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Realistic Idealism and The Project of Political Economy

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  • Mark Pennington

Abstract

This paper explores the constraints that should inform understandings of which political economic institutions are both economically and political feasible and ethically attractive. Focusing on cognitive constraints and motivational constraints, it suggests that the classical liberal ideal of a society based largely on voluntary exchanges within a minimalist conception of justice comes closest to matching the terms of a ‘realistic idealism’.

Suggested Citation

  • Mark Pennington, 2015. "Realistic Idealism and The Project of Political Economy," Economic Affairs, Wiley Blackwell, vol. 35(3), pages 366-379, October.
    • Handle: RePEc:bla:ecaffa:v:35:y:2015:i:3:p:366-379
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    References listed on IDEAS

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    1. Smith,Vernon L., 2009. "Rationality in Economics," Cambridge Books, Cambridge University Press, number 9780521133388, October.
    2. Pennington, Mark, 2013. "Elinor Ostrom and the robust political economy of common-pool resources," Journal of Institutional Economics, Cambridge University Press, vol. 9(4), pages 449-468, December.
    3. R. H. Coase, 2013. "The Problem of Social Cost," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 837-877.
    4. McCloskey, Deirdre Nansen, 2006. "The Bourgeois Virtues," University of Chicago Press Economics Books, University of Chicago Press, number 9780226556635, January.
    5. Martin Ruhs, 2013. "The Price of Rights: Regulating International Labor Migration," Economics Books, Princeton University Press, edition 1, number 10140.
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