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Added by: Simon Fokt, Contributed by: Patricia Rich
Abstract: Julian Reiss correctly identified a trilemma about economic models: we cannot maintain that they are false, but nevertheless explain and that only true accounts explain. In this reply we give reasons to reject the second premise – that economic models explain. Intuitions to the contrary should be distrusted.Anderson, Elizabeth. Value in Ethics and Economics1993, Cambridge: Harvard University Press.-
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Added by: Rochelle DuFord
Summary: Elizabeth Anderson offers a new theory of value and rationality that rejects cost-benefit analysis in our social lives and in our ethical theories. This account of the plurality of values thus offers a new approach, beyond welfare economics and traditional theories of justice, for assessing the ethical limitations of the market. In this light, Anderson discusses several contemporary controversies involving the proper scope of the market, including commercial surrogate motherhood, privatization of public services, and the application of cost-benefit analysis to issues of environmental protection.Comment: This book as a whole would be an excellent addition to an upper level course on morals and markets. The last three chapters (7-9) cover a number of applied issues in economics and ethics. Chapter 8, "Is Women's Labor a Commodity" would be an especially good addition to a course on business ethics or biomedical ethics that discusses paid surrogacy.
Anderson, Elizabeth. Ethical Assumptions in Economic Theory: Some Lessons from the History of Credit and Bankruptcy2004, Ethical Theory and Moral Practice 7.4, 347-360-
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Added by: Björn Freter, Contributed by: Anna Alexandrova
Abstract: This paper evaluates the economic assumptions of economic theory via an examination of the capitalist transformation of creditor-debtor relations in the 18th century. This transformation enabled masses of people to obtain credit without moral opprobrium or social subordination. Classical 18th century economics had the ethical concepts to appreciate these facts. Ironically, contemporary economic theory cannot. I trace this fault to its abstract representations of freedom, efficiency, and markets. The virtues of capitalism lie in the concrete social relations and social meanings through which capital and commodities are exchanged. Contrary to laissez faire capitalism, the conditions for sustaining these concrete capitalist formations require limits on freedom of contract and the scope of private property rights.Comment: Great for introducing the ideology of economics and the basics of welfare economics.
Buchak, Lara. Risk and Rationality2013, Oxford: Oxford University Press.-
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Added by: Jie Gao
Publisher's Note: Lara Buchak sets out a new account of rational decision-making in the face of risk. She argues that the orthodox view is too narrow, and suggests an alternative, more permissive theory: one that allows individuals to pay attention to the worst-case or best-case scenario, and vindicates the ordinary decision-maker.Comment: This book argues for an alternative account of ideal rationality as opposed to the orthodox view in terms of expected utility theory. Buchak manages to explain the technical details of her theory in such a non-technical way that any student of philosophy will be able to follow her discussion. The book moreover contains very interesting passages on what we might call "the philosophy of decision theory", such as metaphysical and epistemological issues concerning utilities and probabilities. This makes it a good teaching material for courses on decision theory and philosophy of action.
Chang, Ruth. Incommensurability, incomparability, and practical reason – Introduction1997, Cambridge, MA.: Harvard University Press.-
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Added by: Simon Fokt
Back matter: Can quite different values be rationally weighed against one another? Can the value of one thing always be ranked as greater than, equal to, or less than the value of something else? If the answer to these questions is no, then in what areas do we find commensurability and comparability unavailable? And what are the implications for moral and legal decision making? This book struggles with these questions, and arrives at distinctly different answers.Comment: In the introduction to the book Chang distinguishes between commensurability and comparability and argues that things can be compared and a choice can be made between them even if there is no single unit of value according to which they can be measured. The text is particularly useful in teaching introductory modules to value theory, especially on issues related to weighing conflicting values and to moral scepticism. Although very comprehensive, it is a challenging piece however.
Duflo, Esther. Field Experiments in Development Economics2006, Advances in Economics and Econometrics: Theory and Applications, Ninth World Congress (Econometric Society Monographs), R. Blundell, W. Newey, & T. Persson (eds.), 322-348-
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Added by: Björn Freter, Contributed by: Johanna Thoma
Abstract: There is a long tradition in development economics of collecting original data to test specific hypotheses. Over the last 10 years, this tradition has merged with an expertise in setting up randomized field experiments, resulting in an increasingly large number of studies where an original experiment has been set up to test economic theories and hypotheses. This paper extracts some substantive and methodological lessons from such studies in three domains: incentives, social learning, and time-inconsistent preferences. The paper argues that we need both to continue testing existing theories and to start thinking of how the theories may be adapted to make sense of the field experiment results, many of which are starting to challenge them. This new framework could then guide a new round of experiments.Comment: Duflo, of the MIT Poverty Action Lab and recent Nobel Prize Winner, summarizes some of the successes of randomized field evaluations in development economics. She then argues that the way forward for development economics should indeed involve some theorizing, but theorizing on the basis of our new empirical evidence - which might end up looking quite different from standard economic theory. This is a very useful (opinionated) introduction to field experiments for a week on field experiments in a philosophy of economics or philosophy of the social sciences course.
2015, Journal of economic perspectives 29.1, 89-114-
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Added by: Simon Fokt, Contributed by: Anna Alexandrova
Abstract: In this essay, we investigate the dominant position of economics within the network of the social sciences in the United States. We begin by documenting the relative insularity of economics, using bibliometric data. Next, we analyze the tight management of the field from the top down, which gives economics its characteristic hierarchical structure. Economists also distinguish themselves from other social scientists through their much better material situation (many teach in business schools, have external consulting activities), their more individualist worldviews, and in the confidence, they have in their discipline’s ability to fix the world’s problems. Taken together, these traits constitute what we call the superiority of economists, where economists’ objective supremacy is intimately linked with their subjective sense of authority and entitlement. While this superiority has certainly fueled economists’ practical involvement and their considerable influence over the economy, it has also exposed them more to conflicts of interests, political critique, even derision.Comment: Good overview of the sociology of contemporary economics, how much prestige and hierarchy matter to them, and how poorly they view other social scientists.
Millikan, Ruth Garrett. Historical kinds and the “special sciences”1999, Philosophical Studies 95 (1-2):45-65.-
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Added by: Clotilde Torregrossa, Contributed by: Juan R. Loaiza
Abstract: There are no "special sciences" in Fodor's sense. There is a large group of sciences, "historical sciences," that differ fundamentally from the physical sciences because they quantify over a different kind of natural or real kind, nor are the generalizations supported by these kinds exceptionless. Heterogeneity, however, is not characteristic of these kinds. That there could be an univocal empirical science that ranged over multiple realizations of a functional property is quite problematic. If psychological predicates name multiply realized functionalist properties, then there is no single science dealing with these: human psychology, ape psychology, Martian psychology and robot psychology are necessarily different sciencesComment:
Mitchell, Sandra. Complexity and explanation in the social sciences2009, Mitchell, Sandra. "Complexity and explanation in the social sciences." Chrysostomos Mantzavinos (Hg.), Philosophy of the Social Sciences. Philosophical Theory and Scientific Practice, Cambridge (2009): 130-145.-
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Added by: Simon Fokt, Contributed by: Patricia Rich
Abstract: To answer Condorcet, in this chapter I will investigate what it is about the social world that makes the universal, exceptionless generalizations that are heralded as the foundation of knowledge of the physical world so elusive. I am not going to rehearse all the arguments for and against the possibility of laws in the social realm. What I aim to do is not to take either side of the debate, that is, not to say - "YES! Social science does have laws just like physics (or close enough any-way)" or "NO! Social science can never have laws like those of physics; knowledge of the social has a wholly different character." Rather I will suggest replacing the standard conception of laws that structure the debate with a more spacious conceptual framework that not only illuminates what it is about knowledge of the social that is similar to knowledge of the physical, but also explains what is so different in the two scientific endeavors.Comment: When studying the philosophy of the social sciences, the nature of explanation and the role of laws in explanation are important issues. This text provides a valuable argument on this topic, provides an example of how philosophy of biology is relevant to the social sciences, and brings in some other useful philosophical concepts.
Morgan, Mary S.. The curious case of the prisoner’s dilemma: model situation? Exemplary narrative?”2007, Science Without Laws: Model Systems, Cases, Exemplary Narratives. Science and cultural theory, ed. by Creager, Angela N. H., Lunbeck, Elizabeth, Norton Wise, M., Duke University Press, Durham, 157-185-
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Added by: Björn Freter, Contributed by: Anna Alexandrova
Abstract: The Prisoner’s Dilemma game is one of the classic games discussed in game theory, the study of strategic decision making in situations of conflict, which stretches between mathematics and the social sciences. Game theory was primarily developed during the late 1940s and into the 1960s at a number of research sites funded by various arms of the U.S. military establishment as part of their Cold War research.
Comment: I assign this piece to give students a sense of where Prisoner's Dilemma comes from and what its ubiquity teaches us about economics (that laws matter less than exemplary situations).
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Alexandrova, Anna, Robert Northcott. It’s just a feeling: why economic models do not explain
2013, Journal of Economic Methodology, 20(3), 262-267
Comment: This is a good short article to read alongside Reiss' important paper on the explanation paradox, in the context of a philosophy of economics or social science class. It argues against Reiss' premise that economic models are explanatory. It draws on, but does not require, knowledge of anyone's positions in the larger debate on the status of formal models.