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Economistic Fallacy
The economistic fallacy is a concept originated by Karl Polanyi in the 1950s, that refers to fallacious conflation of human economy in general, with its market form. Whereas the former is a necessary component of any society, being the organization through which that society meets its physical wants, i.e. reproduces itself, the latter is a modern institution that is neither autonomous nor stable. The fallacy can occur either by narrowing the genus "economic" to merely market phenomena, or overextending "the market" to encompass all aspects of human economic activity. These moves can be seen as equating the conceptual content of "economics" with what is in fact mere form or ideology, instead of with the substance embodied by the specific decisive relations in which humans are engaged in any given period and locale. Polanyi considered the roots of this fallacy to lie in a particularly pervasive form of subjectivity specific to the conditions of life in nineteenth century industrial eco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Karl Polanyi
Karl Paul Polanyi (; hu, Polányi Károly ; 25 October 1886 – 23 April 1964),''Encyclopædia Britannica'' (Chicago: Encyclopædia Britannica Inc. 2003) vol 9. p. 554 was an Austro-Hungarian economic anthropologist and politician, best known for his book '' The Great Transformation,'' which questions the conceptual validity of self-regulating markets. In his writings, Polanyi advances the concept of the Double Movement, which refers to the dialectical process of marketization and push for social protection against that marketization. He argues that market-based societies in modern Europe were not inevitable but historically contingent. Polanyi is remembered best as the originator of substantivism, a cultural version of economics, which emphasizes the way economies are embedded in society and culture. This opinion is counter to mainstream economics but is popular in anthropology, economic history, economic sociology and political science. Polanyi's approach to the anci ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Embeddedness
In economics and economic sociology, embeddedness refers to the degree to which economic activity is constrained by non-economic institutions. The term was created by economic historian Karl Polanyi as part of his substantivist approach. Polanyi argued that in non-market societies there are no pure economic institutions to which formal economic models can be applied. In these cases economic activities such as "provisioning" are "embedded" in non-economic kinship, religious and political institutions. In market societies, in contrast, economic activities have been rationalized, and economic action is "disembedded" from society and able to follow its own distinctive logic, captured in economic modeling. Polanyi's ideas were widely adopted and discussed in anthropology in what has been called the formalist–substantivist debate. Subsequently, the term "embeddedness" was further developed by economic sociologist Mark Granovetter, who argued that even in market societies, economic ac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marxist Economics
Marxian economics, or the Marxian school of economics, is a heterodox school of political economic thought. Its foundations can be traced back to Karl Marx's critique of political economy. However, unlike critics of political economy, Marxian economists tend to accept the concept of the economy prima facie. Marxian economics comprises several different theories and includes multiple schools of thought, which are sometimes opposed to each other; in many cases Marxian analysis is used to complement, or to supplement, other economic approaches. Because one does not necessarily have to be politically Marxist to be economically Marxian, the two adjectives coexist in usage, rather than being synonymous: They share a semantic field, while also allowing both connotative and denotative differences. Marxian economics concerns itself variously with the analysis of crisis in capitalism, the role and distribution of the surplus product and surplus value in various types of economic syst ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Classical Liberalism
Classical liberalism is a political tradition and a branch of liberalism that advocates free market and laissez-faire economics; civil liberties under the rule of law with especial emphasis on individual autonomy, limited government, economic freedom, political freedom and freedom of speech. It gained full flowering in the early 18th century, building on ideas stemming at least as far back as the 13th century within the Iberian, Anglo-Saxon, and central European contexts and was foundational to the American Revolution and "American Project" more broadly. Notable liberal individuals whose ideas contributed to classical liberalism include John Locke,Steven M. Dworetz (1994). ''The Unvarnished Doctrine: Locke, Liberalism, and the American Revolution''. Jean-Baptiste Say, Thomas Malthus, and David Ricardo. It drew on classical economics, especially the economic ideas as espoused by Adam Smith in Book One of '' The Wealth of Nations'' and on a belief in natural law, prog ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Materialism
Materialism is a form of philosophical monism which holds matter to be the fundamental substance in nature, and all things, including mental states and consciousness, are results of material interactions. According to philosophical materialism, mind and consciousness are by-products or epiphenomena of material processes (such as the biochemistry of the human brain and nervous system), without which they cannot exist. This concept directly contrasts with idealism, where mind and consciousness are first-order realities to which matter is dependent while material interactions are secondary. Materialism is closely related to physicalism—the view that all that exists is ultimately physical. Philosophical physicalism has evolved from materialism with the theories of the physical sciences to incorporate more sophisticated notions of physicality than mere ordinary matter (e.g. spacetime, physical energies and forces, and dark matter). Thus, the term ''physicalism'' is prefe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rationality
Rationality is the quality of being guided by or based on reasons. In this regard, a person acts rationally if they have a good reason for what they do or a belief is rational if it is based on strong evidence. This quality can apply to an ability, as in rational animal, to a psychological process, like reasoning, to mental states, such as beliefs and intentions, or to persons who possess these other forms of rationality. A thing that lacks rationality is either ''arational'', if it is outside the domain of rational evaluation, or '' irrational'', if it belongs to this domain but does not fulfill its standards. There are many discussions about the essential features shared by all forms of rationality. According to reason-responsiveness accounts, to be rational is to be responsive to reasons. For example, dark clouds are a reason for taking an umbrella, which is why it is rational for an agent to do so in response. An important rival to this approach are coherence-based ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Embeddedness
In economics and economic sociology, embeddedness refers to the degree to which economic activity is constrained by non-economic institutions. The term was created by economic historian Karl Polanyi as part of his substantivist approach. Polanyi argued that in non-market societies there are no pure economic institutions to which formal economic models can be applied. In these cases economic activities such as "provisioning" are "embedded" in non-economic kinship, religious and political institutions. In market societies, in contrast, economic activities have been rationalized, and economic action is "disembedded" from society and able to follow its own distinctive logic, captured in economic modeling. Polanyi's ideas were widely adopted and discussed in anthropology in what has been called the formalist–substantivist debate. Subsequently, the term "embeddedness" was further developed by economic sociologist Mark Granovetter, who argued that even in market societies, economic ac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economism
Economism, sometimes spelled economicism, is a term referring to the distraction of working class political activism from a global political project to purely economic demands. The concept encompasses rewarding workers in socialism with money incentives, rather than incentivizing workers through revolutionary politics. The term is originally associated with Vladimir Lenin's critique of trade unionism. In Marxist analysis The term economism was used by Lenin in his critique of the trade union movement, in reference to how working class demands for a more global political project can become supplanted by purely economic demands. Economistic demands include higher wages, shorter working hours, secure employment, health care, and other benefits. In his criticism of economism, Lenin's view was that the political figure of the worker could not necessarily be inferred from the worker's social position. Under capitalism, the worker's labor power is commodified and sold in exchange for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics Empiricism
Economics () is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements. Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "what ought to be"; between economic theory and applied economics; between rational ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Determinism
Economic determinism is a socioeconomic theory that economic relationships (such as being an owner or capitalist, or being a worker or proletarian) are the foundation upon which all other societal and political arrangements in society are based. The theory stresses that societies are divided into competing economic classes whose relative political power is determined by the nature of the economic system. In the writing of American history the term is associated with historian Charles A. Beard (1874–1948), who was not a Marxist but who emphasized the long-term political contest between bankers and business interest on the one hand, and agrarian interests on the other. Relation to Marxist philosophy According to Marx, each social mode of production produces the material conditions of its reproduction. Otherwise said, it is the ideology that is responsible for grounding secondary civil services such as politics, legislature, and even culture to an extent. Roughly speaking, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Critique Of Political Economy
Critique of political economy or critique of economy is a form of social critique that rejects the various social categories and structures that constitute the mainstream discourse concerning the forms and modalities of resource allocation and income distribution in the economy. The critique also rejects economists' use of what its advocates believe are unrealistic axioms, faulty historical assumptions, and the normative use of various descriptive narratives. They reject what they describe as mainstream economists' tendency to posit the economy as an a priori societal category. Those who engage in critique of economy tend to reject the view that the economy, and its categories, is to be understood as something transhistorical. They rather argue that it is a relatively new mode of resource distribution, which emerged along with modernity. Hence, it is seen as merely one of many types of historically specific ways to distribute resources. Critics of economy critique the given ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
