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Economic theory in its neoclassical form is sometimes regarded as
free from values; it is simply the theory of economic exchange.
This can only hold true if we accept the idea of "Homo Economicus"
and the equilibrium economy. But in the real world, away from
neoclassical models, there is no intrinsic stability as such.
Instead, stability is created by the surrounding social, cultural
and political structures. Clearly, it is imperative that ethics
features in the analysis of these economic and socio-political
structures. Drawing on Aristotle, Kant, Hume and others, this book
conceptualizes the analysis of ethics and economic and social
structures. It first considers the key philosophical underpinnings
and categories which frame the discussion of ethics in economic
theory and then considers individual ethics, social action,
financial structures and war. Throughout, ethics are examined in a
multicultural context with structural complexities, and the
difficulties in finding a coherent set of ethics which provides
social cohesion and an open society are considered. A key part of
this is the comparison of two ethical principles which can be
adopted by societies: ius soli or loyalty to constitution, and ius
sanguinis or loyalty to "Blood and Soil". The latter is argued to
lead to problems of Us and the Other. Introducing the possibility
of integrating microscopic ethics into socio-political structures
and proposing the eventual existence of a global ethics, this
volume is a significant contribution to the emerging literature on
economics, social structures and ethics. It will be of particular
interest to those working in business and public administration and
who have an education in socio-economic areas, but it also has a
broad appeal to students and academics in the social sciences.
Economic theory in its neoclassical form is sometimes regarded as
free from values; it is simply the theory of economic exchange.
This can only hold true if we accept the idea of "Homo Economicus"
and the equilibrium economy. But in the real world, away from
neoclassical models, there is no intrinsic stability as such.
Instead, stability is created by the surrounding social, cultural
and political structures. Clearly, it is imperative that ethics
features in the analysis of these economic and socio-political
structures. Drawing on Aristotle, Kant, Hume and others, this book
conceptualizes the analysis of ethics and economic and social
structures. It first considers the key philosophical underpinnings
and categories which frame the discussion of ethics in economic
theory and then considers individual ethics, social action,
financial structures and war. Throughout, ethics are examined in a
multicultural context with structural complexities, and the
difficulties in finding a coherent set of ethics which provides
social cohesion and an open society are considered. A key part of
this is the comparison of two ethical principles which can be
adopted by societies: ius soli or loyalty to constitution, and ius
sanguinis or loyalty to "Blood and Soil". The latter is argued to
lead to problems of Us and the Other. Introducing the possibility
of integrating microscopic ethics into socio-political structures
and proposing the eventual existence of a global ethics, this
volume is a significant contribution to the emerging literature on
economics, social structures and ethics. It will be of particular
interest to those working in business and public administration and
who have an education in socio-economic areas, but it also has a
broad appeal to students and academics in the social sciences.
We have experienced an era of extreme anti-inflationary policy
combined with debts and deficits, the result of which has been a
decrease in social stability. This book examines how using
mainstream theory as the basis for economic decisions leads to
misunderstandings of central concepts of our economic reality. It
aims to establish a better understanding of the discrepancies
between the current mainstream economic theory and the economy
experienced in business and politics. This ambitious and
wide-ranging volume begins the project of rethinking the approach
of economics to money. In this new light, concepts such as
valuation, price, uncertainty, growth and aggregation are
interpreted differently, even as analytical inconsistencies and
even intrinsic contradictions between these concepts arise. A
central theme of the book is the use of money as a measure and
whether the disconnect between money as a form of measurement and
money as it is used in the real world can be maintained. This book
calls for a radical rethinking of the basis of much of the modern
study of economics. It will be of interest to researchers concerned
with monetary economics, finance, political economy and economic
philosophy.
The financial crash of 2008 showed the fragility of the financial
system. A key question which surfaced in the aftermath of the
global crisis was why economists were unable to predict this crash.
This new volume argues that this failure can be attributed, at
least in part, to the poor and inconsistent treatment of money and
monetary matters in economic theory. The book takes this problem as
its starting point, and from there aims to develop a more
consistent treatment of the topic. Here, Hasse Ekstedt affirms that
the treatment of money in economic theory has been inconsistent and
that the topic of money can in fact be seen as anomalous. He argues
that this anomaly depends on deficiencies in the economic theory,
which through an equilibrium approach mainly perceives money as an
index of measurement. In contrast, this volume puts forward the
case for money as a non-equilibrium concept, and that the stability
of money and financial markets are to be sought in social and
institutional structures. In particular, the volume discusses the
relationship between the market and public bodies, as well as
addressing economic and financial stability in general and in
relation to the globalized economy, particularly focussing on the
problem of structural stability. In doing so, the book offers a new
approach both to money and to its role in economic theory.
We have experienced an era of extreme anti-inflationary policy
combined with debts and deficits, the result of which has been a
decrease in social stability. This book examines how using
mainstream theory as the basis for economic decisions leads to
misunderstandings of central concepts of our economic reality. It
aims to establish a better understanding of the discrepancies
between the current mainstream economic theory and the economy
experienced in business and politics. This ambitious and
wide-ranging volume begins the project of rethinking the approach
of economics to money. In this new light, concepts such as
valuation, price, uncertainty, growth and aggregation are
interpreted differently, even as analytical inconsistencies and
even intrinsic contradictions between these concepts arise. A
central theme of the book is the use of money as a measure and
whether the disconnect between money as a form of measurement and
money as it is used in the real world can be maintained. This book
calls for a radical rethinking of the basis of much of the modern
study of economics. It will be of interest to researchers concerned
with monetary economics, finance, political economy and economic
philosophy.
The financial crash of 2008 showed the fragility of the financial
system. A key question which surfaced in the aftermath of the
global crisis was why economists were unable to predict this crash.
This new volume argues that this failure can be attributed, at
least in part, to the poor and inconsistent treatment of money and
monetary matters in economic theory. The book takes this problem as
its starting point, and from there aims to develop a more
consistent treatment of the topic. Here, Hasse Ekstedt affirms that
the treatment of money in economic theory has been inconsistent and
that the topic of money can in fact be seen as anomalous. He argues
that this anomaly depends on deficiencies in the economic theory,
which through an equilibrium approach mainly perceives money as an
index of measurement. In contrast, this volume puts forward the
case for money as a non-equilibrium concept, and that the stability
of money and financial markets are to be sought in social and
institutional structures. In particular, the volume discusses the
relationship between the market and public bodies, as well as
addressing economic and financial stability in general and in
relation to the globalized economy, particularly focussing on the
problem of structural stability. In doing so, the book offers a new
approach both to money and to its role in economic theory.
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