Amos Witztum - Academia.edu (original) (raw)
Papers by Amos Witztum
Acta Oeconomica, Jul 15, 2022
The use of general descriptive names, registered names, trademarks, service marks, etc. in this p... more The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use.
Economica, Aug 1, 1990
... on the main works of these three economists in clear analytical terms, we are also given an i... more ... on the main works of these three economists in clear analytical terms, we are also given an interesting compari-son between Ricardo, Walras, and ... A feature of the book is Robinson's long de-bate with Solow over production functions and capital theory, carried out tete-a-tete ...
Routledge eBooks, Jan 18, 2023
Edward Elgar Publishing eBooks, Jan 26, 2001
The use of general descriptive names, registered names, trademarks, service marks, etc. in this p... more The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use.
Journal of the history of economic thought, Sep 1, 2005
In a recent paper, R. Ekelund and D. Walker (1996) argue that, "[i]ncentives, utilitarian princip... more In a recent paper, R. Ekelund and D. Walker (1996) argue that, "[i]ncentives, utilitarian principles, and the diffusion of property rights are the key to understanding Mill on the statics and dynamics of 'equity and justice'"(p. 576). Their paper, which deals with John Stuart Mill's views on taxation, reads very much like a modern defense of popular capitalism. 1 From the static point of view, it is imperative not to interfere with the internal relationship between economic variables and thus, distort incentives (proportional income tax). 2 From the dynamic point of view, "inheritance taxes [are] the essential mechanism of an evolutionary change towards an efficiently functioning capitalism" (p. 578, italics added). Implied by this is the view that for Mill, the fundamentals of the capitalist system, with its social institutions, hold universally. The obvious difficulties with existing arrangements, and in particular, with the distribution of ownership, do not lead to a reexamination of the sustainability of such a system. Instead, a mere correction of these "disturbing factors" will lead to the blissful coincidence where ethical objectives perfectly coincide with economic expediency. Further more, ethical principles seem to be somewhat secondary to the objective of an efficient capitalist system as "[t]he tax system was to be used to support the decentralisation and security of property rights. .. as a conduit for growth" (p. 579, italics added). This is very much in line with Samuel Hollander (1985) who insists on continuity between David Ricardo, Mill, and neo-classical economics, as well as with Daniel Hausman's (1992) 3 reading of Mill's defense of the isolated study of economics.
The Betrayal of Liberal Economics, 2019
Synopsis : We now know that humans are predominantly social beings and that their sociality does ... more Synopsis : We now know that humans are predominantly social beings and that their sociality does not lend itself to the purely functional society in which modern economics seems to reside. The question that arises is whether economics’ claim for universality and ethical neutrality can survive such acknowledgements. In other words, can the main building block of modern economics—the conception of the individual—accommodate the sociality we uncovered in the previous two chapters while maintaining the same organisational principle of competitive decentralisation as the universal recipe for economic organisation.
The Betrayal of Liberal Economics, 2019
Synopsis : If the promise of economics’ paradigmatic core is neither logically true nor relevant,... more Synopsis : If the promise of economics’ paradigmatic core is neither logically true nor relevant, could there be another reason why we may still wish to promote and defend the proliferation of the idea of competitive decentralisation (i.e. markets)? If markets do not really solve the economic problem and are not ethically neutral but they provide people with, say, freedom and justice, then pursuing this form of economic organisation could still be justified. Moreover, if this were the case, the important association of competitive decentralisation with the basic expression of modern liberalism in the form of civic society can also be maintained.
Springer Studies in the History of Economic Thought
We revisit and critically evaluate Lionel Robbins's famous definition of economics from a busines... more We revisit and critically evaluate Lionel Robbins's famous definition of economics from a business-school perspective, in the light of post-Robbins developments in (1) neoclassical economic theory and (2) evolutionary economics and management theory. We argue that while the economising approach to economics captured by Robbins's definition has an important place in business school curricula, there are various economics-related topics of significant interest to business-school audiencesnot least those relating to technological change and its impact on resource creation and intertemporal economic performance-that can only be addressed by moving beyond the strictures of Robbins's conception of the subject.
This work examines some of the effects that developments in economic theory might have had on con... more This work examines some of the effects that developments in economic theory might have had on concepts of economic justice that are associated with it. Classical economics, as represented by Adam Smith and J.S. Mill is a good example of models of general equilibrium where moral responsibility cannot be evaded. Indeed, in the ethical analysis of these models- conducted by the same people who suggested them- the role of desert was prominent. Contrary to the general belief that classical economists advocated natural liberty for its moral goodness as much as for its economic efficiency, analysis by desert reveals a serious moral inadequacy of natural liberty. This, in turn, may explain the discrepancy between the received view and the fact that the works of classical economists are sometimes full with moral apprehensions about natural liberty. To reach such conclusions there is a need to re-interpret the works of Smith and Mill at both levels of economics and ethics. The bulk of this wo...
The Betrayal of Liberal Economics, 2019
Synopsis : After exploring the logical pitfalls which raise question marks over the validity of e... more Synopsis : After exploring the logical pitfalls which raise question marks over the validity of economics’ paradigmatic core as a theory of social organisation, we will explore in this chapter some of its relevance. For a theory to be relevant, it must capture the essence of the world both about which it makes pronouncements and into which it feeds back. We noticed that for the system of competitive decentralised decision-making to deliver a solution to the economic problem which is also universal and ethically neutral, competition (in its perfect form) must be complete and total. All economic activities must be conducted through perfectly competitive markets that will attach a competitive price (which reflects the true social cost) to all goods so that an allocation can emerge which is both productive and allocative efficient (and, thus, a solution to the economic problem). The absence of such completeness may produce an impression of competition but not a solution to the economic ...
OEconomia, 2021
Sympathetic as I am to Piketty’s burning desire to expose the ever-increasing inequalities in wea... more Sympathetic as I am to Piketty’s burning desire to expose the ever-increasing inequalities in wealth and to alert the world to the difficulties associated with it, I found the reading of his recent tome, Capital and Ideology, difficult to digest. Paul Krugman notes in his review of the book in the New York Times that in part, the extent of the book (both in terms of length and cover), may reflect a lack of focus. To me, however, it was the apparent focus of the book which caused considerable ...
Synopsis : To claim that the co-ordinating powers of the market constitute a natural order, there... more Synopsis : To claim that the co-ordinating powers of the market constitute a natural order, there is a need to show not only that such an order exists (i.e. synchronic order in the sense that it achieves a co-ordinated outcome to economic interactions) but also that it does not offend people’s moral sensibilities (i.e. that it is also a diachronic order). One way of achieving this is by making the system universal and ethically neutral. The way modern economics proposes to do this is by adhering to strict methodological individualism and by removing the ‘other’ (except as someone whose actions may affect us) from all economic considerations. As individuals exist in all societies, and as it is the attitudes towards the ‘other’ which may distinguish one society from another, economics claims to have produced an idea of an order which is universal and independent of ethical or social dispositions. In this chapter, we examine how economics proposes to achieve this outcome and whether it...
Synopsis: Thus far we have exposed the two sides of the betrayal of liberal economics. On the one... more Synopsis: Thus far we have exposed the two sides of the betrayal of liberal economics. On the one hand (the first four chapters), we discussed the betrayal in the sense of the false promise generated by the pretence of a universal and ethically neutral system of competitive decentralised decision-making. On the other hand (Chaps. 5 , 6 and 7 ), we explored the betrayal in the sense of the misconception of the idea of liberal economics given the inability of economics to capture the sociality which is embedded in human nature. In this chapter, we ask what could be the possible meaning of liberal economics had we integrated human sociality into the foundation of our economic analysis. In so doing, we explore a third aspect of the betrayal: the misinterpretation of liberal classical economics. We argue that what is known as liberal classical economics is indeed a form of liberal economics where the sociality of agents plays a significant role. Therefore, while the modern belief that cl...
Synopsis : Having argued that individuals are intrinsically social, we now address the question o... more Synopsis : Having argued that individuals are intrinsically social, we now address the question of the organisational implications of these conclusions. As one of the key elements in modern economic analysis is the separation of the spheres of economic and social interactions, we ask whether or not the kind of sociality we identified in the previous chapter lends itself to such a conception of society. By the separation of the spheres we mean that it is possible to analyse economic interactions without any reference to the specificity and diversity—across cultures—of social interactions in other spheres of social life. Needless to say, this is a necessary condition for any attempt at retaining a position of social neutrality.
The Betrayal of Liberal Economics
Acta Oeconomica, Jul 15, 2022
The use of general descriptive names, registered names, trademarks, service marks, etc. in this p... more The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use.
Economica, Aug 1, 1990
... on the main works of these three economists in clear analytical terms, we are also given an i... more ... on the main works of these three economists in clear analytical terms, we are also given an interesting compari-son between Ricardo, Walras, and ... A feature of the book is Robinson's long de-bate with Solow over production functions and capital theory, carried out tete-a-tete ...
Routledge eBooks, Jan 18, 2023
Edward Elgar Publishing eBooks, Jan 26, 2001
The use of general descriptive names, registered names, trademarks, service marks, etc. in this p... more The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use.
Journal of the history of economic thought, Sep 1, 2005
In a recent paper, R. Ekelund and D. Walker (1996) argue that, "[i]ncentives, utilitarian princip... more In a recent paper, R. Ekelund and D. Walker (1996) argue that, "[i]ncentives, utilitarian principles, and the diffusion of property rights are the key to understanding Mill on the statics and dynamics of 'equity and justice'"(p. 576). Their paper, which deals with John Stuart Mill's views on taxation, reads very much like a modern defense of popular capitalism. 1 From the static point of view, it is imperative not to interfere with the internal relationship between economic variables and thus, distort incentives (proportional income tax). 2 From the dynamic point of view, "inheritance taxes [are] the essential mechanism of an evolutionary change towards an efficiently functioning capitalism" (p. 578, italics added). Implied by this is the view that for Mill, the fundamentals of the capitalist system, with its social institutions, hold universally. The obvious difficulties with existing arrangements, and in particular, with the distribution of ownership, do not lead to a reexamination of the sustainability of such a system. Instead, a mere correction of these "disturbing factors" will lead to the blissful coincidence where ethical objectives perfectly coincide with economic expediency. Further more, ethical principles seem to be somewhat secondary to the objective of an efficient capitalist system as "[t]he tax system was to be used to support the decentralisation and security of property rights. .. as a conduit for growth" (p. 579, italics added). This is very much in line with Samuel Hollander (1985) who insists on continuity between David Ricardo, Mill, and neo-classical economics, as well as with Daniel Hausman's (1992) 3 reading of Mill's defense of the isolated study of economics.
The Betrayal of Liberal Economics, 2019
Synopsis : We now know that humans are predominantly social beings and that their sociality does ... more Synopsis : We now know that humans are predominantly social beings and that their sociality does not lend itself to the purely functional society in which modern economics seems to reside. The question that arises is whether economics’ claim for universality and ethical neutrality can survive such acknowledgements. In other words, can the main building block of modern economics—the conception of the individual—accommodate the sociality we uncovered in the previous two chapters while maintaining the same organisational principle of competitive decentralisation as the universal recipe for economic organisation.
The Betrayal of Liberal Economics, 2019
Synopsis : If the promise of economics’ paradigmatic core is neither logically true nor relevant,... more Synopsis : If the promise of economics’ paradigmatic core is neither logically true nor relevant, could there be another reason why we may still wish to promote and defend the proliferation of the idea of competitive decentralisation (i.e. markets)? If markets do not really solve the economic problem and are not ethically neutral but they provide people with, say, freedom and justice, then pursuing this form of economic organisation could still be justified. Moreover, if this were the case, the important association of competitive decentralisation with the basic expression of modern liberalism in the form of civic society can also be maintained.
Springer Studies in the History of Economic Thought
We revisit and critically evaluate Lionel Robbins's famous definition of economics from a busines... more We revisit and critically evaluate Lionel Robbins's famous definition of economics from a business-school perspective, in the light of post-Robbins developments in (1) neoclassical economic theory and (2) evolutionary economics and management theory. We argue that while the economising approach to economics captured by Robbins's definition has an important place in business school curricula, there are various economics-related topics of significant interest to business-school audiencesnot least those relating to technological change and its impact on resource creation and intertemporal economic performance-that can only be addressed by moving beyond the strictures of Robbins's conception of the subject.
This work examines some of the effects that developments in economic theory might have had on con... more This work examines some of the effects that developments in economic theory might have had on concepts of economic justice that are associated with it. Classical economics, as represented by Adam Smith and J.S. Mill is a good example of models of general equilibrium where moral responsibility cannot be evaded. Indeed, in the ethical analysis of these models- conducted by the same people who suggested them- the role of desert was prominent. Contrary to the general belief that classical economists advocated natural liberty for its moral goodness as much as for its economic efficiency, analysis by desert reveals a serious moral inadequacy of natural liberty. This, in turn, may explain the discrepancy between the received view and the fact that the works of classical economists are sometimes full with moral apprehensions about natural liberty. To reach such conclusions there is a need to re-interpret the works of Smith and Mill at both levels of economics and ethics. The bulk of this wo...
The Betrayal of Liberal Economics, 2019
Synopsis : After exploring the logical pitfalls which raise question marks over the validity of e... more Synopsis : After exploring the logical pitfalls which raise question marks over the validity of economics’ paradigmatic core as a theory of social organisation, we will explore in this chapter some of its relevance. For a theory to be relevant, it must capture the essence of the world both about which it makes pronouncements and into which it feeds back. We noticed that for the system of competitive decentralised decision-making to deliver a solution to the economic problem which is also universal and ethically neutral, competition (in its perfect form) must be complete and total. All economic activities must be conducted through perfectly competitive markets that will attach a competitive price (which reflects the true social cost) to all goods so that an allocation can emerge which is both productive and allocative efficient (and, thus, a solution to the economic problem). The absence of such completeness may produce an impression of competition but not a solution to the economic ...
OEconomia, 2021
Sympathetic as I am to Piketty’s burning desire to expose the ever-increasing inequalities in wea... more Sympathetic as I am to Piketty’s burning desire to expose the ever-increasing inequalities in wealth and to alert the world to the difficulties associated with it, I found the reading of his recent tome, Capital and Ideology, difficult to digest. Paul Krugman notes in his review of the book in the New York Times that in part, the extent of the book (both in terms of length and cover), may reflect a lack of focus. To me, however, it was the apparent focus of the book which caused considerable ...
Synopsis : To claim that the co-ordinating powers of the market constitute a natural order, there... more Synopsis : To claim that the co-ordinating powers of the market constitute a natural order, there is a need to show not only that such an order exists (i.e. synchronic order in the sense that it achieves a co-ordinated outcome to economic interactions) but also that it does not offend people’s moral sensibilities (i.e. that it is also a diachronic order). One way of achieving this is by making the system universal and ethically neutral. The way modern economics proposes to do this is by adhering to strict methodological individualism and by removing the ‘other’ (except as someone whose actions may affect us) from all economic considerations. As individuals exist in all societies, and as it is the attitudes towards the ‘other’ which may distinguish one society from another, economics claims to have produced an idea of an order which is universal and independent of ethical or social dispositions. In this chapter, we examine how economics proposes to achieve this outcome and whether it...
Synopsis: Thus far we have exposed the two sides of the betrayal of liberal economics. On the one... more Synopsis: Thus far we have exposed the two sides of the betrayal of liberal economics. On the one hand (the first four chapters), we discussed the betrayal in the sense of the false promise generated by the pretence of a universal and ethically neutral system of competitive decentralised decision-making. On the other hand (Chaps. 5 , 6 and 7 ), we explored the betrayal in the sense of the misconception of the idea of liberal economics given the inability of economics to capture the sociality which is embedded in human nature. In this chapter, we ask what could be the possible meaning of liberal economics had we integrated human sociality into the foundation of our economic analysis. In so doing, we explore a third aspect of the betrayal: the misinterpretation of liberal classical economics. We argue that what is known as liberal classical economics is indeed a form of liberal economics where the sociality of agents plays a significant role. Therefore, while the modern belief that cl...
Synopsis : Having argued that individuals are intrinsically social, we now address the question o... more Synopsis : Having argued that individuals are intrinsically social, we now address the question of the organisational implications of these conclusions. As one of the key elements in modern economic analysis is the separation of the spheres of economic and social interactions, we ask whether or not the kind of sociality we identified in the previous chapter lends itself to such a conception of society. By the separation of the spheres we mean that it is possible to analyse economic interactions without any reference to the specificity and diversity—across cultures—of social interactions in other spheres of social life. Needless to say, this is a necessary condition for any attempt at retaining a position of social neutrality.
The Betrayal of Liberal Economics