International Journal of Pluralism and Economics Education (10 papers in press)
Algorithmic Economics as an Economics of Thought
by Bin Li
Abstract: Computer science indicates that thinking means the processes in which a finite number of innate Instructions act serially, alternately, and selectively on data. This implies a roundabout method of production of thought, which consumes time and resources, and which requires and produces knowledge stocks. Optimizing the computing economy and decision-making timeliness, computations must frequently adopt various methods other than deductive reasoning, thus leading to a subjective turn and the occurrence of innovations. The combinational explosion between Instructions and data underscores that the socio-economic world is a one-way and explosive evolution (not too dissimilar) to the Big Bang, which begets the synthesis or unification of economics.
Keywords: bounded rationality; Instruction; Algorithm; combinatorial explosion; subjectivity; mental distortion.
Teaching Inequality to ECON 101 students
by Junaid Jahangir
Abstract: The objective of this paper is to offer an approach for teaching inequality to Econ 101 students. A principal argument made is that it is necessary to teach inequality to Econ 101 students and that any discussion of inequality is incomplete without addressing taxation. Multiple ways of broaching inequality are shown by a review of salient points from various textbooks and think tank analyses. The renewed approach is developed by motivating students through popular memes, data analysis, a comparative outlook of salient ideas, and a simple simulation exercise to study the impact of an increase in the top tax rate on tax revenues.
Keywords: inequality; Econ 101; top 1%; corporate taxes; wealth tax; top tax rates; teaching economics.
Critical Realism, Feminisms, and Degrowth: A Plea for Metatheory-Informed Pluralism in Feminist Ecological Economics
by Corinna Dengler
Abstract: In this paper, I defend the view that pluralism in economics needs to be metatheory-informed and that critical social scientists must reflect upon their underlying ontological, epistemological, methodological, and ethical assumptions. As a feminist ecological economist interested in making degrowth (more) feminist, I ask to what extent a critical realist metatheory can philosophically underlabor a feminist degrowth approach. This paper introduces Critical Realism (CR) and critically examines it in Ecological Economics, Degrowth, and Feminist Economics debates. Subsequently, I draw on the example of care to show how a CR metatheory can elucidate how the deep, underlying structure of separation in economics is responsible for the devaluation of care. I conclude that if combining a realist-relational ontology, an intersectional and postcolonial feminist standpoint epistemology, critical methodological pluralism, and an ethical foundation centering around the sustainability of life, a CR metatheory can serve a feminist degrowth approach well.
Keywords: critical realism; degrowth; feminist economics; ecological economics; feminist ecological economics; metatheory; philosophy of science; metatheory-informed pluralism; normative foundations; sustainability of life.
A Narrative Approach to Happiness Measures: The Complementary Knowledge of Fiction and Film
by Melissa Kennedy
Abstract: Considerations of happiness, which have only come to the fore in economics since the World Happiness Report (WHR), are foundational to at least 4,000 years of storytelling. While mainstream economics tends to ignore its roots in moral philosophy and underplay well-being as a goal of economy, these aspects come to the fore in narrative. Narrative is unique in that it promotes relational rather than transactional values by foregrounding subjective, emotive, and affective behaviour. This paper argues for the importance of narrative studies to pluralist economics by demonstrating how the form and function of happy-ending stories add depth of understanding of happiness, well-being and common good that cannot be registered in the WHR. Case studies of Charles Dickenss 1843 novella A Christmas Carol, and the 1997 British film The Full Monty exemplify age-old and oft-repeated narrative formulas: that money is less correlated than prosociality with happiness; that community engagement improves well-being; and that everyone loves a happy-ending. As narrative becomes an increasingly common term in economics, it is crucial to get literary economists onboard with the heterodox programme, as economists can benefit from the knowledge unique to narrative.
Keywords: literary economics; World Happiness Report; economic narratives; Eudaimonia; common good; emotional well-being.
Microeconomics, consumer theory, and the Michael Grossman model:
Some unexamined issues
by Khandakar Elahi
Abstract: The Michael Grossman Model (MGM) is a theoretical cornerstone of Health
Economics that is founded on the basic market model of modern mainstream economics.
This basic model, this paper argues, has specific epistemic and logical properties that limit its replication to any applied branch of the discipline. The reason is that it is an abstract model, meaning that it has no referent. MGM intends to display the unique features of medical care demand, which disqualifies it its use as the basic market model directly. More specifically, the abstract model needs to be redefined given the unique features of medical care demand. Therefore, MGM inherits some unimprovable difficulties which constrain its usefulness in both pedagogy and policy analysis, which suggests that the MGM demands a critical review and reformulation
Keywords: health economics; health care; Michael Grossman model; demand for good
health; microeconomics; economics pedagogy.
Optimal Policy Modeling? An Argumentation Theory Approach to Making Sense of Economic Modeling
by Patrick Klösel
Abstract: The Unrealistic-Assumptions puzzle and the Prediction-Failure puzzle pose problems to the current practice of policy modeling in economics. The standard accounts by Friedman, McCloskey, Sugden, and M
Keywords: economic models; argumentation theory; unrealistic assumptions.
The transformational paradigm: A way forward for Islamic economic axiology
by Muhammad Sholihin, Arqom Kuswanjono
Abstract: Despite the recent (and vigorous) debate on the methodology of Islamic economics, its axiology has not been seriously discussed. In this regard, this study reviews the axiology of Islamic economics introduced by various paradigms in Islamic economics. We classify the axiology based on the oriented paradigm via a scoping review. As a critical response to the axiological classifications, this study highlights the weaknesses/criticisms and offers an alternative axiology within the framework of the transformational paradigm.
Keywords: Axiology; Islamization of economics; methodology; pluralism of Islamic economics; positivism; tawhidic paradigm; pluralism.
Pluralism is not 'Anything Goes' - Grounding pluralism in economics in diverse economies by rehabilitating Paul Feyerabend
by Florian Rommel, Robert L. Kasperan
Abstract: Research in economics has become increasingly diverse. Some even speak of fragmentation. Thus, how to integrate a pluralism of methods in economics, becomes a major challenge of the discipline. But pluralism in economics is often associated negatively with a methodological Anything Goes. We argue that contrary to widespread belief, the philosophy of Paul Feyerabend helps to resolve such worries. His concept of traditions allows us to address not just the epistemological dimensions of pluralism. With a diversity of economic traditions comes a diversity of normative orders which can be accommodated by an economic science subscribing to pluralism as a meta-tradition.
Keywords: pluralist economics; philosophy of economics; economic methodology; Paul Feyerabend; performativity; normative turn; pluralism; philosophy of science; diverse economies.
Combination matters: Why corporate bonds and shadow banking can threaten financial stability - A Minskyian perspective
by Henri Schneider
Abstract: This article investigates the systemic risk of the corporate bond market connected with the rise of shadow banking since 2008 in the light of Hyman Minsky
Keywords: Minsky; Financial Instability Hypothesis; FIH; financial crisis; corporate debt; financial stability; financialisation.
The Mediating Effect of University Image on the Relationship between Curriculum and Student Satisfaction: An Empirical Study of the Royal University of Bhutan
by T. Antony Alphonnse Ligori, N. Suresh, Shad Ahmad Khan, Tenzin Rabgay, Karma Yezer
Abstract: A college/university needs to retain quality teachers through retention policies, but to do so it must assure and maintain quality (both tangible and intangible) in order to provide quality education. This study measures the satisfaction level of students at the Royal University of Bhutan. The input variables are Curriculum and University Image; and additionally, the study investigates the mediating effect of University Image between Curriculum and the level of Student Satisfaction. The results indicate a full mediation of University Image between Curriculum and Student Satisfaction. Our findings will facilitate the university (and other higher education institutions) to maintain curriculum quality while enhancing university image, ultimately leading to student satisfaction.
Keywords: Curriculum; University Image; Structural Equation Model; Student Satisfaction Index;Royal University of Bhutan,Bhutan.