What Economics Can Learn From Ontology

This chapter will present the argument that the tools of ontology offer a means for teaching the philosophical foundations of economic value and for engaging interdisciplinarily the examinations of economics. Ontology is the branch of philosophy that is concerned with the description of existing domains in the world, the objects in such domains, and their relations. It does not attempt to explain or interpret, only to describe, and it is in this sense that ontology is reconcilable with the scientific methods of economics. Additionally, it is capable of describing the complex structures, relations, and emergence of economic objects in human economic activity. This chapter will address three insights from ontology that shed light on the implications of the notion of subjectivity in the theory of subjective economic value, the differences between economic value and other kinds of value, and the role that subjectivity and economic value have in the emergence of the social object we know as money.

Complexity Economics and Innovation Systems

Knowledge determines the relationship between regional development and innovation in a knowledge-based economy. The Mersin Regional Innovation Strategy (RIS) Plus Project is based on the European Union's new regional innovation strategy referred to as ‘smart specialization' that is related with industrialization and economic development. This approach is an indicator of the change and transformation in the regional development paradigm in terms of knowledge generation and innovation processes. These developments also reflect the impact of complexity in the philosophy and understanding of the 21st century. Complexity Science and Complexity Economics have increasingly become determinants in the formation of institutional structures and policies within the global economic system. This chapter aims to evaluate the basic characteristics of Mersin RIS Plus Project within the framework of complexity science. This study discusses the development potentials of Mersin and TR62 regions in accordance with the scientific and theoretical basis of the project, and policy proposals are suggested.

Challenges of Developing Countries in Imitating Technological Progress

Technological progress has become an important characteristics of economic progress. The most economically developed nations are also the most technologically advanced ones, that is, the ones that not only make a proper and innovative utilization of technology, but also develop it on their own. Newly developed countries, such as South Korea and China, have economically surpassed many Western countries, because they can catch up and surpass the technological capability of the latter. However, the technological progress of one country cannot be just imitated by another. Technological development is much more than just allocating a large budget for research and development. It involves and transform a heterogeneous network of actors, and hence requires a complex set of institutions and governance that enable the network to upgrade their collective capabilities.

Irregular Migration and Economic Nationalism in EU

Nationalism is one of the controversial issues in political science studies. Nationalism includes rational approaches as well as emotional ones, both strong support and intense criticism. This chapter will apply the primordial approach of nationalism, considering its roots from before the French Revolution and as a result of human psychology. So, the sense of belonging, is the main argument of the primordial approach in nationalism studies, will be examined with its effect on the migration economy. The main focus of the chapter will be the European Union facing huge refugee flows from Syria, the economic impact of refugees by the effect of migration, and citizen reaction to immigrants and the economy.

Critical Theory

Based on the historical developments in the philosophy of science, it can be claimed that the method of social sciences is mainly dominated by the method of the natural sciences. Social sciences, especially, economics have been affected by the method of physics. From a critical viewpoint, this study aims to scrutinize the method of social sciences by taking into account the concept of devaluation of human beings. The study puts forward that mainstream economics devalue human being at the level of its methodology by excluding the real creator of value from the analyses and by disregarding social and historical factors. The study demonstrates that by taking into consideration the neglected cultural, political and historical factors in addition to the economic ones, the critical theory includes human being and his/her values in the analyses, and hence, it unifies scientific knowledge with human behavior, which is the intentional behavior behind all economic decisions.

The Significance of Public Goods in Market Failure Debates

Before the emergence of the neoclassical economic approach, the idea that market instabilities are temporary and markets are spontaneously able to reach equilibrium was prevalent. However, with the neoclassical economic thought the idea that market economy alone is far from attaining equilibrium and there is a need for public economy. This is also known as market failure theory. There are many reasons of market failure. One of them is public goods. Public goods are generally regarded as an example of market failure and seen as a problem requiring government intervention. However, when main stream public goods theories are analyzed in-depth, it is seen that there is no agreement on the properties of public goods which may create a reason to the government presentation and public presentation is not approved in general. Therefore, the aim of this study is to make a comparative analysis of the approaches of different economics schools of thought which have contributions to the subject of public goods.

The Narh Prices of Various Comestibles in the First Half of the 19th Century

Since the food prices are the essential needs of people, they have usually been a topical issue in every period. Therefore, this issue mobilized the administrators of aforementioned period, and necessitated to take measures on this issue. Perhaps one of the most significant measures were the narh (price fixing) system. In this study, narh prices of various comestibles have been approached according to dated 1241-1826 and numbered 09264 in the book of senior accountant (Başmuhasebe Kalemi Defteri). The purpose of study is to prove the given importance of the stability of food prices by Ottoman administration comparatively and to contribute to the studies that have been conducted or will be conducted. The documents in the Ottoman Archives of Turkish Presidency (COA in Turkish) have been used as a study method and other works have been used as well in terms of integrity of the topic. As a result of the study, it is found that Ottoman Empire prioritized the price stability in the comestibles, especially to the benefit of her people.

A Challenge to Homo Economicus: Behavioral Economics

Neoclassical economics is the mainstream economic paradigm of the present era and has certain assumptions such as rationality, perfect knowledge and unique equilibrium. In this regard, homo economicus, namely rational economic man is the main agent of mainstream economics. However, this main agent has aspects that are inconsistent with reality. In other words, decision units are likely to be irrational in the real word because individuals are emotional and social beings. Considering that this conception of rationality contradicts with the instability of economies and crises that have happened, it seems that the dominant economic view cannot exactly explain current events. This chapter questions the concept of homo economicus, the compatibility of homo economicus with homo sapiens and attempts to reveal the shortcomings of the dominant view. It substantially tries to explore why behavioral economics is necessary and how behavioral economics can make up for the shortcomings of the mainstream economic paradigm by the help of its branches; experimental economics and neuroeconomics.

Neoliberalism, Self-Identity, and Consumer Culture in the UAE

Over the last half-century, modern societies have been experiencing a drastic social, cultural, and economic transformation. The change in the behaviors and habits of consumers under the strong impact of neoliberalism demonstrates the close relationship between economy and social psychology. Globalized neo-liberalization has become an unavoidable, powerful force that impacts all elements of social, cultural, and economic life and defines people's identities and their consumption preferences. This chapter addresses the link between neoliberalism and consumer behavior, with a focus on non-Western societies. It examines if there is a contradiction between the features of consumer culture and the prevailing domestic culture in these societies. Many scholars associate consumer culture with Western societies, but the authors argue that consumer culture has become a significant phenomenon even in the most religiously conservative, non-Western societies. By taking Dubai in the UAE as the case study, this chapter demonstrates how consumer culture helps redefine culture and self-identity. The chapter concludes by arguing that since individual behavior is not rational, individuals' needs are defined by the dictates of consumer culture across the globe in neoliberal times.

An Analysis on Turkey's Urbanization Process in the Context of Urban Development Paradigms

The ideological, economic, and technological phenomena experienced in the history of the world have surprisingly affected the social order. These phenomena have transformed the social order and have been effective in their reshaping. Since the first quarter of the 20th century, this has led to the emergence of three new paradigms of urban development. The first paradigm includes the period from the Second World War to the end of the 1970s, and this paradigm is defined as the state-based urban development period. The period from the 1980s to the mid-1990s was named as the market-centered urban development period. Last, the period that continued since the mid-1990s was named as the governance period, or the third way.