The argument put forth in this article shows that the hitherto scientific-realist approaches to econometrics are incongruent with the realistically reconstructed empirical macroeconomics. The SR approaches share in common being realist about the relations depicted by (successful) models. The economic models of data are sensitive to minor changes in sample and estimating methods what creates the 'emerging contrary result' phenomenon: the community of econometricians accept models that are inconsistent. Being SR about econometrics equals committing oneself to the following trilemma: (1) it is feasible to indicate the successful models that rightly isolate/idealize the regularities of the economy (the knowledge thesis); (2) econometric models are about the economic world (the independence thesis); and, at least in some areas of application, (3) successful econometric models contradict each other.
{"title":"The unrealistic realist philosophy. The ontology of econometrics revisited","authors":"Mariusz Maziarz","doi":"10.46298/jpe.10731","DOIUrl":"https://doi.org/10.46298/jpe.10731","url":null,"abstract":"The argument put forth in this article shows that the hitherto scientific-realist approaches to econometrics are incongruent with the realistically reconstructed empirical macroeconomics. The SR approaches share in common being realist about the relations depicted by (successful) models. The economic models of data are sensitive to minor changes in sample and estimating methods what creates the 'emerging contrary result' phenomenon: the community of econometricians accept models that are inconsistent. Being SR about econometrics equals committing oneself to the following trilemma: (1) it is feasible to indicate the successful models that rightly isolate/idealize the regularities of the economy (the knowledge thesis); (2) econometric models are about the economic world (the independence thesis); and, at least in some areas of application, (3) successful econometric models contradict each other.","PeriodicalId":41686,"journal":{"name":"Journal of Philosophical Economics","volume":" ","pages":""},"PeriodicalIF":0.2,"publicationDate":"2019-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44681757","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Review of Venkat Venkatasubramanian, How Much Inequality is Fair? Mathematical Principles of a Moral, Optimal, and Stable Capitalist Society, New York, Columbia University Press, 2017, xxi+279 pp., hb, ISBN 978-0-231-18072-6","authors":"Valentin Cojanu","doi":"10.46298/jpe.10728","DOIUrl":"https://doi.org/10.46298/jpe.10728","url":null,"abstract":"","PeriodicalId":41686,"journal":{"name":"Journal of Philosophical Economics","volume":" ","pages":""},"PeriodicalIF":0.2,"publicationDate":"2019-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46524671","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines Amartya Sen's concept of sympathy and the oversimplified, ambiguous and sometimes erroneous interpretations of this concept by Sen's interpreters. In the first section, two types of sympathy can be found in Sen's 'Rational fools' essay-a contemplative and an active type of which the former has conceptual primacy. Following this, active sympathy is examined to ascertain what Sen means by 'actions based on sympathy' and why he deems these to be 'egoistic'. Sen's understanding of egoism means that sympathy is not straightforwardly assimilable to the orthodox theory of rational choice. The section after that analyses the place of altruism in Sen's work and ascertains that altruism can be aligned both with sympathy and commitment, depending on the definition one uses. The final section compares sympathy and commitment and establishes that they are to be distinguished, not according to the welfare a person expects to obtain from making choices, but according to the reason which motivates that person to make a choice.
{"title":"On Amartya Sen's concept of sympathy","authors":"M. Peacock","doi":"10.46298/jpe.10723","DOIUrl":"https://doi.org/10.46298/jpe.10723","url":null,"abstract":"This paper examines Amartya Sen's concept of sympathy and the oversimplified, ambiguous and sometimes erroneous interpretations of this concept by Sen's interpreters. In the first section, two types of sympathy can be found in Sen's 'Rational fools' essay-a contemplative and an active type of which the former has conceptual primacy. Following this, active sympathy is examined to ascertain what Sen means by 'actions based on sympathy' and why he deems these to be 'egoistic'. Sen's understanding of egoism means that sympathy is not straightforwardly assimilable to the orthodox theory of rational choice. The section after that analyses the place of altruism in Sen's work and ascertains that altruism can be aligned both with sympathy and commitment, depending on the definition one uses. The final section compares sympathy and commitment and establishes that they are to be distinguished, not according to the welfare a person expects to obtain from making choices, but according to the reason which motivates that person to make a choice.","PeriodicalId":41686,"journal":{"name":"Journal of Philosophical Economics","volume":" ","pages":""},"PeriodicalIF":0.2,"publicationDate":"2019-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44852416","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Review of Colin White, A History of the Global Economy. The Inevitable Accident, Edward Elgar Publishing, 2018, hb, ix+495 pages, ISBN 978-1-78897-197-3","authors":"G. Șerban-Oprescu","doi":"10.46298/jpe.10727","DOIUrl":"https://doi.org/10.46298/jpe.10727","url":null,"abstract":"","PeriodicalId":41686,"journal":{"name":"Journal of Philosophical Economics","volume":"1 1","pages":""},"PeriodicalIF":0.2,"publicationDate":"2019-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41549103","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Review of Handbook on the History of Economic Analysis, edited by Gilbert Faccarello and Heinz D. Kurz, Edward Elgar Publishing, Northhampton, MA, 2018, 3 volumes, 1919 pp, Paperback, ISBN 978-1-78536-131-9","authors":"G. Mursa, Andreea-Oana Iacobuță","doi":"10.46298/jpe.10726","DOIUrl":"https://doi.org/10.46298/jpe.10726","url":null,"abstract":"","PeriodicalId":41686,"journal":{"name":"Journal of Philosophical Economics","volume":" ","pages":""},"PeriodicalIF":0.2,"publicationDate":"2019-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45197735","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article applies an ontology-based approach to economic experiments, emphasizing their differences with respect to physical science experiments. To contextualize our discussion, a conciliatory Weberian view of the similarities and differences between natural and social sciences is provided. After that, some ontological features of the social sciences' domain are highlighted, together with their problematic effect on experimental economics. Specifically, we focus on human beings' representational capacities and intentionality, their cultural and conventionally mediated forms of social interaction, and the holistic openness, instability and uncertainty of the social world. Finally, we emphasize the severe under-determination of theory by evidence affecting social science, as well as the related problems of empirical ambiguity, confirmatory biases and propensity to pseudoscientific practices in experimental economics.
{"title":"Economic experiments versus physical science experiments: an ontology-based approach","authors":"María Caamaño-Alegre, J. Caamaño-Alegre","doi":"10.46298/jpe.10721","DOIUrl":"https://doi.org/10.46298/jpe.10721","url":null,"abstract":"This article applies an ontology-based approach to economic experiments, emphasizing their differences with respect to physical science experiments. To contextualize our discussion, a conciliatory Weberian view of the similarities and differences between natural and social sciences is provided. After that, some ontological features of the social sciences' domain are highlighted, together with their problematic effect on experimental economics. Specifically, we focus on human beings' representational capacities and intentionality, their cultural and conventionally mediated forms of social interaction, and the holistic openness, instability and uncertainty of the social world. Finally, we emphasize the severe under-determination of theory by evidence affecting social science, as well as the related problems of empirical ambiguity, confirmatory biases and propensity to pseudoscientific practices in experimental economics.","PeriodicalId":41686,"journal":{"name":"Journal of Philosophical Economics","volume":" ","pages":""},"PeriodicalIF":0.2,"publicationDate":"2019-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45114769","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper aims to address two research questions that have not been sufficiently examined by specialized studies of the intellectual history of Adam Smith. The first question asks why Smith, after developing his theory of sympathy in the first editions of The Theory of Moral Sentiments, started working on a theory of jurisprudence and ended up writing The Wealth of Nations. The second question asks why Smith, after writing and republishing The Wealth of Nations, asserted that he could not complete his theory of jurisprudence and incorporated a new part dedicated to virtue ethics in the last edition of The Theory of Moral Sentiments in 1790. The paper shows that: 1) after developing his theory of sympathy in the first edition of The Theory of Moral Sentiments, Smith stated that a theory of jurisprudence was necessary to form rules of justice that guarantee social order, and in the search for that theory he ended up writing The Wealth of Nations; 2) in The Wealth of Nations, Adam Smith was devoted to studying the development of commerce in modern society and the conduct of the mercantile individual who pursued his own interest, and was incapable of elaborating on those general principles of justice that would ensure social harmony. Smith then delved into virtue ethics in order to recommend virtuous conduct that encourages mercantile individuals to become good citizens. The paper concludes by contending that economics would benefit from a better understanding of the relationship between political economy, jurisprudence and ethics in the work of Adam Smith. Specifically, economics would broaden in scope of study and contribute to larger debates about the past, present and future of modern civilization.
{"title":"The Theory of Moral Sentiments and The Wealth of Nations. Ethics, jurisprudence and political economy throughout the intellectual history of Adam Smith","authors":"Pilar Piqué","doi":"10.46298/jpe.10724","DOIUrl":"https://doi.org/10.46298/jpe.10724","url":null,"abstract":"This paper aims to address two research questions that have not been sufficiently examined by specialized studies of the intellectual history of Adam Smith. The first question asks why Smith, after developing his theory of sympathy in the first editions of The Theory of Moral Sentiments, started working on a theory of jurisprudence and ended up writing The Wealth of Nations. The second question asks why Smith, after writing and republishing The Wealth of Nations, asserted that he could not complete his theory of jurisprudence and incorporated a new part dedicated to virtue ethics in the last edition of The Theory of Moral Sentiments in 1790. The paper shows that: 1) after developing his theory of sympathy in the first edition of The Theory of Moral Sentiments, Smith stated that a theory of jurisprudence was necessary to form rules of justice that guarantee social order, and in the search for that theory he ended up writing The Wealth of Nations; 2) in The Wealth of Nations, Adam Smith was devoted to studying the development of commerce in modern society and the conduct of the mercantile individual who pursued his own interest, and was incapable of elaborating on those general principles of justice that would ensure social harmony. Smith then delved into virtue ethics in order to recommend virtuous conduct that encourages mercantile individuals to become good citizens. The paper concludes by contending that economics would benefit from a better understanding of the relationship between political economy, jurisprudence and ethics in the work of Adam Smith. Specifically, economics would broaden in scope of study and contribute to larger debates about the past, present and future of modern civilization.","PeriodicalId":41686,"journal":{"name":"Journal of Philosophical Economics","volume":" ","pages":""},"PeriodicalIF":0.2,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46984969","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Mises’s work of ‘Human action’ is analyzed in relation to the methodological conceptions of his predecessor C. Menger and of his successor F. von Hayek. Also, it is placed in the continuation of one of his previous works and in contrast to one that followed it. Some of his ideas can be better understood in such a way, while others show themselves as contradictory. It results that his attempt to combine apriorism with scientific realism explains some of major difficulties of Mises’s argumentation.
{"title":"Critical comments on the philosophical context of Ludwig von Mises's 'Human action'","authors":"Alexandru Popovici","doi":"10.46298/jpe.10718","DOIUrl":"https://doi.org/10.46298/jpe.10718","url":null,"abstract":"Mises’s work of ‘Human action’ is analyzed in relation to the methodological conceptions of his predecessor C. Menger and of his successor F. von Hayek. Also, it is placed in the continuation of one of his previous works and in contrast to one that followed it. Some of his ideas can be better understood in such a way, while others show themselves as contradictory. It results that his attempt to combine apriorism with scientific realism explains some of major difficulties of Mises’s argumentation.","PeriodicalId":41686,"journal":{"name":"Journal of Philosophical Economics","volume":" ","pages":""},"PeriodicalIF":0.2,"publicationDate":"2018-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48014401","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper is meant as a clear statement that things can no longer continue the way they have gone so far. If analyzed critically, the classical heritage, enshrined in fundamental rules and theories, the result of a massive abstraction effort, has not always been consolidated and developed properly in modern times. Therefore, compared to other sciences, economics has been losing ground, exactly where it should have been reinforced by those who serve it-, the economists. Its main core, the classical heritage, has been enriched, but the additions, knowingly or not, have in fact weakened and transformed it into a loose collection of feeble causalities and verbosity. It is imperative that such deviations be stopped. We suggest a two-step solution: a) an inventory of the elements that define the hard core of Economics; b) a review of the circumstances that show what happened with said hard core. The conclusions point to a necessary return to classical ideas.
{"title":"Classical economics must not become history","authors":"Ion Pohoață, D. Diaconaşu, V. Crupenschi","doi":"10.46298/jpe.10716","DOIUrl":"https://doi.org/10.46298/jpe.10716","url":null,"abstract":"This paper is meant as a clear statement that things can no longer continue the way they have gone so far. If analyzed critically, the classical heritage, enshrined in fundamental rules and theories, the result of a massive abstraction effort, has not always been consolidated and developed properly in modern times. Therefore, compared to other sciences, economics has been losing ground, exactly where it should have been reinforced by those who serve it-, the economists. Its main core, the classical heritage, has been enriched, but the additions, knowingly or not, have in fact weakened and transformed it into a loose collection of feeble causalities and verbosity. It is imperative that such deviations be stopped. We suggest a two-step solution: a) an inventory of the elements that define the hard core of Economics; b) a review of the circumstances that show what happened with said hard core. The conclusions point to a necessary return to classical ideas.","PeriodicalId":41686,"journal":{"name":"Journal of Philosophical Economics","volume":" ","pages":""},"PeriodicalIF":0.2,"publicationDate":"2018-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47266089","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Review of Tavasci, Daniela and Luigi Ventimiglia (eds.), Teaching the History of Economic Thought. Integrating Historical Perspectives into Modern Economics, Edward Elgar Publishing, 2018, hb, vi+150 pages, ISBN 978-1-78811-347-2","authors":"G. Șerban-Oprescu","doi":"10.46298/jpe.10719","DOIUrl":"https://doi.org/10.46298/jpe.10719","url":null,"abstract":"","PeriodicalId":41686,"journal":{"name":"Journal of Philosophical Economics","volume":" ","pages":""},"PeriodicalIF":0.2,"publicationDate":"2018-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48986665","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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