Hayek, Mill and the Liberal Tradition
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
Timothy J. Schibik, Ph. D. Office: BE1019 (Inside the Main COB Offices – BE1015) Office Hours: by Appointment
University of Southern Indiana Romain College of Business Department of Economics and Marketing ECON461: History of Economic Thought Fall 2018 Instructor: Timothy J. Schibik, Ph. D. Office: BE1019 (inside the main COB offices – BE1015) Office Hours: By appointment. Office Phone: (812) 464-1979 (Mary Spahn in the Main Office) e-mail: [email protected] Course Prerequisite: Econ208 and Econ209 Note: This course counts as an economics elective for economics majors/minors and as a 300/400 level elective for all other majors at the university. Text: Heilbroner, Robert L., The Worldly Philosophers: The Lives, Times, and Ideas of the Great Thinkers, 7th Edition Newly Revised, Touchstone – Simon Shuster Pub. Co., 1999. Course Objective: The overall objective of this course is to introduce the origins and evolution of economic theory from its formative stages to the present. The focus will be on developing the interrelationships between the historical environment and development of economic theory to be used in understanding existing social realities. Upon completion of this course, student should be able to: recognize the various schools of economic thought, along with their origins and evolution; summarize the main characteristics of the various schools of economic thought; describe the technological, ideological and social forces that have influenced these schools of thought; identify the various economic theories that were/are used to explain and analyze particular choices at various points in time; distinguish the impacts that the various schools of thought have had on current “mainstream” economics, and; ask yourselves the important questions (i.e., What do I know?, How do I know?, What do I believe?, and Why do I believe it?) and arrive at defendable answers. -
BIS Working Papers No 136 the Price Level, Relative Prices and Economic Stability: Aspects of the Interwar Debate by David Laidler* Monetary and Economic Department
BIS Working Papers No 136 The price level, relative prices and economic stability: aspects of the interwar debate by David Laidler* Monetary and Economic Department September 2003 * University of Western Ontario Abstract Recent financial instability has called into question the sufficiency of low inflation as a goal for monetary policy. This paper discusses interwar literature bearing on this question. It begins with theories of the cycle based on the quantity theory, and their policy prescription of price stability supported by lender of last resort activities in the event of crises, arguing that their neglect of fluctuations in investment was a weakness. Other approaches are then taken up, particularly Austrian theory, which stressed the banking system’s capacity to generate relative price distortions and forced saving. This theory was discredited by its association with nihilistic policy prescriptions during the Great Depression. Nevertheless, its core insights were worthwhile, and also played an important part in Robertson’s more eclectic account of the cycle. The latter, however, yielded activist policy prescriptions of a sort that were discredited in the postwar period. Whether these now need re-examination, or whether a low-inflation regime, in which the authorities stand ready to resort to vigorous monetary expansion in the aftermath of asset market problems, is adequate to maintain economic stability is still an open question. BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The views expressed in them are those of their authors and not necessarily the views of the BIS. -
The Essential ADAM SMITH ADAM SMITH the Essential
The Essential The Essential ADAM SMITH ADAM SMITH The Essential Udetiort elintrem popteride fac re nostemusa porae tem in te iaes moves- cid nequastil viliu menatiae te pris. Ips, quiusus er que fuidemquon supica; novero etidemusque cae, Cationsus ad Caticatus opultilius et; nes mante nonsulo sultilina comnitem praveriae fore cla nihi, Ti. Em tem inam num, nes SMITH ADAM conte curnit? Mulus. Evitem sis? Opiordica dit. Go es voltum omanunc iam nox maximil conduconiam. Quo voludem iam dientru ntuscru deperfe rcereo, quideme catiam tem potala restra? Quiderniu conem cone cones nonsum optis conorbit. Nem hostiquo elicon ac mored ina, pracia vitra prariciam Romnora torum, me etres hoca in rehenih iliemus rendam quam ret; Cupionf erorunum opublie ndemus erferfex none curem denatanum is cripio conem et, con dem tabenat icerei consilius, untem morit, paturaetrum te periosti publicus praecero ius fecte consis, que iae nos esse consustrunt. James Otteson by James Otteson Copyright © by the Fraser Institute. All rights reserved. No part of this book may be reproduced in any manner whatsoever without written permission except in the case of brief quotations embodied in critical articles and reviews. Th e author of this publication has worked independently and opinions expressed by him are, therefore, his own, and do not necessarily refl ect the opinions of the Fraser Institute or its supporters, directors, or staff . Th is publication in no way implies that the Fraser Institute, its directors, or staff are in favour of, or oppose the passage of, any bill; or that they support or oppose any particular political party or candidate. -
WINTER 2015 Journal of Austrian Economics
The VOL. 18 | NO . 4 QUARTERLY WINTER 2015 JOURNAL of AUSTRIAN ECONOMICS ARTICLES The Efficient Market Conjecture . 387 Ricardo E. Campos Dias de Sousa and David Howden The Austrian Business Cycle Theory: A Defense of Its General Validity . 409 Mihai Macovei Division of Labor and Society: The Social Rationalism of Mises and Destutt de Tracy . 436 Carmen Elena Dorobăţ From Marshallian Partial Equilibrium to Austrian General Equilibrium: The Evolution of Rothbard’s Production Theory . 456 Patrick Newman Man, Economy and State, Original Chapter 5: Producer’s Activity . 487 Murray N. Rothbard Book Review: Doing Bad by Doing Good: Why Humanitarian Action Fails By Chris Coyne . 562 Jason E. Jewell Book Review: Exploring Capitalist Fiction: Business through Literature and Film By Edward W. Younkins . 568 Shawn Ritenour Book Review: Contending Perspective in Economics: A Guide to Contemporary Schools of Thought By John T. Harvey . 572 Mark Thornton Book Review: Finance Behind the Veil of Money: An Essay on the Economics of Capital, Interest, and the Financial Market By Eduard Braun . 578 David Howden FOUNDING EDITOR (formerly The Review of Austrian Economics), Murray N. Rothbard (1926–1995) EDITOR, Joseph T. Salerno, Pace University BOOK REVIEW EDITOR, Mark Thornton, Ludwig von Mises Institute ASSISTANT EDITOR, Timothy D. Terrell, Wofford College EDITORIAL BOARD D.T. Armentano, Emeritus, University of Hartford Randall G. Holcombe, Florida State University James Barth, Auburn University Hans-Hermann Hoppe, Emeritus, UNLV Robert Batemarco, Pace University Jesús Huerta de Soto, Universidad Rey Juan Carlos Walter Block, Loyola University Jörg Guido Hülsmann, University of Angers Donald Bellante, University of South Florida Peter G. -
A Hayekian Theory of Social Justice
A HAYEKIAN THEORY OF SOCIAL JUSTICE Samuel Taylor Morison* As Justice gives every Man a Title to the product of his honest Industry, and the fair Acquisitions of his Ancestors descended to him; so Charity gives every Man a Title to so much of another’s Plenty, as will keep him from ex- tream want, where he has no means to subsist otherwise. – John Locke1 I. Introduction The purpose of this essay is to critically examine Friedrich Hayek’s broadside against the conceptual intelligibility of the theory of social or distributive justice. This theme first appears in Hayek’s work in his famous political tract, The Road to Serfdom (1944), and later in The Constitution of Liberty (1960), but he developed the argument at greatest length in his major work in political philosophy, the trilogy entitled Law, Legis- lation, and Liberty (1973-79). Given that Hayek subtitled the second volume of this work The Mirage of Social Justice,2 it might seem counterintuitive or perhaps even ab- surd to suggest the existence of a genuinely Hayekian theory of social justice. Not- withstanding the rhetorical tenor of some of his remarks, however, Hayek’s actual con- clusions are characteristically even-tempered, which, I shall argue, leaves open the possibility of a revisionist account of the matter. As Hayek understands the term, “social justice” usually refers to the inten- tional doling out of economic rewards by the government, “some pattern of remunera- tion based on the assessment of the performance or the needs of different individuals * Attorney-Advisor, Office of the Pardon Attorney, United States Department of Justice, Washington, D.C.; e- mail: [email protected]. -
View That Government Should Interfere Minimally in the Economic Affairs of a Geographical Space and Leave the Decisions to Market Forces
Vol: 1 Social Work Bulletin June, 2020 A Social Democratic Liberal Perspective on the Development of Education Policy (Reflections from the West) Amira Wali1 Dr Shazia Manzoor2 * Abstract Every developmental activity has a context, a historical background, enabling factors and political will. No policy develops in vacuum. It is pertinent to understand the economic situation of times in order to trace and contextualize the development of policies that were formed and the intentions of the governments behind formulation of such policies. The economic system is in a crisis for sure when unemployment soars high. Educational policies, with their many positive externalities, have also been developed in response to certain climates that were of urgent nature. This paper discusses the shift of thought related to employment situation from classical liberalism to social democratic liberalism, paving a way for the intervention of state authorities by assuming the role of welfare state and the consequent repercussions on the Education policy. The paper deliberates that such shifts and the proactiveness of government intervention is relevant in the present times of globalization, as well. 1. Introduction In order to understand the evolution of the economic thought, it is important to start from the start. The Classical liberalism thought had the basic assumptions of liberalism. These were essentially the free market, laisse faire, and the minimal interference of state for maximization of self interests. The basis of classical liberalism was the classical economic theory (Name invented by Marx). This theory was pioneered by Ricardo, Mills, Marshal, Edgeworth and Pigou. One would question the name- Why classical? The answer is that this theory comprised of an established body of doctrine which forms the core of analytical material presented in the principles of economics text books prior to 1947. -
Is the Family a Spontaneous Order?
Is the Family a Spontaneous Order? Steven Horwitz Department of Economics St. Lawrence University Canton, NY 13617 TEL (315) 229 5731 FAX (315) 229 5819 Email [email protected] Version 1.0 September 2007 Prepared for the Atlas Foundation “Emergent Orders” conference in Portsmouth, NH, October 27-30, 2007 This paper is part of a larger book project tentatively titled Two Worlds at Once: A Classical Liberal Approach to the Evolution of the Modern Family. I thank Jan Narveson for an email exchange that prompted my thinking about many of the ideas herein. Work on this paper was done while a visiting scholar at the Social Philosophy and Policy Center at Bowling Green State University and I thank the Center for its support. 1 The thirty or so years since F. A. Hayek was awarded the Nobel Prize in Economic Science has seen a steady growth in what might best be termed “Hayek Studies.” His ideas have been critically assessed and our understanding of them has been deepened and extended in numerous ways. At the center of Hayek’s work, especially since the 1950s, was the concept of “spontaneous order.” Spontaneous order (which would be more accurately rendered as “unplanned” or “undesigned” or “emergent” order) refers, at least in the social world, to those human practices, norms, and institutions that are, in the words of Adam Ferguson, “products of human action, but not human design.” For Hayek, this concept was central to his critique of “scientism,” or the belief that human beings could control and manipulate the social world with the (supposed) methods of the natural sciences. -
Hayek's the Constitution of Liberty
Hayek’s The Constitution of Liberty Hayek’s The Constitution of Liberty An Account of Its Argument EUGENE F. MILLER The Institute of Economic Affairs contenTs The author 11 First published in Great Britain in 2010 by Foreword by Steven D. Ealy 12 The Institute of Economic Affairs 2 Lord North Street Summary 17 Westminster Editorial note 22 London sw1p 3lb Author’s preface 23 in association with Profile Books Ltd The mission of the Institute of Economic Affairs is to improve public 1 Hayek’s Introduction 29 understanding of the fundamental institutions of a free society, by analysing Civilisation 31 and expounding the role of markets in solving economic and social problems. Political philosophy 32 Copyright © The Institute of Economic Affairs 2010 The ideal 34 The moral right of the author has been asserted. All rights reserved. Without limiting the rights under copyright reserved above, no part of this publication may be reproduced, stored or introduced into a PART I: THE VALUE OF FREEDOM 37 retrieval system, or transmitted, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise), without the prior written permission of both the copyright owner and the publisher of this book. 2 Individual freedom, coercion and progress A CIP catalogue record for this book is available from the British Library. (Chapters 1–5 and 9) 39 isbn 978 0 255 36637 3 Individual freedom and responsibility 39 The individual and society 42 Many IEA publications are translated into languages other than English or are reprinted. Permission to translate or to reprint should be sought from the Limiting state coercion 44 Director General at the address above. -
Whatever Happened to Economic Anthropology?1
The Australian Journal of Anthropology (2009) 20, 285–300 doi:10.1111/j.1757-6547.2009.00037.x Whatever happened to economic anthropology?1 Chris Gregory Archaeology and Anthropology, Faculty of Arts, Australian National University In the 1970s, economic anthropology, along with kinship and ecological anthropology, was regarded as a core discipline in the teaching of anthropology. The centrality of all these subjects was reflected in the debates of the time. For economic anthropology, understanding the articulation of modes of production was the problem; the holy trinity—tribe, peasant, capitalist—provided the key terms of the debate. These terms, and this problem, are history. The discipline of anthropology has been de-cored over the past 30 years: economic anthro- pology, kinship and ecological anthropology are not even on the agenda in many universities today (ANU included). This presents us with a paradox because these academic trends are in inverse proportion to the importance of contemporary developments in the economy, the family and ecology as global problems facing humanity. This paradox must be addressed not by arguing for a rehabilitation of the core subjects of the 1970s—those days are long gone— but by taking a critical look at the implicit theories of value that inform anthropological thinking about the economy, the family and ecology today. I shall argue that, along with neoliberalism, ‘agency’ has been the key term of the new paradigm that emerged in the 1970s, that this paradigm is about to become history and that new ways of thinking about the economy will have to emerge as we all become victims of the ‘financialisation’ of Europe, the industrialisation of Asia and the desiccation of Australia. -
Human Action Vs
Kiel Institute for the World Economy | Kiel, 19 July 2016 Paradigm Debate: “Human Action vs. Phishing for Phools – Two Perspectives of Socio-Economics” Human Action Towards a Coordinationist Paradigm of Economics Stefan Kooths Forecasting Center KOOTHS | Human Action – Towards a Coordinationist Paradigm of Economics 1 Crisis of mainstream economic thinking Reconstruction or revolution of economics? KOOTHS | Human Action – Towards a Coordinationist Paradigm of Economics 2 Reconstruction of economics Coordinationist paradigm of economics inspired by „Austrian Economics“ (Entrepreneurial Economics) methodological backbone Praxeology: Science of Human Action Catallactics: Science of human inter-action via (market) exchange KOOTHS | Human Action – Towards a Coordinationist Paradigm of Economics 3 Fundamental axiom Man acts. KOOTHS | Human Action – Towards a Coordinationist Paradigm of Economics 4 Implications of “human action” (1/2) . Purposeful conduct: Aiming at reducing uneasiness » The human actor “wants to substitute a state of affairs that suits him better for one that suits him less”. (Mises) » Human beings as universal entrepreneurs (explorers, not decision automata) » Action: decision making + search for means . Individuals act … » … but not in isolation (society formed by voluntary interaction) » … groups/aggregates do not (anti-collectivist approach) . Preferences as ranks only » Chosen ends are strictly subjective » Making choices on means (no discussion of ends) » No room for interpersonal comparison of utility (no social planner) KOOTHS | Human Action – Towards a Coordinationist Paradigm of Economics 5 Implications of “human action” (2/2) . Diminishing marginal utility » Follows from praxeological approach (outcome, not an assumption) » Not a psychological/physiological phenomenon . Action in time » Dynamic disequilibrium approach » Evenly rotating economy as a state of non-action (thought experiment only) . -
A General Theory of Economic Flow, Social Exchange, and Hegemonic Relationship
W&M ScholarWorks Dissertations, Theses, and Masters Projects Theses, Dissertations, & Master Projects 1992 A General Theory of Economic Flow, Social Exchange, and Hegemonic Relationship Donn Robert Grenda College of William & Mary - Arts & Sciences Follow this and additional works at: https://scholarworks.wm.edu/etd Part of the Economic Theory Commons, and the Social and Cultural Anthropology Commons Recommended Citation Grenda, Donn Robert, "A General Theory of Economic Flow, Social Exchange, and Hegemonic Relationship" (1992). Dissertations, Theses, and Masters Projects. Paper 1539625722. https://dx.doi.org/doi:10.21220/s2-kwnn-9j14 This Thesis is brought to you for free and open access by the Theses, Dissertations, & Master Projects at W&M ScholarWorks. It has been accepted for inclusion in Dissertations, Theses, and Masters Projects by an authorized administrator of W&M ScholarWorks. For more information, please contact [email protected]. A General Theory of Economic Flow, Social Exchange, and Hegemonic Relationships A Thesis Presented to The Faculty of the Department of Anthropology The College of William and Mary in Virginia In Partial Fulfillment Of the Requirements for the Degree of Master of Arts by Donn R. Grenda 1992 This thesis is submitted in partial fulfillment of the requirements for the degree of Master of Arts Author Approved, April 1992 f Norman Barka Theodore Reinhart ii TABLE OF CONTENTS Page ACKNOWLEDGMENTS i v LIST OF TABLES..................... .................... v LIST OF FIGURES......................................... vi ABSTRACT............... vii INTRODUCTION............................................ 2 CHAPTER I. AN EXAMINATION OF THE FIELD AND ITS FOUNDERS............................................ 7 CHAPTER II. THE DEVELOPMENT OF A GENERALTHEORY.... 52 CHAPTER III. A GENERAL THEORY OF ECONOMIC FLOW, SOCIAL EXCHANGE, AND HEGEMONIC RELATIONSHIPS...... -
Expectations and the Meaning of Institutions
EXPECTATIONS AND THE MEANING OF INSTITUTIONS FOUNDATIONS OF THE MARKET ECONOMY SERIES Edited by Mario J.Rizzo, New York University and Lawrence H.White, University of Georgia A central theme of this series is the importance of understanding and assessing the market economy from a perspective broader than the static economics of perfect competition and Pareto optimality. Such a perspective sees markets as causal processes generated by the preferences, expectations and beliefs of economic agents. The creative acts of entrepreneurship that uncover new information about preferences, prices and technology are central to these processes with respect to their ability to promote the discovery and use of knowledge in society. The market economy consists of a set of institutions that facilitate voluntary cooperation and exchange among individuals. These institutions include the legal and ethical framework as well as more narrowly ‘economic’ patterns of social interaction. Thus the law, legal institutions and cultural or ethical norms, as well as ordinary business practices and monetary phenomena, fall within the analytical domain of the economist. Other titles in the series THE MEANING OF MARKET PROCESS Essays in the development of modern Austrian economics Israel M.Kirzner PRICES AND KNOWLEDGE A market-process perspective Esteban F.Thomsen KEYNES’ GENERAL THEORY OF INTEREST A reconsideration Fiona C.Maclachlan LAISSEZ-FAIRE BANKING Kevin Dowd EXPECTATIONS AND THE MEANING OF INSTITUTIONS Essays in economics by Ludwig Lachmann Edited by Don Lavoie London and New York First published 1994 by Routledge 11 New Fetter Lane London EC4P 4EE This edition published in the Taylor & Francis e-Library, 2005. “To purchase your own copy of this or any of Taylor & Francis or Routledge’s collection of thousands of eBooks please go to www.eBookstore.tandf.co.uk.” Simultaneously published in the USA and Canada by Routledge 29 West 35th Street, New York NY 10001 © 1994 Don Lavoie All rights reserved.