A critical note on the scientific conception of economics: claiming for a methodological pluralism

Opponents of mainstream economics have not yet called attention to the lack of in-depth examination of the general scientific conception of modern economics. However, economic science cannot consistently fulfil the epistemological and ontological requirements of the scientific standards underlying this conception. What can be scientifically recognized as true cannot be answered, neither through the actual ontological structure of the object of observation nor through a methodological demarcation. These limitations necessarily lead to the claim for both a pragmatic and a radical methodological pluralism.

Neoliberal governmentality, knowledge work, and thumos

Research has shown that the knowledge worker, the decisive driver of the knowledge economy, works increasingly longer hours. In fact, it would appear that instead of working to live, they live to work. There appears to be three reasons for this living-to-work development. First, the knowledge worker ‘has to’ on account of the pressure to become ever more efficient. Such pressure translates into internalized coercion in the case of the self-responsible knowledge worker. Secondly, working is constant, because the Internet and smart technologies and mobile devices have made it ‘possible’. It gives the worker the capacity and management omnipotent control. In the final instance, the neoliberal knowledge worker works all the time because s/he paradoxically ‘wants to’. It is a curious phenomenon, because this compulsive working is concomitant with a rise of a host of physical, emotional, and psychological disorders as well as the erosion of social bonds. The paradox is exacerbated by the fact that the knowledge worker does not derive any of the usual utilities or satisfactions associated with hard work. Elsewhere I have ascribed this apparent contradiction at the heart of the living-to-work phenomenon to the invisible thumotic satisfaction generated by knowledge work. In the present article, I argue that neoliberal governmentality has found a way to tether thumos directly to the profit incentive. I draw on Foucault’s 1978-1979 Collége de France lecture course in which he analysed neoliberal governmentality with specific emphasis on the work of the neoliberal theorist of human capital, Gary Becker.

Justice and just price in Francisco de Vitoria's Commentary on Summa Theologica II-II q77

Following Thomas Aquinas, Francisco de Vitoria's analysis of justice in exchanges takes place by commenting on the corresponding questions of the Summa Theologica. The identification of the just price with that of common estimation occurs under a sufficient concurrence of sellers and buyers. A high level of concurrence limits the ability to take advantage of the need on the other side of the market. This fact guaranties a full consent of the parties involved in trading. Under conditions of market power or when some authority fixes a legal price, just price should also be taken as a normative ideal.

Academic discipline of economics as hedonist philosophy

Contemporary mainstream economics cannot be seen as disconnected from philosophical concerns. On the contrary, it should be understood as a defence for a specific philosophy, namely, crude quantitative hedonism where money would measure pleasure and pain. Disguised among a great mathematical apparatus involving utility functions, supply, and demand, lies a specific hedonist philosophy that every year is lectured to thousands of economic and business students around the world. This hedonist philosophy is much less sophisticated than that in ancient hedonist philosophers as Epicurus or Lucretius. Furthermore, it does not solve any of the systematic difficulties regularly faced by hedonist philosophy. However, the argument that economics is detached from philosophy works as a rhetorical artifice to protect its dominant underlying philosophy: Philosophical disputes would have to be addressed within the biased mathematical apparatus of quantitative hedonism. Economists and business students must learn to identify the underlying philosophy in mainstream economics and alternative philosophical systems.

Economics as the scientization of politics

This paper uses Beck's concept of reflexive modernity, and a Foucauldian approach, to critique the positivist philosophy associated with contemporary conventional economics, and to show its inadequacy for the environmental emergency. The paper suggests economics is not neutral but performs an ideological function in justifying the political and social order. Economics can be deconstructed by tracing its history, thereby laying bare its philosophical and political roots. The environmental debate repeats past debates of the 1920s and 30s. By employing the 'subjugated' institutional economics approaches economics can be redefined, and the path to a truly Green New Deal can be unearthed.