of value is also an attempt to explain the role played by it in his system, for better or worse. The final thesis of the paper is that, in his system, Marx’s version of the labour theory of value plays the same role that conservation laws play in most physics theories, with significant consequences for an understanding of the dynamics of capital accumulation, business cycles and economic crises.
    Keywords: Labour theory of value, prices of production, rate of profit, transformation problem, conservation laws
    JEL: B14 B24 B51 C67
    Date: 2021–10
  4. By: Turan Yay (Yeditepe University)
    Abstract: This study aims to evaluate the ideas on the scope and method of economics of Joseph Schumpeter who is one of the important economists of the 20th century. The study consists of four sections: In the first section we underline the interesting points of his life to understand the roots, background, or 'vision' of his thought system. In the second section, we will examine his methodological views that he asserted in his first (but translated into English only in 2010) book. Third section will be concerned with his 'analysis of economics' which refers to his critics of Leon Walras's general equilibrium analysis (as static) and his own alternative (dynamics analysis of capitalist economies) about the central subject matter of economics. In the fourth section we will treat his approach about the development/evolution process of economic thought in time. The study concludes with a brief assessment: Schumpeter is one of the rare economists who can build his own thought system in the history of economics, and he embraced a pluralist perspective in the field of the methodology of economics.
    Keywords: Schumpeter,methodology,economic development,sociology of science
    Date: 2021–11–20
  5. By: Yvon Pesqueux (ESD R3C - Équipe Sécurité & Défense - Renseignement, Criminologie, Crises, Cybermenaces - CNAM - Conservatoire National des Arts et Métiers [CNAM])
    Abstract: Ce texte est organisé de la manière suivante. Après une introduction consacrée aux précautions à prendre quant à l'usage de la philosophie, ce texte abordera successivement : Considérations générales ; Le vrai Temps et la véritable Liberté (Les deux formes de temps, La critique du déterminisme et la liberté comme création et émergence de soi), ; Les deux sources de la morale et de la religion (Les deux types de morale, De la dualité à la divergence) ; Remarques critiques ; L'entreprise et la durée (Une zone d'indétermination dans un monde déterminé, L'entreprise et le temps des horloges, L'entreprise et le temps des Hommes, L'intuition de la durée, Des durées, une durée ? Gestion des ressources humaines et durée de l'entreprise, Des techniques ou des Hommes ?)
    Date: 2021–10–05
  6. By: Yvon Pesqueux (ESD R3C - Équipe Sécurité & Défense - Renseignement, Criminologie, Crises, Cybermenaces - CNAM - Conservatoire National des Arts et Métiers [CNAM])
    Abstract: Philosophie et sciences de gestion : Habermas et Appel : une éthique fondée sur les impératifs de la communication et de l'argumentation Résumé Ce texte est organisé de la manière suivante. Après une introduction consacrée aux précautions à prendre quant à l'usage de la philosophie, ce texte abordera successivement : Considérations générales ; La crise de la raison ; Le choix à faire entre deux attitudes rationnelles ; Présupposés éthiques et philosophiques de « l'agir communicationnel » (Nature éthique de la communication, Nature communicationnelle de l'éthique) ; Deux questions essentielles (La fondation ultime de la raison communicationnelle, Application des principes fondamentaux à la réalité) ; Critiques et intérêts actuels ; Eléments de bibliographie.
    Date: 2021–10–12
  7. By: Alain Raybaut (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UCA - Université Côte d'Azur - CNRS - Centre National de la Recherche Scientifique - UNS - Université Nice Sophia Antipolis (... - 2019) - COMUE UCA - COMUE Université Côte d'Azur (2015 - 2019))
    Abstract: This paper focusses on some relatively neglected French contributions to the revival of nonlinear business theory around 1980. Drawing on the formal distinction between continuous and discrete-time modeling, we investigate the mathematical and analytical features of these contributions. The Benassy model exemplifies the use of the Poincaré-Bendixon theorem to prove the existence of endogenous cycles in a simple non-Walrasian framework. The discretization of Kaldor's model by Dana and Malgrange mobilizes recent advances in bifurcation theory and chaotic dynamics developed at the same time by French scholars in dynamical systems. It is shown that both contributions build on the aggregate macroeconomic framework, but differ substantially in their objectives and ambition. Benassy mobilizes the nonlinear approach to extend his non-Walrasian theory to short-term dynamics. On the contrary, Dana and Malgrange are more interested in the operational aspects of nonlinear modeling. For the these reasons, this second line of research will contribute to further important developments in nonlinear dynamics in France, albeit in a different perspective.
    Keywords: Endogenous business cycle theory,Nonlinear dynamics,Non-Walrasian and Kaldorian macrodynamics
    Date: 2021–06
  8. By: Karl Whelan
    Abstract: The inability of central banks to attain their target inflation rates in recent years has raised questions about the extent to which central banks can control the inflation process. This paper discusses the evolution of thought and evidence since the 1960s on the determinants of inflation and the role that should be played by central banks. The paper highlights the roles played by two streams of thought associated with Milton Friedman: Monetarist theories predicting a key role for monetary aggregates in determining inflation and the rise in popularity of the expectations-augmented Phillips curve. We discuss influence of the latter in determining the modern consensus on central bank institutions and the relative roles for fiscal and monetary policies. We conclude with a discussion of macroeconomic developments of the past decade and current policy options to stimulate the economy and restore inflation to its target levels, including the merits of “helicopter money”.
    Keywords: Inflation; Central banks; Phillips curve; Milton Friedman
    JEL: E31 E52 E58
    Date: 2021–08
  9. By: Benda Hofmeyr (University of Pretoria [South Africa])
    Date: 2021–11–20
  10. By: Rouven Reinke (University of Hamburg)
    Abstract: Opponents of mainstream economics have not yet called attention to the lack of in-depth examination of the general scientific conception of modern economics. However, economic science cannot consistently fulfil the epistemological and ontological requirements of the scientific standards underlying this conception. What can be scientifically recognized as true cannot be answered, neither through the actual ontological structure of the object of observation nor through a methodological demarcation. These limitations necessarily lead to the claim for both a pragmatic and a radical methodological pluralism.
    Keywords: pluralism,scientific conception,mainstream economics,methodology
    Date: 2021–11–20
  11. By: Abdessamad Dibi (UH2MC - Université Hassan II [Casablanca])
    Abstract: Since the emergence of the debate on intangible capital, the issue of its measurement remains one of the persistent questions of research in management sciences. Indeed, the subject has been the subject of much research, both conceptually and methodologically. In parallel to the work which has been interested in the exploration of the notion of the intangible as well as its different components, other research has tried to propose approaches and models for the measurement of this intangible capital. The review of the literature on the subject leads us to confront two main measurement approaches: that of evaluation (associating a value with intangible) and that of valuation (the constitution of intangible as an economic value and management of this value).
    Abstract: Depuis l'émergence du débat sur le capital immatériel, la problématique de sa mesure reste l'une des questions persistantes de la recherche en sciences de gestion. En effet, le sujet a fait l'objet de nombreuses recherches aussi bien sur le plan conceptuel que méthodologique. Parallèlement aux travaux qui se sont intéressé à l'exploration de la notion de l'immatériel ainsi que ses différentes composantes, d'autres recherches ont essayé de proposer des démarches et des modèles pour la mesure de ce capital immatériel. La revue de la littérature en la matière nous amène à confronter deux principales approches de mesure : celle de l'évaluation (associer une valeur à l'immatériel) et celle de la valorisation (la constitution de l'immatériel comme valeur économique et le pilotage de cette valeur).
    Keywords: Capital immatériel,mesure,évaluation,valorisation,performance globale Intangible capital,measurement,evaluation,valuation,overall performance
    Date: 2021–09–24
  12. By: Gleiberman, Mollie
    Abstract: The paper that follows is part of a wider effort IOB initiated last year – under the mandate of the previous Bureau of IOB - to question its “DNA” in view of rethinking its academic activities, particularly in the field of education. We are thankful that Mollie Gleiberman, who has been working here as a research and teaching assistant and who knows the institute quite well, was able to invest time and energy in the decolonization challenges for institutes like IOB and for IOB particularly. What came out of this exercise goes clearly beyond the field of education, the author not only situates the recent “decolonization movement” in a wider set of related literatures, her recommendations also question other dimensions of what we do and how we do it. The report is openly (self-)critical and this is exactly what we need to learn from in order to (at least try to) improve current practices. This being said, the critiques and recommendations are evidently just suggestions by the author, meant as inputs into a further collective decision-making process. In this sense, the standard sentence of a Working Paper applies: “The findings and views expressed in the IOB Working Papers are those of the authors. They do not necessarily represent the views of IOB as an institute”. This paper also accompanies one other paper on North-South Partnerships (Titeca 2021), which was also discussed with a number of people from our partner institutes (July 2021), and a report (to be written) that analyses the student survey on decolonization which was carried out in August of 2021. All of these will be “inputs” into a further process of reflection we plan to carry further in the months to come.
    Keywords: decolonisation; decolonization
    Date: 2021–10
  13. By: Qiao, Elizabeth (The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise)
    Abstract: In this paper, the author provides a bibliography of major and minor scholarly writings on free banking up to mid-2021. It is helpful both for expanding knowledge of the history of free banking and for providing references that may be useful for thinking about some aspects of cryptocurrencies.
    Keywords: Bibliography; free banking
    JEL: E42 E50
    Date: 2021–10–23

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