Prepare your indicators: Economics imperialism on the shores of law and development

This article explores the influence of economics on the demand for, and deployment of, indicators in the context of the World Bank's investment climate campaign. This campaign is characterised by an emphasis on marketisation, mathematisation and quantification, which are respectively the normative, analytical and empirical approaches of choice in mainstream economics. The article concludes that economics generally, and indicators in particular, have brought a certain discipline and energy to the field of law and development. But this ‘progress’ has often been at the expense of non-economic values and interests, and even of our ability to mourn their loss

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

Access orders and the 'new' new institutional economics of development

This article examines the Access Order theories of development that have emerged as the latest reformulation of New Institutional Economics by Douglass North and his associates. They claim that Access Order theory represents a radical break from previous models of institutional change in developing countries. They argue that at the heart of development is the problem of controlling organized violence. Two distinct social orders, the Limited Access Order and the Open Access Order, have emerged as solutions to the problem of endemic violence. This article traces the evolution of these new ideas within North’s institutional theory and examines how violence is treated within their framework. The article evaluates the underlying economic model on which the theory is based and argues that the conceptual device of the Open Access Order preserves key features of the neoclassical approach within North's work. The article contrasts the Access Order approach to the political settlements framework. To conclude the article argues that the Access Order approach serves to strip the progressive potential out of development by ignoring how controlling violence may affect capabilities, rights and freedom

Nudging or Fudging: The World Development Report 2015

The 2015 World Development Report, Mind Society and Behaviour (World Bank, 2015), seeks a redesign of development policy on the basis of insights emerging from behavioural economics. This paper offers a critical assessment of the Report across four dimensions. First, it situates the Report within the broader and evolving knowledge role of the Bank. Second, the paper locates the Report in the context of the evolution of economics as a discipline and how this informs the evolution of the Bank’s development economics. Third, the Report is critically assessed for its narrow take on behavioural economics itself. Finally, the practical significance of the promotion of behavioural economics is considered through reference to its use in interventions in health in general and in response to HIV/AIDS in particular. It is argued that the Report suggests a dramatic and flawed reduction of what development is about, in that it foregoes any analysis of the structural problems facing developing countries and fails to propose major reforms to tackle these

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

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

Access orders and the ‘new’ new institutional economics of development

This article examines the Access Order theories of development that have emerged as the latest reformulation of New Institutional Economics by Douglass North and his associates. They claim that Access Order theory represents a radical break from previous models of institutional change in developing countries. They argue that at the heart of development is the problem of controlling organized violence. Two distinct social orders, the Limited Access Order and the Open Access Order, have emerged as solutions to the problem of endemic violence. This article traces the evolution of these new ideas within North’s institutional theory and examines how violence is treated within their framework. The article evaluates the underlying economic model on which the theory is based and argues that the conceptual device of the Open Access Order preserves key features of the neoclassical approach within North's work. The article contrasts the Access Order approach to the political settlements framework. To conclude the article argues that the Access Order approach serves to strip the progressive potential out of development by ignoring how controlling violence may affect capabilities, rights and freedom