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2answers
48 views

Economics, State and Violence

I think it was the continental sociologist Weber who defined a State as that organ of a nation that has a monopoly of violence. Economics, at least what minute fraction I know, appears to ignore ...
4
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0answers
52 views

The mass surveillance of price and the invisible hand?

In Hayeks Road to Serfdom, he distinguishes between central planning & decentralised planning. And states that decentralised planning makes the most sense, since the available information is too ...
6
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3answers
124 views

Why are Objectivists against Socialism?

From what I understand, Objectivism advocates rational selfishness - to put yourself before the masses, unless you don't want to - essentially to do what you want instead of blind altruism. In the ...
0
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2answers
45 views

Does Risk Aversion cause Diminishing Marginal Utility, or vice versa?

Let A be the set of possible states of the world, or possible preferences a person could have. Let G(A) be the set of "gambles" or "lotteries", i.e. the set of probability distributions over A. Then ...
2
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1answer
123 views

Was Ayn Rand affected by Italian Futurism?

Italian Futurism was an art movement in early 20th century Italy which celebrated youth, violence & technology: Marinetti expressed a passionate loathing of everything old, especially ...
3
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0answers
37 views

Whats the difference between fixed and constant capital?

Rosa Luxembourg in The Accumulation of Capital describes & investigates the constant and fixed capital of Marx & Smith respectively. With Marx, she says Constant capital is the value ...
0
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1answer
34 views

Does this count as a critique of Marxs Labour theory of value?

Marxs theory of value uses the input of Labour as determinining Production Value. But what if we can do away with Labour? For example, consider a perfectly automated factory producing mugs. This ...
0
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0answers
12 views

How is multiplicity linked to desiring-production?

According to the SEP, substance is a notion that dates from the Pre-Socratics and later clarified conceptually by Aristotle, and may be characterised as: (i) being ontologically basic—substances ...
1
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1answer
36 views

Are materialism and methodological individualism compatible?

One of the fundamental principles of the Austrian school of economics, particularly the kind promoted by Ludwig von Mises and Murray Rothbard, is methodological individualism, according to which the ...
4
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2answers
129 views

What arguments have there been on the relative merits of praxeology vs rationality?

Suppose you know what someone's goals are, and how much they value each of their goals. Then if you observe their behavior in a given situation, how can you understand why they acted the way they ...
0
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1answer
61 views

What's Good for the Goose is Almost Never Good for the Gander

It's often said that "what's good for the goose is good for the gander," meaning that if something is good for or benefits one person, it is likely to benefit the group of which they are a part. I'm ...
3
votes
3answers
176 views

What responses have there been to Mises' theory of praxeology?

In his treatise Human Action, Austrian School economist Ludwig von Mises attempts to establish economics not as an empirical science, or a mathematical theory, but as a synthetic a priori endeavor he ...
0
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1answer
93 views

Is there an economic philosophy that is dualistic?

In classical economics its obvious that the philosophical model followed is inspired by both physics in its reductionism and biology to a primary notion - that of self-interest. This self-interest ...
2
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2answers
143 views

Is the perfect competition hypthesis simply the Hobbesian state of nature in the commercial realm?

Hobbes defines the state of nature as war of all against all. Is the perfect competition hypthesis as classically defined presumably by Adam Smith simply this but rather than man against man, ...
2
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3answers
273 views

Why are humans risk-averse? [closed]

The economic theory and much of the decision theory are based on the assumption that we are risk-averse creatures; in the sense that we are more sensitive to bad outcomes than the good ones and so ...
-5
votes
1answer
47 views

Similarity between Socialism and Hedging (finance) [closed]

Wiki article defines Hedging as "an investment position intended to offset potential losses/gains that may be incurred by a companion investment. In simple language, a hedge is used to reduce any ...
-1
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1answer
90 views

Does economics as a science or a technology take only the legitimate economy as its proper field of study? [closed]

My impression as a science or a technology it takes only the legitimate economy (that is under the rule of Law) as its proper sphere. That there is a preponderance of studies on the legitimate ...
1
vote
3answers
223 views

Is it ethical to block ads while still consuming content?

When browsing the web, many users block advertisements for a surprisingly wide variety of reasons. The site operator can send the user whatever they want, often a mix of the sought after content, good ...
0
votes
1answer
214 views

What does it mean to borrow from the future?

I've heard this phrase used in economics. But it seems singularly inapt, the future is never here - how can you borrow something that doesn't exist?
3
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4answers
434 views

Can a “blood diamond” ever be redeemed for morally good purposes?

I'm looking at the concept of how bad money (blood diamonds for example) relates to good money, and how a transfer from one to the other would occur. Premise & Example I don't want to ...
1
vote
1answer
72 views

Classical economics make use of the concept of the rational agent, how true is this?

I want to be clear here. An agent is rational if his motivations can be rationally explicable whether we can deduce them or not, or whether she herself is aware of them or not. Its a fundamental ...
1
vote
2answers
110 views

What would an economics that takes buddhism seriously look like?

Capitalism is predicated on desire, and on maintaining that desire. Buddhism turns away from desire. Has anyone written anything that takes Buddhism seriously enough to make it the centre of their ...
2
votes
2answers
646 views

Difference between Utilitarianism and Capitalist justice

I am a student of econometrics and I'm studying the philosophy of economics. This week I have exams, and I was reviewing last year's exam to practice. I ran into this question: One of the arguments ...
4
votes
1answer
1k views

What does Marxism envision as the role of the state in the economy?

According to Marx, in capitalism, what role does the state play? Is it independent of the economy? Also, does the exploitation of the proletariat by the bourgeoisie, have anything to do with the state ...
5
votes
1answer
66 views

Does rational choice theory stack up against reality?

Rational choice theory has been criticised on the grounds that "consumers are not rational, so doesn't make much sense because utility functions can't model consumer preferences." But is there actual ...
7
votes
3answers
301 views

Why can't (or shouldn't) economists answer normative questions?

Normative questions are those which: affirm how things should or ought to be, how to value them, which things are good or bad, which actions are right or wrong. Normative is usually contrasted ...
4
votes
4answers
123 views

What philosophers and schools have considered 'transcendental' economic values?

Background Settle a bet- more likely; enrich a debate. A friend of mine (a philosophy PhD with a penchant for economics) and I have been arguing for some time on the same topic. He is a libertarian ...
12
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3answers
961 views

What are the main points of contention between Marxist and capitalist economic philosophies?

What are the main points of contention between Marxist economic philosophy and the various "pro-capitalist" economic philosophies (Labor Theory of Value, Austrian School, Libertarianism, etc.?)