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Homo economicus and the reconstruction of political economy: six theses on the role of values in economics

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  • Euclid Tsakalotos

Abstract

This paper argues for an explicit engagement of political economy with values, and presents a number of criticisms of the ethical limitations of both markets and neoclassical economics. Neoclassical theory is unlikely to be able to take on board this critique because of its commitment to Homo economicus and the ideal of the market. But this is not the case for political economy in the tradition of post-Keynesianism, Marxism and institutionalism. The reason why political economy has not exploited this advantage to any great extent has to do with the fear of many political economists that an engagement with values necessarily diminishes the scientific status of their approach. The paper presents six theses in order to convince them that this fear is fundamentally misconceived. Copyright 2005, Oxford University Press.

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  • Euclid Tsakalotos, 2005. "Homo economicus and the reconstruction of political economy: six theses on the role of values in economics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 29(6), pages 893-908, November.
    • Handle: RePEc:oup:cambje:v:29:y:2005:i:6:p:893-908
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    File URL: http://hdl.handle.net/10.1093/cje/bei075
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    Cited by:

    1. Klimczuk, Andrzej & Gawron, Grzegorz & Szweda-Lewandowska, Zofia, 2021. "Starzenie się populacji. Aktywizacja, koprodukcja i integracja społeczna osób starszych [Population Ageing: Activation, Co-Production, and Social Integration of Older People]," MPRA Paper 108238, University Library of Munich, Germany.
    2. Dante A. Urbina & Alberto Ruiz‐Villaverde, 2019. "A Critical Review of Homo Economicus from Five Approaches," American Journal of Economics and Sociology, Wiley Blackwell, vol. 78(1), pages 63-93, January.
    3. Renata Klafke & André Torres Urdan & Simone R. Didonet & Maik Arnold, 2021. "Institutional theory, culture and value co-creation: how do they stick together in donation?," International Review on Public and Nonprofit Marketing, Springer;International Association of Public and Non-Profit Marketing, vol. 18(3), pages 447-466, September.
    4. Kosta Josifidis & Alpar Lošonc, 2012. "Value and Power in Economics," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 59(4), pages 501-519, September.
    5. Theo Papaioannou, 2021. "The Idea of Justice in Innovation: Applying Non-Ideal Political Theory to Address Questions of Sustainable Public Policy in Emerging Technologies," Sustainability, MDPI, vol. 13(5), pages 1-14, March.

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