difficult for governments to employ distributive policies, it is important to cooperate internati... more difficult for governments to employ distributive policies, it is important to cooperate internationally to promote worker’s welfare. To this end, he suggests an interesting set of policy recommendations at three levels. For individuals and NGOs, he calls for socially responsible investing, work in advocacy groups, and help to establish corporate codes of conduct. For governments, he emphasizes training and education, public-works jobs, worker subsidies, and support for labor mobility. Internationally, Kapstein argues for increasing labor’s voice in international institutions, greater efforts to link trade liberalization to labor standards, increased supervision of MNCs (including workers rights), increased foreign aid (especially health care and education), and steps to control capital flight. In view of the controversial issues involved, the recommendations deserve more space than Kapstein provides. Nonetheless, he makes a strong case for addressing worker’s concerns and presents a clear policy challenge to persons concerned with global social issues.
The economics literature includes several critiques of the dominant utilitarian position, as resp... more The economics literature includes several critiques of the dominant utilitarian position, as respectively offered by Posner (1979), Rawls (1971), Sen (1987) and institutionalist followers of John Dewey. There is also now a rapidly growing literature on the economics of happiness. Another quite distinctive position of social importance on these issues is provided by Joseph Ratzinger, also known as Pope Benedict XVI. It offers an alternative conception of ontology and teleology, and reflects conceptions of freedom, happiness, man and rationality different from those found in orthodox economics, and different too from those found in the above-mentioned critiques. It intersects with recent writings of Lawson (2003), Nelson (2010) and Tilman (2008). In order to promote critical scrutiny of the a priori positions embedded in contending schools of economic thought, it follows that the implications of this Ratzinger critique should be consciously confronted by economists, including institutionalists, with whom various starting points are shared.
Whereas economics is sometimes presented as the social science and indeed as imperialistic social... more Whereas economics is sometimes presented as the social science and indeed as imperialistic social science, the argument here is quite opposite. It is in fact economics itself which has been colonised by one or another political philosophy. Different schools of economic thought rest their foundations in different political and social philosophies, and this causes their proponents to orient their policy recommendations around differing definitions of ‘freedom’, ‘rationality’, ‘equality of opportunity’ and teleology. It is the a prioris of their implicit philosophies which gives distinctive character to their respective economic theories, and which define their approaches to ethical controversies in economics. Three broad schools of thought are identified in what follows. Chicago School economic imperialists base their response to questions of values and ethics in economics on the underlying philosophy of libertarianism. That philosophy is unacceptable to institutionalist economists, h...
Corruption is a widespread phenomenon, but relatively little is confidently known about its macro... more Corruption is a widespread phenomenon, but relatively little is confidently known about its macroeconomic consequences. This paper explicitly models the transmission channels through which corruption indirectly affects growth. Results suggest that corruption hinders growth through its adverse effects on investment in physical capital, human capital, and political instability. Concurrently, corruption is found to foster growth by reducing government consumption and, less robustly, increasing trade openness. Overall, a total negative effect of corruption on growth is estimated from these channels. These effects are found to be robust to modifications in model specification, sample coverage, and estimation techniques as well as tests for model exhaustiveness. Moreover, the results appear supportive of the notion that the negative effect of corruption on growth is diminished in economies with low governance levels or a high degree of regulation. No one-size-fits-all policy response appe...
Abstract: The work of EF Schumacher is addressed in the broad context of economic philosophy. His... more Abstract: The work of EF Schumacher is addressed in the broad context of economic philosophy. His economics present a frontal attack on neo-classical economics. He likewise rejects a Marxist analysis of society. And while he shares some of the concerns of the ...
Since white settlement of Australia in 1788, the Aboriginal community has remained a conspicuousl... more Since white settlement of Australia in 1788, the Aboriginal community has remained a conspicuously disadvantaged minority group. Decades of Federal and State government welfare policies have not prevented alcoholism, domestic violence and unemployment from undermining life in Aboriginal communities. Radically different policies are now being trialled, in recognition that a social emergency exists and in recognition that ‘money for nothing’
Cambridge Journal Of Economics 2012, 36, 1571���1573 doi: 10.1093/cje/bes079 ... �� Cambridge Pol... more Cambridge Journal Of Economics 2012, 36, 1571���1573 doi: 10.1093/cje/bes079 ... �� Cambridge Political Economy Society 2012. All rights reserved. ... The Editors would like to thank the following people who have acted as referees during the academic year 2011���2012 ... Tindara Addabbo Manuel Agosin Jonathan Aldred Daniel Ankarloo Dominique Anxo Philip Arestis Georgios Argitis Amiya Bagchi Mauro Baranzini Stephanie Barrientos Frank Barry Marco Bellandi Riccardo Bellofiore Elodie Bertrand Amit Bhaduri Patrizio Bianchi Joerg Bibow Christian Bidard Vinca Bigo ...
The International Journal of the Humanities: Annual Review, 2009
ABSTRACT Amongst the social sciences economics in particular lays claim to a rigorous scientific ... more ABSTRACT Amongst the social sciences economics in particular lays claim to a rigorous scientific paradigm. Economists nonetheless disagree in relation to contentious policy issues. The purpose of this paper is to illustrate the way in which implicit philosophical positions are incorporated into contending schools of economic thought by the particular definitions given to a select few keywords (such as freedom, rationality, equality, justice, man and teleology). The case argued in this paper is that economics cannot be well taught without appreciation of both the history of economic thought and the history of political philosophy i.e. without better integration of the humanities and the social sciences.
difficult for governments to employ distributive policies, it is important to cooperate internati... more difficult for governments to employ distributive policies, it is important to cooperate internationally to promote worker’s welfare. To this end, he suggests an interesting set of policy recommendations at three levels. For individuals and NGOs, he calls for socially responsible investing, work in advocacy groups, and help to establish corporate codes of conduct. For governments, he emphasizes training and education, public-works jobs, worker subsidies, and support for labor mobility. Internationally, Kapstein argues for increasing labor’s voice in international institutions, greater efforts to link trade liberalization to labor standards, increased supervision of MNCs (including workers rights), increased foreign aid (especially health care and education), and steps to control capital flight. In view of the controversial issues involved, the recommendations deserve more space than Kapstein provides. Nonetheless, he makes a strong case for addressing worker’s concerns and presents a clear policy challenge to persons concerned with global social issues.
The economics literature includes several critiques of the dominant utilitarian position, as resp... more The economics literature includes several critiques of the dominant utilitarian position, as respectively offered by Posner (1979), Rawls (1971), Sen (1987) and institutionalist followers of John Dewey. There is also now a rapidly growing literature on the economics of happiness. Another quite distinctive position of social importance on these issues is provided by Joseph Ratzinger, also known as Pope Benedict XVI. It offers an alternative conception of ontology and teleology, and reflects conceptions of freedom, happiness, man and rationality different from those found in orthodox economics, and different too from those found in the above-mentioned critiques. It intersects with recent writings of Lawson (2003), Nelson (2010) and Tilman (2008). In order to promote critical scrutiny of the a priori positions embedded in contending schools of economic thought, it follows that the implications of this Ratzinger critique should be consciously confronted by economists, including institutionalists, with whom various starting points are shared.
Whereas economics is sometimes presented as the social science and indeed as imperialistic social... more Whereas economics is sometimes presented as the social science and indeed as imperialistic social science, the argument here is quite opposite. It is in fact economics itself which has been colonised by one or another political philosophy. Different schools of economic thought rest their foundations in different political and social philosophies, and this causes their proponents to orient their policy recommendations around differing definitions of ‘freedom’, ‘rationality’, ‘equality of opportunity’ and teleology. It is the a prioris of their implicit philosophies which gives distinctive character to their respective economic theories, and which define their approaches to ethical controversies in economics. Three broad schools of thought are identified in what follows. Chicago School economic imperialists base their response to questions of values and ethics in economics on the underlying philosophy of libertarianism. That philosophy is unacceptable to institutionalist economists, h...
Corruption is a widespread phenomenon, but relatively little is confidently known about its macro... more Corruption is a widespread phenomenon, but relatively little is confidently known about its macroeconomic consequences. This paper explicitly models the transmission channels through which corruption indirectly affects growth. Results suggest that corruption hinders growth through its adverse effects on investment in physical capital, human capital, and political instability. Concurrently, corruption is found to foster growth by reducing government consumption and, less robustly, increasing trade openness. Overall, a total negative effect of corruption on growth is estimated from these channels. These effects are found to be robust to modifications in model specification, sample coverage, and estimation techniques as well as tests for model exhaustiveness. Moreover, the results appear supportive of the notion that the negative effect of corruption on growth is diminished in economies with low governance levels or a high degree of regulation. No one-size-fits-all policy response appe...
Abstract: The work of EF Schumacher is addressed in the broad context of economic philosophy. His... more Abstract: The work of EF Schumacher is addressed in the broad context of economic philosophy. His economics present a frontal attack on neo-classical economics. He likewise rejects a Marxist analysis of society. And while he shares some of the concerns of the ...
Since white settlement of Australia in 1788, the Aboriginal community has remained a conspicuousl... more Since white settlement of Australia in 1788, the Aboriginal community has remained a conspicuously disadvantaged minority group. Decades of Federal and State government welfare policies have not prevented alcoholism, domestic violence and unemployment from undermining life in Aboriginal communities. Radically different policies are now being trialled, in recognition that a social emergency exists and in recognition that ‘money for nothing’
Cambridge Journal Of Economics 2012, 36, 1571���1573 doi: 10.1093/cje/bes079 ... �� Cambridge Pol... more Cambridge Journal Of Economics 2012, 36, 1571���1573 doi: 10.1093/cje/bes079 ... �� Cambridge Political Economy Society 2012. All rights reserved. ... The Editors would like to thank the following people who have acted as referees during the academic year 2011���2012 ... Tindara Addabbo Manuel Agosin Jonathan Aldred Daniel Ankarloo Dominique Anxo Philip Arestis Georgios Argitis Amiya Bagchi Mauro Baranzini Stephanie Barrientos Frank Barry Marco Bellandi Riccardo Bellofiore Elodie Bertrand Amit Bhaduri Patrizio Bianchi Joerg Bibow Christian Bidard Vinca Bigo ...
The International Journal of the Humanities: Annual Review, 2009
ABSTRACT Amongst the social sciences economics in particular lays claim to a rigorous scientific ... more ABSTRACT Amongst the social sciences economics in particular lays claim to a rigorous scientific paradigm. Economists nonetheless disagree in relation to contentious policy issues. The purpose of this paper is to illustrate the way in which implicit philosophical positions are incorporated into contending schools of economic thought by the particular definitions given to a select few keywords (such as freedom, rationality, equality, justice, man and teleology). The case argued in this paper is that economics cannot be well taught without appreciation of both the history of economic thought and the history of political philosophy i.e. without better integration of the humanities and the social sciences.
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