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on History and Philosophy of Economics |
| By: | Matías Vernengo (Bucknell University) |
| Abstract: | This paper critically analyzes Geoffrey Hodgson’s definition of heterodox economics as the refutation of the orthodox view that emphasizes utility maximization as its main theoretical core, and his view that it is the fragmentation of heterodox economics that explains its subsidiary role within the profession. Hodgson’s views led to a series of responses, that criticize his definition, but also present significant problems of their own. The limitations of Hodgson and his critics’ views are contrasted with an alternative definition that emphasizes the importance of conflictive distribution and the principle of effective demand in the long run. The idea of a broad tent, from a sociological point of view, does not preclude the need for a clear analytical definition of heterodoxy. The broad tent should be seen as part of a strategy of survival. |
| Keywords: | Economic Methodology; Heterodox Economics |
| JEL: | B4 B5 |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:ris:sraffa:023857 |
| By: | Villalobos López, José Antonio |
| Abstract: | This paper analyses the influence of the philosophical principles of thinkers such as Plato, Aristotle, Thomas Aquinas, Locke, Montesquieu, Rousseau, Kant, Smith, Mill, Marx, Keynes, Popper, Rawls and Sen on the shaping of Mexican economic policy during the 2019–2024 presidential term. A qualitative approach involving a literature review and critical-interpretative analysis is employed, combining classical philosophical texts with official documents from the New Economic Policy, structured around five key pillars: democracy, justice, honesty, austerity and well-being. The results show that the public policies and social programmes implemented (including an increase in the number of elderly pensioners and universal grants for state school pupils, amongst others) contributed to a 30 per cent reduction in multidimensional poverty over the period and succeeded in increasing the real minimum wage by 116 per cent. The study demonstrates that the fundamental principles of Mexican economic policy are underpinned by the philosophical reflections of the authors analysed. |
| Keywords: | Economic policy; political economy; political philosophy; public ethics; social justice |
| JEL: | E65 |
| Date: | 2026–10–13 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:131401 |
| By: | Buchner, Johannes |
| Abstract: | Die dramatischen ökonomischen Folgen des Klimawandels werden in dem in weiten Teilen der Wirtschaftswissenschaft vorherrschenden neoklassischen Paradigma fundamental unterschätzt. Das hat auch mathematische Gründe, da dort Gleichgewichtsmodelle dominieren, die für die nichtlineare Struktur des Klimasystems ungeeignet sind. Wir schlagen daher eine "kritische mathematische Ökonomie" vor, um einen solchen Missbrauch mathematischer Modelle zu kritisieren, bessere Modelle zu entwickeln, und auch über den Kapitalismus hinausweisende Wirtschaftsweisen mit Methoden aus der Mathematik und Informatik zu unterstützen. Es geht dabei insbesondere um die Möglichkeit und Notwendigkeit einer ökologischen und demokratischen Wirtschaftsplanung, auch mit Blick auf aktuelle KIEntwicklungen. Wir betrachten sowohl technische Möglichkeiten als auch die Ambivalenz von KI aus progressiver Sicht genauer (inkl. verschiedener grundlegender Definitionen, was "KI" genau bedeutet), mit einem Fokus auf Nachhaltigkeit, Kreislaufwirtschaft und Wirtschaftsdemokratie. |
| Keywords: | mathematical economics, nonequilibrium climate modelling, AI, democratic economic planning, circular economy |
| JEL: | A12 C02 Q54 Q57 P21 P41 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:znwudp:344210 |
| By: | Karl-Friedrich Israel (EGEI - Éthique et Gouvernance de l’Entreprise et des Institutions - UCO - Université Catholique de l'Ouest, COGI - Comportements, Organisations et Gouvernance des Institutions - UCO - Université Catholique de l'Ouest) |
| Abstract: | Austrian price theory is riddled with inconsistencies surrounding the neoclassical income eFect and GiFen behavior. It has sometimes been argued that neither the income eFect nor GiFen behavior exist. This paper first argues that GiFen behavior is possible and can perfectly well be explained within the framework of Austrian price theory in the tradition of Mses. Moreover, it shows that income eFects are real. They are merely an outgrowth of the law of diminishing marginal utility applied to money. The paper also outlines the expenditure approach to income and substitution eFects as an alternative conceptualization that does not require any reference to quantifiable and measurable notions of utility, or an unambiguous and objective notion of real income. |
| Keywords: | Price theory, Giffen behavior, Income effect, Substitution effect |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04905506 |
| By: | Nicholas C. Barberis |
| Abstract: | Behavioral finance seeks to improve our understanding of markets, investors, and firms by adopting a psychologically realistic description of how people think. While behavioral finance ideas have been part of human discourse for decades if not centuries, the modern research effort in the field began in the 1980s. Forty years later, behavioral finance is a vibrant area of financial economics. In this article, I explain why by reviewing some of its recent progress. I focus on three topics – beliefs about future earnings, beliefs about future returns, and prospect theory – and on their applications to understanding asset prices and investor behavior. I close by commenting on some new directions in the field – cognitive foundations, non-traditional decision processes, and artificial intelligence. |
| JEL: | G11 G12 G14 G40 G50 |
| Date: | 2026–10 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:35959 |