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A New Principles of Economics: The Science of Markets

December 2022

DOI:10.4324/9781003094869

ISBN: 9781003094869

Authors:

Carsten Herrmann-Pillath

University of Erfurt

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A NEW PRINCIPLES OF

ECONOMICS

Despite the dynamic development of the discipline of economics, the ways in

which economics is taught and how it denes its basic principles have hardly

changed, resulting in economics being criticised for its inability to provide

relevant insights on global challenges. In response, this book denes new

principles of economics and seeks to establish economics as the science of

markets.

A New Principles of Economics provides an alternative conceptual framework

for the study of economics, integrating recent developments and research in both

economics and neighbouring social sciences. Adopting the structure of a standard

principles text, it separates the study of markets as mechanisms and markets in

their wider contexts. In doing so, a number of new perspectives are introduced,

including approaching the economy as part and parcel of the Earth system;

directly connecting the analysis of production with an analysis of technology

and thermodynamic principles; explicitly treating markets as forms of social

networks mediated by the institution of money; and reinstating the central role of

distribution in political economy analysis.

Drawing on the latest theories and research on the economy, and including

both the natural and social sciences, this text provides a holistic introduction

suitable for postgraduates and other advanced students.

Carsten Herrmann-Pillath is Professor of Economics and Permanent Fellow

at the Max Weber Centre for Advanced Cultural and Social Studies, University

of Erfurt, Germany.

Christian Hederer is Professor of Economics and International Economic

Policy at the Technical University of Applied Sciences Wildau, Germany.

To Sigrun, Emil, Hans, Luisa, Otto and Yolanda. CHP

To my father, in gratitude. CH

A NEW PRINCIPLES OF

ECONOMICS

The Science of Markets

Carsten Herrmann-Pillath

and Christian Hederer

Cover image: © Getty Images

First published 2023

by Routledge

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The right of Carsten Herrmann-Pillath and Christian Hederer to be

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known or hereafter invented, including photocopying and recording, or in

any information storage or retrieval system, without permission in writing

from the publishers.

Trademark notice: Product or corporate names may be trademarks or

registered trademarks, and are used only for identication and explanation

without intent to infringe.

British Library Cataloguing-in-Publication Data

A catalogue record for this book is available from the British Library

ISBN: 978-0-367-55720-1 (hbk)

ISBN: 978-0-367-55719-5 (pbk)

ISBN: 978-1-003-09486-9 (ebk)

DOI: 10.4324/9781003094869

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CONTENTS

Introduction 1

PART I

1 What are markets? 9

1. Introduction 9

2. Marketplaces 10

2.1. Marketplaces embody markets 10

2.2. Markets and market society 11

2.3. Markets, land, and labour 13

3. Market system 14

3.1. Market infrastructure and arbitrage 14

3.2. Markets and institutions 15

4. Markets: For good or bad? 17

5. Market economy versus capitalism 18

6. Conclusion 20

Major chapter insights 21

Notes 21

References 23

2 Economics as the science of markets 26

1. Introduction 26

2. What is science? The rst-, second-, and third-person view 27

3. Economics, the economy, and markets 29

3.1. The economy as an object of science 29

3.2. Performativity and materiality of markets 31

4. Economic models as mechanistic explanations 33

5. Economic models triangulate cross-disciplinary data

and hypotheses 37

6. Economics is entangled with its object: Reexivity 38

7. Conclusion 40

Contents Major chapter insights 41

Notes 42

References 43

3 Economics and values 48

1. Introduction 48

2. Freedom, values, and markets 49

2.1. Freedom of choosing preferences 49

2.2. Freedom and social interdependence 50

2.3. Freedom and rationality 51

2.4. Freedom and social justice 53

3. Eciency 54

3.1. Eciency as progress 54

3.2. Trade-os: Eciency versus values 55

4. Markets, economists, and values 58

5. Conclusion 59

Major chapter insights 59

Notes 60

References 61

PART II

4 Evolution, ecology, economy 67

1. Introduction 67

2. Physical principles of evolution 68

2.1. Economic niche, environment, Earth system 68

2.2. Thermodynamic principles of evolution 70

2.3. Metabolism and growth 74

3. Fundamentals of evolution 77

3.1. Selection, tness, adaptation 77

3.2. The VSR mechanism and levels of selection 80

4. The evolutionary economy of living systems 82

4.1. Evolving synergy in ecosystems and the human economy 82

4.2. Cultural evolution, institutions, and human ultra-sociality 84

5. Conclusion 88

Major chapter insights 89

Notes 89

References 92

5 Specialisation and cooperation 99

1. Introduction 99

2. Specialisation and exchange: Gains and limitations 100

2.1. Comparative advantage 100

2.2. The specialisation dilemma 102

vii

Contents

3. Strategic interaction and power 104

3.1. The archetypes 104

3.2. Power and forced specialization 108

4. Externalities and the eciency of specialisation 111

5. Conclusion 115

Major chapter insights 116

Notes 117

References 119

6 Production and technological evolution 123

1. Introduction 123

2. Production in the technosphere 124

2.1. The technosphere 124

2.2. Production and consumption in the ecological dimension 126

3. Specialisation and technology 129

3.1. Engineering versus economic approaches to production 129

3.2. Production and use of technology 132

3.3. Technological evolution 135

4. Firms, technology, and specialisation 138

4.1. The rm as organisational form of specialisation 138

4.2. Technology and power in rms 140

5. Conclusion 142

Major chapter insights 143

Notes 143

References 146

PART III

7 The economic agent 153

1. Introduction 153

2. Reframing rationality in economics 154

3. Brain, reason, and human sociality 155

3.1. The nature of the brain: Predictive and social 155

3.2. Reason and rationality 158

3.3. Emotions 160

4. The economic agent 161

4.1. Agency and agential power 161

4.2 Identity 163

4.3. Performativity 165

5. Mechanisms of choice and valuation 166

5.1. Imitation and learning 166

5.2. Wanting, liking, and happiness 168

5.3. Creativity and entrepreneurial action 169

6. Conclusion 171

viii

Contents Major chapter insights 172

Notes 173

References 177

8 Networks and social interaction 185

1. Introduction 185

2. A short primer of network analysis 186

2.1. Fundamental types of network congurations

in the context of markets 186

2.2. Dimensions of networks 190

3. Network structure and dynamics 194

3.1. Network structure and agential power 194

3.2. Social capital 197

3.3. Boundaries in networks: In-group/out-group 201

3.4. Network dynamics and frequency-dependent

mechanisms 203

4. Conclusion 207

Major chapter insights 208

Notes 209

References 211

9 Institutions 216

1. Introduction 216

2. Following an institution 217

2.1. Cognitive mechanisms of institutionalisation 217

2.2. Institutions and emotions 220

3. Performing institutions 221

3.1. Performative mechanisms in two dimensions 221

3.2. Path dependency of institutional evolution 224

4. The cost of institutions 226

4.1. The basic setup 226

4.2. Economic transaction costs 227

4.3. Political transaction costs 229

4.4. Political transaction costs on the constitutional level

and the social contract 231

5. Power and institutions 232

5.1. Institutions and endogenous agential power 232

5.2. Institutions and violence 233

5.3. Evaluating institutions 235

6. Conclusion 236

Major chapter insights 237

Notes 238

References 240

Contents

10 Money and value 246

1. Introduction 246

2. Performing money 247

2.1. The institution of money 247

2.2. Money, prices, and arbitrage 250

3. The psychology of money: Anchoring the performativity

of monetary institutions 253

3.1. Agential power and the value of money 253

3.2. Cognition and money emotions 254

4. Money, arbitrage, and the objectivisation of subjective value 256

4.1. Objectication of value as performative rationalisation

of choice 257

4.2. Entrepreneurial rent and exchange value 261

4.3. Money as form of social capital 262

5. Conclusion 264

Major chapter insights 264

Notes 265

References 267

11 Markets evolving 272

1. Introduction 272

2. Characteristics of markets: A reprise 273

2.1. Elements of markets 273

2.2. A simple map of a market 275

3. The evolutionary market process: Competition, endogenous

niche formation, and growth 277

4. Money, prices, and market states 280

4.1. Entrepreneurship and pricing under the shadow of the

specialisation dilemma 280

4.2. Beyond equilibrium: Prices, market clearing, and

market states 282

5. Entrepreneurs and rms as market makers 284

6. Markets and institutions 288

7. Conclusion 290

Major chapter insights 290

Notes 291

References 293

PART IV

12 Money and nance 301

1. Introduction 301

2. Private and sovereign money 302

Contents 2.1. Private money as assetied debt 302

2.2. Sovereign money as public unit of account 305

2.3. Linkages between primary and secondary monetary

communities 306

3. Money and capital 308

3.1. Saving and investment relating to types of agents 308

3.2. Deconstructing the capital market 312

3.3. Valuing capital 316

4. Assetication and liability 319

5. Conclusion 321

Major chapter insights 322

Notes 323

References 325

13 Economic uctuations and aggregate economic evolution 330

1. Introduction 330

2. Schumpeterian dynamics and techno-institutional regimes 331

3. Economic uctuations of monetary aggregates:

Macroeconomics and accounting balances 335

4. Expectations as drivers of economic uctuations 336

4.1. Individual expectations 337

4.2. Collective dynamics 338

5. Patterns of economic uctuations 340

5.1. Entrepreneurship and technological change 340

5.2. Finance and nancial crises 341

6. Fluctuations and economic policy 344

6.1. Performative measurement and modelling 344

6.2. Monetary policy 345

6.3. Fiscal policy and reform 347

7. Economic uctuations as shifts in market states 349

8. Conclusion 353

Major chapter insights 354

Notes 354

References 356

14 The economics of global markets 361

1. Introduction 361

2. Transactions and the spatial structure of global markets 362

2.1. Deconstructing global transactions 362

2.2. Spatial structure, borders, and costs of global

economic transactions 364

2.3. The exchange rate and arbitrage 367

3. Market access rights and institutions governing global

transactions 369

3.1. MARs and two-level exchange 370

3.2. MARs and currency areas 373

Contents

4. The evolution of the global division of labour 375

4.1. Evolving comparative advantage, capacities to trade,

and locational externalities 375

4.2. Multinational enterprises and the structure

of international production 378

4.3. National payment balances and their evolution

over time 380

5. Conclusion 383

Major chapter insights 383

Notes 384

References 387

15 Markets and inequality 393

1. Introduction 393

2. Concepts and measurement of inequality 394

3. Structural inequality and multilevel market selection 396

3.1. Country-level inequality regimes and formal institutions 396

3.2. Firms and interrm competition 398

4. Interpersonal inequality: Individual dierences, networks,

and social mobility 403

4.1. Individual dierences, nature versus nurture, and path

dependency 403

4.2. Human capital: Educational stratication and labour

markets 405

4.3. Social capital: Interaction in social networks and

divergence 406

4.4. Entrepreneurship and risk-taking 409

5. Legitimacy and performativity of regimes of inequality 410

6. Conclusion 412

Major chapter insights 413

Notes 414

References 416

16 Global economic growth in the Earth system 421

1. Introduction 421

2. The evolution of the human economy 422

3. Economic growth and the technosphere 426

4. Energy and limits to growth 428

5. Markets as drivers of growth 432

6. Anthropocentric versus geocentric conceptions of growth 435

6.1. The anthropocentric perspective 435

6.2. The geocentric perspective 438

7. Conclusion 439

Major chapter insights 440

Notes 442

References 444

xii

Contents PART V

17 Economic policy 453

1. Introduction 453

2. Economic policy and political competition: An evolutionary

approach 454

2.1. Economic policy and the state 454

2.2. Political competition as an evolutionary process 456

3. Realms of political competition 459

3.1. Competition for public opinion 459

3.2. Competition for votes within jurisdictions 460

3.3. Competition for (bottom-up) inuence on political

decision makers 461

3.4. Interjurisdictional competition 464

3.5. Occupation of political elite positions and political

decision making 465

3.6. Policy implementation and the bureaucracy 467

4. Deliberation, values, and economic policy 468

4.1. Inclusive deliberation as a procedural criterion 468

4.2. Freedom and human dignity as substantive criteria 469

4.3. The deliberative policy process in interjurisdictional

competition 471

5. Conclusion 472

Major chapter insights 473

Notes 474

References 476

18 Epilogue: The economist as adviser 482

Notes 489

References 490

Index 492

Economics has been evolving rapidly in the recent decades. New subdisciplines

have emerged, such as experimental economics, behavioural economics, and

mechanism design. Policy stances have changed, such as in central banking,

and substantial analysis has been provided with respect to pressing issues,

such as economic inequality. Yet many observers believe that modern

economics needs radical renewal. How can this be explained? One point

undoubtedly is the continued association of economics with the age of

so-called neoliberalism, which attributed a dominant role to the discipline in

terms of formulating policies with far-reaching societal impact, such as the

privatisation of certain public services. There was also widespread disappoint-

ment with the failure of mainstream economics to adequately deal with – let

alone predict – the 2008/2009 crisis.

In this context, one prominent issue is the status of economics textbooks.

The last decade has seen the emergence of a worldwide student movement

demanding radical curriculum reform, mostly under the label of pluralist eco-

nomics; by now, teaching material that incorporates those demands is widely

available.1 However, there are tight constraints on changing textbooks.2 Eco-

nomics departments and business schools must adhere to a curriculum that is

compatible across different universities, in line with external accreditation

requirements, and they must clearly define what an economist represents on

the job market. As a result, established economics textbooks not only fail to

incorporate pluralist perspectives but also fall far behind the current advances

of mainstream economics.

What can be done? The authors of this book revive a genre that has been

languishing for long: the Principles. Today, this label is almost exclusively

used as a title for textbooks. In the 19th century, however, Principles were

monographic studies of the foundations of a discipline yet without much tech-

nical detail and accessibility to the educated reader. Our book takes up this

tradition. We perceive the need to reinvent economics as a discipline from

scratch, although, of course, building on previous achievements. The format

of Principles is conducive to this goal. Indeed, in many respects, we take

Alfred Marshall’s Principles as a template.3 Notably, Marshall, the first

INTRODUCTION

DOI: 10.4324/9781003094869-1

Introduction professor of economics at Cambridge and distinguished mathematician, advo-

cated the use of ordinary language to explain economics to the reader and

relegated formalism to footnotes. He saw mathematics in economics as a tool

to test economic hypotheses for consistency and systematic coherence but not

as the main medium of generating hypotheses.4

Marshall’s case for ordinary language in economics can be grounded theo-

retically: Economics directly affects the actions of economic agents and,

thereby, changes their behaviour, potentially in a way that corroborates its

hypotheses. This core characteristic of the discipline has been a traditional

focus of its critiques as well, reaching from Carlyle’s dismal science to mod-

ern observers who deplore the impact of economics not only in terms of its

policy consequences but also in terms of its societal value stances. The key

theoretical concept capturing the interdependence between economics (in

fact, all social science) and its object is performativity. Economics is a per-

formative science and, therefore, is fundamentally different from most other

disciplines that rely on mathematics, primarily the sciences. Our book takes

performativity as one pivot of reinventing economics, implying that econom-

ics cannot be defined as an exclusively quantitative science. To be sure, this

stance in no way precludes the use of a distinct conceptual apparatus as well

as Marshall’s point that for testing economic hypotheses, advanced mathe-

matical and quantitative techniques are absolutely necessary. But when it

comes to principles, these must be accessible in ordinary language.

We follow Marshall in another way, namely with regard to his focus on

markets. In the past decades, and until today, economics has been defined by its

basic theoretical principles and its method. This propelled its significant expan-

sion into other disciplinary domains but also diluted its domain more and more

towards a mere application of mathematical modelling and econometrics to

social problems of all kinds, rather than focusing it on a clearly defined object.

For Marshall, that focus was clear: Economics is the science of markets.

This view may appear as naive to some, but in fact, the history of econom-

ics, both European and beyond, is mostly about theorising markets – such as

the law of one price discovered by the Spanish Jesuits in medieval times or the

Chinese treatise of price movements, the Guanzi, of seventh century BCE.

Most of modern economics since Adam Smith has been preoccupied with

defending and designing markets and, since Karl Marx, criticising, attacking,

and suppressing them. This directly connects to the performative nature of

modern economics which not only analyses markets but also contributes to

engineering them and, even more fundamentally, determines their reach and

scope. Of course, defining economics as science of markets does not imply

that contexts of markets do not matter – most importantly, government, inso-

far as it shapes and intervenes in markets, and firms, insofar as they co-evolve

with market-based allocation.

We therefore argue that markets are a scientific object domain of its own

status and require the attention of a specialised scientific discipline.

Introduction

Establishing an autonomous position of economics in this way implies, on the

one hand, to keep its performative connection with the real economy at the

centre of its methodological development. On the other hand, markets are not

mere arbitrary constructs but objects out there, implying a combination of the

performative view with a thoroughly materialist or naturalistic perspective.

Markets are social entities, made up by living people, artefacts, and natural

conditions which are in constant flux. We take account of this by conceiving

economics as an evolutionary science, again referring to Marshall who called

biology the mecca of the economist.5

References to biology are common in modern economics, in particular,

game theory, yet they are largely restricted to theoretical modelling (i.e., the

mathematical side of modern biology). What is mostly left out is the biologist

as naturalist, that is, the keen observer of life and chronicler of its change in

its full richness, as famously described in Darwin’s concluding paragraphs of

the Origin of Species depicting the entangled bank. The older tradition of

economic principles started out from observing economic realities and built

on rich knowledge about practices in economic life.

The conjunction of materialism and biology offers a view of economics as

an integral part of the life sciences. A fundamental premise of our book is that

the evolutionary view on markets is embedded in a broader evolutionary view

on the economy as the specifically human way of living in face of ecological

conditions and constraints. Thus, we approach ecology and economy as unity.

By implication, we draw a specific distinction between the cross-disciplinary

study of the economy in the life sciences, broadly interpreted, and economics

as the science of markets. This connection operates via the contextualisation

of markets. For example, the growth and development of markets must be

contextualised by environmental and ecological conditions; understanding

economic agents on markets needs contextualisation by psychology and neu-

roscience. Yet contextualisation does not mean that there is no theoretical core

distinct to economics proper.

The book is divided into five parts.

The first part introduces economics as a scientific discipline. We introduce

our object, markets, by presenting a real-life case, the evolution of China’s

market system over two millennia. In Chapter 2, we discuss basic methodo-

logical premises of economics and elaborate on one key consequence of

the performativity of economics, namely the character of economics as a

values-based science, which is the topic of Chapter 3.

The second part develops the contextualisation of economics in the life

sciences. Chapter 4 discusses the relation between ecology and economy on

the basis of a generalised evolutionary paradigm. Chapter 5 introduces spe-

cialisation and the division of labour as core concepts that bridge evolutionary

theory and economics, conceiving of market-based specialisation as a key

feature of human niche construction. Chapter 6 presents an ecological view

on production and introduces technology and technological evolution.

The third part unfolds the key elements of a newly conceived conceptual

apparatus of economics. Chapter 7 starts with the economic agent. Chapter 8

explores relationships between agents and the establishment of agency based

on the theory of social networks. Chapter 9 introduces institutions as bringing

markets into existence, in the sense of durable structures and material frames

for action beyond the dynamism and fluidity of networks. The core institution

that separates markets from other institutionalised domains is money; Chap -

ter 10 is devoted to it. Chapter 11 concludes this part by presenting our theory

of markets, based on evolutionary thinking and the theoretical recognition of

performativity.

The separating line between the third and the fourth part is similar to the

distinction of microeconomics and macroeconomics. In Chapter 12, we take a

systemic look at monetary systems and finance, understood in a broad sense.

Chapter 13 investigates one of the most conspicuous features of modern econ-

omies, economic fluctuations. Chapter 14 deals with the global coexistence of

various monetary domains, mostly tied to nation states, and its consequences

for international trade and investment. Chapter 15 tackles an issue of central

concern for understanding the impact of markets on society, namely inequal-

ity of market outcomes and its connection to societal power structures. Chap-

ter 16 analyses economic growth in the context of ecology, closing the circle

to the second part.

The fifth part focuses on economic policy and the role played by econom-

ics as a science. Chapter 17 introduces an endogenous view of economic pol-

icy in which specific frameworks and decisions are outcomes of the policy

process. Chapter 18 concludes by reflecting on the economist as adviser.

Compared to other social scientists, economists play an important role in

shaping modern politics, and their advice, if followed, potentially affects the

lives of millions. Therefore, economists bear responsibility with respect to the

consequences of their advice. At the same time, the discipline has evolved

endogenously with economic, social, and political change, which raises

doubts about its intellectual autonomy. Economists must always adopt a criti-

cal attitude in the sense that they are aware of the performative nature of their

theories, and they must also employ their theories on their own roles as advis-

ers. Sometimes they might take an engineering stance, such as in market

design, but ultimately, taking a normative position in the wider societal and

political context is inevitable. This means that at a certain point, economic

advice must go beyond its expert status and understand itself as equal voices

in a broader deliberative venture.

We conclude this introduction with a few remarks on how the book can be

used. In line with the Principles tradition, the book can be read as a mono-

graph on economics. We do not delve deeper in technical aspects or methods;

at the same time, we employ didactic techniques that establish a hybrid char-

acter as a textbook, in particular, marginal boxes on key points and connec-

tions across chapters and chapter summaries. The text is designed to be

Introduction

accessible to undergraduate readers with a minimum background in econom-

ics and high school–level knowledge about other fields, such as evolution,

technology, and history.

The book develops a completely new approach to the foundations of econom-

ics and its application to major fields of the discipline, such as macroeconomics,

growth, and international trade. The chapter structure roughly follows the con-

ventional architecture of introductory economics textbooks, first establishing the

foundations of the discipline and then moving from lower to higher levels of

aggregation. However, the book cannot be used to teach the standard curriculum

insofar as we employ a fundamentally different micro-macro distinction. We do

not refer to utility functions or aggregate demand functions; our micro perspec-

tive is constituted by a naturalistic approach to the economic agent, network

structures, institutions, and their evolution; the macro perspective focuses on the

role of money in the economy and the resulting aggregate dynamics.

Thus, our book cannot substitute for a standard economic textbook, unless

a department is in a truly revolutionary mood. But it can be used for comple-

mentary readings showing alternatives to standard accounts. Here, following

the common architecture is helpful, as chapters can be used separately as spe-

cific contributions. For example, the chapter on the economic agent can be

read separately as input to teaching standard microeconomics.

Another use of the book reaches beyond economics. Neighbouring fields

often face difficulties in combining economics with their own approaches.

Also, for their curricula, standards of teaching economics do not matter much,

as both academic and professional careers of graduates follow trajectories dif-

ferent than those of economists. In contrast, economics as presented here eas-

ily dovetails with disciplines such as anthropology, psychology, sociology, or

political science.

To sum up, we hope that our book will be received in creative ways among

a wide range of readers, including, last but not least, professionals and offi-

cials who do the economy. In presenting a new view on economics as a per-

formative science, we hope to provide a modest contribution to change

economic practice.

* * *

This book has a long history, going back to the first attempt of one of us

(CHP) writing a radically new textbook of economics in 2002, in German, the

Grundriß der Evolutionsökonomik (Elements of Evolutionary Economics).6

At that time, the other author (CH) was a PhD student of the former. CHP is

grateful for CH’s encouragement and consistent support of heterodox thinking

in economics, culminating in the suggestion to try again, resulting in these

co-authored Principles. CH gratefully owes a core part of his intellectual

development to CHP, while entering important experiences of the non-aca-

demic parts of his career into the Principles as well.

Introduction

For the final stage of the project, we thankfully recognise generous financial

support by Hertha and Dr. Friedrich Bauersachs, which allowed for employ-

ing two capable student assistants, Saskia Podzimek and Jonas Plattner. They

contributed many valuable suggestions for improvement and did the final for-

matting, which we gratefully acknowledge.

Notes

1 A landmark was the publication of the Core Team (2017) textbook.

2 Mankiw (2020).

3 Marshall (1920).

4 On Marshall’s famous remarks on the role of mathematics in economics, see

Pigou (1966, p. 427).

5 Marshall (1920, 636 ) dened ‘economics’ as a branch of biology, “broadly

interpreted”.

6 Herrmann-Pillath (2002).

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Introduction

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Economics from a biological perspective: the role of sociocultural homeostasis

Article

May 2024

Institutional Systems and Geopolitics

Article

Jul 2024

Strategi Pengambilan Keputusan dalam Pemilihan Pemasok Vanilla Beans untuk Persiapan Ekspor Ke Amerika Serikat

Article

Full-text available

Aug 2024

Muhammad Darel Ferdiansyah Dwianggara

PT. Dua Zamrud Khatulistiwa adalah perusahaan Indonesia yang mengekspor vanilla beans dan berencana memperluas pasarnya ke Amerika Serikat. Perusahaan menghadapi kendala dengan pemasok utama, CV. Merah Putih, yang sering kali tidak memenuhi standar kualitas, menawarkan harga yang kurang kompetitif, dan tidak menjamin ketersediaan pasokan secara konsisten. Penelitian ini bertujuan untuk mengembangkan strategi pengambilan keputusan dalam pemilihan pemasok menggunakan metode Analytical Hierarchy Process (AHP) dan Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS). Metode AHP digunakan untuk menentukan bobot prioritas dari lima kriteria utama: kualitas produk (31.51%), harga (23.33%), jarak lokasi (19.66%), kapasitas (15.48%), dan fleksibilitas (10.02%). Selanjutnya, metode TOPSIS diterapkan untuk mengevaluasi dan memprioritaskan alternatif pemasok berdasarkan kriteria yang telah di bobotkan. Hasil penelitian menunjukkan bahwa pemasok "Golden Cakrawala" memiliki skor preferensi tertinggi, diikuti oleh "Berkah Alam" dan "Sortasi & Prosesor". Penerapan AHP dan TOPSIS terbukti efektif dalam meningkatkan efisiensi dan objektivitas proses pengambilan keputusan. Dengan AHP dan TOPSIS, perusahaan dapat mengidentifikasi pemasok terbaik, meningkatkan kualitas produk, dan efisiensi persiapan ekspor. Penelitian ini menegaskan pentingnya penentuan kriteria dan pemilihan pemasok yang tepat untuk keberhasilan ekspor, memberikan kontribusi dalam manajemen rantai pasok dan strategi pengambilan keputusan, serta menjadi panduan bagi perusahaan lain dengan tantangan serupa.

Performativity of Collective Norms

Chapter

Jul 2024

Noriaki Okamoto

This chapter elucidates the normativity of institutions by drawing on the concept of performativity. As discussed in the previous chapter, institutions are generally viewed as a type of agreement-based explicit norms that often interact with other types of collective norms. In particular, belief-based observable norms can shape more explicit institutions, which is typically interpreted and identified by social scientists. In short, a given discourse can be a collective observable norm if it has normativity that actors follow for their desire-independent reasons. Studying the performativity of a discourse explains the dynamic process between norms and institutions. Building on the theoretical classification of different types of performativity (generic, effective, self-fulfilling, and counterperformativity), this chapter first argues that the generic type of performativity is essential for observable social norms that mobilize relevant institutions. The second part of the chapter explores how we can identify such collective social norms among various discourses. Inevitably a subjective interpretive judgment, the objectivity of the identification can be ensured to some extent by considering the felicitous conditions of performative discourses in the previous linguistic literature. It also illuminates the significance of counterperformativity, which triggers changes in existing institutions and presents an intriguing object of study.

Embodied Market Utopia: Human Flourishing in Economic Life

Chapter

May 2024

Capitalism is the utopia of liberal economics imposed on society and drives processes of disembodiment that abstract people from their relationships to others and to the world. Embodied economics offers a radical and concrete utopian alternative that aims to reinvent markets as communities. This chapter develops a critical reflection on market failures and externalities as conceptualized in the standard model, and the limits of potentially embodied developments are discussed through behavioral economics, Ostrom’s institutionalism, and happiness studies. The eudaimonic approach to well-being as flourishing is followed, in terms of Well-being, Inclusivity, Sufficiency, Empowerment, and Resilience (the WISER framework), and it is shown that radical institutional transformations are needed to re-embody markets: Universal Basic Income, personal liability, or definancialization are key to flourishing by creating autonomy in and from the market. In conclusion, a future research agenda in embodied economics to address some of the limitations of this book and to transform economic life, is presented.

Abstraction and Embodiment in the Core Institutions of Capitalism: Money, Property, and Labor

Chapter

May 2024

This chapter presents a view, inspired by Simmel, and merging philosophy, psychology, and history, that rejects disembodied accounts of money. The contention is that money is the medium of abstraction in the market via inward embodiment of the opportunity cost principle associated with monetary prices, and a source of assetification via outward embodiment as cognitive blending of objects and money in pricing. Using the Aoki-Bourdieu model, the chapter explains the fundamental role of trust in money and its intrinsic association with power asymmetries in the market. Money is also viewed as a medium of abstraction in the institution of property, analyzed as a mode of institutional action of appropriation characterized by the alienability of objects, and different from possession, ownership, and theft. The chapter concludes with a diagnosis of assetification of human work as “labor power,” a critique of disembodied economic theories, and an embodied analysis based on Arendt’s approach to Vita activa, encompassing care, reproduction, and production in human activities.

The Embodied Approach to Institutions

Chapter

May 2024

In this chapter, Aoki’s theory of institutions is developed with Bourdieu’s concepts of field, habitus, and symbolic capital as an alternative to the disembodied economic and game-theoretic approach to institutions as media of information. This is inspired by the Hegelian view of institutions as “second nature,” which is analyzed as inward embodiment of the social world. This chapter highlights the role of power as necessary to enforce institutions, and the role of institutions in creating agential power that is allocated differentially across people, thereby also producing inequality. The model integrates Searle’s notion of institution in terms of metaphor and conceptual blending, and articulates two forms of intentionality, distinguishing I- and We- modes in analyzing agential power. This general approach leads to Fiske’s four types of social relationships, the We-mode defining Community, and the I-mode Hierarchy, Reciprocity, and Market. These four types relate to different cognitive scaling operations and important embodied schemas, respectively the CONTAINER, VERTICAL, BALANCE, and RESOURCE schemas.

Crafting Attributes of a Geological Now

Article

Full-text available

Dec 2023

Martin Bohle

Taking an Earth Science framework as its point of departure, this paper delves into the sociocultural ramifications of two distinct geological interpretations—epoch and event—of the contested but widely acknowledged term 'Anthropocene.' While the term has gained considerable traction for encapsulating planetary-scale anthropogenic changes (PSAC), its meanings are varied, spanning scientific, philosophical, and cultural discourses. Earth scientists often examine PSAC through the lens of their discipline, yet the complex sociocultural implications attached to such geoscientific concepts call for an interdisciplinary perspective. Introduced by Crutzen and Stoermer in 2000, the term 'Anthropocene' is designed to account for the transformative impact of modern societies on Earth System dynamics. Presently, two opposing viewpoints exist within geological discourse to describe PSAC: the 'Anthropocene-as-an-event' concept, which underscores the accretion of human-induced changes, and the 'Anthropocene-as-an-epoch' concept, focusing on a substantial alteration in Earth System dynamics. Utilising Renn's theory of 'The Evolution of Knowledge,' the paper posits these concepts as scientific borderline problems, catalysts for epistemic inquiries, linked to specific 'economies of knowledge.' The ensuing analysis accentuates the multidimensionality of articulating PSAC from an Earth Science viewpoint, asserting that it not only mandates understanding the geological dimensions but also calls for integrating sociocultural and philosophical contexts. The paper concludes that geological terminology should consider associated cultural contexts of Earth Science to establish leadership for vital epistemic concepts.

The Cultural Meaning of 'Market' in China and the Western tradition: Worlds apart?

Preprint

Full-text available

Jun 2023

The paper reconstructs the meaning of 'market' in Chinese history and today. We argue that cultural factors shape market transition in China since 1978 and the evolution of economic thought. A key theme is from earliest times onwards, markets have been conceptualized as tools of governing society with the aim to create common prosperity. This differs fundamentally from Western liberal conceptions of the market, but converges in seeing markets as a social technology.

The Anthropocene Borderline Problems

Preprint

Full-text available

Mar 2023

Martin Bohle

Understanding anthropogenic global change requires combining geo-ecological and socio-economic insights into borderline problems. The geological notion of an Anthropocene epoch is such a problem. The Anthropocene epoch proposal, made by Earth system scientists more than two decades ago, triggered debates in many scholarly disciplines, and since 2009 geological stratigraphers have sought to find consensus about Anthropocene as part of the Geological Time Scale. Recently the discussion has focussed on three geological concepts (events, epoch, episode) that constitute differently designed geo-societal borderline problems. Although these concepts have comparable scientific foundations, interpreting the underpinning findings and consequent insights raises differences. This essay outlines how specifying anthropogenic global change as a suite of geological events (or an episode) within the Holocene or as a novel epoch following the Holocene, respectively, applies different geo-philosophical perspectives and, therefore, has distinct societal ramifications. These concepts differ substantially in how to situate geosciences in culture and history. Renn’s theory of evolution of knowledge provides a methodological framework to examine such differences, for example, in their potential for societal action. The concept of events of anthropogenic global change might favour cooperation among different disciplines. The concept of an epoch, the Anthropocene, seems helpful in causing transformative societal action. Both outcomes are beneficial. Having to choose between them is unfortunate. Therefore, it is explored how both concepts could be applied by distinguishing the geological past from the present, designing the geo-societal borderline problem such that a (geological) Anthropocene would also mark a philosophical paradigm shift consolidating the epistemic status of geological sciences.

The Economics of Biodiversity: Afterword

Article

Full-text available

Nov 2022
ENVIRON RESOUR ECON

Partha Dasgupta

This Afterword to The Economics of Biodiversity: The Dasgupta Review discusses (i) the ideas in the Review that have been accepted readily by decision makers and are being put into operation, (ii) those that have been accepted but are judged by decision makers to be unworkable in the contemporary climate, (iii) those that are seen as politically too sensitive even to acknowledge in public.

The Economics of Energy and the Production Process: An Evolutionary Approach

Book

Mar 2004

Guido Buenstorf

Theories and measurement of intelligence.

Chapter

Jan 2021

The Politics of the First World War: A Course in Game Theory and International Security

Book

Jan 2024

Scott Wolford

The Great War is an immense, confusing and overwhelming historical conflict - the ideal case study for teaching game theory and international relations. Using thirteen historical puzzles, from the outbreak of the war and the stability of attrition, to unrestricted submarine warfare and American entry into the war, this book provides students with a rigorous yet accessible training in game theory. Each chapter shows, through guided exercises, how game theoretical models can explain otherwise challenging strategic puzzles, shedding light on the role of individual leaders in world politics, cooperation between coalitions partners, the effectiveness of international law, the termination of conflict, and the challenges of making peace. Its analytical history of World War I also surveys cutting edge political science research on international relations and the causes of war. Written by a leading game theorist known for his expertise of the war, this textbook includes useful student features such as chapter key terms, contemporary maps, a timeline of events, a list of key characters and additional end-of-chapter game-theoretic exercises.

The Investor as a Cultural Figure of Global Capitalism

Chapter

Oct 2004

Alex Preda

Financial markets have often been seen by economists as efficient mechanisms that fulfill vital functions within economies. But do financial markets really operate in such a straightforward manner? The Sociology of Financial Markets approaches financial markets from a sociological perspective. It seeks to provide an adequate sociological coneptualization of financial markets, and examines who the actors within them are, how they operate, within which networks, and how these networks are structured. Patterns of trading, trading room coordination, and global interaction are studied to help us better understand how markets work and the types of reasoning behind these trends. Financial markets also have a structural impact on the governance of social and economic institutions. Until now, sociologists have examined issues of governance mostly with respect to the legal framework of financial transactions. Contributions in this book highlight the ways in which financial markets shape the inner working and structure of corporations and their governance. Finally the book seeks to investigate the symbolic aspects of financial markets. Financial markets affect not only economic and social structures but also societal cultural images and frameworks of meaning. Barbara Czarniawska demonstrates how representations of gender relationships are a case in point. Arguing that financial markets are not simply neutral with respect to questions of gender but enhance certain images and interpretations of men and women. Addressing many important topics from a sociological perspective for the first time, this book will be key reading for academics, researchers, and advanced students of financial markets in Business, Management, Economics, Finance, and Sociology.

Has Money Transformed Our Brains? A Glimpse into Stone-Age Neuroeconomics

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Jan 2021

Sacha Bourgeois-Gironde

Explaining Constitutional Change: A Positive Economics Approach

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Oct 1999

Stefan Voigt

Explaining Social Behavior: More Nuts and Bolts for the Social Sciences

Book

Jun 2012

Jon Elster

This book is an expanded and revised edition of the author's critically acclaimed volume Nuts and Bolts for the Social Sciences. In twenty-six succinct chapters, Jon Elster provides an account of the nature of explanation in the social sciences. He offers an overview of key explanatory mechanisms in the social sciences, relying on hundreds of examples and drawing on a large variety of sources - psychology, behavioral economics, biology, political science, historical writings, philosophy and fiction. Written in accessible and jargon-free language, Elster aims at accuracy and clarity while eschewing formal models. In a provocative conclusion, Elster defends the centrality of qualitative social sciences in a two-front war against soft (literary) and hard (mathematical) forms of obscurantism.

Social Network Analysis

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Jan 2008

On the Principles of Political Economy, and Taxation

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Feb 2015

David Ricardo

This work, originally published in 1817, is one of the founding texts of modern economics. Enormously successful as a stockbroker, David Ricardo (1772–1823) was able to lead the life of a wealthy country squire, while his intellectual interests caused him to move in the circles of Thomas Malthus and James Mill. It was at Mill's urging that Ricardo published this book, entered Parliament in 1819 (as an independent member for a rotten Irish borough) and worked for financial and parliamentary reform. Ricardo argues in this work that Adam Smith was mistaken in his understanding of the economic significance of rent, and also demonstrates the mutual benefit of free trade between countries, as against protectionism. The book's findings and conclusions have been controversial since its publication, but led John Stuart Mill to judge Ricardo 'the greatest political economist'.

A New Principles of Economics: The Science of Markets

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