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on History and Philosophy of Economics |
| By: | Karp, Morris |
| Abstract: | During his life, Friedrich Hayek drastically changed his evaluation of Aristotle’s role in the history of political and economic thought. Initially considering Aristotle as one of the forerunners of the liberal tradition, he then came to consider Aristotle’s philosophy as the source of collectivist thought. By examining both published and unpublished materials, this article shows that Hayek’s attack on Aristotle in The Fatal Conceit is authentic and puts Hayek’s affirmations on Aristotle in the context of his intellectual development. Hayek’s rejection of Aristotle can be related to his increasing emphasis on the abstract nature of the rules governing complex phenomena. However, this does not explain why Hayek felt compelled to take such a stance on an ancient philosopher who was highly esteemed in the school he belonged to. Hayek’s abandonment of the established view on the Aristotelian roots of the Austrian school can be better understood by considering the intellectual environment of his time. His eventual adoption of Popper’s point of view on Aristotle meant taking a stance against Polany’s democratic socialism and distancing himself from Röpke’s catholic conservatism. |
| Date: | 2024–07–25 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:zp4wq |
| By: | Boldyrev, Ivan |
| Abstract: | Review of “Adorno’s Critique of Political Economy” by Dirk Braunstein. |
| Date: | 2024–07–25 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:tr3yj |
| By: | Rafael Galvão de Almeida (Cedeplar/UFMG) |
| Abstract: | This article introduces to economic theology and to the studies of capitalism and religion the concept of the demonic, as understood by the theologian and philosopher Paul Tillich and the economic historian Fritz Redlich. The demonic is understood by Tillich as the “sacred antidivine”, a strength that creates through destruction and consumption of previous arrangements – what economists understand as creative destruction. Capitalist dynamism is possible due to demonic. Redlich applies the demonic to entrepreneurship, observing from the great 19th century American industrialists known as robber barons how their creativity led to disruption of society and reactions against them. The article concludes that entrepreneurship must become more self-aware, while promoting a creativity that is resistant to the demonic. |
| Keywords: | entrepreneurship, economics and religion, economic theology, Paul Tillich, Fritz Redlich, critical entrepreneurship studies, demonic |
| JEL: | B20 L26 Z12 |
| Date: | 2024–07 |
| URL: | https://d.repec.org/n?u=RePEc:cdp:texdis:td669 |
| By: | Alfred Duncan; Charles Nolan |
| Abstract: | Adam Smith promoted free banking—private and compe ve bank notes backed by gold. He also supported restricons on banks. This paper analyses Smith’s views and the era in which they developed. We suggest his regulaons were a backstop against the risks banks posed to depositors but primarily to monetary stability. In modern parlance, Smith promoted macroprudenal regulaons to underpin monetary stability, just like Friedman and Schwartz (1963) viewed the FDIC in 1933 in the US. We discuss why Smith’s view of efficient banking was not realised. Ulmately, bank regulaon developed a microprudenal focus running aground in the 2008/9 financial crash. The rising prominence of macroprudenal regulaon may provide a chance to reorientate banking regulaon to support monetary stability. The early signs are not especially promising. |
| Keywords: | Adam Smith, banking |
| Date: | 2023–06 |
| URL: | https://d.repec.org/n?u=RePEc:gla:glaewp:2023_08 |
| By: | Claudius Graebner Radkowitsch (Institute for Comprehensive Analysis of the Economy, Johannes Kepler University Linz, Austria; Department of Pluralist Economics, Europa-University Flensburg, Germany); Jakob Kapeller (Institute for Comprehensive Analysis of the Economy, Johannes Kepler University Linz, Austria; Institute for Socio-Economics, University of Duisburg-Essen, Germany) |
| Abstract: | This short paper discusses the concept of "systemism", elaborates how it implicitly underpinned most seminal works of evolutionary-institutional economics, and explains how future research would benefit from making the systemist nature of evolutionary economics more explicit. More precisely, the paper clarifies the ontological and epistemological claims associated with systemism, and describes how the explicit use of systemism can support a pluralist meta-paradigm in heterodox economics and political economy in general, and evolutionaryinstitutional economics research in particular. |
| Date: | 2024–07 |
| URL: | https://d.repec.org/n?u=RePEc:ico:wpaper:155 |
| By: | Heng-fu Zou (The World Bank) |
| Abstract: | Liberalism and republicanism were often confused due to their shared opposition to absolute monarchy. However, contemporary scholars distinguish them as separate ideologies that each played crucial roles in shaping modern democratic ideals. Republicanism prioritized civic virtue and the collective welfare, while liberalism centered on economic principles and individualism. This distinction is particularly evident in their views on private property, where liberalism asserts that property rights are safeguarded through established positive law. |
| Date: | 2024–07–06 |
| URL: | https://d.repec.org/n?u=RePEc:cuf:wpaper:631 |
| By: | Hein, Eckhard |
| Abstract: | The principle of effective demand, and the claim of its validity for a monetary production economy in the short and in the long run, is the core of heterodox macroeconomics, as currently found in all the different strands of post-Keynesian economics (Fundamentalists, Kaleckians, Sraffians, Kaldorians, Institutionalists) and also in some strands of neo-Marxian economics, particularly in the monopoly capitalism and underconsumptionist school. In this contribution, we will therefore outline the foundations of the principle of effective demand and its relationship with the respective notion of a capitalist or a monetary production economy in the works of Marx, Kalecki and Keynes. Then we will deal with heterodox short-run macroeconomics and provide a simple short-run model, which is built on the principle of effective demand, as well as on distribution conflict between different social groups (or classes): rentiers, managers and workers. Finally, we will move to the long run and we will review the integration of the principle of effective demand into some variants of heterodox/post-Keynesian approaches towards distribution and growth, the Kaldor-Robinson, the Kalecki-Steindl and the Sraffian Supermultiplier model. |
| Keywords: | Effective demand, employment, distribution, growth, Marx, Kalecki, Keynes |
| JEL: | E20 E21 E22 E24 E25 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:ipewps:300571 |
| By: | Nicolas Piluso (CERTOP - Centre d'Etude et de Recherche Travail Organisation Pouvoir - UT2J - Université Toulouse - Jean Jaurès - UT - Université de Toulouse - UT3 - Université Toulouse III - Paul Sabatier - UT - Université de Toulouse - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Considering continuing environmental degradation linked to economic activity, it seems essential to examine the role companies can play in implementing sustainable development. This study aims to analyze lessons learned from standard theories on the effectiveness of corporate social and environmental responsibility. Indeed, corporate social responsibility and state intervention are frequently compared under the dual lens of collective well-being and environmental quality. For some economists, corporate social responsibility is preferable to state intervention from the point of view of maximizing collective well-being. By contrast, according to some other authors, state intervention is more effective for both maximizing well-being and protecting the environment. This literature review shows that corporate social responsibility is theoretically no more effective than public intervention in environmental protection: companies can be encouraged to commit themselves to protecting the environment under restrictive conditions, but this does not eliminate the essential importance of public intervention. Analysis of the assumptions of neoclassical models shows that, in reality, they do not take into account all the properties of a public good, i.e., all the properties of the climate and the environment. Finally, the conditions for implementing CSR are incompatible with maximizing collective well-being, which explains why public intervention is theoretically preferable to CSR. |
| Keywords: | Environmental efficiency, Externality costs of identity preservation, private production, Public good, state intervention, welfare |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04630926 |
| By: | Michael G Pollitt |
| Keywords: | Optimal tax theory, road user charges, energy taxation, electricity reform |
| JEL: | H21 R48 Q48 L94 |
| Date: | 2024–07 |
| URL: | https://d.repec.org/n?u=RePEc:enp:wpaper:eprg2409 |