How the Dismal Science Got its Name: Debating Racial Quackery

2001 ◽  
Vol 23 (1) ◽  
pp. 5-35 ◽  
Author(s):  
David M. Levy
Keyword(s):  
Economic Theory ◽  
Political Economy ◽  
West Indian ◽  
Classical Economic ◽  
Racial Slavery

Here is a fact that seems to surprise many deeply learned scholars. The term “dismal science” was applied to British political economy as the 1840s ended because of its role bringing about the emancipation of West Indian slaves in the 1830s. This paper addresses the consequences that follow from our ignorance of the role of classical economic theory in the anti-racial slavery coalition of Biblical literalists and utilitarians.

The Role of Religious Ideas and the Use of Models in Max Weber's Comparative Studies of Non-Capitalist Societies

1970 ◽  
Vol 30 (1) ◽  
pp. 74-99 ◽  
Author(s):  
R. Stephen Warner
Keyword(s):  
Economic Theory ◽  
Political Science ◽  
Comparative Studies ◽  
Max Weber ◽  
Historical Sociology ◽  
Economic Life ◽  
Classical Economic ◽  
Use Of Models ◽  
Significant Question

The theme of this conference, “The Organizational Forms of Economic Life and Their Evolution,” implies a concern for specifying the limits of the applicability of classical and neo-classical economic theory. Presumably because we sociologists have been in the forefront of those who insist on the recognition of these limits, I have been asked to present a paper from the viewpoint of historical sociology. Now I suppose that your field and mine are alike in at least one respect: the infrequency of finding any one view on a broad and significant question. I am sure you will understand, therefore, my concentration on some lessons to be learned from the work of one of the heroes of my discipline, Max Weber (1864–1920). Weber, as you may know, was, among his other titles, a professor of economics and avoided the epithet of “sociologist.” Yet because sociology has changed since his day, largely under his influence, and because he was also a professor of law and of political science, we sociologists have now claimed him. Nevertheless, many of the issues that informed his massive scholarly research were and are issues central to both your field and mine.

scholarly journals Some Uses of Happiness Data in Economics

2006 ◽  
Vol 20 (1) ◽  
pp. 25-46 ◽  
Author(s):  
Rafael Di Tella ◽  
Robert MacCulloch
Keyword(s):  
Public Policy ◽  
Economic Theory ◽  
Political Economy ◽  
Empirical Research ◽  
Well Being ◽  
Empirical Measures ◽  
Happiness Research ◽  
Interpersonal Comparisons ◽  
Individual Welfare

Happiness research is based on the idea that it is fruitful to study empirical measures of individual welfare. The most common is the answer to a simple well-being question such as “Are you Happy?” Hundreds of thousands of individuals have been asked this question, in many countries and over many years. Researchers have begun to use these data to tackle a variety of important questions in economics. Some require strong assumptions concerning interpersonal comparisons of utility, but others make only mild assumptions in this regard. They range from microeconomic questions, such as the way income and utility are connected, to macroeconomic questions such as the tradeoff between inflation and unemployment, including large areas in political economy. Public policy is another area where progress using happiness data is taking place. Given the central role of utility notions in economic theory, we argue that the use of happiness data in empirical research should be given serious consideration.

The Aptitude for Methodological Analysis

2015 ◽  
Vol 2015 (2) ◽  
pp. 66-88
Author(s):  
Arut Delenyan
Keyword(s):  
Economic Theory ◽  
Political Economy ◽  
Scientific Work ◽  
State University ◽  
New Paradigm ◽  
Essential Tool ◽  
Economics Faculty ◽  
Rational Organization ◽  
Moscow State University

The article is dedicated to the memory of an outstanding scholar and economist, Nikolai Tsagolov, the 110 anniversary of his birth. Special emphasis is paid to the role of methodology in the development of a new paradigm of economic theory and methodological seminar as an essential tool for processing theorists’ factual material, which was effectively used by N. Tsagolov. The article describes the structure of the methodological seminar for many years operating at the department of political economy of the Economics faculty of Moscow State University. The author emphasizes the collective nature of scientific work aimed at rational organization of labor. Attention is also drawn to the risks inherent in the widespread use of methodological techniques as well as the issues which require the attention of social theorists.

scholarly journals Theory, General Equilibrium, and Political Economy in Development Economics

2010 ◽  
Vol 24 (3) ◽  
pp. 17-32 ◽  
Author(s):  
Daron Acemoglu
Keyword(s):  
Economic Theory ◽  
Political Economy ◽  
General Equilibrium ◽  
Policy Analysis ◽  
Recent Work ◽  
Development Economics ◽  
Empirical Work ◽  
Counterfactual Analysis

I discuss the role of economic theory in empirical work in development economics with special emphasis on general equilibrium and political economy considerations. I argue that economic theory plays (should play) a central role in formulating models, estimates of which can be used for counterfactual and policy analysis. I discuss why counterfactual analysis based on microdata that ignores general equilibrium and political economy issues may lead to misleading conclusions. I illustrate the main arguments using examples from recent work in development economics and political economy.

Introduction to Part II

2021 ◽  
pp. 69-72
Author(s):  
Ryan Walter
Keyword(s):  
Economic Theory ◽  
Political Economy ◽  
Case Studies ◽  
Parliamentary Debate ◽  
Bank Of England ◽  
Abstract Level ◽  
Corn Laws ◽  
Development Of Economic Theory

This Introduction indicates the aim of the two chapters that follow: to illustrate how parliamentary debate provided political economy with its topics of discussion and forms of argument. The particular case studies are the Bullion Controversy and the Corn Laws debate. The first controversy concerned the role of the Bank of England in raising prices through an excessive note issue, and this question came to be examined by writers such as Malthus and Ricardo at an abstract level. But this style of argument was rejected as inappropriate for guiding the deliberations of Parliament in 1810–1811. In relation to the second case, the Corn Laws, c. 1813–1815, the question of whether or not the trade in corn should be free was treated in Parliament as a question requiring casuistical adjudication, a style of argument that Malthus and Ricardo were evidently obliged to adopt, along with other participants. Both topics have traditionally been studied as key moments in the development of economic theory, yet the account developed here suggests that we have typically misread the texts by placing them in unhistorical contexts.

scholarly journals Un-homing with words: economic discourse and displacement as alienation

2020 ◽  
pp. 147447402097025
Author(s):  
Sara Westin
Keyword(s):  
Economic Theory ◽  
Political Economy ◽  
Affordable Housing ◽  
Well Being ◽  
Welfare Loss ◽  
Regulation System ◽  
Theoretical Underpinning ◽  
Economic Discourse ◽  
Classical Economic ◽  
The City

This paper is an investigation into the psychological aspects of displacement, where displacement is understood as a form of un-homing that severs the connection between people and place. Extending the human-geographical discussion begun by Mark Davidson and Rowland Atkinson on the possibility of being displaced while staying put, I argue that words and narratives – here exemplified by the Swedish (neo-classical) economic discourse on market rents – can displace people, and that this particular kind of un-homing is best understood as alienation. A theoretical underpinning is psychoanalyst Paul Verhaeghe’s work on identity and language and on the effects of neoliberal political economy on our psychological well-being. I analyze texts by and interviews with economists arguing for the abolishment of the ‘rent regulation system’ and find that their use of the terms ‘insiders’ and ‘outsiders’ frames (current) tenants as undeserving and in the way. Economists encourage displacement (of people who lack the means to pay market rents), they gentrify with their words. By being told they are a ‘welfare loss’, tenants with affordable housing in attractive parts of the city are pushed to become critical on-lookers onto themselves, thereby dis-placed from the spontaneous act of dwelling and alienated from their original insideness. A larger conclusion is that the famous economist Milton Friedman was right: neo-classical economic theory, and homo neoliberalismus, in particular, does not respect geography. This disrespect, I explain, should be interpreted as a philosophical negligence towards human situatedness in place, and as an ethical carelessness towards people’s need for home.

scholarly journals Evolution of economic thought in the context of the lending problem in the second half of 17th - middle 19th century

2020 ◽  
pp. 121-126
Author(s):  
Mykhailo Orlyk
Keyword(s):  
Economic Theory ◽  
19Th Century ◽  
Russian Empire ◽  
Economic Thought ◽  
Theoretical Understanding ◽  
Role Of The State ◽  
The Russian Empire ◽  
Classical Economic ◽  
Banking Credit

The article analyzes the scientific achievements of the classical economic school representatives of the second half of the 17th - middle of the 19th century in the field of lending through the prism of modernity. The goal of research is to study the evolution of views on the nature and role of lending by the classical school representatives of economics in the second half of 17th - mid 19th centuries. Methods of research. Both general scientific and special methods of scientific cognition were used to solve the tasks, that were set for the goal. Systematic and structured approaches, methods of generalization, analysis, comparison, synthesis, and scientific abstraction were used in the process of writing the article. Results of work. In the article had been established and analyzed the evolution of the theoretical understanding of the lending problem in the classical school of economics from the time of its foundation to the beginning of the realization of its theoretical achievements in the financial and economic space of the Russian Empire. The field of application of results. The results of the held study can be used in teaching courses in the history of economics and economic thought, as well as other economic disciplines, in the training of specialists in banking, credit and economic theory. Conclusions. The held study of the views evolution of the classical economic school representatives on the problem of lending allows us to conclude that credit as a socio-economic phenomenon has aroused significant interest of researchers. Among the main questions, that were set by scientists, were questions related to the principles of reward formation for the credit and its role in the development of the country's economy. Many researchers have paid attention to the question of the state’s place in the credit relations of the borrower and the lender. Examining the process of transformation of economic theory, we can conclude that the role of the state as a strict regulator of credit relations had gradually changed to the role of guarantor of credit obligations. A significant impetus to the development of economics in the context of understanding credit in the Russian Empire was made by M. Bunge. He has not only theoretically justified the importance of the credit availability for the development of economic relations, but also put his own scientific ideas into practice.

scholarly journals PERLINDUNGAN TERHADAP HARGA KOMODITAS PASAR (Telaah Pemikiran Ibn Taimiyyah)

At-Taqaddum ◽  
2018 ◽  
Vol 10 (1) ◽  
pp. 1
Author(s):  
Singgih Muheramtohadi
Keyword(s):  
Economic Theory ◽  
Adam Smith ◽  
Price Regulation ◽  
Price Formation ◽  
Role Of Government ◽  
Economic Behaviour ◽  
Market Protection ◽  
Classical Economic

<p> </p><p align="center"><strong>ABSTRACT</strong></p><p><em>The Name of Ibn Taimiyyah often identified to Wahabi’s movement. The thought of Taimiyyah often blamed for the influence to Jihadist movement. So the research about Ibn Taimiyah’s thougt very important to do. In the exploration in Taimiyyah’s concept,  the writer found some pieces of Taimiyya’s teachigs relevant to  the current theories. One of them is the Price Formation in the Market and the role of Government in making the Price Regulation. And Taimiyyah’s Statements corespondent to Adam Smith’s Classical Economic Theory. Furthermore, islam have managed about price market protection. This Paper will discuss about the mechanism of price formation in market, the inhabiting factors in Price Formation in Market, the dangers caused by monopoly, and How islam have managed the economic behaviour. This Paper will discuss these themes according to Ibn Taimiyyah thoughts. </em></p><p>==================================================</p><p align="center"><strong>ABSTRAK</strong></p><p><strong> </strong>Nama Ibn Taimiyyah sering diidentikkan dengan gerakan Wahabiah. Pemikiran Ibn Taimiyyah sering dijadikan kambing hitam karena pengaruhnya terhadap gerakan jihadis. Sehingga, penelitian terhadap pemikiran Ibn Tamiyyah penting dilakukan. Dalam melakukan eksplorasi terhadap pemikiran Ibn Tamiyyah, penulis menemukan beberapa bagian dari tulisan Ibn Taimiyyah yang sebenarnya relevan terhadap teori masa kini. Salah satu nya tentang Pembentukan Harga di Pasar dan Peran pemerintah dalam melakukan regulasi harga. Dan pernyataan-pernyataan Ibn Taimiyyah ternyata banyak yang sesuai dengan teori ekonomi, bahkan menyerupai teori ekonomi klasik yang dicetuskan oleh Adam Smith. Padahal Ibn Taimiyyah hidup sekitar 5 abad sebelum teori ekonomi klasik muncul.  Dan sebenarnya dalam islam sendiri terdapat kaedah perlindungan terhadap harga pasar.</p><p>Tulisan ini mengupas tentang bagaimana mekanisme pembentukan harga di pasar? Faktor apa saja yang menghambat pembentukan harga di pasar? Dan apa peran pemerintah untuk mencegah distorsi terhadap harga di pasar? Apa bahaya monopoli terhadap keseimbangan di pasar? Dan bagaimana etika islam dalam mengatur perilaku ekonomi? Tulisan ini akan membahas tema-tema tersebut dengan menggunakan kerangka pemikiran Ibn Taimiyyah.</p>

Krishna Bharadwaj on the Role of Expectations in Economic Theory

2021 ◽  
pp. 001946622110198
Author(s):  
Maria Cristina Marcuzzo
Keyword(s):  
Economic Theory ◽  
Political Economy ◽  
Explanatory Role ◽  
Neoclassical Theory ◽  
Jel Codes ◽  
Expectation Formation ◽  
Long Period ◽  
Classical Political Economy ◽  
What Matters

In this article, I discuss the approach favoured by Bharadwaj, in the tradition of classical political economy and of Sraffa, where the focus is on those factors that are observed as opposed to the subjective factors that are neither observable nor measurable. Unlike neoclassical theory, with this approach, there is no room for concepts such as ‘utility’ and the like; insofar as ‘expectations’ are conceived as subjective, non-observable entities, they are not attributed with an explanatory role in the theory of prices and distribution. Moreover, since expectation formation is seen as the effect rather than cause of behaviour, the focus shifts to those social, historical and contingent elements that seem to have a better explanatory force. In this approach, what matters is the persistence of forces leading the system to tend, in the long period, towards a position of rest. JEL Codes: B2, B31

Once Again About Political Economy as a Scientific and Educational Discipline (on the Debated Aspects of the Problem)

2020 ◽  
pp. 118-128
Author(s):  
A.A. Porokhovsky
Keyword(s):  
Economic Theory ◽  
Political Economy ◽  
Academic Discipline ◽  
Special Kind ◽  
Russian Scientific ◽  
Current State ◽  
University Courses ◽  
Neoclassical Economic Theory

Russian scientific economic literature continues to discuss the problem of the modern evolution of political economy as a science and its return as an academic discipline in the number of mandatory university courses. In this regard, the article, firstly, examines the historical fate and the current state of Marxist political economy, emphasizes its fundamental difference from other economic theories. Secondly, — considerable attention is paid to neoclassical economic theory and an academic discipline called «economics». The historical circumstances of the emergence of this term are shown and the place of neoclassicism in the Western classification of economic sciences is characterized. Thirdly, — for a comprehensive analysis of the economy, it is proposed to use general economic theory as a combination (a special kind of aggregate) of all modern schools, directions and programs of economic theory, unified in the object, but differing in the subject and method of research. It is emphasized that the role of the basis and historically and logically the initial component of this theory is played by political economy.

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