The Life-Blind Structure of the Neoclassical Paradigm: A Critique of Bernard Hodgson's Economics As a Moral Science
This paper achieves two general objectives. It first analyses Bernard Hodgson's Economic As Moral Science as a path-breaking internal critique of neo-classical economic theory, and it then demonstrates that the underlying neo-classical paradigm he presupposes suffers from a deeper-structural my...
| Main Author: | |
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| Format: | Electronic Article |
| Language: | English |
| Check availability: | HBZ Gateway |
| Journals Online & Print: | Drawer...
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| Fernleihe: | Fernleihe für die Fachinformationsdienste |
| Published: |
Springer
2003
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| In: |
Journal of business ethics
Year: 2003, Volume: 44, Issue: 4, Pages: 377-389 |
| Further subjects: | B
Consumer Choice
B Neoclassical Theory B Myopia B Internal Critique B Commodity Production |
| Online Access: |
Volltext (JSTOR) Volltext (lizenzpflichtig) |
| Summary: | This paper achieves two general objectives. It first analyses Bernard Hodgson's Economic As Moral Science as a path-breaking internal critique of neo-classical economic theory, and it then demonstrates that the underlying neo-classical paradigm he presupposes suffers from a deeper-structural myopia than his standpoint recognizes. EMS mainly exposes the a priori moral prescriptions underlying orthodox consumer choice theory – namely, its classical utilitarian ground and four or, as argued here, five hidden universal categorical-ought prescriptions which the theory presupposes as instrumental imperatives: (1) comparability evaluations by all consumer judgements; (2) non-satiety of consumer desire; (3) consistency and transitivity of consumer preferences; (4) diminishing rate of marginal substitution by consumer choice; and (5) an unlimited aggregate growth of commodity production, or "the liberal growth ethic". The article argues that Hodgson's refutation of the neo-classical claims of "value neutral scientific method" is sound, that his bridging of the Humean reason-desire divide by the "rational review" of wants is resonantly demonstrated, and that his argument for conversion of an "a priori-cum-normative-cum-idealized" neoclassical theory into scientific status is logically plausible but morally abhorrent. The principal objection to Hodgson's magisterial exposé of neo-classical doctrine's moral a priorism is that the latter's normative presuppositions are profoundly deranged at a level that he himself assumes as given. In consequence, there is theoretical closure at three levels: (1) to the underlying "life economy" of non-priced and non-profit production and distribution of goods otherwise in short supply; (2) to the "civil commons" infrastructure sustaining these non-commodity systems of social and ecological production and distribution; and (3) to the systemic despoiling of both by monetized market mechanisms which are falsely assumed as the defining limits of "the economy". |
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| ISSN: | 1573-0697 |
| Contains: | Enthalten in: Journal of business ethics
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| Persistent identifiers: | DOI: 10.1023/A:1023605001855 |