Piketty's Calibration Economics: Inequality and the Dissolution of Solutions?

© 2015 Taylor & Francis. Abstract: By popularising interest in inequality, Thomas Piketty's Capital in the Twenty-First Century has made a significant contribution. It has helped to change the basic terms of debate regarding wealth and income. However, Capital exhibits several weaknesses. The overall statement of Piketty's 3 laws tends to confuse the reader by conflating capital with all forms of wealth, and capital with the current market valuation of wealth assets. The whole creates a form of empiricism by metrics or calibration. The aggregation also lends itself to data as history rather than as historically grounded explanation of evidence. Concomitantly, it lacks a theorisation of capitalism, of power, of the state, of social movements, and of social transformations. This affects the way in which possible solutions to inequality are conceived. However, it does provoke further grounds for ethical counterargument productive of more progressive solutions to the problems it highlights

Come back Marshall, all is forgiven? : Complexity, evolution, mathematics and Marshallian exceptionalism

Marshall was the great synthesiser of neoclassical economics. Yet with his qualified assumption of self-interest, his emphasis on variation in economic evolution and his cautious attitude to the use of mathematics, Marshall differs fundamentally from other leading neoclassical contemporaries. Metaphors inspire more specific analogies and ontological assumptions, and Marshall used the guiding metaphor of Spencerian evolution. But unfortunately, the further development of a Marshallian evolutionary approach was undermined in part by theoretical problems within Spencer's theory. Yet some things can be salvaged from the Marshallian evolutionary vision. They may even be placed in a more viable Darwinian framework.Peer reviewedFinal Accepted Versio

Sickonomics : Diagnoses and remedies

Original article can be found at: http://www.tandfonline.com/ Copyright Taylor & FrancisIn their recent analysis of the alleged decay in modern economics, Ben Fine and Dimitris Milonakis claim to find its source and origin in the "marginal revolution" of the 1870s. They argue that this development led to "methodological individualism" and the detachment of economics from society and history. I contest their account of the marginal revolution and of the role of Alfred Marshall among others. They also fail to provide an adequate definition of methodological individualism. I suggest that neoclassical economics adopted a denuded concept of the social rather than removing these factors entirely. No such removal is possible in principle. It is also mistaken to depict neoclassical economics as the science of prices and the market. In truth, neoclassical economics fails to capture the true nature of markets. I consider some sketch an alternative explanation of the sickness of modern economics, which focuses on institutional developments since World War II.Peer reviewe

European Red List of Habitats Part 1. Marine habitats

The European Red List of Habitats provides an overview of the risk of collapse (degree of endangerment) of marine, terrestrial and freshwater habitats in the European Union (EU28) and adjacent regions (EU28+), based on a consistent set of categories and criteria, and detailed data and expert knowledge from involved countries1. A total of 257 benthic marine habitat types were assessed. In total, 19% (EU28) and 18% (EU28+) of the evaluated habitats were assessed as threatened in categories Critically Endangered, Endangered and Vulnerable. An additional 12% were Near Threatened in the EU28 and 11% in the EU28+. These figures are approximately doubled if Data Deficient habitats are excluded. The percentage of threatened habitat types differs across the regional seas. The highest proportion of threatened habitats in the EU28 was found in the Mediterranean Sea (32%), followed by the North-East Atlantic (23%), the Black Sea (13%) and then the Baltic Sea (8%). There was a similar pattern in the EU28+. The most frequently cited pressures and threats were similar across the four regional seas: pollution (eutrophication), biological resource use other than agriculture or forestry (mainly fishing but also aquaculture), natural system modifications (e.g. dredging and sea defence works), urbanisation and climate change. Even for habitats where the assessment outcome was Data Deficient, the Red List assessment process has resulted in the compilation of a substantial body of useful information to support the conservation of marine habitats

Schools out : Adam Smith and pre-disciplinary international political economy

In this article, I argue that invocations of Adam Smith in international political economy (IPE) often reveal the influence therein of a disciplinary ontological disaggregation of economic and non-economic rationality, which I claim is obscured by the tendency to map its complex intellectual contours in terms of competing schools. I trace the origins of the disciplinary characterisation of Smith as the founder of IPE's liberal tradition to invocations of his thought by centrally important figures in the perceived Austrian, Chicago and German historical schools of economics, and reflect upon the significance to IPE of the reiteration of this portrayal by apparent members of its so-called American and British schools. I additionally contrast these interpretations to those put forward by scholars who seek to interpret IPE and Smith's contribution to it in pre-disciplinary terms, which I claim reflects a distinct ontology to that attributed to the British school of IPE with which their work is often associated. I therefore contend that reflection upon invocations of Smith's thought in IPE problematises the longstanding tendency to map its intellectual terrain in terms of competing schools, reveals that the disciplinary ontological consensus that informs this tendency impacts upon articulations of its core concerns and suggests that a pre-disciplinary approach offers an alternative lens through which such concerns might be more effectively framed

“Essential—Passion for Music”: Affirming, Critiquing, and Practising Passionate Work in Creative Industries

This chapter considers “passion” as an enthusiastic orientation to work within creative worlds: work motivated by intense attachments to the products of work and their conditions of production. Drawing on Luc Boltanski’s pragmatic sociology of critique and justification, the chapter argues that the passionate lens most usefully trains our sights on normative questions: not what or how—but why such work is undertaken. Embedded in research on cultural and creative industries, the contemporary recorded music sector is presented as a “passionate” industry in transformation. Interviews with workers, who both criticize and defend their industry, act as a springboard to explore three possible interpretive approaches: affirmative, critical, and pragmatic. Theoretical flexibility is needed to keep “passion” open to future inquiry—particularly regarding inequalities in creative work

Post-Truth: An Alumni Economist’s Perspective

Drawing upon 50 years as an academic economist, this lecture to alumni of SOAS’s Department of Economics reflects upon the continual ‘post-truth’ aspects of mainstream economics, ranging over its substantive, if shifting, content, and its treatment of methodology and interdisciplinarity. It draws upon a wide range of theory, empirical analysis, policy and anecdote to highlight both the need for alternatives and the continuing, even increased, failure of the mainstream to engage with criticism and alternatives

From Principle of Pricing to Pricing of Principle: Rationality and Irrationality in the Economic History of Douglass North

The current intellectual climate is marked by a dual retreat, faltering and uneven, from the excesses of neo-liberalism and postmodernism. First, the idea that the world is, and should be made as far as possible, like a perfect market, virtualism for Carrier and Miller (1998), is losing ground, giving way to an understanding organized around the more-or-less pervasive presence and influence of market imperfections and the need for the non-market to correct them. Second, obsessive interpretative and relativist deconstruction of the world associated with the cultural turn across the social sciences is increasingly conceding to a renewal of interest in material culture—how reality is both construed and created. Over the past decade, the extraordinary rise to prominence of two concepts in particular has symbolized these developments. In the lead, serving as a filter for a highly diverse range of approaches and topics, is globalization.For brief overview, see Fine (2002a, ch. 2; 2002b). Close behind in timing, weight, and scope is social capital, the counterpart in most respects to globalization at the national or lower levels of community.See Fine (2001) for a comprehensive and critical account