Paul Lewis
@PaulLew16394851
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Professor of Political Economy at King's College London
Joined January 2013
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Allelujah! At long last, it's done (and I even have a copy).
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A classic text on the methodology of economics, emphasising the importance of ontological presuppositions of economic theories.
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Fascinating interview with Amartya Sen.and Angus Deaton.
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Do the institutions that facilitate the emergence of a spotaneous market order also emerge spontaneously? Karl Mittermaier considers how various economists have answered that question.
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Terrific book by Anartya Sen; full of insight and interest.
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@realDonaldTrump
No you didn’t! You lost. You are a loser in every sense of that term. Good riddance!
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Fascinating and thought-provoking book on complexity economics. Well worth reading.
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Some reading for this morning: Elinor Ostrom on the importance of skilled, knowledgeable citizens as a precondition for effective democratic governance.
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‘Notes on the Evolution of Systems of Rules of Conduct’ is a terrific essay, in which Hayek sets out his view of the market - and the mind - as complex systems. Fascinating.
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Interesting, well-informed paper. ’Hayekian Economic Policy.’
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Interested in Sen’s notion of commitment? Take a look at this book by Mark Peacock.
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Hayek on why economics is so disliked: "The existence of a body of reasoning which prevented people from following their first impulsive reactions, and which compelled them to balance indirect effects, which could be seen only by exercising the intellect, against ...
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Very nice paper by Steve Horwitz on liberalism and spontaneous-order thinking. Worth reading.
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Interested in Hayek’s views on the mind and society as complex systems? Then check out these papers.
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My ‘Introduction’ to Essays on Liberalism and the Economy’, the Hayek Collected Works volume I edited, is now available online. Please see
Allelujah! At long last, it's done (and I even have a copy).
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Now available for pre-order! The latest volume of The Collected Works of F. A. Hayek.
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Elinor Ostrom on the need to transcend the simple state-market dichotomy: "Both the centralisers and the privatisers frequently advocate simplified, idealised institutions – paradoxically, almost ‘institution-free’ institutions ...
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A thread on ontology and the history of economic thought. Heterodox economists often argue for their preferred approach to economics by arguing that certain methods do (not) do justice to important features of social reality.
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Elinor Ostrom explains how reading the sections of Ernst Mayr’s book, The Growth of Biological Thought (1982) on emergence led her to realise the shortcomings of the particular version of methodological individualism she had hitherto explicitly espoused:
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I’m sad indeed to learn that Barkley Rosser, Jr. has passed away. He was a distinguished economic theorist, working in the field of complexity economics and also making contributions to comparative and urban economics (to name but a few of the areas in which he worked). (1/7)
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The room at Charleston where John Maynard Keynes wrote much of The Economic Consequences of the Peace.
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Very insightful essay by Karen Vaughn on the later Hayek’s non-equilibrium based conception of social order.
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Economics seeks to explain those features of society "which are not the result of deliberate design but the produce of the separate decisions of individuals and groups". F.A. Hayek, in his entry on 'Economics' for the Chambers's Encyclopaedia (1950).
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Frank Hahn’s ‘Reflections on the Invisible Hand’ remains an a nuanced and clear statement of the standard neoclassical analysis of market order. Highly recommended.
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One of my favourite James Buchanan articles. I still recall vividly the sense of excitement with which I first read it, shortly before my final exams as an undergraduate in Cambridge.
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Lecturing done for this term. Tried to introduce young economists to Smith, the marginalists, Robbins, Hayek, the new institutional economics, and Ostrom. Now very tired.
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Preparing for a workshop - around 20 papers - in Cambridge next week on ontology and the history of economic thought. Here’s an inttroduction to an earlier special issue on the same topic.
‘Ontology and the history of economic thought: an introduction’
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Elinor Ostrom on the need to transcend the simple state-market dichotomy and adopt a thicker, historically more specific notion of institutions: "Both the centralisers and the privatisers frequently advocate simplified, idealised institutions – paradoxically, almost...
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Happy that my paper, "Elinor Ostrom’s ‘Realist Orientation’: An Investigation of the Ontological Commitments of her Analysis of the Possibility of Self-Governance" has been accepted for publication by the Journal of Economic Behavior and Organization.
@Kingspol_econ
@csgskcl
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Excellent paper by Karen Vaughn on Hayek’s account of social order. Well worth reading.
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I'm teaching my course on Game Theory and Strategic Decision-making (designed to introduce undergraduates from a variety of backgrounds in social science to game theory). Here are a few articles I find useful in teaching it, all centring on the work of the great Thomas Schelling.
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Interesting essay on complexity economics and political economy by Brian Arthur.
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This is a very interesting paper, by a distinguished theorist, that - amongst other things - makes fascinating links to a political economy approach.
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Fascinating paper by Sam Bowles and Wendy Carlin: ‘Shrinking capitalism: components of a new political economy paradigm’ | Oxford Review of Economic Policy |
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Excellent paper by Jerry Gaus on the nature of, and prospects for, the open society.
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My paper on Elinor Ostrom’s ‘realist orientation’ has now been published by the Journal of Economic Behaviour and Organisation. It’s currently available via open access here:
@Kingspol_econ
@PPE_Kings
@economicthought
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The Cambridge J. of Economics has published a special issue on ontology and the history of economic thought, with articles on Commons, Marx, Menger, Veblen, and Buchanan, as well as on money, capital, and Austrian economics
@Societies_HET
@economicthought
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Really good paper on Adam Smith, by Bill Easterly: ‘Progress by consent: Adam Smith as development economist’. | The Review of Austrian Economics
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What role does the notion of ‘emergence’ play in Hayek’s theories of market order and cultural evolution? Check out this paper: Notions of order and process in Hayek: the significance of emergence | Cambridge Journal of Economics
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Fascinating paper by Barry Weingast om Adam Smith, liberty, and neoclassical economics. Worth reading.
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Reading for this morning (and several subsequent mornings): Angus Burgin’s terrific account of efforts from the 1930s to the 1970s to reconstruct and thereby revive libralism.
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Terrific paper on Hayek, complexity, and classical liberalism, by the great Jerry Gaus.
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A fine book, still worth reading for its analysis of the role if institutions in economic activity.
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My paper on ontological issues in James Buchanan's constitutional political economy, co-authored with
@MalteDold
, has now been published in the Cambridge Journal of Economics.
@Societies_HET
@Kingspol_econ
@PeterBoettke
@HayekProgram
@csgskcl
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This excellent paper clarifies important aspects of Elinor Ostrom’s work. Recommended. ‘Addressing misperceptions of Governing the Commons’ | Journal of Institutional Economics |
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Important, carefully-argued paper by Bruce Caldwell and Leon Montes:
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Very pleased to say that my and
@MalteDold
's paper on Hayek and endogenous preferences has been accepted for publication by the Journal of Economic Behavior and Organization.
@Kingspol_econ
@PPE_Kings
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It’s a joy to be at Stanford University, courtesy of an
@HooverArchives
Scholar Research Support grant. I’m looking at the Hayek, Popper and W.W. Bartley papers, all of which are held at the superb Hoover Institution archives.
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Here's the Introduction to a forthcoming special issue of the Cambridge Journal of Economics on the topic of ontology and the history of economic thought
@Societies_HET
@economicthought
@CenterEconomy
@csgskcl
@cacrisalves
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"This disposition to admire, and almost to worship, the rich and the powerful, and to despise, or, at least, to neglect persons of poor and mean condition, ... is ... the great and most universal cause of the corruption of our moral sentiments." (Smith, TMS, 1.iii.1.)
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To what account of rationality is Elinor Ostrom committed? How can Amartya Sen's ideas about rationality help illuminate Ostrom's commitments? Check out this paper.
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Greatly looking forward to reading and learning from this book, which just arrived. Jerry was a fabulous scholar: super-smart; creative; insightful; generous; and infectiously enthusiastic and engaging. He’s sorely missed.
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The Cambridge Journal of Economics special issue on ontology and the history of economic thought - with papers on Buchanan, Marx, Menger, and Veblen, as well as on capital and money - is now open access.
@economicthought
@Societies_HET
@nous_network
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Very pleased that my paper, co-authored with Shaun Hargreaves Heap, and entitled, "Walter Lippmann: An Institutionalist for our Times?', has just been accepted for publication by the Journal of Institutional Economics.
(1/3)
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Interested in how preference endogenity features in Hayek’s work? Take a look at this paper:
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Fascinating, and beautifully-written, essay, by John Maynard Keynes'.
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This afternoon’s reading: Amartya Sen’s ‘Introduction’ to an edition of Adam Smith’s Theory of Moral Sentiments.
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Elinor Ostrom on the importance of doing justice to creative human agency: "The prisoners in the famous dilemma cannot change the constraints imposed on them … [But n]ot all users of natural resources are similarly incapable of changing their constraints. As long as ...
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My paper with
@MalteDold
on 'F.A. Hayek and the Political Economy of Endogenous preferences has been now published in JEBO. It's currently available via open access here:
@Kingspol_econ
@HayekProgram
@PPE_Kings
@economicthought
@Societies_HET
@PeterBoettke
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A lovely morning in London as I walk to talk to students about Hayek and the Austrian School of Economics.
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Paper comparing the views of Amartya Sen and Elinor and Vincent Ostrom on rational choice.
‘Elinor Ostrom on choice, collective action and rationality: a Senian analysis’ | Journal of Institutional Economics |
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Another gorgeous morning in central London as I head off to teach complexity economics (Schelling on segregation, Hayek on the market, Brian Arthur on technology).
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Off to Cambridge for a conference on ontology and the history of economic thought. Here’s one of my earlier efforts in that vein, on Hayek.
’The Emergence of “Emergence” In the Work of F. A. Hayek: A Historical Analysis’ | History of Political Economy |
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Enjoying reading the essays in this collection, ably edited by
@jmelemke
and
@vladtarko
. Well worth reading.
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New Publication alert! My paper, co-authored with Paul Dragos Aligica of
@HayekProgram
, on the significance of cybernetics for the work of Elinor and Vincent Ostrom, is now out in the Journal of Institutional Economics.
@Kingspol_econ
@ppe
@csgskcl
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Amartya Sen as a Neoclassical Economist
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‘Free markets have many virtues’ but are ‘surprisingly fragile … because of a collective action problem… [They] are a kind of public good … We all benefit from them, but our individual incentives to protect them are rather week.’
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The Hand Behind the Invisible Hand: Reflections on a Recurring Theme in Classical Liberal Political Economy | Contributions to Political Economy | Now open access!
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Good paper. ’Complexity defying macroeconomics | Cambridge Journal of Economics’ |
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The Emergence of “Emergence” In the Work of F. A. Hayek: A Historical Analysis | History of Political Economy | Duke University Press
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Central London, as seen from Muswell Hill, on a lovely Autumn morning.
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Just arrived. Very good that this material is now more widely available.
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We're hiring! The Department of Political Economy at King’s College London is seeking to appoint a Professor of Philosophy, Politics and Economics.
@Kingspol_econ
@PPE_Kings
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Ontological thinking and the history of economic thought: The Case of Elinor Ostrom.
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Steve Horwitz has passed away. He was a scholar and a gentleman and always sought to engage in polite and fruitful discussion with those whose views differed from his own. I especially like this essay on liberalism and spontaneous-order thinking.
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Ontology and the history of economic thought: the case of anti-reductionism in the work of Friedrich Hayek | Cambridge Journal of Economics |
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Back in central London to teach for the first time in 18 months. Happily, today, talking about Adam Smith.
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Robert Solow has passed away. He was indeed a giant of postwar economics. I was lucky enough to attend his lectures on growth theory when I was a finalist. (He was visiting Cambridge for the year 1991-92 and lectured both on his own work and on Lucas’s endogenous growth theory.)
RIP. Bob Solow an absolute giant in Economics, has passed away at age 99. Tremendously influential in the profession and one of the key founders of the MIT Economics department as we live it today. Will be sorely missed.
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@mungowitz
is right to argue that the key issue in the socialist calculation debate concerns the generation of knowledge (not just the processing of already-existing knowledge). One of Hayek’s clearest statements of this point can be seen below.
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New purchase. Book of essays in honour of the most excellent Dick Wagner. Looks very good.
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This afternoon's reading: two thought-provoking papers by James Bunchanan on Hayek's theory of cultural evolution via group selection.
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Nice piece on the communicative function of market prices by Steve Horwitz.
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