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Interrogating the development and conceptual framework of economic thought in the Islamic tradition pertaining to ethical, philosophical, and theological ideas, this book provides a critique of modern Islamic economics as a hybrid economic system. From the outset, Sami Al-Daghistani is concerned with the polyvalent methodology of studying the phenomenon of Islamic economic thought as a human science in that it nurtures a complex plentitude of meanings and interpretations associated with the moral self. By studying legal scholars, theologians, and Sufis in the classical period, Al-Daghistani looks at economic thought in the context of Sharī'a's moral law. Alongside critiquing modern developments of Islamic economics, he puts forward an idea for a plural epistemology of Islam's moral economy, which advocates for a multifaceted hermeneutical reading of the subject in light of a moral law, embedded in a particular cosmology of human relationality, metaphysical intelligibility, and economic subjectivity.
Knowledge commons facilitate voluntary private interactions in markets and societies. These shared pools of knowledge consist of intellectual and legal infrastructures that both enable and constrain private initiatives. This volume brings together theoretical and empirical approaches that develop and apply the Governing Knowledge Commons framework to the evolution of various kinds of shared knowledge structures that underpin exchanges of goods, services, and ideas. Chapters offer vivid and illuminating case studies that illustrate this conceptual framework. How did pooling scientific knowledge enable the Industrial Revolution? How do social networks underpin the credit system enabling the Agra footwear market? How did the market category Scotch whisky emerge and who has access to it? What is the potential of blockchain-ledgers as shared knowledge repositories? This volume demonstrates the importance of shared knowledge in modern society.
Jan Tinbergen was the first Nobel Prize winner in Economics and one of the most influential economists of the 20th century. This book argues that his crucial contribution is the theory of economic policy and the legitimation of economic expertise in service of the state. It traces his youthful socialist ideals which found political direction in the Plan-socialist movement of the 1930s for which he developed new economic models to combat the Great Depression. After World War II he was able to synthesize that work into a theory of economic policy which not only provided a lasting framework for economic policy around the world, but also secured a permanent place for economic experts close to government. The book then turns to an examination of his attempt to repeat this achievement in the development projects in the Global South and at the international level for the United Nations.
Drawing on macro-historical sociological theories, this book traces the development of intellectual property as a new type of legal property in the modern nation-state system. In its current form, intellectual property is considered part of an infrastructure of state power that incentivizes innovation, creativity, and scientific development, all engines of economic growth. To show how this infrastructure of power emerged, Laura Ford follows macro-historical social theorists, including Michael Mann and Max Weber, back to antiquity, revealing that legal instruments very similar to modern intellectual property have existed for a long time and have also been deployed for similar purposes. Using comparative and historical evidence, this groundbreaking work reflects on the role of intellectual property in our contemporary political communities and societies; on the close relationship between law and religion; and on the extent to which law's obliging force depends on ancient, written traditions.
You have heard of the Seven Deadly Sins: pride, greed, lust, envy, gluttony, wrath, and sloth. Each is a natural human weakness that impedes happiness. In addition to these vices, however, there are economic sins as well. And they, too, wreak havoc on our lives and in society. They can seem intuitively compelling, yet they lead to waste, loss, and forgone prosperity. In this thoughtful and compelling book, James Otteson tells the story of seven central economic fallacies, explaining why they are fallacies, why believing in them leads to mistakes and loss, and how exorcizing them from our thinking can help us avoid costly errors and enable us to live in peace and prosperity.
This innovative history of welfare economics challenges the view that welfare economics can be discussed without taking ethical values into account. Whatever their theoretical commitments, when economists have considered practical problems relating to public policy, they have adopted a wider range of ethical values, whether equality, justice, freedom, or democracy. Even canonical authors in the history of welfare economics are shown to have adopted ethical positions different from those with which they are commonly associated. Welfare Theory, Public Action, and Ethical Values explores the reasons and implications of this, drawing on concepts of welfarism and non-welfarism developed in modern welfare economics. The authors exemplify how economic theory, public affairs and political philosophy interact, challenging the status quo in order to push economists and historians to reconsider the nature and meaning of welfare economics.
The social sciences underwent rapid development in postwar America. Problems once framed in social terms gradually became redefined as individual with regards to scope and remedy, with economics and psychology winning influence over the other social sciences. By the 1970s, both economics and psychology had spread their intellectual remits wide: psychology's concepts suffused everyday language, while economists entered a myriad of policy debates. Psychology and economics contributed to, and benefited from, a conception of society that was increasingly skeptical of social explanations and interventions. Sociology, in particular, lost intellectual and policy ground to its peers, even regarding 'social problems' that the discipline long considered its settled domain. The book's ten chapters explore this shift, each refracted through a single 'problem': the family, crime, urban concerns, education, discrimination, poverty, addiction, war, and mental health, examining the effects an increasingly individualized lens has had on the way we see these problems.
The Cobb-Douglas regression, a statistical technique developed to estimate what economists called a 'production function', was introduced in the late 1920s. For several years, only economist Paul Douglas and a few collaborators used the technique, while vigorously defending it against numerous critics. By the 1950s, however, several economists beyond Douglas's circle were using the technique, and by the 1970s, Douglas's regression, and more sophisticated procedures inspired by it, had become standard parts of the empirical economist's toolkit. This volume is the story of the Cobb-Douglas regression from its introduction to its acceptance as general-purpose research tool. The story intersects with the histories of several important empirical research programs in twentieth century economics, and vividly portrays the challenges of empirical economic research during that era. Fundamentally, this work represents a case study of how a controversial, innovative research tool comes to be widely accepted by a community of scholars.
Linguistics has had a significant and evident impact on economics, and vice versa. However, this mutually beneficial relationship has so far remained under-exploited. This rich volume brings together an international range of scholars, to bridge the gap between these two distinct but increasingly interrelated disciplines. It covers areas such as the role of economic factors in the maintenance or loss of languages, the relationship between speakers' language choices and economic practices, the relevance of economic development to the spread of modern communication technology, and the role of language in economic development. It represents a critical call to arms for researchers and students in both fields to engage in better informed ways with the work of the other. By sharing both linguistic and economic ideas, the editors and the other contributors foster a clear dialogue between the two disciplines, which will inform the rapidly emerging field of 'language economics'.
Individuality and collectivity are central concepts in sociological inquiry. Incorporating cultural history, social theory, urban and economic sociology, Borch proposes an innovative rethinking of these key terms and their interconnections via the concept of the social avalanche. Drawing on classical sociology, he argues that while individuality embodies a tension between the collective and individual autonomy, certain situations, such as crowds and other moments of group behaviour, can subsume the individual entirely within the collective. These events, or social avalanches, produce an experience of being swept away suddenly and losing one's sense of self. Cities are often on the verge of social avalanches, their urban inhabitants torn between de-individualising external pressure and autonomous self-presentation. Similarly, Borch argues that present-day financial markets, dominated by computerised trading, abound with social avalanches and the tensional interplay of mimesis and autonomous decision-making. Borch argues that it is no longer humans but fully automated algorithms that avalanche in these markets.
The Virginia School's economics of natural equals makes consent critical for policy. Democracy is understood as government by discussion, not majority rule. The claim of efficiency unsupported by consent, as common in orthodox economics, appeals to social hierarchy. Politics becomes an act of exchange among equals where the economist is only entitled to offer advice to citizens, not to dictators. The foundation of natural equality and consent explains the common themes of James Buchanan and John Rawls as well as Ronald Coase and the Fabian socialists. What orthodox economics treats as efficient racial discrimination violates the fair chance entitlement to which people consent in a market economy. The importance of replication stressed by Gordon Tullock, developing themes from Karl Popper, is another expression of natural equality since the foresight of replication induces care into research. The publication of previously unpublished correspondence and documentation allows the reader to judge recent controversy.
The field of economics has proliferated in complexity and importance since the Second World War. Alessandro Roncaglia recounts the history of the different approaches (marginalist, neoclassical, Keynesian, Austrian, monetarism, rational expectations, institutionalist, evolutionary, classical-Sraffian) and the different fields (micro, macro, money and finance, industrial and game theory, institutions, public finance, econometrics), illustrating the thought and personality of the most important contemporary economists (from Hayek to Sraffa, from Modigliani and Samuelson to Friedman, from Simon to Sen, and many others), focusing on the conceptual foundations of the different streams. At the same time he appraises critically the important debates and controversies in the field and concludes by discussing possible future directions for economic thought. This follow-up to The Wealth of Ideas: A History of Contemporary Economic Thought is a readable introduction to the contemporary economics discourse, accessible to economics students and informed general readers, and an important complement for advanced students and economists active in specialized fields.
The e-commerce market has grown rapidly within the ASEAN region in recent years. This trend is expected to continue in the future given the region's large population base, rising middle-class and improvements in connectivity. This edited volume examines the current state of e-commerce in ASEAN countries. It highlights some of the key domestic and cross-border challenges faced by ASEAN member states in developing e-commerce. These challenges include the regulatory and legal environment in which e-commerce firms operate across ASEAN, and the supporting infrastructure in ASEAN member states. "A comprehensive snapshot of the latest emerging regulatory, policy and consumer issues. It's essential reading for anyone working in this field. E-commerce is fundamentally altering the way in which businesses are being conducted, both within and between ASEAN countries. More than just an alternate distribution channel, online trading offers new opportunities and challenges for consumers, businesses, regulators and policymakers. How do markets operate in the new paradigm? How should regulators and governments ensure that dynamic competitive economies evolve, instead of descending into anti-competitive structures? And how are markets evolving in different parts of Southeast Asia? All of these issues — and much more — are discussed in here. The editors are to be congratulated for assembling a range of insightful perspectives from across ASEAN. These are issues that will affect the region for many years to come. The lessons here are timely and timeless." —Michael Schaper Ph.D., Deputy Chairman, Australian Competition and Consumer Commission, 2008—18
Shipping has been the international business par excellence in many national economies, one that preceded trends in other, more highly visible sectors of international economic activity. Nevertheless, in both business or economic history, shipping has remained relatively overlooked. That gap is filled by this exploration of the evolution of European shipping through the study of two Greek shipping firms. They provide a prime example of the regional European maritime businesses that evolved to serve Europe's international trade and, eventually, the global economy. By the end of the twentieth century, Greeks owned more ships than any other nationality. The story of the Vagliano brothers traces the transformation of Greek shipping from local shipping and trading to international shipping and ship management, while the case of Aristotle Onassis reveals how international shipping was transformed into a global business.
Although the economy has always been changing, ever more innovations now seem to accelerate the transformation process. Are there any laws governing the incessant global change? Does it accord with our intentions and desires and make us happier? Do our institutions and our democracies cope with the challenges? How does economic theory explain what is going on? In this volume, experts in the field discuss the advances that evolutionary economics has made in exploring questions like these. The broad range of topics include a review of the development of the field: its conceptual and methodological characteristics are outlined; problems posed by macroeconomic evolution and the institutional challenges are highlighted; and, last but not least, the implications of the evolution of the economy for wellbeing and sustainability are addressed. Taken together, the contributions demonstrate the potential of an evolutionary paradigm for making sense of economic change and for assessing its consequences.
We are running out of water, robots will take our jobs, we are eating ourselves to an early death, old age pension and health systems are bankrupting governments, and an immigration crisis is unravelling the European integration project. A growing number of nightmares, perfect storms, and global catastrophes create fear of the future. One response is technocratic optimism — we'll invent our way out of these impending crises. Or we'll simply ignore them as politically too hot to handle, too uncomfortable for experts — denied until crisis hits. History is littered with late lessons from early warnings. Cynicism is an excuse for inaction. Populism flourishes in the depths of despair. Despite the gloom, there is another way to look at the future. We don't have to be pessimistic or optimistic — we can find realistic hope. This book is written by an international and influential collection of future shapers. It is aimed at anyone who is interested in learning to refresh the present, forge new common ground, and redesign the future.
Both natural and cultural selection played an important role in shaping human evolution. Since cultural change can itself be regarded as evolutionary, a process of gene-culture coevolution is operative. The study of human evolution - in past, present and future - is therefore not restricted to biology. An inclusive comprehension of human evolution relies on integrating insights about cultural, economic and technological evolution with relevant elements of evolutionary biology. In addition, proximate causes and effects of cultures need to be added to the picture - issues which are at the forefront of social sciences like anthropology, economics, geography and innovation studies. This book highlights discussions on the many topics to which such generalised evolutionary thought has been applied: the arts, the brain, climate change, cooking, criminality, environmental problems, futurism, gender issues, group processes, humour, industrial dynamics, institutions, languages, medicine, music, psychology, public policy, religion, sex, sociality and sports.
What is politics about? At its core, politics is about resolving matters that are contested in a society or group. It exists not only within and between states, but also within religious institutions, sports organisations, commercial enterprises, schools and social organisations. Politics is driven by conflict, but also by cooperation. To understand politics, we must ask specific ('key') questions about the nature of political conflict, about persons, groups and institutions that are involved, about their resources, and about the wider context that both constrains and provides opportunities for all. It also requires an understanding of concepts such as power, influence and political community, and, of course, of the terms politics, conflict and cooperation. This book is about the 'essence' of politics, which is introduced by way of key questions and concepts that are indispensable for understanding politics in many different settings.
Government interventions in market failures can encounter objections from those who doubt their efficacy. Acocella, a leading expert on economic policy, counters these unfounded criticisms, making the convincing case for the foundation, coordination and reach of government action through economic policy. Arguing for the governmental potential to devise democratic, fair and effective institutions and policies, this book also demonstrates the validity of the principles outlined by Frisch and Tinbergen, amongst others, for controlling the economy, in a strategic context, equivalent to the rational expectations assumption. Demonstrating how unconventional monetary policies (such as macro-prudential regulation, new fiscal rules, and new forms of international policy coordination) can offer an effective response to the multiplicity of current economic issues, the recent financial crisis arguably indicates that economic policy must once again take centre stage as the applied complement to mainstream economic theory.