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La remise en cause du modèle classique de la finance par Benoît Mandelbrot et la nécessité d'intégrer les lois de puissance dans la compréhension des phénomènes économiquesHerlin, Philippe 19 December 2012 (has links) (PDF)
Le modèle classique de la finance (Markowitz, Sharpe, Black, Scholes, Fama) a, dès le début, été remis en cause par le mathématicien Benoît Mandelbrot (1924-2010). Il démontre que la loi normale ne correspond pas à la réalité des marchés, parce qu'elle sous-estime les risques extrêmes. Il faut au contraire utiliser les lois de puissance, comme la loi de Pareto. Nous montrons ici toutes les implications de ce changement fondamental sur la finance, mais aus-si, ce qui est nouveau, en ce qui concerne la gestion des entreprises (à travers le calcul du coût des capitaux propres). Nous tentons de mettre à jour les raisons profondes de l'existence des lois de puissance en économie à travers la notion d'entropie. Nous présen-tons de nouveaux outils théoriques pour comprendre la formation des prix (la théorie de la proportion diagonale), des bulles (la notion de réflexivité), des crises (la notion de réseau), en apportant une réponse globale à la crise actuelle (un système monétaire diversifié). Toutes ces voies sont très peu, ou pas du tout exploitées. Elles sont surtout, pour la pre-mière fois, mises en cohérence autour de la notion de loi de puissance. C'est donc une nou-velle façon de comprendre les phénomènes économiques que nous présentons ici.
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Fighting for the mantle of science : the epistemological foundations of neoliberalism, 1931-1951Beddeleem, Martin 12 1900 (has links)
No description available.
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Posthuman Capital: Neoliberalism, Telematics, and the Project of Self-ControlCrano, Ricky D'Andrea 10 October 2014 (has links)
No description available.
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F. A. Hayek's Critique of LegislationHolm, Cyril January 2014 (has links)
The dissertation concerns F. A. Hayek’s (1899–1992) critique of legislation. The purpose of the investigation is to clarify and assess that critique. I argue that there is in Hayek’s work a critique of legislation that is distinct from his well-known critique of social planning. Further that the main claim of this critique is what I refer to as Hayek’s legislation tenet, namely that legislation that aims to achieve specific aggregate results in complex orders of society will decrease the welfare level. The legislation tenet gains support; (i) from the welfare claim – according to which there is a positive correlation between the utilization of knowledge and the welfare level in society; (ii) from the dispersal of knowledge thesis – according to which the total knowledge of society is dispersed and not available to any one agency; and (iii) from the cultural evolution thesis – according to which evolutionary rules are more favorable to the utilization of knowledge in social cooperation than are legislative rules. More specifically, I argue that these form two lines of argument in support of the legislation tenet. One line of argument is based on the conjunction of the welfare claim and the dispersal of knowledge thesis. I argue that this line of argument is true. The other line of argument is based on the conjunction of the welfare claim and the cultural evolution thesis. I argue that this line of argument is false, mainly because the empirical work of political scientist Elinor Ostrom refutes it. Because the two lines of argument support the legislation tenet independently of each other, I argue that Hayek’s critique of legislation is true. In this dissertation, I further develop a legislative policy tool as based on the welfare claim and Hayek’s conception of coercion. I also consider Hayek’s idea that rules and law are instrumental in forging rational individual action and rational social orders, and turn to review this idea in light of the work of experimental economist Vernon Smith and economic historian Avner Greif. I find that Smith and Greif support this idea of Hayek’s, and I conjecture that it contributes to our understanding of Adam Smith’s notion of the invisible hand: It is rules – not an invisible hand – that prompt subjects to align individual and aggregate rationality in social interaction. Finally, I argue that Hayek’s critique is essentially utilitarian, as it is concerned with the negative welfare consequences of certain forms of legislation. And although it may appear that the dispersal of knowledge thesis will undermine the possibility of carrying out the utilitarian calculus, due to the lack of knowledge of the consequences of one’s actions – and therefore undermine the legislation tenet itself – I argue that the distinction between utilitarianism conceived as a method of deliberation and utilitarianism conceived as a criterion of correctness may be used to save Hayek’s critique from this objection.
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Hoher, schneller, weiter… Eine theologisch-ethische Untersuchung der Wettbewerbsordnung deutschsprachiger, neoliberaler Okonomen : Ein Beitrag zu einer menschenwurdigen Arbeitsethik / Higher, faster, further... A theological-ethical research about competition among German-speaking, neo-liberal economists : a contribution to a human work ethicBachmann-Roth, Andreas 06 1900 (has links)
Summaries in German and English / Text in German / Der Wettbewerb ist eine der prägenden Kräfte der Arbeitswelt. Gestaltet wurde die gegenwärtige Wettbewerbsordnung im deutschsprachigen Raum massgeblich von den neoliberalen Ökonomen Alfred Müller-Armack, Walter Eucken und Friedrich August von Hayek. Diese Literaturstudie untersucht die Wettbewerbsordnung dieser drei Ökonomen, deckt ihre ethischen Prämissen auf und diskutiert diese aus theologisch-ethischer Sicht.
Im ersten Teil wird der vielschichtige Begriff Neoliberalismus sowie der Wettbewerb wirtschaftsgeschichtlich eingeordnet und die ausgewählten Texte einer wissenschaftlichen Textanalyse unterzogen. Tabellarisch und nach Themen geordnet werden die Thesen der Einzeluntersuchungen zusammengefasst. In fünf Themenbereichen zeigen sich signifikante Überschneidungen bei allen drei Ökonomen. Diese ausgewählten fünf Themenbereiche werden im zweiten Teil theologisch-ethisch diskutiert. Damit theologische Ethik und Ökonomie zu einem konstruktiven Austauschverhältnis gelangen können, wird vorgängig die Reichweite und Grenze einer biblisch-theologischen Arbeitsethik diskutiert. Zudem wird die biblische Perspektive zur Arbeit und zum Wettbewerb eruiert. Abschliessend werden der Kirche wie auch der Wirtschaft Impulse zur Gestaltung einer menschenwürdigen Arbeitsethik gegeben. / Competition is one of the distinctive forces of the working world. Amongst German speaking scholars, the current Wettbewerbsordnung (Engl.: order of competition) was shaped to a great extent by the neo-liberal economists Alfred Müller-Armack, Walter Eucken und Friedrich August von Hayek. This literature study examines the Wettbewerbsordnung of these three economists, uncovers their ethical premises and discusses these from a theological ethical point of view.
The first section puts both the complex term ‘Neoliberalism’ and competition into an economic historical context. It also contains a scientific analysis of the chosen texts. The theses of the individually examined texts are summarised in tabular form and classified by subject area. In five areas, all three economists present significant overlap.
In the second section, these chosen five areas are discussed from a theological ethical perspective. In order to enable a constructive exchange between theological ethics and economics, the analysis of the abovementioned five areas is preceded by a discussion of the scope and limits of a biblical theological work ethic. Further, this Master thesis traces the biblical perspective on work and competition. In conclusion, ideas are suggested both for the church and the economy on how to create a humane work ethic. / Philosophy, Practical & Systematic Theology / M. Th. (Theological Ethics)
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Hoher, schneller, weiter… Eine theologisch-ethische Untersuchung der Wettbewerbsordnung deutschsprachiger, neoliberaler Okonomen : Ein Beitrag zu einer menschenwurdigen Arbeitsethik / Higher, faster, further... A theological-ethical research about competition among German-speaking, neo-liberal economists : a contribution to a human work ethicBachmann-Roth, Andreas 06 1900 (has links)
Summaries in German and English / Text in German / Der Wettbewerb ist eine der prägenden Kräfte der Arbeitswelt. Gestaltet wurde die gegenwärtige Wettbewerbsordnung im deutschsprachigen Raum massgeblich von den neoliberalen Ökonomen Alfred Müller-Armack, Walter Eucken und Friedrich August von Hayek. Diese Literaturstudie untersucht die Wettbewerbsordnung dieser drei Ökonomen, deckt ihre ethischen Prämissen auf und diskutiert diese aus theologisch-ethischer Sicht.
Im ersten Teil wird der vielschichtige Begriff Neoliberalismus sowie der Wettbewerb wirtschaftsgeschichtlich eingeordnet und die ausgewählten Texte einer wissenschaftlichen Textanalyse unterzogen. Tabellarisch und nach Themen geordnet werden die Thesen der Einzeluntersuchungen zusammengefasst. In fünf Themenbereichen zeigen sich signifikante Überschneidungen bei allen drei Ökonomen. Diese ausgewählten fünf Themenbereiche werden im zweiten Teil theologisch-ethisch diskutiert. Damit theologische Ethik und Ökonomie zu einem konstruktiven Austauschverhältnis gelangen können, wird vorgängig die Reichweite und Grenze einer biblisch-theologischen Arbeitsethik diskutiert. Zudem wird die biblische Perspektive zur Arbeit und zum Wettbewerb eruiert. Abschliessend werden der Kirche wie auch der Wirtschaft Impulse zur Gestaltung einer menschenwürdigen Arbeitsethik gegeben. / Competition is one of the distinctive forces of the working world. Amongst German speaking scholars, the current Wettbewerbsordnung (Engl.: order of competition) was shaped to a great extent by the neo-liberal economists Alfred Müller-Armack, Walter Eucken und Friedrich August von Hayek. This literature study examines the Wettbewerbsordnung of these three economists, uncovers their ethical premises and discusses these from a theological ethical point of view.
The first section puts both the complex term ‘Neoliberalism’ and competition into an economic historical context. It also contains a scientific analysis of the chosen texts. The theses of the individually examined texts are summarised in tabular form and classified by subject area. In five areas, all three economists present significant overlap.
In the second section, these chosen five areas are discussed from a theological ethical perspective. In order to enable a constructive exchange between theological ethics and economics, the analysis of the abovementioned five areas is preceded by a discussion of the scope and limits of a biblical theological work ethic. Further, this Master thesis traces the biblical perspective on work and competition. In conclusion, ideas are suggested both for the church and the economy on how to create a humane work ethic. / Philosophy, Practical and Systematic Theology / M. Th. (Theological Ethics)
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The Social Construction of Economic Man: The Genesis, Spread, Impact and Institutionalisation of Economic IdeasMackinnon, Lauchlan A. K. Unknown Date (has links)
The present thesis is concerned with the genesis, diffusion, impact and institutionalisation of economic ideas. Despite Keynes's oft-cited comments to the effect that 'the ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood'(Keynes 1936: 383), and the highly visible impact of economic ideas (for example Keynesian economics, Monetarism, or economic ideas regarding deregulation and antitrust issues) on the economic system, economists have done little to systematically explore the spread and impact of economic ideas. In fact, with only a few notable exceptions, the majority of scholarly work concerning the spread and impact of economic ideas has been developed outside of the economics literature, for example in the political institutionalist literature in the social sciences. The present thesis addresses the current lack of attention to the spread and impact of economic ideas by economists by drawing on the political institutionalist, sociological, and psychology of creativity literatures to develop a framework in which the genesis, spread, impact and institutionalisation of economic ideas may be understood. To articulate the dissemination and impact of economic ideas within economics, I consider as a case study the evolution of economists' conception of the economic agent - "homo oeconomicus." I argue that the intellectual milieu or paradigm of economics is 'socially constructed' in a specific sense, namely: (i) economic ideas are created or modified by particular individuals; (ii) economic ideas are disseminated (iii) certain economic ideas are accepted by economists and (iv) economic ideas become institutionalised into the paradigm or milieu of economics. Economic ideas are, of course, disseminated not only within economics to fellow economists, but are also disseminated externally to economic policy makers and business leaders who can - and often do - take economic ideas into account when formulating policy and building economic institutions. Important economic institutions are thereby socially constructed, in the general sense proposed by Berger and Luckmann (1966). But how exactly do economic ideas enter into this process of social construction of economic institutions? Drawing from and building on structure/agency theory (e.g. Berger and Luckmann 1966; Bourdieu 1977; Bhaskar 1979/1998, 1989; Bourdieu 1990; Lawson 1997, 2003) in the wider social sciences, I provide a framework for understanding how economic ideas enter into the process of social construction of economic institutions. Finally, I take up a methodological question: if economic ideas are disseminated, and if economic ideas have a real and constitutive impact on the economic system being modelled, does 'economic science' then accurately and objectively model an independently existing economic reality, unchanged by economic theory, or does economic theory have an interdependent and 'reflexive' relationship with economic reality, as economic reality co-exists with, is shaped by, and also shapes economic theory? I argue the latter, and consider the implications for evaluating in what sense economic science is, in fact, a science in the classical sense. The thesis makes original contributions to understanding the genesis of economic ideas in the psychological creative work processes of economists; understanding the ontological location of economic ideas in the economic system; articulating the social construction of economic ideas; and highlighting the importance of the spread of economic ideas to economic practice and economic methodology.
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