Philosophy of Economics:
A Contemporary Introduction














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Errata


  1. 1.Page 14 in Chapter 1, Question 4: "To what extent are the problems in philosophy of science similar to those in philosophy of other sciences? To what extent are they different?". This should of course read: "To what extent are the problems in philosophy of ECONOMICS similar to those in the philosophy of other sciences? To what extent are they different?".

  2. 2.Page 99 in Chapter 5 on causation: "Arguably, thus, the burden of proof is on him who denies that causal and counterfactual statements are meaningless or unknowable." The “denies” should be an “asserts”: "Arguably, thus, the burden of proof is on him who asserts that causal and counterfactual statements are meaningless or unknowable."



Suggested readings


available online through JSTOR or through publishers’ websites

Note: Books, book chapters and other material that is not available online through publishers’ websites have not been included.

(Please let me know if any of the links is dead [but not if your university doesn’t subscribe to the journal]!)


Contents

  1. 1.Economics and Philosophy

    1. a.Some articles discussing the methodological implications of the financial crisis

  2. 2.Scientific Explanation

  3. 3.Rational Choice Theory

  4. 4.Game Theory

  5. 5.Causation

  6. 6.Mechanisms

  7. 7.Models

  8. 8.Measurement

  9. 9.Regression and Natural Experiments

  10. 10.Experiments

  11. 11.Evidence-Based Policy

  12. Interlude: Facts and Values

  13. 12.Wellbeing

    1. a.General

    2. b.Preference satisfaction

    3. c.Hedonism

    4. d.Objective-list theories

  14. 13.The Moral Limits of Markets

    1. a.General

    2. b.Markets Are Bad

    3. c.The Ethics of Incentives

    4. d.Markets Are Good

  15. 14.Inequality and Fairness

    1. a.General

    2. b.Utilitarianism

    3. c.Rawls

    4. d.Libertarianism

    5. e.Capabilities

  16. 15.Nudge


  1. 1.Economics and Philosophy


Backhouse, Roger, 2008, ‘Methodology of Economics’, in Steven N. Durlauf and Lawrence E. Blume (eds), The New Palgrave Dictionary of Economics, Second Edition, London: The MacMillan Press

Link


Hausman, Daniel 1998, ‘Economics, philosophy of’, in Edward Craig (ed.), Routledge Encyclopedia of Philosophy, London: Routledge

Link


Hausman, Daniel 2013, ‘Philosophy of Economics’, in Edward N. Zalta (ed.), The Stanford Encyclopedia of Philosophy

Link


Articles by Boland, Dow, Frey, Hands, Hausman, Mayer, Varian and Zamora Bonilla from the ‘Millennium symposium: The past, present and future of economic methodology’, Journal of Economic Methodology 8(1), 2001

Link


1(a). Some articles discussing the methodological implications of the financial crisis:


Acemoglu, Daron 2009, ‘The Crisis of 2008: Lessons for and from Economics’, Critical Review 21(2-3): 185-94

JSTOR (Chapter 11 of this online text)


Argandoña, Antonio 2012, ‘Three Ethical Dimensions of the Financial Crisis’, Barcelona, IESE Business School – University of Navarra, Working Paper WP-944

Link


Colander, David 2013, ‘The systemic failure of economic methodologists’, Journal of Economic Methodology 20(1), 56-68

Link


Colander, David, Michael Goldberg, Armin Haas, Katarina Juselius, Alan Kirman, Thomas Lux and Brigitte Sloth, 2009, ‘The Financial Crisis and the Systemic Failure of the Economics Profession’, Critical Review 21(2-3): 249-267

Link


Ross, Don 2010, ‘Should the financial crisis inspire normative revision?’, Journal of Economic Methodology 17(4): 399-418

Link


Stiglitz, Joseph 2009, ‘The Anatomy of a Murder: Who Killed America's Economy?’, Critical Review 21(2-3), 329-39

JSTOR (Chapter 4 of this online text)


  1. 2.Scientific Explanation


Achinstein, Peter 1984 , ‘The Pragmatic Character of Explanation’, PSA: Proceedings of the Biennial Meeting of the Philosophy of Science Association, Vol. 2: Symposia and Invited Papers, 275-92

JSTOR

PhilPapers

 

Cartwright, Nancy 1980, ‘The Truth Doesn’t Explain Much’, American Philosophical Quarterly 17(2), 159-63

JSTOR


Glymour, Clark 1980, ‘Explanations, Tests, Unity and Necessity’, Nous 14 (1): 31-50

JSTOR

PhilPapers


Hempel, Carl and Paul Oppenheim 1948, ‘Studies in the Logic of Explanation’, Philosophy of Science 15(2), 135-175

Link


Kitcher, Philip 1976, ‘Explanation, Conjunction, and Unification’, The Journal of Philosophy, 73(8): 207-212

JSTOR

Philpapers


Kitcher, Philip and Salmon, Wesley 1987, ‘Van Fraassen on Explanation’, Journal of Philosophy , 84(6): 315-330

JSTOR

PhilPapers


Salmon, Wesley 1990, ‘Scientific Explanation: Causation and Unification’, Crítica 22 (66):3 - 23

JSTOR

PhilPapers


Van Fraassen, Bas 1977, ‘The Pragmatics of Explanation’, American Philosophical Quarterly, 14(2):143 -150

JSTOR

PhilPapers


  1. 3.Rational Choice Theory


Friedman, M. and L. Savage 1948, ‘The Utility Analysis of Choices Involving Risk’, Journal of Political Economy 56: 279–304.

JSTOR


Grether, D. and C. Plott 1979, ‘Economic Theory of Choice and the Preference Reversal Phenomenon’, American Economic Review 69: 623–38

JSTOR


Grüne-Yanoff, Till 2007, ‘Bounded Rationality’, Philosophy Compass 2(3): 534-563

Link


Grüne-Yanoff, Till and S.O. Hansson 2006, ‘Preferences’, in Edward N. Zalta (ed.), Stanford Encyclopedia of Philosophy

Link


Hausman, Daniel 2011, ‘Mistakes about Preferences in the Social Sciences’, Philosophy of the Social Sciences 41: 3-25

Link


Kahneman, D. and A. Tversky. 1979. ‘Prospect Theory: An Analysis of Decision Making under Risk’, Econometrica 47: 263–91

JSTOR


Lehtinen, Aki and Jaakko Kuorikoski 2007, ‘Unrealistic Assumptions in Rational Choice Theory’, Philosophy of the Social Sciences 37: 115-138

Link


Levi, I. 1986, ‘The Paradoxes of Allais and Ellsberg’, Economics and Philosophy 2: 23–53

Link


Lichtenstein, S. and P. Slovic 1971, ‘Reversals of Preference Between Bids and Choices in Gambling Decisions’, Journal of Experimental Psychology 89: 46–55

Link


Loomes, G. and Sugden, R 1982. ‘Regret Theory: an Alternative Theory of Rational Choice under Uncertainty’, Economic Journal 92: 805–24

JSTOR


Machina, Mark 2008, ‘Non-Expected Utility Theory’, in Steven N. Durlauf and Lawrence E. Blume (eds), The New Palgrave Dictionary of Economics, Second Edition, London: The MacMillan Press

Link


Satz, Debra and Ferejohn, John 1994, ‘Rational Choice and Social Theory’, Journal of Philosophy 91(2), 71-87

JSTOR


Schick, F. 1986. ‘Dutch Bookies and Money Pumps, Journal of Philosophy 83: 112–19

JSTOR


Sen, A. 1971, ‘Choice Functions and Revealed Preference, Review of Economic Studies 38: 307–17

JSTOR


Sen, A. 1973, ‘Behaviour and the Concept of Preference’, Economica 40: 241–59

JSTOR


Sen, A. 1977, ‘Rational Fools: A Critique of the Behavioral Foundations of Economic Theory’, Philosophy & Public Affairs 6(4): 317-44

JSTOR


Wakker, Peter 2008, ‘Uncertainty’, in Steven N. Durlauf and Lawrence E. Blume (eds), The New Palgrave Dictionary of Economics, Second Edition, London: The MacMillan Press

Link


  1. 4.Game Theory


Aumann, Robert 1995, ‘Backward Induction and Common Knowledge of Rationality’, Games and Economic Behaviour 8: 6-19.

Link


Binmore, K. 1987, ‘Modeling Rational Players I’, Economics and Philosophy 3: 179–214.

Link


Binmore, K. 1988, ‘Modeling Rational Players II’, Economics and Philosophy 4: 9–56.

Link


Buchanan, James M. 2001, ‘Game theory, mathematics, and economics’, Journal of Economic Methodology 8(1): 27-32

Link


Fudenberg, Drew, David Kreps and David Levine 1988, ‘On the Robustness of Equilibrium Refinements’, Journal of Economic Theory 44: 354-380.

Link (Open Access)


Grüne-Yanoff, Till 2008, ‘Game TheoryInternet Encyclopaedia of Philosophy,

Link


Grüne-Yanoff, Till and Paul Schweinzer 2008, ‘The Role of Stories in Applying Game Theory’, Journal of Economic Methodology 15(2): 131-146

Link (T&F)


Guala, F. (2006). ‘Has Game Theory Been Refuted?’, Journal of Philosophy 103(5): 239-263

JSTOR


Hausman, Daniel M. 2005, ‘Testing’ Game Theory’, Journal of Economic Methodology 12(2): 211-223

Link (T&F)


Kalai, Ehud and Ehud Lehrer 1993, ‘Rational Learning Leads to Nash Equilibrium, Econometrica 61(5): 1019-1045

JSTOR


Nash, John 1950, ‘Equilibrium Points in n-Person Games’, Proceedings of the National Academy of Science 36: 48-49

Link


Nash, J. 1951, ‘Non-cooperative Games’, Annals of Mathematics Journal, 54: 286–295.

JSTOR


Pettit, P. and R. Sugden. 1989. ‘The Backward Induction Paradox’, Journal of Philosophy 86: 169–82

Link


Risse, Matthias 2000, ‘What is Rational About Nash Equilibria?’ Synthese 124: 361-384.

JSTOR

Link


Ross, Don 2012, ‘Game Theory’, in Edward N. Zalta (ed.), The Stanford Encyclopedia of Philosophy (Winter 2012 Edition)

Link


Rubinstein, Ariel 1991, ‘Comments on the Interpretation of Game Theory’, Econometrica 59(4): 909-924

JSTOR


Selten, Reinhard 1978, ‘The Chain Store Paradox’, Theory and Decision 9(2): 127-159

Link

Working Paper


Schelling, Thomas 2010, ‘Game Theory: A Practitioner’s Approach’, Economics and Philosophy 26(1): 27-46

Link


  1. 5.Causation


Cartwright, Nancy 1992, ‘Aristotelian Natures and Modern Experimental Method’, in John Earman (ed.), Inference, Explanation, and Other Frustrations: Essays in the Philosophy of Science, Berkeley (CA): University of California Press, 44-70

Link


Crespo, Ricardo 2009, ‘Nancy Cartwright, Millian and/or Aristotelian?’, Sapientia 65(225-226)

Link


Kincaid, Harold 1988, ‘Confirmation, Complexity and Social Laws’, Philosophy of Science (Proceedings of the Biennial Meeting of the Philosophy of Science Association): 299-307

JSTOR


Kincaid, Harold 1990, ‘Defending laws in the social sciences’, Philosophy of the Social Sciences 20(1):56-83

Link


Mill, John Stuart 1844. On the Definition of Political Economy; and on the Method of Investigation proper to it, in Essays On Some Unsettled Questions of Political Economy (ed.), London, Parker: 120-64

Link


Reiss, Julian 2009, ‘Causation in the Social Sciences: Evidence, Inference, Purpose’, Philosophy of the Social Sciences 39(1): 20-40

Link


Schmidt-Petri, Christoph 2008. ‘Cartwright and Mill on Tendencies and Capacities’, in Nancy Cartwright's Philosophy of Science, Stephan Hartmann, Carl Hoefer and Luc Bovens (ed.), London, Routledge: 291-302

Link


van Eeghen, Piet-Hein 1996, ‘Towards a methodology of tendencies’, Journal of Economic Methodology 3(2), 261-284

Link


  1. 6.Mechanisms


Bunge, Mario 1997, ‘Mechanism and Explanation’, Philosophy of the Social Sciences 27(4): 410-465

Link


Bunge Mario 2004, ‘How does it work? The search for explanatory mechanisms’, Philosophy of the Socical Sciences 34:182–210

Link


Deaton, Angus 2010, ‘Understanding the Mechanisms of Economic Development’, Journal of Economic Perspectives 24(3): 3-16

Link


Elster, Jon 1998, ‘A Plea For Mechanisms’, in Alchemies of the Mind: Rationality and the Emotions, Cambridge: Cambridge University Press, 1-47

Link


Gerring John 2008, ‘The mechanismic worldview: thinking inside the box’, British Journal of Political Science 38:161–79

Link


Hedström, Peter and Petri Ylikoski 2010, ‘Causal Mechanisms in the Social Sciences’,

Annual Review of Sociology 36: 49-67

Link


Kincaid, Harold 1986, ‘Reduction, Explanation, and Individualism’, Philosophy of Science 53(4):492-513.

JSTOR


Kincaid Harold 1993, ‘The Empirical Nature of the Individualism-Holism Dispute’,

Synthese 97(2): 229-247

Link


Reiss, Julian 2008, ‘Do We Need Mechanisms in the Social Sciences?’, Philosophy of the Social Sciences 37(2), 163-184

Link


Steel, Daniel 2004, ‘Social Mechanisms and Causal Inference, ’ Philosophy of the Social Sciences 34: 55-78.

Link


Steel, Daniel 2006, ‘Methodological Individualism, Explanation, and Invariance’, Philosophy of the Social Sciences 36: 440-463.

Link


Steel, Daniel 2007, ‘With or Without Mechanisms: A Reply to Weber’, Philosophy of the Social Sciences 37: 360-365

PhilPapers


Weber Erik 2007, ‘Social Mechanisms, Causal Inference, and the Policy Relevance of Social Science’, Philosophy of the Social Sciences 37: 348-359

Link


  1. 7.Models


Alexandrova, Anna 2006, ‘Connecting Economic Models to the Real World: Game Theory and the FCC Spectrum Auctions’, Philosophy of the Social Sciences 36(2): 173-192.

Link


Alexandrova, Anna 2008, ‘Making Models Count’, Philosophy of Science 75(3): 383-404.

PhilPapers


Frigg, Roman and Hartmann, Stephan 2012, ‘Models in Science’, in Edward N. Zalta (ed.), The Stanford Encyclopedia of Philosophy (Fall 2012 Edition)

Link


Gibbard, A. and H. R. Varian 1978, ‘Economic Models’, Journal of Philosophy 75(11): 664-677

Link


Gilboa, Itzhak, Andrew Postlewaite, Larry Samuelson and David Schmeidler 2013, ‘Economic Models as Analogies’,

Link


Hindriks, Frank 2008, ‘False Models as Explanatory Engines’, Philosophy of the Social Sciences 38(3): 334-360.

Link


Knuuttila, Tarja 2009, ‘Isolating Representations Versus Credible Constructions? Economic Modelling in Theory and Practice’, Erkenntnis 70(1): 59-80

Link


Mäki, Uskali (2009) ‘MISSing the world: Models as isolations and credible surrogate systems, Erkenntnis 70(1), 29-43.

Link


Mäki, Uskali 2013, ‘On a paradox of truth, or how not to obscure the issue of false explanatory models’, Journal of Economic Methodology

Link


McMullin, Ernan (1985). ‘Galileian Idealization’, Studies in the History and Philosophy of Science 16: 247-273.

PhilPapers


Morgan, Mary 2001, ‘Models, stories and the economic world’, Journal of Economic Methodology 8(3): 361-384

Link


Morgan, Mary 2006, ‘Economic man as model man: ideal types, idealization and caricatures’, Journal of the history of economic thought 28(1): 1-27

Link


Morgan, Mary 2008, ‘Models’ in: Durlauf, Steven N. and Blume, Lawrence L., (eds.) The New Palgrave Dictionary of Economics. Macmillan Palgrave, London, UK.

Link


Morgan, Mary 2002, ‘How models help economists to know’, Economics and Philosophy  18(1): 5-16

Link


Reiss, Julian 2012, ‘The Explanation Paradox’, Journal of Economic Methodology 19(1): 43-62

Link

(Note that Ch. 7 of The Philosophy of Economics: A Contemporary Introduction is a reprint of this article.)


Reiss, Julian 2013, ‘The Explanation Paradox Redux’, Journal of Economic Methodology 20(3): 280-92

Link


Weisberg, Michael 2007, ‘Three Kinds of Idealization’, Journal of Philosophy 104(12): 639-659

PhilPapers


Weisberg, Michael 2007, ‘Who is a Modeler?’, British Journal for Philosophy of Science 58, 207–233.

Link


  1. 8.Measurement


Bogen, James and James Woodward 1988, ‘Saving the Phenomena’, Philosophical Review 97: 302-352

PhilPapers


Boumans, Marcel 2013, ‘The role of models in measurement outside the laboratory’, Measurement 46(8), 2908-2912

Link


Boumans, Marcel 2012, ‘Observations in a hostile environment: Morgenstern on the accuracy of economic observations’, History of Political Economy 44(supplement):110-131

Link


Boumans, Marcel 2008, ‘Measurement Theory’,  In L.E. Blume and S.N. Durlauf (eds.), The New Palgrave Dictionary of Economics.  Palgrave Macmillan

Link


Boumans, Marcel 2005, ‘Measurement Outside the Laboratory’, Philosophy of Science 72(5), 850-863.

Link


Maas, Harro and Morgan, Mary 2012, ‘The observation and observing in economics’ History of Political Economy 44 (1 (S)): 1-24

Link


Morgan, Mary 2001, ‘Making measuring instruments’ In: Klein, Judy L. and Morgan, Mary S., (eds.) The age of economic measurement. History of political economy. Annual supplement ; 2001, 33. Duke University Press, London, 235-251.

Link


Reiss, Julian 2001, ‘Natural Economic Quantities and Their Measurement’, Journal of Economic Methodology 8(2): 287-311

Link


Rodenburg, Peter 2008, ‘Measuring unemployment in the Netherlands, 1900-1940: The operationalisation of an elusive concept’. In Stamhuis, I.H., P.M.M.  Klep & G.S.J. van Maarseveen.  (Eds.), The statistical mind in modern society: the Netherlands 1850-1940. - Vol. 2: Statistics and scientific work (pp. 233-262). Aksant: Amsterdam

Link


Shapere, Dudley 1982, ‘The Concept of Observation in Science and Philosophy’, Philosophy of Science 49(3): 485-525.

JSTOR


Stiglitz, Joseph Amartya Sen and Jean Fitoussi 2010, Mismeasuring Our Lives: Why GDP Doesn't Add Up: New Press.

Link


  1. 9.Regression and Natural Experiments


Angrist, Joshua. and Jörn-Steffen Pischke 2010, ‘The Credibility Revolution in Empirical

Economics: How Better Research Design is Taking the Con out of Econometrics’,  Journal of Economic Perspectives 24(2): 3-30

Link


Blalock, Hubert 1991, ‘Are There Really Any Constructive Alternatives to Causal Modeling?’, Sociological Methodology 21: 325-335

Link


Cartwright, Nancy 1995, ‘Probabilities and Experiments’, Journal of Econometrics 67(1): 47-59

Link


Dunning, Thad 2008, ‘Improving Causal Inference: Strengths and Limitations of Natural Experiments’, Political Research Quarterly 61: 282-293

Link


Freedman, David 1991, ‘Statistical Models and Shoe Leather’, Sociological Methodology 21: 291-313

Link


Glymour, Clark, Richard Scheines, Peter Spirtes and Christopher Meek 1994, ‘Causation and Regression’, Report CMU-PHIL-60, Pittsburgh (PA): Carnegie-Mellon University

Link


Hoover, Kevin 2008, ‘Causality in Economics and Econometrics’, In Steven Durlauf and Lawrence Blume (eds.), The New Palgrave Dictionary of Economics. Palgrave Macmillan

Link


Kincaid, Harold 2012, ‘Mechanisms, Causal Modeling, and the Limitations of Traditional Multiple Regression’, in Harold Kincaid (ed.), Oxford Handbook of Philosophy of Social Science, Oxford: Oxford University Press

Link


Leamer, Edward 2010, ‘Tantalus on the Road to Asymptopia’, Journal of Economic Perspectives 24(2): 31-46

Link


Morgan Mary, 2013 ‘Nature’s Experiments and Natural Experiments in the Social Sciences’, Philosophy of the Social Sciences 43: 341-357

Link


Reiss, Julian 2003, ‘Practice Ahead of Theory: Instrumental Variables, Natural Experiments and Inductivism in Econometrics’, Causality: Metaphysics and Methods

Technical Report 12/03, London: London School Of Economics

Link


Reiss, Julian 2005, ‘Causal Instrumental Variables and Interventions’, Philosophy of Science 72(PSA 2004): 964-76

Link


Woodward, James 1995, ‘Causation and Explanation in Econometrics’, in Daniel Little (ed.), On the Reliability of Economic Models, Recent Economic Thought Series Volume 42: 9-61

Link


Woodward, James 1988, ‘Understanding Regression’. PSA: Proceedings of the Biennial Meeting of the Philosophy of Science Association:255 – 269

PhilPapers


  1. 10.Experiments


Al-Ubaydli, O. and List, J.A. (2012) ‘On the Generalizability of Experimental Results in Economics’, NBER Working Paper 17957.

Link


Binmore, K. (1999) ‘Why Experiment in Economics?’, Economic Journal 109: F16–24.

Link


Croson, R. and Gachter, S. (2010) ‘The Science of Experimental Economics, Journal of Economic Behavior and Organization 73: 122-131.

Link


Cubitt, R. (2005) ‘Experiments and the Domain of Economic Theory’, Journal of Economic Methodology 12: 297-210

Link


Ernst, Z. (2007) ‘Philosophical Issues Arising from Experimental Economics’, Philosophy Compass 2: 497-507

Link


Guala, F. (2001) ‘Building Economic Machines: The FCC Auctions’, Studies in History and Philosophy of Science 32: 453–77

Link


Guala, F. (2008) ‘Paradigmatic Experiments: The Ultimatum Game from Testing to Measurement Device’, Philosophy of Science 75: 658-669

Link


Harrison, G. W. and List, J. A. (2004) ‘Field Experiments’, Journal of Economic Literature 42: 1009-45

Link


Hertwig, R. and A. Ortmann (2001) ‘Experimental Practices in Economics: A Methodological Challenge for Psychologists?’, Behavioral and Brain Sciences 24: 383–451

Link


Jones, M.K. (2011) ‘External Validity and Libraries of Phenomena: A Critique of Francesco Guala’s Methodology of Experimental Economics’, Economics and Philosophy 27: 247-271

Link


Mayo, D. (2008) ‘Some Methodological Issues in Experimental Economics’, Philosophy of Science 75: 633-645

JSTOR


Morgan, M. S. (2005) ‘Experiments versus Models: New Phenomena, Inference and Surprise’. Journal of Economic Methodology 12: 317-29

Link


Plott, C. R. (1991) ‘Will Economics Become an Experimental Science?’, Southern Economic Journal 57: 901–19

Link


Roth, A. E. (2002) ‘The Economist as Engineer: Game Theory, Experimentation, and Computation as Tools for Design Economics’, Econometrica 70: 1341–78

Link


Smith, V.L. (2010) ‘Theory and Experiment: What Are the Questions?’, Journal of Economic Behavior and Organization 73: 3-15

Link


Sugden, R. (2005) ‘Experiments as Exhibits and Experiments as Tests’, Journal of Economic Methodology 12: 291-302

Link


  1. 11.Evidence-Based Policy


Cartwright, N. (2009). ‘Evidence-based policy: what's to be done about relevance?’ Philosophical Studies 143(1): 127-136.

Link


Cartwright, N. and E. Munro (2010). ‘The limitations of randomized controlled trials in predicting effectiveness’, Journal of Evaluation in Clinical Practice 16(2): 260-266.

Link


Deaton, Angus 2010, ‘Instruments, Randomization, and Learning about Development’, Journal of Economic Literature 48(2): 424-55

Link


Goldenberg Maya 2006 ‘On evidence and evidence-based medicine: Lessons from the philosophy of science’, Social Science & Medicine 62(11): 2621–2632

Link


Pawson, Ray 2002, ‘Evidence-based Policy: The Promise of ‘Realist Synthesis’’, Evaluation 8(3): 340-53

Link


Sanderson, Ian 2002, ‘Evaluation, Policy Learning and Evidence-Based Policy Making’, Public Administration 80(1): 1–22

Link


Solesbury William 2001, ‘Evidence Based Policy: Whence it Came and Where it’s Going’, ESRC UK Centre for Evidence Based Policy and Practice: Working Paper 1, London: Queen Mary University

Link


Teira, David 2013, ‘Blinding and the Non-interference Assumption in Medical and Social Trials’, Philosophy of the Social Sciences 43: 358-372

Link


     Interlude: Facts and Values


Dasgupta, Partha 2007, ‘Facts and Values in Modern Economics’, in Harold Kincaid and Donald Ross (eds), Oxford Handbook of the Philosophy of Economics, Oxford: Oxford University Press

Preprint


Dasgupta, Partha 2007, ‘Reply to Putnam and Walsh’, Economics and Philosophy 23(3): 365-372.

Link


Friedman, Milton 1953, ‘The Methodology of Positive Economics’ in Essays in Positive Economics. Chicago: University of Chicago Press, 3-43

Link


Mitchell, Wesley 1944 ‘Facts and Values in Economics’, Journal of Philosophy 41(8): 212-219

Link


Mongin, Philippe 2006, ‘Value Judgments and Value Neutrality in Economics’, Economica 73: 257–86

Link


Putnam, Hilary 2003, ‘For Ethics and Economics without the Dichotomies’, Review of Political Economy 15(3): 395-412

Link


Putnam, Hilary and Vivian Walsh 2007, ‘Facts, Theories, Values and Destitution in the Works of Sir Partha Dasgupta’, Review of Political Economy 19(2): 181-202

Link


Putnam, Hilary and Vivian Walsh 2007, ‘A Response to Dasgupta’, Economics and Philosophy 23(3): 359-364.

Link


Putnam, Hilary and Vivian Walsh 2009, ‘Entanglement throughout Economic Science: The End of a Separate Welfare Economics’, Review of Political Economy 21(2): 291-297

Link


Su, Huei-Chun 2013, ‘A Failure to Communicate: The Fact-Value Divide and the Putnam-Dasgupta Debate’, Erasmus Journal for Philosophy and Economics 6(2): 1-23

Link


Walsh, Vivian 2008, ‘Freedom, Values and Sen: Towards a Morally Enriched Classical Economic Theory’, Review of Political Economy 20(2): 199-232

Link


  1. 12.Wellbeing

12(a). General


Crisp, Roger 2013, ‘Well-Being’, in Edward N. Zalta (ed.), Stanford Encyclopedia of Philosophy

Link


12(b). Preference satisfaction


Gul, F. and W. Pesendorfer 2008, ‘The Case for Mindless Economics’. In: A. Caplin and A. Schotter (Eds), The Foundations of Positive and Normative Economics: A Handbook. New York: Oxford University Press, 3-39

Link


Hausman, Daniel 1995, ‘The Impossibility of Interpersonal Utility Comparisons’, Mind 104(415): 473-490

Link


Hausman, Daniel and Michael McPherson 2009 ‘Preference Satisfaction and Welfare Economics’, Economics and Philosophy 25: 1-25

Link


Qizilbash, Mozaffar 1998, ‘The Concept of Well-Being’, Economics and Philosophy 14(1): 51-73

Link


12(c). Hedonism


Hausman, D. 2010 ‘Hedonism and Welfare Economics’, Economics and Philosophy 26: 321–44.

Link


Kahneman, Daniel and Angus Deaton 2010, ‘High income improves evaluation of life but not emotional well-being’, Proceedings of the National Academy of Sciences, Early Edition, September 6, 2010

Link


Kahneman, D. and R. Sugden, 2005 ‘Experienced Utility as a Standard of Policy Evaluation’, Environmental & Resource Economics 32: 161–181

Link


Layard, Richard 2009, ‘Why subjective well-being should be the measure of progress’. In: OECD world forum: charting progress, building visions, improving life, 27-30 Oct 2009, Busan, Korea

Link


12(d). Objective-list theories


Fletcher, Guy 2013, ‘A Fresh Start for the Objective-List Theory of Well-Being’, Utilitas 25(2): 206-20

Link


Nussbaum, Martha C. 2001, ‘Symposium on Amartya Sen's philosophy: 5 adaptive preferences and women's options’, Economics and Philosophy 17(1):67-88

Link


  1. 13.Markets and Morality

13(a). General


Herzog, Lisa, ‘Markets’, in Edward N. Zalta (ed.), The Stanford Encyclopedia of Philosophy

Link


      13(b) Markets Are Bad


Sandel, Michael 1998, ‘What Money Can’t Buy: The Moral Limits of Markets, The Tanner Lectures on Human Values, Delivered at Brasenose College, Oxford

Link


Satz, Debra 2008, ‘The Moral Limits of Markets: The Case of Human Kidneys’, Proceedings of the Aristotelian Society 58(3): 269-88

Link


Anderson, Elizabeth 1990, ‘The Ethical Limitations of the Market’, Economics and Philosophy 6(2): 179-205

Link


       13(c). The Ethics of Incentives


Grant, Ruth 2002, ‘The ethics of incentives: historical origins and contemporary understandings’, Economics and Philosophy 18(1): 111-39

Link


Grant, Ruth 2006, ‘Ethics and Incentives: A Political Approach’, American Political Science Review 100(1): 29-39.

Link


       13(d). Markets Are Good


Hirschman, Albert 1982, ‘Rival Interpretations of Market Society: Civilizing, Destructive, or Feeble?’, Journal of Economic Literature 20(4): 1463-84.

Link


Hargreaves Heap, Shaun 2011, ‘The Magic of the Market’, International Review of Economics 58: 105-15.

Link


McCloskey, Deirdre 2006, ‘Bourgeois Virtues?’, Cato Policy Report 28(3)

Link


  1. 14.Inequality and Fairness

14(a) General


Arneson, Richard 2000, ‘Economic Analysis Meets Distributive Justice’, Social Theory and Practice 26(2)

Link


Dietsch, Peter 2010, ‘The Market, Competition, and Equality’, Politics, Philosophy and Economics 9, 213-244

Link


Lamont, Julian and Favor, Christi 2013, ‘Distributive Justice’, in Edward N. Zalta (ed.), Stanford Encyclopedia of Philosophy

Link


Sen, Amartya 2006, ‘What Do We Want from a Theory of Justice?’, Journal of Philosophy. 103(5): 215-38

Link


       14(b) Utilitarianism


Arneson, Richard 2000,  ’Welfare Should Be the Currency of Justice’, Canadian Journal of Philosophy 30(4): 497-524

Link


Harsanyi John 1977, ‘Morality and the theory of rational behaviour’, Social Research 44(4): 623-56

Link


Schroth, Jörg 2008, ‘Distributive Justice and Welfarism in Utilitarianism’, Inquiry: An Interdisciplinary Journal of Philosophy 51(2): 123-146

Link


       14(c) Rawls


Wenar, Leif 2013, ‘John Rawls’, in Edward N. Zalta (ed.), Stanford Encyclopedia of Philosophy

Link


Arrow, Kenneth 1973, ‘Some Ordinalist-Utilitarian Notes on Rawls' Theory of Justice’, Journal of Philosophy 70(9): 245-263

JSTOR


Bloom, Allan 1975, ‘Justice: John Rawls Vs. The Tradition of Political Philosophy’, The American Political Science Review 69(2): 648-662

Link


Harsanyi, John 1975, ‘Can the Maximin Principle Serve as a Basis for Morality? A Critique of John Rawls' Theory’, American Political Science Review 69(2): 594-606

JSTOR


       14(d) Libertarianism


Locke, John 1690, Two Treatises of Government

Link


Vallentyne, Peter and Bas van der Vossen 2014, ‘Libertarianism’, in Edward N. Zalta (ed.), Stanford Encyclopedia of Philosophy (Fall 2014 Edition)

Link


Buchanan, John 1975, ‘Utopia, the Minimal State, and Entitlement’, Public Choice 23: 121-126

JSTOR


Schmidtz, David 2005, ‘History and Pattern’, Social Philosophy and Policy 22: 148-177

Link


Tomasi, John 2012, ‘Social Justice, Free Market Style’, Juncture 19(1): 26-33

Link


       14(e) Capabilities


Sen, Amartya 1980, ‘Equality of What?’ in McMurrin (ed.), Tanner Lectures on Human Values, Cambridge: Cambridge University Press

Link


Cohen, G.A. 1980, ‘Equality of What? On Welfare, Goods and Capabilities’, Recherches Économiques de Louvain / Louvain Economic Review 56(3/4): 357-382

Link


Nussbaum, Martha, 1992, ‘Human functioning and social justice. In defense of Aristotelian essentialism’. Political Theory 20(2): 202–246

Link


Pogge, T., 2002, ‘Can the Capability Approach be Justified?’ Philosophical Topics 30(2): 167–228

PhilPapers


Robeyns, Ingrid 2011, ‘The Capability Approach’, in Edward N. Zalta (ed.), The Stanford Encyclopedia of Philosophy

Link


       15. Nudge


Grüne-Yanoff, Till 2012, ‘Old Wine In New Casks: Libertarian Paternalism Still Violates Liberal Principles’, Social Choice and Welfare 38(4): 635-645

Link


Heilmann, Conrad 2013, ‘Success conditions for nudges: a methodological critique of libertarian paternalism’, European Journal for Philosophy of Science

Link


Hausman, Daniel and Bryan Welch 2010. ‘To Nudge or Not to Nudge’, Journal of Political Philosophy 18: 123–36

Link


Qizilbash, Mozaffar 2012, ‘Informed Desire and the Ambitions of Libertarian Paternalism’, Social Choice and Welfare 38(4): 647-658

Link


Selinger, Evan and Kyle Whyte 2011 ‘Is There a Right Way to Nudge? The Practice and Ethics of Choice Architecture’, Sociology Compass 5(10): 923–935

Link


Sugden, Robert 2009, ‘On Nudging: A Review of Nudge: Improving Decisions About Health, Wealth and Happiness by Richard H. Thaler and Cass R. Sunstein’, International Journal of the Economics of Business 16(3): 365-373

Link


Thaler Richard H. and Cass R. Sunstein 2003, ‘Libertarian Paternalism’, American Economic Review 93(2/Papers and Proceedings): 175-179

Link