Abstract The defense of market economies in the liberal socialist tradition is useful: markets are tolerated insofar as they encourage enough circulation of wealth for some degree of ex post redistribution. On the other hand, the republican justification of markets, as stated in Pettit’s work, seeks to reduce domination. This article argues that this defense … Continue reading The Market of Equals: A Socialist Aspect of the Republican Trade
Tag: market
Hermeneutics and economics: The valued, valuable and usable
The aim of this paper is to identify the conditions (and limitations) of the extension of the hermeneutic paradigm to economic science. The discussion focuses on the project that looks for an epistemological matrix capable of countering the positivist ambitions of neoclassical economists in the textual sciences. Rather than explaining market mechanisms based on the model of natural sciences to identify principles, we must understand their meaning, based on the model of a text that must be interpreted. The price to pay for this epistemological extension is to sacrifice the explanatory part of economic science and the place of institutions.