Course Bibliography
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M.Phil
in Development Studies (and Economics) –
Paper 14, Philosophical Issues in Economics
Instructor, Dr. Gay Tulip Meeks
Bibliography
The intention is to cover as many as possible of the topics on this reading list (not necessarily in this order). You will only need to read selectively from this general list; more streamlined lists, as well as some further suggestions about reading, will be given during the course. No background in philosophy is presumed, but the more philosophical items on the list may use terms that are unfamiliar to you: in that case, try referring Edwards (ed.), Encyclopaedia of Philosophy, or Flew (ed.), Dictionary of Philosophy, both of which are available in the Philosophy Library (located on the Sidgwick Site). Philosophy journals will be found there too (please register with the Librarian).
N.B. The bibliography is NOT intended as a list of sources to be read from end-to-end! Rather, just for dipping into if you have a particular area of interest or as back-up for essays/dissertations.
Rationality and expectations: Keynes’ analysis
Arrow, K.J. (1978). “The future and the present in economic life,” Economic Inquiry (formerly, Western Economic Journal).
Carabelli, A (1988). On Keynes’s Method.
*Coates, J. (1996). The Claims of Common Sense:
DeCanio, S.J. (1979). “Rational expectations and learning from experience,” Quarterly Journal of Economics.
Dow, S. and Hillard, J. eds. (1995). Keynes, Knowledge and Uncertainty
Gerrard, B. (1994) “Beyond rational expectations: a constructive interpretation of Keynes’s analysis of behaviour under uncertainty” Economic Journal
Hume, D. An abstract of a Treatise of Human Nature, ed. Kynes and Sraffa (text and editor’s introduction).
*Keynes, J.M. (1921). Treatise
on Probability.
**Keynes, J.M. (1936). General Theory. Ch 12.**
**Keynes, J.M. (1937). “The general theory of employment,” Quarterly Journal of Economics.**
Lawson, A. (1981). “Keynesian model building and the rational expectations critique,” Cambridge Journal of Economics.
Lawson A.(1985) “Uncertainty and economic analysis,” Economic Journal
**Matthews, R.C.O. (1991) “Animal Spirits”
in Meeks (ed.), Thoughtful Economic
**Meeks, J.G. (1976) “Keynes on the rationality of the investment decision under uncertainty,” in Meeks (ed.), Thoughtful Economic Man (1991).**
(slightly abbreviated version printed in Runde, J et al eds (2003). The Philosophy of Keynes’s Economics).
Meeks, J.G. ed. (1991). Thoughtful Economic
Minsky. John Maynard Keynes, esp p 64-68.
*Moggridge, D. Keynes, Appendix.*
O’Donnell, R.(1980) “Keynes as a theorist of rationality” (mimeo, copy in the Marshall Library).
O’Donnell, R. (1989). Keynes: Philosophy, Economics and Politics
Robinson, J. (1973). “What has become of the Keynesian revolution?,” Ch. 13, esp. Sec 2. in Keynes, M. (ed.), Essays on John Maynard Keynes.
*Shackle, G.L.S. The Years of High Theory, Chs. 11-15 inclusive; but esp. Ch 11.*
Simon, H.A. “From substantive to procedural rationality,” op cit. section 3 below.
*Runde, J. (1990). “Keynesian uncertainty
and the weight of arguments,” Economics
and Philosophy.*
Runde, J. (1995) “Risk, uncertainty, and Bayesian decision theory: a Keynesian view” in Dow S and Hillard J. eds. Keynes, Knowledge, and Uncertainty.*
Rational maximising: the acceptability of false
assumptions?
Friedman’s argument
Alchian, A. A. (1950). “Uncertainty, evolution and economic theory,” Journal of Political Economy.
Archibald, G.C. (1959-60). “The state of economic science,” British Journal of the Philosophy of Science.
Caldwell, B.J.(1982). Beyond Positivism: Economic Methodology in the Twentieth Century.
**Friedman, M. (1953). “The methodology of positive economics,” in Friedman. Essays in Positive Economics (largely reprinted in Hahn, F. and Hollis, M. (eds.). Philosophy and Economic Theory).**
Hausman, D. The Inexact and Separate Science of Economics. Section 9.4.
Hempel, C.G. & Oppenheim, P.(1948).
“Studies in the logic of explanation,” Philosophy
of Science.
*Lemmon, E.J. (1965). Beginning Logic. p1-2. (those with an appetite for logic might read Ch. 1 and p 60, 64-65, 82).*
Maki, U. “Reorienting the assumptions issue,” in New directions in Economic Methodology ed. Blackhouse, R.
Musgrave, A. (1981). “Unreal assumptions’ in Economic Theory: the F-Twist Untwisted,” Kyklos.
*Nagel, E. (1963). “Assumptions in economic theory,” American Economic Review. (reprinted in Ryan, A. (ed.) (1973), The Philosophy of Social Explanation).*
Popper, K.R. Conjectures and Refutations, Ch 3.
Samuelson, P.A. (1963). “Problems of methodology – discussion,” American Economic Review.
Simon, H.A. (1963). Discussion.
Sen, A.K.(1980). “Description as choice,” Oxford Economic Papers (sections 1-9)
Strawson, P.F. (1952). Introduction to Logical Theory.
Rationality: the orthodox concept: criticisms
*Anand, P. (1986). “Are the preference
axioms rational?” Theory and Decision.*
**Anand, P. (1993). “The philosophy of intransitive preference,” Economic Journal.**
Anand, P. (1993). The Foundations of Rational Choice Under Risk. (
Akerlof and Dickens. (1982). “The economic consequences of cognitive dissonance,” in American Economic Review.
*Arrow, K.J. (1990). “Economic theory and the hypothesis of rationality,” in Eatwell, J. et al (eds.), New Palgrave Utility and Probability.*
*Becker (1962). “Irrationality and Economic Theory,” in Journal of Political Economy.*
Benn, S & Mortimore, G. (1976). Rationality in the Social Sciences. (Introduction and Ch 1. secs A & B).
Broome, J. “Rationality and the sure thing principle” in Meeks, J.G.T. (ed.), Thoughtful Economic Man
Elster, J. (1979). Ulysses and the Sirens: Studies in Rationality and Irrationality.
Elster, J. (1983). Sour Grapes (esp. Ch 1.)
Hahn, F.H. (1973). On the Notion of Equilibrium in Economics (1973, Inaugural Lecture)
*Hahn, F.H. & Hollis, M. eds. (1979). Philosophy and Economic Theory. Introduction p 1-17.*
**Hahn, F.H. (1991). “Benevolence,” in Meeks, J.G.T. (ed.), Thoughtful Economic Man
Hahn & Sen. (1991). Exchange in Meeks,
J.G.T. (ed.), Thoughtful Economic Man
Hargreaves – Heap, S (1989). Rationality in Economics.
Hargreaves – Heap, S. et al eds. (1992). The Theory of Choice: A Critical Guide.
Hollis, M. The Cunning of Reason.
Hollis, M.(1993). “Rationality in Action,” Mind
Matthews, R.C.O. “Animal Spirits,” in Meeks, J.G.T. (ed.), Thoughtful Economic Man (See section III).
Myrdal, G. (1953). The Political Element in the Development of Economic Theory (1929), translated by Streeten P. (1953). p 92-97.
Sen, A.K.(1977). “Rational Fools: a critique of the behavioural foundations of economic theory” in Philosophy and Public Affairs.
Sen, A.K. (1985). “Rationality and uncertainty,” Theory and Decision.
Sen, A.K. (1987). “Rational Behaviour,” in Eatwell, J. et al. eds. The New Palgrave Utility and Probability.
Sen, A.K. (1997). “Maximisation and the act of choice,” Econometrica
**Sen, A.K. (1991). “Beneconfusion,” in
Meeks, J.G.T. (ed.), Thoughtful Economic
Sen, A.K. (2003). Rationality and Freedom. (
Simon, H.A. (1959). “Theories of decision-making in economic and behavioural sciences,” American Economic Review.
**Simon, H.A. “From substantive to procedural rationality,” in Hahn, F.H. & Hollis, M. eds. (1979). Philosophy and Economic Theory.**
*Simon, H.A. (1987). “Bounded rationality” in Eatwell, J. et al (eds.), New Palgrave Utility and Probability.*
Sugden, R. (1985). “Why be consistent?” Economica.
Sugden and Loomes. (1982). “Regret theory: an alternative theory of rational choice under uncertainty,” Economic Journal.
*Sugden, R. (1991). “Rational choice: a survey of contributions from economics and philosophy,” Economic Journal.*
*Tversky and Kahneman. (1974). “Judgement under uncertainty: heuristics and biases,” Science.
Williams and Sen. Utilitarianism and Beyond (see, Introduction).
Zamagni, S. ed. (1995). The Economics of Altruism.
Varieties of utilitarianism; Rawls’ objection and
other criticisms.
[There will usually be two sessions discussing this topic]
Broome, J. (1991) “Utility,” Economics and Philosophy.
Dasgupta, P. Well-being and Destitution.
Cramp, A.B. (1991). “Pleasures, prices and
principles,” in Meeks, J.G.T. (ed.), Thoughtful
Economic Man.
**Glover, J. ed. (1990). Utilitarianism and Its Critics. (Very useful collection containing several of the other items on the list; see also Nozick, Dworkin and Gover’s introductions).**
Hahn, F.H. (1982) “On some difficulties of
the utilitarian economist,” in Williams, B and Sen A.K. (eds.) Utilitarianism and Beyond.
Hamlin, A. (ed.). Ethics and Economics (Volume I). (This is a helpful collection of important papers in this area).
Harrod, R.(1936). “Utilitarianism revised,” Mind.
Harsanyi, J. (1976). Essays on Ethics, Social Behaviour and Scientific Explanation. (See Part A).
Kymlicka, W. (1990). Contemporary Political Philosophy: An Introduction (See
Little, I.M.D. (1950). A Critique of Welfare Economics. (Chs. 1-5).
Lyons, D. (1965). Forms and Limits of Utilitarianism.
**Meeks, J.G.T. “Utility in economics: a survey,” in Turner, C. and Martin, E. (eds.), Surveys of Subjective Phenomena, Vol II (National Science Foundation).**
*Mill, J.S. Utilitarianism, Chs. 1, 2 and 4.*
Myrdal, G. (1953). The Political Element in the Development of Economic Theory (1929),
translated by Streeten P. (1953). (See
Oswald, A. (1997). “Happiness and economic performance,” Economic Journal.
Parfit, D. Reasons and Persons.
**Rawls, J. (1958). “Justice as Fairness,” in Philosophical Review. (Esp. secs. VI and VII).**
Robbins, L. (1932). An Essay on the Nature and Significance of Economic Science. (p 139).
Robbins, L. (1938). “Interpersonal comparisons of utility,” Economic Journal.
*Robertson, D.H.(1952). Utility
and All That. (See
*Robinson, J.V. (1962). Economic
Philosophy. (See
Rowley, C.K. (ed.). Social Choice Theory. (See Vol I, Sec II, which relates to Arrow’s impossibility theorem).
Sen, A.K. (1970). Collective Choice and Social Welfare. (See
Sen, A.K. (1979). “Utilitarianism and Welfarism,” Journal of Philosophy.
**Sen, A.K. (1979). “Interpersonal comparisons of welfare,” in Boskin, M. (ed.) Economics and Human Welfare.**
*Sen, A.K. (1987). On Ethics and Economics.*
*Sen, A.K. (1991). “Utility: ideas and terminology,” Economics and Philosophy.*
**Sen, A.K. “The Impossibility of a Paretian Liberal,” in Hahn and Hollis, Philosophy and Economic Theory. (Reading VII esp. secs 1, 3, and 4).
Smart, J.J.C. & Williams, B.(1973). Utilitarianism: For and Against.
Williams, B (1972). Morality: an Introduction to Ethics. (See last chapter).
Williams, B (1973). See Williams’ contributions in Smart, J.J.C. & Williams, B.(1973). Utilitarianism: For and Against
Williams, B. & Sen, A.K.(1982). Utilitarianism and Beyond. (See Introduction).
Williams, B. Moral Luck.
Income distribution and equality: Bentham, Rawls, and others
Barry, B. The Liberal Theory of Justice. Clarendon Press.
Beckerman, W. (1979) Slow Growth in
Broome, J. “What’s the good of equality?” in Hey, J. (ed.) Current Issues in Microeconomics. (1989).
Collard, D. “Love is not enough” in Meeks, JGM (ed.) Thoughtful Economic Man (1991) Cambridge University Press.
Crocker, D.A., “Functioning and
Capabilities: The Foundation of Sen and Nussbaum’s Development Ethic” (Part I),
in Political Theory, (1992) [part II
of the same piece available in Nussbaum, M. and Glover, J (eds) (1995) Women, Culture and Development.
Dworkin, R. “What is Equality?” in Philosophy and Public Affairs. (1981).
Dworkin, R. (2005). Taking Rights
Seriously.
Feinberg, J. (1974). Doing and Deserving.
Gauthier, D. (1987) Morals
by Agreement.
Lutz, M.A. and Lux, K. (1979). The Challenge of Humanistic Economics. [passages leading up to p 87].
Nagel, T. (1992). Equality and Partiality.
Nussbaum, M. and Glover, J. (eds.) (1995). Women, Culture and Development.
Nussbaum, M. and Sen, A.K. (eds.) (1993). The Quality of Life.
*Rawls, J.(1971). A Theory of Justice (See secs. 11-14, 17 in Ch 2.)*
*Robeyns,
Roemer, J. (1996). Theories of Distributive Justice.
Roemer, J. (1998). Equality of
Rowley, C.K. (ed.) (1993). Social Choice Theory. (especially, Vol III)
Sandal, M. (1982). Liberalism and the Limits of Justice.
*Sen, A.K. “Rawls versus Bentham: an axiomatic examination of the pure distribution problem,” in Daniels, N (ed.), Reading Rawls (1975), Stanford University Press [also available in a slightly different form, in Theory and Decision, vol 4, 1974].*
** Sen, A.K. “Equality of What?” Tanner Lectures on Human Values (1980).**
*Sen, A.K. (1973) On Economic Inequality.
Sen, A.K.(1982). “Introduction,” in Choice Welfare and Measurement.
** Sen, A.K. (1985). Commodities and Capabilities.
Sen, A.K. “The Living Standard” in Economic Theory and Hicksian Themes, ed. Collard, H., Scott and Sen (1984).
** Sen, A.K. (1992). Inequality Re-examined.
Sen, A.K. (1999). Development as Freedom.
Streeten, P. “Human Development: Means and Ends” in American Economic Review vol 84. issue 3. (1994). p 232-237.
Sugden, R. “Review of Sen’s ‘Commodities and Capabilities’” in Economic Journal (1985).
Sugden, R. “Welfare, Resources and Capabilities: A review of ‘Inequality Re-examined’” in the Journal of Economic Literature vol XXXI (December 1993) p 1947-1962.
Tawney, R.H. (1931). Equality. [esp. Ch 1; partially reprinted in Atkinson, A.G. (ed.), Wealth, Income and Inequality (1973).]
Williams, B. “The idea of inequality,” in Laslett, P. and Runciman, W.G. (eds.), op cit, second series.
Zamagni, S. (ed. ) (1995). The Economics of Altruism. Edward Elgar Publishing.
Equality and Freedom; Capitalism and Socialism
*Daniels, N. (ed.)
** Friedman, M and R. (1980). Free to Choose. (As much as possible, but esp. Introduction, Chs. 1, 2, conclusion of 4 and 5).**
*Friedman, M. (1982). Capitalism and Freedom. (esp. Chs. 1, 2, first section of 7, 10, 12, 13).*
*Hahn, F.H. “The economic limits of
politics” (mimeo in
Hayek, F. (1960). The Constitution of
Hodgson, G. (1988). Economics and Institutions.
Kymlicka W. (1990). Contemporary Political Philosophy. An Introduction. (Chs. 3 and 4).
Mill, J.S. On
Nagel, T. “Libertarianism without foundations,” in Paul, T (ed.) Reading Nozick.
Nozick, R. (1974). Anarchy, State and Utopia.
*Rawls, J. (1971). A Theory of Justice. (esp. secs. 12, 42 and 82).*
Reiman, J. “The Fallacy of Libertarian Capitalism.” Ethics. Vol. 90.
Reiman, J. (1990). Justice and Modern Moral Philosophy.
*Ryan, A. “Exploitation, justice and the
rational man,” in Meeks, J.G.T. (ed.) (1991). Thoughtful Economic
Sen, A.K. (1999). Development as Freedom.
** Tawney, R.H. (1931). Equality. (esp. secs. V(ii) and VII(iii)).**
Wolff, R. (1977). Understanding Rawls.
Wolff, R. (1991). Understanding Nozick.
Morality in the economic behaviour of the individual
*Collard, D. (1978). Altruism and Economy: A Study of Non-Selfish Economics.*
*Collard, D. (1991). “Love is not enough”
in Meeks, J.G.T. (ed.), Thoughtful
Economic Man*
**Matthews, R.C.O. (1981). “Morality,
competition and efficiency,”
Sen, A.K.(1977). “Rational Fools: a critique of the behavioural foundations of economic theory” in Philosophy and Public Affairs.
Wilson, T. “Sympathy and self-interest,” in
Zamagni, S. (1995). The Economics of Altruism.
The validity of the distinction between positive and
normative economics
Feyerabend, P (1993). Against Method. Verso (third edition).
*
*Klappholz, J. “Value judgements and economics,” British Journal for the Philosophy of Science, Vol 15 (1964-65).*
*Kuhn, T.S. (1962). The Structure of Scientific Revolutions. (Ch 10).*
Meek, R. “Value judgements in economics,” British Journal for the Philosophy of Science, Vol 15 (1964-65).
Myrdal, G. (1953). The Political Element in the Development of Economic Theory (1929), translated by Streeten P. (1953). (Esp. Myrdal’s 1953 foreword)
Myrdal,, G. (ed) (1958). Value in Social Theory. (see introduction by Streeten).
*Popper, K. (1959). The Logic of Scientific Discovery. (esp p 420-425 in revised, 1968, ed; and p 106-111). *
Robbins, L. (1932). An Essay on the Nature and Significance of Economic Science. (p 139).
Sen, A.K. (1970). Collective Choice and Social Welfare. (See
** Sen, A.K.(1980). “Description as choice,” Oxford Economic Papers (sections 1-9)**
The micro/macro move
Becker, G. “Irrationality and economic theory.” Journal of Political Economy. (1962).
Davis, J. “Atomism, Identity Criteria and Impossibility Logic.” Methodus. (1992).
*Dray, W. “Holism and individualism in history and social science” in Edwards, P. (ed.), Encyclopedia of Philosophy. Vol 4.*
Gerrard, B. “Keynes, the Keynesians and the Classics: A suggested interpretation.” Economic Journal. (1995).
Harcourt, G. (ed.) (1977). The Microeconomic Foundations of Macroeconomics. (Harcourt’s Introduction and Hahn’s paper).
Harrod, R.(1936). “Utilitarianism revised,” Mind. (esp. p 148).
*Hodgson, G. “Behind methodological individualism” Cambridge Journal of Economics. (1986).*
Keynes, J.M. (1936). General Theory. Ch VII Sec V.
Keynes, J.M. (1937). “The general theory of employment,” Quarterly Journal of Economics.
Kirman, P. “What exactly do ‘representative agents’ represent?” Journal of Economic Perspectives. (1991).
Liejonhufvud, A. “Schools, ‘revolutions’ and research programmes in economic theory” in Latsis, S.J. (ed.) (1980). Method and Appraisal in Economics. (esp. sec. II.5).
Liejonhufvud, A. “Life Among the Econ” in Information and Coordination: essays in Macroeconomic Theory (1981).
**Lukes, S. “Methodological individualism reconsidered” in Ryan, A. (ed.). The Philosophy of Social Explanation, and in Emmet, D. and MacIntyre, A. (ed.) Sociological Theory and Philosophical Analysis.**
Lyons, D. (1965). Forms and Limits of Utilitarianism.
Negishi, T. (1979). Microeconomic Foundations of Macroeconomics. (esp. Introduction).
Parfit, D. “Prudence, morality, and the prisoner’s dilemma” Proceedings of the British Academy (1981). (esp. early pages).
*Schelling, T.C. (1978). Micromotives and Macrobehaviour. (dip into introduction).*
Sen, A.K. “Choice, orderings and morality” in Korner, S. (ed.) Practical Reason (1974).
*Weintraub, E.R. (1979). Microfoundations: the Compatibility of Microeconomics and Macroeconomics. (esp. Chs 5 and 10, also Part II).*
Abstraction
Arrow, K and Hahn, F. (1971). General Competitive Analysis. (esp. Introduction).
Blaug, M. (1980). The Methodology of Economics. (p 123-126; Ch 8).
Dobb, M. (1973). Theories of Value and Distribution since Adam Smith. (Ch 1, p 4-11; 24-26).
**Friedman, M. (1953). “The methodology of positive economics,” in Friedman. Essays in Positive Economics (largely reprinted in Hahn, F. and Hollis, M. (eds.). Philosophy and Economic Theory).**
Hahn, F. H. “The winter of our discontent: review of Kornai” Economica, (1973).
*Hahn, F.H. (1973). On the Notion of Equilibrium in Economics. (Inaugural Lecture, available at the Marshall Library). [sections I-IV incl., but esp I and III).*
*Hahn, F.H. “In Praise of Economic Theory,” reprinted in Money, Growth and Stability (1985), “The Truth of Economics” and “On Some Common Mistakes in Economic Thinking” (mimeos in Marshall Library).*
*Hollis, M. and Nell, E. (1975). Rational Economic
Hutchison, T.W. (1977). Knowledge and Ignorance in Economics. (Ch 4).
Kornai, J. (1971). Anti-Equilibrium.
Lawson, A. “Abstraction, tendencies and stylised
facts: a realist approach to economic analysis.”
Maki, U. “Reorienting the assumptions issue” in New Directions in Economic Methodology. ed. Backhouse (1994).
Runde, J. Paper on abstraction and idealisation (details from Dr Meeks).
Paradigms in economics
Backhouse, R. (ed.) (1994). New Directions in Economic Methodology.
Bharadwaj, K. (1986). Classical Political Economy and the Rise to Dominance of Supply and Demand Theories.
Caldwell, B.J. “Clarifying Popper.” Journal of Economic Literature. (1991).
Cross, R. “The Duhem-Quine thesis, Lakatos and the appraisal of theories in macroeconomics.” Economic Journal (1982).
**Deane, P. Paradigms in Economics I and II. (mimeos in
Deane, P. (1978). The Evolution of Economic Ideas.
Feyerabend, P (1993). Against Method. Verso (third edition).
Hume, D. (1740). An abstract of a Treatise of Human Nature. (eds.) Keynes, J.M. and Sraffa, P. (See text and editors’ introduction).
Hutchison, T.W. (1978). On Revolutions and Progress in Economic Knowledge.
*Kuhn, T.S. (1962). The Structure of Scientific Revolutions. (Ch VI and VIII note particularly p 77-80).*
Lakatos,
**Lakatos,
*Latsis, S, J. (1980). Method and Appraisal in Economics. (esp. contributions of Latsis, Leijonhufvud and Blaug).
Lawson, A. “Realism and Instrumentalism in
the development of economics.”
Machlup, F. (1978). Methodology of Economics and Other Social Sciences.
*Popper, K. (1959). The Logic of Scientific Discovery. (Ch 1). *
Redman, D.A. (1991). Economics and the Philosophy of Science.
*Warnock, G. “Review of Popper.” Mind. (1960). *
[Dr. J.G. Meeks]