1st Edition

Economics and Other Disciplines Assessing New Economic Currents

By Ricardo F. Crespo Copyright 2017
    184 Pages
    by Routledge

    184 Pages
    by Routledge

    During the second half of the twentieth century, economics exported its logic – utility maximization – to the analysis of several human activities or realities: a tendency that has been called “economic imperialism”. This book explores the concept termed by John Davis as “reverse imperialism”, whereby economics has been seen in recent years to have taken in elements from other disciplines.



    Economics and Other Disciplines sheds light on the current state and possible future development of economics by focusing on it from a philosophical perspective, broadening the concept of rationality in economic theory. The beliefs that prevail in the world today make up a physicalist worldview. This book argues that this pervasive view is harmful for economics as a social science. Do new economic currents like behavioral economics, evolutionary economics, neuroeconomics, institutional economics, happiness economics, the capability approach and civil economy, escape this widespread mentality? What would be an adequate underlying economic ethos? Do these approaches fit into this ethos?



    Ricardo F. Crespo appraises the contributions from a classical philosophy angle, emphasizing their implications regarding practical reason. This volume is of great importance to those who are interested in political economy, economic theory and philosophy, as well as philosophy of social science.

    1 Introductory overview



     



    2 The theoretical and metaphysical foundations of sciences



    The metaphysical worldview



    Physicalism, materialism and naturalism



    Practical and instrumental reason



    The evolution of economics



    Conclusion



     



    3 Economics and psychology



    Herbert Simon and ‘Bounded Rationality’



    The ‘Ecological Rationality’ or ‘Frugal Heuristics’ approach



    Modern Behavioral Economics (MBE)



    Libertarian Paternalism



    Conclusion



     



    4 Evolutionary economics



    Richard Nelson on ‘Universal Darwinism’



    Geoffrey Hodgson on ‘Universal Darwinism’



    Ulrich Witt, evolution and Darwinism



    Conclusion: Evolutionary economics and practical reason



     



    5 Neuroeconomics



    The metaphysics of neurosciences



    Types of physicalism and dualism



    Looking for alternative explanations for non-physicalists



    The metaphysics of neuroeconomics



    Conclusion



     



    6 Happiness economics



    Happiness and economics



    Different concepts of happiness



    Flourish, calling and flow



    Measuring flourishing



    Conclusion



     



    7 Institutional economics



    Economics and institutions



    Agency, habits and institutions in light of classical practical reason



    Thorstein Veblen



    Contemporary economic theories of institutions



    Rule Theory



    Equilibrium Theory



    Constitutive Rules Theory



    Conclusion



     



    8 The Capability Approach



    Introducing the Capability Approach



    Some problems in Sen’s CA



    Identification of valuable capabilities: the debate over lists of capabilities



    Heterogeneity and incommensurability



    Conclusion



     



    9 Civil Economy



    Historical and intellectual roots of Civil Economy: from Aristotle to Genovesi and Dragonetti



    From Aristotle to nowadays



    Conclusion



     



    10 Conclusion

    Biography

    Ricardo F. Crespo is a Professor of Philosophy of Economics in IAE (Universidad Austral) and in Universidad Nacional de Cuyo, Argentina. He is a researcher at the National Council of Scientific Research (CONICET, Argentina) and has published extensively in his field.