Reassessing The Paradigm Of Economics
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Reassessing The Paradigm Of Economics
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Author : Valeria Mosini
language : en
Publisher: Routledge
Release Date : 2011-07-28
Reassessing The Paradigm Of Economics written by Valeria Mosini and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-07-28 with Business & Economics categories.
When President Reagan and Prime Minister Thatcher adopted the neoliberal doctrine as the paradigm of economics, there was no evidence that the move would have been successful, but thirty years on, the recurrent crises that culminated in 2008 suggest a serious mis-match between expectations and outcomes: a re-examination of the paradigm is in order. This book focuses on Milton Friedman’s formulation of the neoliberal doctrine, and analyses two aspects that were essential to turning it into a fully-fledged paradigm: the attribution of scientific status to positive economics, which led to informing public policies on the requirements of the market; and the characterisation of economic freedom as capable of promoting political freedom, which led to identifying free market with democracy. The book exposes Friedman’s methodological argument for attributing positive economics scientific status as a failure, and his characterisation of economic freedom as a delusion; it identifies in the emergence as the mainstream in economics of the neoclassical synthesis, which borrowed from Walras’ the mathematical treatment of equilibrium but not the ethical and social framework in which it was inscribed, a development that facilitated the transition from the Keynesian to the neoliberal paradigm. Dr. Mosini shows that the gigantic bail-outs carried out courtesy of the public purse, which institutionalised the practice of collectivising losses while keeping profits private, were no accident, but the consequence of the rethinking of the function of lender of last resort according to Friedman’s conception of rationality in relation to risk, combined with his interpretation of the 1930s recession. The book concludes that the neoliberal paradigm has served the interests of the economically powerful social strata it was designed to benefit extremely well, but that the deep, and deepening, injustice it has brought about calls for a complete rethinking of the paradigm of economics according to ethical principles respectful of human values. This book should be of interest to students and researchers of Political Economy, Economic Methodology, History of Economic Thought and Philosophy.
Revisiting Islamic Economics
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Author : Nabil El Maghrebi
language : en
Publisher: Springer Nature
Release Date : 2024-01-21
Revisiting Islamic Economics written by Nabil El Maghrebi and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-01-21 with Business & Economics categories.
This book discusses the need for a paradigm shift from Islamic economics universe of discourse to Iqtisād, a socio-economic system that is entirely independent from other economic doctrines and systems of thought. It provides an overview of critiques of the science and dogma of mainstream, orthodox, neoclassical, or simply Economics, with its axioms of rationality, scarcity, and unlimited wants. There is also a critical analysis of Islamic economics, and its failures to set its own policy agenda and development objectives. Our contention in this book is that Iqtisād--the Qur’an’s vision of how the economy is to be arranged—provides such a paradigm with a radically different philosophical foundation from that of Economics to the point that makes grafting one onto the other Impossible. Iqtisād offers a genuine and authentic Islamic paradigm with unique etymological and philosophical foundations. It is a unique system that derives its organizing principles from the principal source of the Quran, rather than Economics. The logical coherence of its immutable system of rules compliance, institutional structures, and risk-sharing relations provides the foundations for economic dynamism, financial stability, and shared prosperity. It ensures that resources are efficiently managed, poverty is eradicated, income and wealth mal-distributions are corrected, and the internal sources of economic injustices gripping human societies are eliminated. The Impossibility Theorem proposed in this book implies that, metaphysically, ontologically, epistemologically, axiologically, and teleologically, the two polar cases of Iqtisād and Economics are so radically different to rule out any grafting of one onto the other in order to present an intermediate paradigm with a synthetic discipline called Islamic economics. Given its multidisciplinary contents, this book will be of interest to a wide audience, including economists, policymakers, philosophers, theologians, and jurists, and can guide also free-thinking readers to a clarity of understanding about the conditions of humanity and the imperative of change with a sincerity of purpose and coherence in knowledge.
Great Economic Thinkers
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Author : Jonathan Conlin
language : en
Publisher: Reaktion Books
Release Date : 2018-11-15
Great Economic Thinkers written by Jonathan Conlin and has been published by Reaktion Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-11-15 with Business & Economics categories.
Great Economic Thinkers presents an accessible introduction to the lives and works of thirteen of the most influential economists of modern times: Adam Smith, David Ricardo, John Stuart Mill, Karl Marx, Alfred Marshall, Joseph Schumpeter, John Maynard Keynes, and Nobel Prize winners Friedrich Hayek, Milton Friedman, John Forbes Nash, Jr., Daniel Kahneman, Amartya Sen, and Joseph Stiglitz. Free from confusing jargon and equations, the book describes key concepts put forward by these thinkers and shows how they have come to shape how we see ourselves and our society. Readers will consider the role played by the division of labor, wages and rents, cognitive biases, saving, entrepreneurship, game theory, liberalism, laissez-faire, and welfare economics. All of the economists featured have had a profound influence on our attitudes towards market intervention and regulation, taxation, trade, and monetary policy. Each of the chapters—all written by an acknowledged expert—combines a biographical outline of a single thinker with critical analysis of their contribution to economic thought. If you’ve ever wanted to find out more about the theorists who gave us the invisible hand, Marxism, Keynesianism, creative destruction, behavioral economics, and many other foundational concepts of economics, this collection of essays is the perfect place to start.
The Keynesian Revolution And Our Empty Economy
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Author : Victor V. Claar
language : en
Publisher: Springer
Release Date : 2019-04-06
The Keynesian Revolution And Our Empty Economy written by Victor V. Claar and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-04-06 with Business & Economics categories.
This book considers the cultural legacy of the Keynesian Revolution in economics. It assesses the impact of Keynes and Keynesian thinking upon economics and policy, as well as the response of the Chicago and Austrian schools, and the legacy of all three in shaping economic life. The book is a call to restore economics to its roots in moral and cultural knowledge, reminding us that human beings are more than consumers. The Keynesian Revolution taught us that we should be happy if we are prosperous, but instead we feel hollow and morally anxious – our economy feels empty. Drawing on paradigms from earlier historical periods while affirming modern market systems, this book encourages a return to a view of human beings as persons with the right and responsibility to discover, and do, the things in life that are intrinsically good and enduring. Because in the long run, the legacy of our choices will continue long after “we’re all dead.”
Positional Analysis For Sustainable Development
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Author : Judy Brown
language : en
Publisher: Routledge
Release Date : 2017-05-18
Positional Analysis For Sustainable Development written by Judy Brown and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-18 with Business & Economics categories.
Climate change, biodiversity loss, pollution of land and water, land-use changes, lack of equality and other problems at local, national and global levels represent a challenge for economics as a social science. Mainstream neoclassical economics may be able to contribute to a more sustainable society but it has also played a dominant role in a period where problems have been aggravated. A pluralist and democratic view of economics is therefore very much warranted. This book presents a multidimensional and ideologically more open view of economics: understanding economics in multidimensional terms is in accordance with the 17 sustainable development goals recognized by nations at the UN-level in 2015. Accordingly, approaches to decision making and accounting at the national- and business levels have to be reconsidered. Neoclassical Cost-Benefit Analysis (CBA) with focus on the monetary dimension and an assumed consensus about a specific market ideology to be applied is not compatible with democratic societies where citizen and actors in other roles normally differ with respect to ideological orientation. Environmental Impact Statements and Multi-Criteria methods are used to some extent to broaden approaches to decision-making. In this book, Positional Analysis is advocated as a multidimensional and ideologically open approach. Positional Analysis is based on a political economic conceptual framework (as part of ecological economics) that differs from neoclassical ideas of individuals, firms and markets. And since approaches to decision-making and to accounting are closely connected, a new theoretical perspective in economics similarly raises issues of how national and business accounting can be opened up to meet present demands among various actors in society. This perspective raises also numerous ethical questions at the science and policy interface that need to be properly addressed for sustainability decision making.
Relationship Economics
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Author : Mr Bryan K Ritchie
language : en
Publisher: Gower Publishing, Ltd.
Release Date : 2012-08-28
Relationship Economics written by Mr Bryan K Ritchie and has been published by Gower Publishing, Ltd. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-08-28 with Business & Economics categories.
In a 24/7 world and a global economy, there is no doubt that relationships impact virtually every economic transaction. In Relationship Economics, Lindon Robison and Bryan Ritchie argue that what needs to be understood is not just whether relationships matter (which, of course, they do), but also, how much, and in what circumstances they should matter. Providing a rigorous and measurable definition of the way that relationships among individuals create a capital, social capital, that can be saved, spent, and used like other forms of capital, Robison and Ritchie use numerous examples and insightful analysis, to explain how social capital shapes our ability to reduce poverty, understand corruption, encourage democracy, facilitate income equality, and respond to globalization. The first part of the book explains how social capital can be manipulated, stored, expended, and invested. The second part explores how levels of social capital within relationships influence economic transactions both positively and negatively, which in turn shape poverty levels, economic efficiency, levels and types of political participation, and institutional structures.
Paradigms In Progress
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Author : Hazel Henderson
language : en
Publisher:
Release Date : 1993
Paradigms In Progress written by Hazel Henderson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Economic development categories.
The Reconstruction Of Economics
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Author : Allan Garfield Gruchy
language : en
Publisher: Greenwood
Release Date : 1987
The Reconstruction Of Economics written by Allan Garfield Gruchy and has been published by Greenwood this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987 with Institutional economics categories.
Allan Gruchy, the elder statesman of the institutionalist school of economic thought, has written a book which is important because it is both insightful and profound. Gruchy seeks to identify and to describe the essential unity of institutionalist economic thought. He finds the essence of institutionalism in the paradigmatic shift away from the old scientific paradigm of orthodox economics, which emphsizes static equilibrium, to the new scientific paradigm of institutionalist economics, which emphasizes dynamic process. . . . Gruchy calls for a reconstruction of economics which is long overdue. Review of Social Economy The interpretations and solutions generated by orthodox economics, with its emphasis on efficiency and personal market forces, have failed to satisfy many economists. An alternative framework has been developed in the past eight decades by institutional economists, who view the economic system not as a competitive equilibrium to be kept in balance but as an ongoing economic process through which the material needs of its human participants are to be met. Although insitutional economics represents a major and growing body of work, it has not always been clear how it differs from other approaches. In his new book, Allan Gruchy, considered the dean of institutional economics, addresses this problem. Pointing up the underlying unity of work done in this field, he provides a clear, basic statement of what it is all about and what intellectual and social currents have shaped it.
Rediscovering Social Economics
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Author : Roger D. Johnson
language : en
Publisher: Palgrave Macmillan
Release Date : 2018-07-13
Rediscovering Social Economics written by Roger D. Johnson and has been published by Palgrave Macmillan this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-07-13 with Business & Economics categories.
This book argues that economists need to reengage with societal issues, such as justice and fairness in distribution, that inevitably arise when discussing the basic economic problem of unlimited human wants and finite resources. Approaching the problem through a history of economic thought, Johnson reexamines Adam Smith’s contributions to show how they reach beyond neoclassical models that are too simplistic to reflect the growing interdependencies of market economies. He breaks down supposedly value-free neoclassical postulates to expose normative assumptions about economics and justice, demonstrating, for example, that the concept of market equilibrium is problematic because need-based behavior can produce involuntary unemployment even when a competitive labor market achieves equilibrium.
Integrated Water Resources Management In The 21st Century Revisiting The Paradigm
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Author : Pedro Martinez-Santos
language : en
Publisher: CRC Press
Release Date : 2014-03-03
Integrated Water Resources Management In The 21st Century Revisiting The Paradigm written by Pedro Martinez-Santos and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-03-03 with Law categories.
Integrated water resources management advocates a coordinated approach for managing water resources in a way that balances social and economic needs with concern for the environment. While potentially useful, integrated water management is also controversial. Supporters believe that the multi-dimensional nature of water can only be understood and managed from a holistic perspective, while critics often argue that integrated water management lacks suffi ciently well-defi ned rules for its practical implementation. This book, written by academics, users and practitioners, provides a down-to-earth approach to the ideal of integrated water resources management, drawing from conceptual frameworks and real-life practice to identify the key aspects that are yet to be resolved. As such, it examines the role of water accounting, food trade, environmental externalities and intangible values as key aspects whose consideration may help the water management community move forward. Overall, integrated water resources management is perceived to be a useful utopia, whose value lies more in the steps that need to be taken to make it a reality than in achieving its ever-elusive end goal.