IDEAS home Printed from https://ideas.repec.org/a/oup/cambje/v29y2005i6p893-908.html
   My bibliography  Save this article

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

Author

Listed:
  • 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.

Suggested Citation

  • Euclid Tsakalotos, 2005. "Homo economicus and the reconstruction of political economy: six theses on the role of values in economics," Cambridge Journal of Economics, Oxford University Press, vol. 29(6), pages 893-908, November.
  • Handle: RePEc:oup:cambje:v:29:y:2005:i:6:p:893-908
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1093/cje/bei075
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:oup:cambje:v:29:y:2005:i:6:p:893-908. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Oxford University Press (email available below). General contact details of provider: https://academic.oup.com/cje .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.