Aux origines nietzschéennes des ambiguïtés du concept d'entrepreneur : Schumpeter lecteur de Nietzsche

La figure de l'entrepreneur est aujourd'hui utilisée dans une grande variété de discours publics. Ce travail cherche à remonter à l'une des sources théoriques de la constitution de cette figure : la théorie de l'entrepreneur de Schumpeter en 1911. Ce retour montre que Schumpeter, dans son contexte intellectuel et théorique, est amené à importer une anthropologie philosophique en économie, celle de Nietzsche, auteur largement lu dans l'Autriche du début du XXème siècle. En transposant, à l'intérieur de sa théorie économique, certaines caractéristiques majeures du grand homme créatif nietzschéen dans la figure de l'entrepreneur, Schumpeter développe une explication origin..

History and Philosophy of Economics

Neoliberal governmentality, knowledge work, and thumos

History and Philosophy of Economics

Justice and just price in Francisco de Vitoria's Commentary on Summa Theologica II-II q77

Following Thomas Aquinas, Francisco de Vitoria's analysis of justice in exchanges takes place by commenting on the corresponding questions of the Summa Theologica. The identification of the just price with that of common estimation occurs under a sufficient concurrence of sellers and buyers. A high level of concurrence limits the ability to take advantage of the need on the other side of the market. This fact guaranties a full consent of the parties involved in trading. Under conditions of market power or when some authority fixes a legal price, just price should also be taken as a normative ideal.

History and Philosophy of Economics

Method and scope in Joseph A. Schumpeter's economics: a pluralist perspective

This study aims to evaluate the ideas on the scope and method of economics of Joseph Schumpeter who is one of the important economists of the 20th century. The study consists of four sections: In the first section we underline the interesting points of his life to understand the roots, background, or 'vision' of his thought system. In the second section, we will examine his methodological views that he asserted in his first (but translated into English only in 2010) book. Third section will be concerned with his 'analysis of economics' which refers to his critics of Leon Walras's general equilibrium analysis (as static) and his own alternative (dynamics analysis of capitalist economies) abou..

History and Philosophy of Economics

A critical note on the scientific conception of economics: claiming for a methodological pluralism

Opponents of mainstream economics have not yet called attention to the lack of in-depth examination of the general scientific conception of modern economics. However, economic science cannot consistently fulfil the epistemological and ontological requirements of the scientific standards underlying this conception. What can be scientifically recognized as true cannot be answered, neither through the actual ontological structure of the object of observation nor through a methodological demarcation. These limitations necessarily lead to the claim for both a pragmatic and a radical methodological pluralism.

History and Philosophy of Economics

Rational play in games: A behavioral approach

We argue in favor of a departure from the standard equilibrium approach in game theory in favor of the less ambitious goal of describing only the actual behavior of rational players. We investigate the notion of rationality in behavioral models of extensive-form games (allowing for imperfect information), where a state is described in terms of a play of the game instead of a strategy profile. The players' beliefs are specified only at reached decision histories and are modeled as pre-choice beliefs, allowing us to carry out the analysis without the need for (objective or subjective) counterfactuals. The analysis is close in spirit to the literature on self-confirming equilibrium, but it does..

History and Philosophy of Economics

Poverty: What is it and Why do we care?

We discuss the instrumental and intrinsic reasons for concern about poverty, its definition – absolute/relative, unidimensional/multidimensional – and the visual communication of what poverty really means.

History and Philosophy of Economics

Hilferding, Woytinsky and the fiscal orthodoxy of interwar social democracy

In 1931, when the Great Depression hit Germany, German social democrats discussed a proposal for a (proto-Keynesian) public-debt financed employment program, the so-called WTB plan drafted by Vladimir Woytinsky. But under the leadership of Rudolf Hilferding, the SPD’s main economics spokesperson (and a former finance minister), the SPD rejected the proposal. The paper argues, firstly, that Hilferding’s endorsement of the gold standard and fiscal austerity can be traced to his analysis in Das Finanzkapital. It, secondly, rejects purely ideational interpretation of social democracy’s hostility to public employment programs. This becomes apparent when considering the experience of other E..

History and Philosophy of Economics

On the Way to Another Place: Jordi Nadal and Rural Depopulation

In this paper we review the parts of the work of Jordi Nadal most related to the history of rural depopulation in Spain. Nadal examines several key aspects that naturally form part of the wider picture of the current state of affairs, including the role of industrialisation in inducing migratory movements from the countryside to the city and the decisive acceleration of this process during the second part of the Franco regime. We can find greater tension in issues such as the role of agricultural change of the future of depopulation, in which we can observe (inevitably) the influence of the historiographic and demographic context within which Nadal wrote his work. In conclusion, we stress th..

History and Philosophy of Economics

Original divine proportions of general competitive equilibrium

The proof of the invisible hand discovers many interesting peculiarities of the general competitive equilibrium at times when Adam Smith was working on the ‘Wealth of Nations’. If his self-interested producer allocates his time between production and delivery to the ‘the door’ of the buyer with zero search costs and unintentionally maximizes customer’s consumption-leisure utility, both the marginal rate of transformation of production into delivery and the marginal rate of substitution of leisure for consumption become equal to the golden ratio conjugate whereas the sales-costs of production ratio becomes equal to the golden ratio itself. While the golden ratio was called by Luca P..

History and Philosophy of Economics

Création monétaire et État. Dialogue entre la Théorie de la régulation et la MMT, le cas de la création monétaire en France dans une période précapitaliste (XVIIe-XVIIIe siècle)

La Modern Monetary Theory (MMT ou Théorie monétaire moderne par la suite) (Mitchell et al., 2019; Wray, 2012) vient renouveler les analyses portant sur le rapport entre l'État et la monnaie. Selon cette approche, la monnaie est une créature de l'État. Ce dernier possède en effet la capacité de prélever l'impôt sur son territoire. Les agents s'y trouvant se voient ainsi dans l'obligation de se procurer les moyens de paiement nécessaires au règlement de l'impôt. La MMT fait écho à la théorie chartaliste qui considère que l'impôt est constitutif du développement de marchés et donc de toute économie monétaire (Knapp, 1924). Dans cette perspective, la limite à la création m..

History and Philosophy of Economics

A Bibliography of Free Banking Scholarship (2021)

In this paper, the author provides a bibliography of major and minor scholarly writings on free banking up to mid-2021. It is helpful both for expanding knowledge of the history of free banking and for providing references that may be useful for thinking about some aspects of cryptocurrencies.

History and Philosophy of Economics

A Formal Representation of Smith's Gravitational Theory of Happiness

History and Philosophy of Economics

The value of sacrifice in (post-)growth scenarios

This is a conceptual paper, which contributes to the debate on the measure of intergenerational sacrifice and advances a post-growth theoretical framework that becomes intelligible within a wider space of deliberation, at once economic, social, and moral. We explore the three-pronged argument in two parts. First, we examine the implications of the socioeconomic mechanism of the transition of the production mode from extractive to generative, which is envisaged to replace the market automatic response by allocative efficiency. A second part tackles the moral reason underlying decision-making. Drawing on the lessons of the post-growth debate, we propose and defend a working definition of the m..

History and Philosophy of Economics

Economic globalization and peace

For liberal economists, with the end of the Soviet Union, globalization is a step towards peace. However, war is still a threat for a humanity capable today of committing suicide, with nuclear and cybernetic weapons. The analyses of mercantilism do not disappear and the relations of force are still alive. The nature of "war" has changed. National security cannot be limited to the military, it also includes health, education, industrial risks or the protection of natural resources. The economy is both a cause of war and a means of armed conflict. Economic warfare uses weapons adapted to obtain a right or the exercise of a domination. As such, blockades, embargoes, boycotts or mercantilist-typ..

History and Philosophy of Economics

Entrepreneurial Accessibility, Eudaimonic Well-Being, and Inequality

Amidst considerable debate on the relationship between entrepreneurship and economic inequality, scholarship only indirectly addresses how entrepreneurship informs individuals’ relative well-being. We theorize on the nuanced relationship between entrepreneurship and equality of eudaimonic well-being through the lens of New Institutional Economics. Drawing on theories of human flourishing, we suggest that entrepreneurial action is an underappreciated mechanism by which individuals pursue well-being. Equality of well-being is thus influenced by a society’s entrepreneurial accessibility: the freedom of individuals to choose to engage in entrepreneurial action. We present a multilevel framew..

History and Philosophy of Economics

Philosophie et sciences de gestion : Habermas et Appel : une éthique fondée sur les impératifs de la communication et de l’argumentation

Philosophie et sciences de gestion : Habermas et Appel : une éthique fondée sur les impératifs de la communication et de l'argumentation Résumé Ce texte est organisé de la manière suivante. Après une introduction consacrée aux précautions à prendre quant à l'usage de la philosophie, ce texte abordera successivement : Considérations générales ; La crise de la raison ; Le choix à faire entre deux attitudes rationnelles ; Présupposés éthiques et philosophiques de « l'agir communicationnel » (Nature éthique de la communication, Nature communicationnelle de l'éthique) ; Deux questions essentielles (La fondation ultime de la raison communicationnelle, Application des princip..

History and Philosophy of Economics

Biographical

After rocky early years, I had a happy youth in a small town, and then stumbled through eight years at Harvard, emerging with little sense of what to do next, until I moved to Stanford where my research thrived. A minor project on adverse selection in auctions led me to join in the nascent reconstruction of economic theory using game-theoretic models, and then later, foundational topics in game theory, all focused on the role of agents’ information and their effect on incentives. I’ve enjoyed working with PhD students and been fortunate to have superb co-authors with better skills.

History and Philosophy of Economics

Answering causal questions using observational data

Most applied science is concerned with uncovering causal relationships. In many fields, randomized controlled trials (RCTs) are considered the gold standard for achieving this. The systematic use of RCTs to study causal relationships — assessing the efficacy of a medical treatment for example — has resulted in tremendous welfare gains in society. However, due to financial, ethical, or practical constraints, many important questions — particularly in the social sciences — cannot be studied using a controlled randomized experiment. For example, what is the impact of school closures on student learning and the spread of the COVID-19 virus? What is the impact of low-skilled immigration o..

History and Philosophy of Economics

Biographical

I was born in Detroit, Michigan to Abraham Isaac Milgrom and Anne Lillian Milgrom nee Finkelstein. Abraham Milgrom was born in Canada to Polish-Jewish immigrants, and Anne Finkelstein in Detroit, Michigan, to Ukrainian-Jewish immigrants. I am the second of the Milgroms’ four sons; Stuart is my older brother and Barry and Steven my younger twin brothers. We grew up in Oak Park – a suburb of Detroit – where I attended the John Dewey School followed by Oak Park High School, from which I graduated in 1966.

History and Philosophy of Economics

Biographical

I first saw light in Albuquerque, New Mexico, USA, at the dawn of World War II. My earliest memories are of the warm climate, skiing in winter, trout fishing in summer, and a fragrant alfalfa field outside my window.

History and Philosophy of Economics

Coase and the Scottish Political Economy Tradition

Coase’s work took a different approach to that of standard economics and he made a series of reflections over the years setting out his methodological views. He first employed this approach in his path-breaking paper on ‘The Nature of the Firm’, which was drafted while in his first academic post, at the Dundee School of Economics and Commerce. The distinctive Scottish political economy approach still dominated economics in Scotland at the time, although the Dundee School stood apart from it. The purpose of this paper is to consider how far Coase was influenced by being in Dundee, and in particular by the Scottish political economy tradition. We find little evidence of influence from th..

History and Philosophy of Economics

Lessons of Keynes’s Economic Consequences in a Turbulent Century

Just over a century old, John Maynard Keynes’s The Economic Consequences of the Peace (1919) remains a seminal document of the twentieth century. At the time, the book was a prescient analysis of political events to come. In the decades that followed, this still controversial text became an essential ingredient in the unfolding of history. In this essay, we review the arc of experience since 1919 from the perspective of Keynes’s influence and his changing understanding of economics, politics, and geopolitics. We identify how he, his ideas, and this text became key reference points during times of turbulence as actors sought to manage a range of shocks. Near the end of his life,..

History and Philosophy of Economics

Philosophie et sciences de gestion : Bergson et l’élan vital

Ce texte est organisé de la manière suivante. Après une introduction consacrée aux précautions à prendre quant à l'usage de la philosophie, ce texte abordera successivement : Considérations générales ; Le vrai Temps et la véritable Liberté (Les deux formes de temps, La critique du déterminisme et la liberté comme création et émergence de soi), ; Les deux sources de la morale et de la religion (Les deux types de morale, De la dualité à la divergence) ; Remarques critiques ; L'entreprise et la durée (Une zone d'indétermination dans un monde déterminé, L'entreprise et le temps des horloges, L'entreprise et le temps des Hommes, L'intuition de la durée, Des durées, une dur..

History and Philosophy of Economics

L'histoire du management entre présent et actualité: de Foucault à Merleau-Ponty

La question du futur du travail est aujourd'hui sur toutes les lèvres. Que devient le travail ? Que va-til devenir ? Avec lui, quelles sont les transformations en cours du management ? Comme l'a montré la pandémie actuelle, le monde bifurque parfois brutalement. Rien n'est acquis. Les phénomènes les plus habituels comme la vie à la maison, le « bonjour », les pratiques liées au « bureau », les modalités de la rencontre avec des collaborateurs, sont aujourd'hui profondément redéfinies. Ces ruptures devraient inciter à penser une histoire du travail. Il s'agirait alors d'écrire et de décrire les transformations du travail en les inscrivant dans leur époque. Mais comment pense..

History and Philosophy of Economics

Théorie économique et philosophie de la mesure

Les théories économiques sont, le plus souvent, atemporelles ou inter-temporelles. Ce sont des théories de l'équilibre, un équilibre défini par des données dites réelles, préférences et technologies. Elles reposent sur la croyance en l'existence actuelle ou future d'un monde dénué de contradictions. Elles font de la neutralité de la monnaie et de la finance ou de leur disparition un objectif à atteindre. Ce faisant elles ignorent aussi bien l'instabilité intrinsèque des économies de marché que leur possible résilience. Le regard du philosophe Albert Camus nous invite à suivre une autre démarche, celle qui vise à reconnaître l'inévitabilité des contradictions en même..

History and Philosophy of Economics

The Currency Board Debate of the 1940s-1960s

The late 1940s to the 1960s featured a sustained debate about currency boards in underdeveloped (or, in today’s parlance, developing) economies and their desirability compared to the alternative of central banking. Critics of currency boards found fault with them for the foregone cost of their “idle reserves,” their implied deflationary bias, their lack of discretionary monetary policy, and their lack of a lender of last resort, among other things. Defenders of the currency board system argued that the criticisms were either incorrect or irrelevant. After carefully reviewing the debate, I opine on it, coming down mainly on the side of the defenders of currency boards.

History and Philosophy of Economics

Corporate Culture

Corporate culture is an omnibus term that includes many elements like norms, values, knowledge, and customs that are relevant to a firm. Economists have made great progress recently in devising methods of measuring different aspects of corporate culture. These empirical measures of culture have explained mergers and acquisitions, corporate risk-taking, and unethical behaviors observed in corporations, among other topics. We argue that unpacking corporate culture into its components is the right way to research it empirically. Theories of corporate culture are still in development, and we discuss the major contributions thus far. We argue that a theory of the firm and of corporate decision-ma..

History and Philosophy of Economics

Exposure, Experience, and Expertise: Why Personal Histories Matter in Economics

Personal experiences of economic outcomes, from global financial crises to individual-level job losses, can shape individual beliefs, risk attitudes, and choices for years to come. A growing literature on experience effects shows that individuals act as if past outcomes that they experienced were overly likely to occur again, even if they are fully informed about the actual likelihood. This reaction to past experiences is long-lasting though it decays over time as individuals accumulate new experiences. Modern brain science helps understand these processes. Evidence on neuroplasticity reveals that personal experiences and learning alter the strength of neural connections and fine-tune the br..

History and Philosophy of Economics

Physics-inspired analysis of the two-class income distribution in the USA in 1983-2018

The first part of this paper is a brief survey of the approaches to economic inequality based on ideas from statistical physics and kinetic theory. These include the Boltzmann kinetic equation, the time-reversal symmetry, the ergodicity hypothesis, entropy maximization, and the Fokker-Planck equation. The origins of the exponential Boltzmann-Gibbs distribution and the Pareto power law are discussed in relation to additive and multiplicative stochastic processes. The second part of the paper analyzes income distribution data in the USA for the time period 1983-2018 using a two-class decomposition. We present overwhelming evidence that the lower class (more than 90% of the population) is descr..

History and Philosophy of Economics