Socio-Economics: An Interdisciplinary Approach Ethics, Institutions,
This book is intended as a warning against the kind of hard-core liberalism which blames state intervention for the disappointing results achieved in matters of macroeconomic, competition and social welfare policy. In calling attention to the social dimen
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SOCIO-ECONOMICS: AN INTERDISCIPLINARV APPROACH Ethics, Institutions, and Markets
Beat BOrgenmeier University of Geneva
Translated by Kevin Cook
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SPRINGER SCIENCE+BUSINESS MEDIA, LLC
Library of Congress Cataloging-in-Publication Data Biirgenmeier, Beat. [Plaidoyer puor une economie sociale. English] Socio-economics : an interdisciplinary approach : ethics, institutions, and markets I Beat Btirgenmeier ; translated by Kevin Cook. p. cm. Translation of: Plaidoyer pour une economie sociale. Includes bibliographical references and index. ISBN 978-94-010-5317-4 ISBN 978-94-011-2966-4 (eBook) DOI 10.1007/978-94-011-2966-4
1. Economics. 1. Title. II. Title: Socioeconomics. HB71.B8713 1992 33O-dc20
91-40613 CIP
Copyright © 1992 Springer Science+Business Media New York Originally published by K1uwer Academic Publishers in 1992 Softcover reprint ofthe hardcover lst edition 1992 AII rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form orby any means, mechanical, photo-copying, record ing, ar otherwise, without the prior written permission of the publisher, Springer Science+ Business Media, LLC.
Printed an acid-free paper.
Translation and adaption of the original version published in French under the title "Playdoyer pour une economie sociale" © Economica, Paris.
CONTENTS
Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
vii
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
Part I Economic theory - Going round in circles? . . . . . . . . . . . . . . . . . . . . .
7
Chapter 1:
The links between economic theory and practice ..... State intervention: a theoretical debate .. . . . . . . . . . . . Empirical observation of economic reality ..........
9 9 13
Chapter 2:
The fragmentation of economics .................. Institutionalist criticisms . . . . . . . . . . . . . . . . . . . . . . . . . The controversy over methodology. . . . . . . . . . . . . . . . . Basic assumptions .................. . . . . . . . . . . . .
27 28 33 37
Chapter 3 :
The instrumentalization of economics . . . . . . . . . . . . . . Mathematics and economic theory. . . . . . . . . . . . . . . . . The development of quantitative methods. . . . . . . . . . .
45 45 49
Economic policy in crisis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
53
Chapter 4:
55 55 59
Part II The role of the state in economic theory ............ The origins of liberalism . . . . . . .. .. .. . . . .. .. . . . .. . Liberal theory and economic reality. . . . . . . . . . . . . . . .
Contents
vi
Chapter 5:
The all-pervading state. . . . . . . . . . . . . . . . . . . . . . . . . . . Instruments of economic policy ................... Admission of failure. . . . . . . . . . . . . . . . . . . . . . . . . . . . . The search for a miracle cure. . . . . . . . . . . . . . . . . . . . . .
73 73 81 88
Chapter 6 : The threat of institutional paralysis ..
