scholarly journals The epistemic configuration of Hume’s economic thought

2012 ◽  
Vol 37 (1) ◽  
Author(s):  
Iara Vigo Lima
Keyword(s):  
Economic Analysis ◽  
David Hume ◽  
Economic Thought ◽  
Philosophical Thought ◽  
Conditions Of Possibility ◽  
Ways Of Thinking ◽  
Economic Thinking

Eugene Rotwein wrote in his ‘Introduction’ to David Hume Writings on Economics that works on Hume’s economics have been primarily ‘internal’ studies. Beyond exploring Hume’s insights for understanding economic phenomena, they have investigated either the relations between his philosophical thought and his economic analysis or emphasised their psychological and historical elements. The perspective in this paper is ‘external’, dealing with Hume’s economic thought according to Michel Foucault’s approach to history. Foucault sees the ‘interiority’ of thought as a doubling of what is outside of thought. It is in this sense that Foucault investigates Hume’s context according to the concept of ‘episteme’, defining this as a set of relations that determines the ways of thinking. Foucault located Hume within the ‘classical episteme’ and I explore here his characterisation of that moment in order to understand the historical conditions of possibility of Hume’s economic thinking

Two Intellectual Landmarks in the Year 1749

2019 ◽  
Vol 17 (2) ◽  
pp. 101-123
Author(s):  
Farhad Rassekh
Keyword(s):  
Paradigm Shift ◽  
David Hume ◽  
Adam Smith ◽  
Considerable Extent ◽  
Monetary Theory ◽  
Economic Theories ◽  
Classical Economics ◽  
Wealth Of Nations ◽  
Economic Thinking

In the year 1749 Adam Smith conceived his theory of commercial liberty and David Hume laid the foundation of his monetary theory. These two intellectual developments, despite their brevity, heralded a paradigm shift in economic thinking. Smith expanded and promulgated his theory over the course of his scholarly career, culminating in the publication of The Wealth of Nations in 1776. Hume elaborated on the constituents of his monetary framework in several essays that were published in 1752. Although Smith and Hume devised their economic theories in 1749 independently, these theories complemented each other and to a considerable extent created the structure of classical economics.

The Law of Conservation of Matter and Energy in the History of Economic Thought

1990 ◽  
Vol 12 (1) ◽  
pp. 96-102
Author(s):  
William S. Kern
Keyword(s):  
Significant Influence ◽  
Economic Thought ◽  
History Of Economic Thought ◽  
Newtonian Mechanics ◽  
Self Interest ◽  
History Of ◽  
The Law ◽  
Economic Thinking

The development of economic thinking has seldom taken place entirely independently of developments in other disciplines. There is a long history of interdisciplinary influences among economics, mathematics, physics, biology, and philosophy. Among the most influential of these other disciplines has been physics. Numerous authors have attributed significant influence upon economics to Newtonian mechanics (Taylor 1960, Georgescu-Roegen 1971). The strength of that influence is perhaps best illustrated by William Stanley Jevons's proclamation of his attempt to reconstruct economics as “the mechanics of utility and self interest.“ Frank Knight, having observed what Jevons and others had wrought, concluded that mechanics had become the “sister science” of economics (Knight 1976, p. 85).

scholarly journals Recapitulation of the relationship between economic thoughts and realities

2019 ◽  
Vol 2 (1) ◽  
pp. 123-135
Author(s):  
Hua Liang
Keyword(s):  
Economic History ◽  
Design Methodology ◽  
Economic Thought ◽  
Content Type ◽  
Economic Problems ◽  
Root Cause ◽  
New Ideas ◽  
Economic Thinking ◽  
The Relationship

Purpose It is rather common for China’s current academic circles to use western doctrines that originated in situ to explain China’s economic problems, a suspicion of scenario misplacement may thus arise. The root cause lies in the lack of reflection about the current relationship between economic thoughts and realities. The paper aims to discuss these issues. Design/methodology/approach Correctly understanding economic thoughts associated with the brand of “that era” and effectively deducing its characteristics is of great significance to finding new features of this era and constructing new ideas with the characteristics of “this era.” Findings This motif is exactly the keynote on which to base the study of economic history and economic thought. Originality/value In a period of major historical turning points, the economic realities on which the economic thinking about that era (the era of economists) relied was undergoing major changes, and re-emphasizing the ancient topic of the relationship between economic thoughts and economic realities became particularly urgent.

scholarly journals PEMIKIRAN EKONOMI IBNU TAIMIYAH

2017 ◽  
Vol 2 (2) ◽  
pp. 111-127
Author(s):  
Fasiha Fasiha
Keyword(s):  
Historical Development ◽  
Economic Thought ◽  
Market Mechanism ◽  
History Of Economic Thought ◽  
Demand And Supply ◽  
Price Increases ◽  
History Of ◽  
The Government ◽  
Islamic Civilization ◽  
Economic Thinking

The development of Islamic economics can not be separated from the historical development of Islamic civilization. The study of the history of economic thought by analyzing the description of economic thinking Ibn Taymiyyah and the history of life that affect the economic thinking of Ibn Taymiyyah. According to Ibn Taymiyyah pricing by the government is good, but not absolute, because the actual prices are set by the forces of demand and supply. Another case, if the price increases caused by injustice market mechanism, the government may intervene in pricing. To achieve this purpose, it is necessary formation hisbah institutions with the aim of protecting the interests of buyers and sellers

scholarly journals Economic theory of distributism

2015 ◽  
pp. 653-676
Author(s):  
Misa Djurkovic
Keyword(s):  
Economic Theory ◽  
Catholic Church ◽  
Roman Catholic ◽  
Economic Thought ◽  
Roman Catholic Church ◽  
Specific Direction ◽  
The Status ◽  
Anglo American ◽  
Social Teachings ◽  
Economic Thinking

this paper, the economic theory of distributism has been analyzed. In the first place, the author explains that the distributism is a social thought which emerged in the Anglo-American world as the development of social teachings in the Roman Catholic Church. Although it has not received the status the main schools in modern economic thought have, distrubutism persists as a specific direction of socio-economic thinking. The paper particularly investigates the ideas of classical distibutism. The author focuses on two basic books by Gilbert Chesterton and two most important economic books by Hilaire Belloc. These authors have insisted on the problem of society moving towards the so-called servile state in which a small number of capitalists rule over mass of proletarians who are gradually coming under slavery status, which is sanctioned by the law. For the purpose of remedying this tendency and collectivism, they proposed a series of measures for a repeated broad distribution of ownership over the means of production. Finally, there is an overview of this idea and its development throughout the twentieth century, finishing with contemporary distributists like John Medaille and Alan Carlson.

scholarly journals Methodological individualism versus class analysis : the “great recession” as a test case.

Soft Power ◽  
2019 ◽  
Vol 6 (1) ◽  
pp. 32-57
Author(s):  
Emiliano Brancaccio ◽  
Gabriella Paul
Keyword(s):  
Economic Analysis ◽  
International Development ◽  
Great Recession ◽  
Social Reproduction ◽  
Temporal Dynamics ◽  
Interdisciplinary Approach ◽  
Essential Elements ◽  
Economic Thought ◽  
Social Classes ◽  
Capitalist Development

While the mainstream economic analysis relates with the other branches of social sciences in an “imperialistic” perspective, an alternative paradigm of social reproduction can contribute to develop an interdisciplinary approach to political economy. Originated in the contributions of Classical economists and Marx and currently developed by the critical schools of economic thought, the paradigm of social reproduction rejects the individualistic foundations of mainstream economics and recognize social classes and related conflicts on production and distribution as essential elements to make economic analysis consistent with the current reality of capitalist development and crisis. In this sense, the alternative paradigm suggests an interpretation of the recent “Great Recession” based on the specific anthropology of consumption of social classes within capitalism and its implications on the pace of aggregate expenditure. Empirical evidence gives support to this interpretation, which also offers some insights about the possible relations between the complex spatial and temporal dynamics of capitalist crisis and the international development of progressive social movements.

The Crisis of Knowing in the Age of Complexity

2014 ◽  
pp. 1-19 ◽  
Author(s):  
Ton Jörg
Keyword(s):  
New World ◽  
Nonlinear Effects ◽  
Important Task ◽  
Complex Organization ◽  
Fostering Creativity ◽  
New Thinking ◽  
Conditions Of Possibility ◽  
Ways Of Thinking ◽  
The Way ◽  
Self Organizing

The crisis of our time is very much a crisis of knowledge. There is no easy way of “solving” the crisis. “Solving” the crisis demands for a real shift of mind, implying new ways of thinking and knowing about what is the real. The most important task of today, therefore, is to see and to open up a new world: a world of the possible, with its hitherto uncharted and unexplored complexity territory. For the sake of mastering complexity, understanding real complexity is urgently needed. The problem of complexity for organizations is the way organizations and companies attempt to respond to complexity. To confront and master complexity, the focus should be on the conditions of possibility, hitherto unknown. These conditions are about the possibility of triggering self-generative, self-organizing processes with potential nonlinear effects within dynamic, hyperconnected networks. These effects can be generated by the process of amplifying changes within these networks. This amplifying is about the amplifying of learning, of thinking, and of knowing. In practice, this means that new thinking in complexity is urgently needed to master the complexity involved. This approach is compared with the recent approaches advocated by big firms and companies in their embracing of complexity. This chapter shows how they are unable to discover and explore the very potential of complexity for their own Complex Organization (CO). They are very much in need to master complexity for the sake of fostering creativity, novelty, and innovation in their own organizations.

Dealing with Workers

2019 ◽  
pp. 202-218
Author(s):  
Mathias Risse ◽  
Gabriel Wollner
Keyword(s):  
Philosophical Thought ◽  
The Subject ◽  
Ways Of Thinking

The question of a just wage has presumably been contentious ever since there have been wage relations, and philosophical thought on the subject reaches back hundreds of years. Yet the subject remains elusive. This chapter discusses wage payments through the lens of trade justice. It explains how questions about wages arise as a topic of trade justice to begin with, examines prominent ways of thinking about wages, and offers an exploitation-based perspective. While none of the prominent competing perspectives fully succeeds, they capture insights a convincing perspective should accommodate. Deploying the conception of exploitation as power-induced failure of reciprocity shows how certain wages might plausibly be criticized as exploitatively low.

On the economic consequences of automation and robotics

2019 ◽  
Vol 36 (2) ◽  
pp. 134-153
Author(s):  
Orlando Gomes ◽  
Sónia Pereira
Keyword(s):  
Economic Thought ◽  
Economic Consequences ◽  
Content Type ◽  
Current Wave ◽  
Macroeconomic Impact ◽  
Economic Reality ◽  
And Performance ◽  
Economic Thinking ◽  
New Phenomena

Purpose The academic literature is currently placing significant attention on the study of the socio-economic consequences of the observable fast automation of all sectors of economic activity. The purpose of this paper is to systematize meaningful ideas on the economic impact of the rise of the robots. Design/methodology/approach With the goal of evaluating the channels through which the current wave of fast technological change affects the organization and performance of the economy and the behavior of agents, the paper is structured into two parts. The first part assesses the state of knowledge regarding the potential revolutionary role of robot use in production. The second part designs a model aimed at exposing the interplay between the most prominent features associated with the new economic reality. Findings The current wave of innovation has implications that escape conventional economic thinking. The evaluation and prediction of what the new phenomena brings is fundamental to design policies that prevent income inequality to widen and growth to slow down. Research limitations/implications The full macroeconomic impact of the fast, pervasive and irreversible automation of production is far from being completely assimilated. At this level, no benchmark model should be interpreted as a definitive framework of analysis, and economic thought should evolve alongside with empirically observed evidence. Originality/value We are facing an automation convulsion that replaces humans by machines at an unprecedented fast rate. This paper systematizes ideas about this process and offers a novel conceptual model to better understand what really is at stake.

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