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First published in 1987, Professor O'Sullivan's work provides an in depth philosophical examination of the foundations of method in Economics and other human sciences. The argument is unabashedly dialectical in the great Socratic-Platonic tradition, and the reissue will be very welcome to all students of methodology, in particular those students of economic methodology seeking a refreshing alternative to yet more mathematical game playing. In an age dominated and perhaps to an extent perplexed by an ultimately non-committal postmodernism the book provides a root and branch critique of the epistemological relativism which must lie at the root of the whole post-modernist approach; and in reasserting the fundamental importance not only for the methods of science but also for European civilisation of the pursuit of truth it takes a stance which is very much against the tide of the times. A heterodox perspective is also provided and defended in detail regarding the real nature of economic methodology whereby it is shown that Economics epitomises a teleological mode of explanation which is significantly different from the efficient causal modes of explanation of the natural sciences. In fact Economics is the ultimate subjectivist/interpretative discipline in the methodological sense of Max Weber and Alfred Schutz, a fact which has only been recognised (and welcomed) in the Austrian school of Economics.
First published in 1987, Professor O'Sullivan's work provides an in depth philosophical examination of the foundations of method in Economics and other human sciences. The argument is unabashedly dialectical in the great Socratic-Platonic tradition, and the reissue will be very welcome to all students of methodology, in particular those students of economic methodology seeking a refreshing alternative to yet more mathematical game playing. In an age dominated and perhaps to an extent perplexed by an ultimately non-committal postmodernism the book provides a root and branch critique of the epistemological relativism which must lie at the root of the whole post-modernist approach; and in reasserting the fundamental importance not only for the methods of science but also for European civilisation of the pursuit of truth it takes a stance which is very much against the tide of the times. A heterodox perspective is also provided and defended in detail regarding the real nature of economic methodology whereby it is shown that Economics epitomises a teleological mode of explanation which is significantly different from the efficient causal modes of explanation of the natural sciences. In fact Economics is the ultimate subjectivist/interpretative discipline in the methodological sense of Max Weber and Alfred Schutz, a fact which has only been recognised (and welcomed) in the Austrian school of Economics.
The chief executive officer (CEO) of a corporation and his or her executive team are responsible for the management of the business and its continued operating and financial success. The CEO and executive team are almost always highly compensated and the relative total compensation has mushroomed over time. Most of the compensation now is designed to be performance-based, but leading to charges that executives have incentives to manipulate corporate earnings and stock price in the short-term for their own self interests. The compensation at some companies became so egregious that compensation again became a major public policy issue subject to federal regulation. Executive Compensation focuses on the major topics related to executive compensation—present, past, and future. First, is understanding what executive compensation is, including composition and objectives of pay contracts. Second, how do specific compensation agreements affect corporate behavior and performance? Third, what are the major components, including how and what are accounted for and disclosed? How is compensation, especially executive compensation, accounted for—that is, what are the calculations and journal entries required? Fourth, what does historical analysis tell us about the topic, especially how contractual decisions have been made and what has worked. Finally, what is in store for the future—both expected compensation agreements and what the compensation incentives suggest for future corporate decisions on operations and accounting manipulation.
Economists' role in society has always been an uneasy one, and in recent years the ethicality of the profession and its practitioners has been questioned more than ever. This collection of essays is the first to investigate the multifaceted nature of what forms economists' ethical and economic views. Bringing together work from international contributors, The Ethical Formation of Economists explores the ways in which economists are influenced in their training and career, examining how this can explain their individual ethical stances as economists. The book suggests that if we can better understand what is making economists think and act as they do, considering ethicality in the process, we might all be better placed to implement changes. The intent is not to exonerate economists from personal responsibility, but to highlight how considering the circumstances that have helped shape economists' views can help to address issues. It is argued that it is important to understand these influences, as without such insights, the demonization of economists is too easily adapted as a stance by society as well as too easily dismissed by economists. This book will be of great interest to those studying and researching in the fields of economics, ethics, philosophy and sociology. It also seeks to bring an ethical debate within and about economics and to cause change in the practical reasoning of economists.
The major methodological task for modern economists has been to establish the testability of models. Too often, however, methodological assumptions can make a model virtually impossible to test even under ideal conditions, yet few theorists have examined the requirements and problems of assuring testability in economics. In The Methodology of Economic Model Building, first published in 1989, Lawrence Boland presents the results of a research project that spanned more than twenty years. He examines how economists have applied the philosophy of Karl Popper, relating methodological debates about falsifiability to wider discussions about the truth status of models in natural and social sciences. He concludes that model building in economics reflects more the methodological prescriptions of the economist Paul Samuelson than Popper’s ‘falsificationism’. This title will prove invaluable to both students and researchers, and represents a substantial contribution to debates about the scientific status of economics.
This book is an examination of the nature of economic explanation. The opening chapters introduce current thinking in the philosophy of science and review the literature on methodology. Professor Blaug then turns to the troublesome question of the logical status of welfare economics, giving the reader an understanding of the outstanding issues in the methodology of economics. This is followed by a series of case studies of leading economic controversies, which shows how controversies in economics may be illuminated by paying attention to questions of methodology. A final chapter draws the strands together and gives the author's view of what is wrong with modern economics. This book is a revised and updated edition of a classic work on the methodology of economics, in which Professor Blaug develops his discussion of the latest developments in macroeconomics, general equilibrium theory and international trade theory. A new section on the rationality postulate is also added.
In recent years, scholars from a variety of disciplines have addressed many perplexing questions about the Industrial Revolution in all its aspects. Understandably, economics has become the focal point for these efforts as professional economists have sought to resolve some of the controversies surrounding this topic. This collection contains ten of the best articles written by economists on the subject of the Industrial Revolution ... Among the questions discussed are the causes for the pre-eminence of Britain, the roles of the inputs for growth (capital, labor, technical progress), the importance of demand factors, the relation between agricultural progress and the Industrial Revolution, and the standard of living debate. The essays demonstrate that the application of fresh viewpoints to the literature has given us a considerable new body of data at our disposal, making it possible to test commonly held hypotheses. In addition, this new data has enabled economists to apply a more rigorous logic to the thinking about the Industrial Revolution, thus sharpening many issues heretofore blurred by slipshod methodology and internal inconsistencies.-- Back cover.
This book seeks to advance social economic analysis, economic methodology, and the history of economic thought in the context of twenty-first-century scholarship and socio-economic concerns. Bringing together carefully selected chapters by leading scholars it examines the central contributions that John Davis has made to various areas of scholarship. In recent decades, criticisms of mainstream economics have rekindled interest in a number of areas of scholarly inquiry that were frequently ignored by mainstream economic theory and practice during the second half of the twentieth century, including social economics, economic methodology and history of economic thought. This book contributes to a growing literature on the revival of these areas of scholarship and highlights the pivotal role that John Davis’s work has played in the ongoing revival. Together, the international panel of contributors show how Davis’s insights in complexity theory, identity, and stratification are key to understanding a reconfigured economic methodology. They also reveal that Davis’s willingness to draw from multiple academic disciplines gives us a platform for interrogating mainstream economics and provides the basis for a humane yet scientific alternative. This unique volume will be essential reading for advanced students and researchers across social economics, history of economic thought, economic methodology, political economy and philosophy of social science.
This book, first published in 1988, brings together leading researchers from both the retailing business and the academic world to discuss the latest techniques of analysis and forecasting in the fields of store choice, store location, and market analysis. Its rationale is the major restructuring of the UK retailing industry which has taken place over the past twenty years, and the profound implications of that restructuring for the type of research necessary to understand, maintain and enhance corporate responsibility. The contributors present accounts of the development of new and original methods for retail analysis and forecasting purposes. They lay stress upon practical methods which are accurate and robust, and which can operate with the type of data typically available to retailers. The book will provide a major work of reference for retailers, market researchers, retail analysts, estate managers, urban planners and geographers in many countries.