| 1. |
- Endörfer, Richard, 1989, et al.
(författare)
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What’s the Point of Efficiency? On Heath’s Market Failures Approach
- 2024
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Ingår i: Business Ethics Quarterly. - : Cambridge University Press (CUP). - 1052-150X .- 2153-3326. ; 34:1, s. 35-59
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Tidskriftsartikel (refereegranskat)abstract
- This article reviews and criticizes Joseph Heath’s market failures approach (MFA) to business ethics. Our criticism is organized into three sections. First, we argue that, even under the ideal assumptions of perfect competition, when markets generate Pareto-efficient distributions, Heath’s approach does not rule out significant harms. Second, we show that, under nonideal conditions, the MFA is either too demanding, if efficiency is to be attained, or not sufficiently demanding, if the goal of Pareto efficiency is abandoned. Finally, we argue that Heath’s appeal to regulations and specific moral requirements as a remedy for market failures is unlikely to safeguard efficiency and exposes a number of general worries regarding the moral force of the MFA. We end this article with a constructive suggestion on how to adjust the MFA to avoid these problems while preserving its contractualist and Paretian spirit.
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| 2. |
- Fontan, Clement, 1985, et al.
(författare)
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Central Banking
- 2021
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Ingår i: Routledge Handbook of Critical Finance Studies / Christian Borch, Robert Wosnitzer (Editors). - New York, NY : Routledge. - 9781138079816 ; , s. 154-172
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Bokkapitel (refereegranskat)abstract
- During the past decades, central banks acquired considerable independence from democratic institutions under the Central Bank Independence (CBI) template. Yet, the changing role of central banks since the 2007–2008 crisis has led to a (re)politicization of central banking and has weakened the scientific and political consensus on the CBI model. In turn, central bankers have tried to neutralize repoliticization and these efforts have shaped their unconventional monetary policies. In this chapter, we review how the (critical) political economy literature has scrutinized the evolving role of central banks this last decade, and we debunk central banks’ depoliticization strategies. First, we examine how financial power shapes central banks’ unconventional policies to the benefit of private finance. Second, we analyze how these “high-finance” struggles affects “low-finance,” that is, what are the distributive effects of post-crisis monetary policy on firms and households? Finally, we review current debates on alternative monetary tools, which could potentially fare better than current monetary arrangements in distributive, ecological, and democratic terms.
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| 3. |
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| 4. |
- Larue, Louis, 1989
(författare)
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A defense of reasonable pluralism in economics
- 2022
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Ingår i: Journal of economic methodology. - 1350-178X .- 1018-5070. ; 29:4, s. 294-308
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Tidskriftsartikel (refereegranskat)abstract
- This article aims to defend a novel account of pluralism in economics. First, it argues that what justifies pluralism is its epistemological benefits. Second, it acknowledges that pluralism has limits, and defends reasonable pluralism, or the view that we should only accept those theories and methods that can be justified by their communities with reasons that other communities can accept. Clearly, reasonable pluralism is an ideal, which requires economists of different persuasions to respect certain norms of communication while evaluating each other’s theories. The article ends with a discussion of the conditions under which reasonable communication becomes possible.
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| 5. |
- Larue, Louis, 1989, et al.
(författare)
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How to Stop the Wild Green Gold Rush: credible ESG ratings
- 2023
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- The market for environmental, social and governance (ESG) rating and data is expected to grow immensely in the next decades. This brief zooms in both on the integration of ESG risks into “traditional” operations of Credit Rating Agencies (CRAs) as well as on the emergence of a market exclusively dedicated to ESG rating. As will become clear, the market for ESG ratings suffers from serious shortcomings, a lack of transparency and standardisation, significant biases and conflicts of interests, and a dependence on large, oligopolistic, credit rating agencies.
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| 6. |
- Larue, Louis, 1989
(författare)
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John Searle's ontology of money, and its critics
- 2023
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Ingår i: The Palgrave Handbook of Philosophy and Money. - Basingstoke : Palgrave-Macmillan.
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Bokkapitel (refereegranskat)abstract
- John Searle has arguably proposed one of the most influential contemporary accounts of social ontology. According to Searle, institutional facts are created by the collective assignment of a specific kind of function —status-function— to pre-existing objects. Thus, a piece of paper counts as money in a certain context because people collectively recognize it as money, and impose a status upon it, which in turn enables that piece of paper to deliver certain functions (means of payment, etc.). The first part of this essay presents Searle’s theory of social ontology and summarizes his views on money. The second part centers on criticisms of his views and compares his theory with its main competitors, including the theories of Tuomela, Guala and Hindriks, and Smit, Buekens and Duplessis. The conclusion attempts to see what may remain of Searle’s theory after careful examination.
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| 7. |
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| 8. |
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| 9. |
- Larue, Louis, 1989
(författare)
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Review of Alexander Douglas’ "The Philosophy of Debt"
- 2017
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Ingår i: Ethical Perspectives. - 1370-0049. ; 24:2, s. 397-301
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Recension (övrigt vetenskapligt/konstnärligt)abstract
- In "The Philosophy of Debt", Alexander Douglas claims that we collectively have a duty to sustain the institution of debt. I discuss this claim on two grounds. First, I argue that one would need a more thorough examination of the sorts of goods the institution of debt is supposed to sustain. Not all debts are beneficial, and not all forms of production are desirable. Second, I contend that individual agents may not always be able to go into debt. It is not at all clear, therefore, that they have a duty to promote and sustain this institution.
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| 10. |
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| 11. |
- Larue, Louis, 1989
(författare)
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Should economics be pluralist?
- 2020
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Ingår i: Justice Everywhere. ; :2020-05-11
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- Following the 2008 financial crisis, many economists, as well as many commentators and journalists, have blamed economics for its failure to explain the causes and foresee the consequences of the financial breakdown. Their core target was the dogmatic acceptance by most economists of a single theoretical framework: neo-classical economics. In (very) short, neo-classical economics is a set of theories according to which all social phenomena can be explained by appealing to the optimizing behavior of rational individuals. It also involves a heavy dose of mathematical formalization and statistical methods. In reaction to the crisis, an increasing number of students and academics started to argue for pluralism in economics, or the view that there are several possible legitimate ways of doing economics, beyond neo-classical economics. In response, some economists contended that neo-classical economics was already sufficiently pluralist. They argued that what we usually call neo-classical economics is actually made of a myriad of different (and sometimes conflicting) theories, such as game theory, public choice theory, industrial organization, social choice theory, labor economics, behavioral economics, etc. This debate raises numerous questions. What (if anything) justifies pluralism in economics? And do we have enough of it, or do we need more? Where does pluralism stop? What does pluralism entail for individual economists? Should every economist be a pluralist? I cannot answer all these questions here. I shall only propose an answer to the first one.
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| 12. |
- Larue, Louis, 1989
(författare)
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The Case against Alternative Currencies
- 2022
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Ingår i: Politics, Philosophy and Economics. - 1470-594X .- 1741-3060. ; 21:1, s. 75-93
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Tidskriftsartikel (refereegranskat)abstract
- Local Currencies, Local Exchange Trading Systems, and Time Banks are all part of a new social movement that aims to restrict money´s purchasing power within a certain geographic area, or within a certain community. According to their proponents, these restrictions may help to build sustainable local economies, to support local businesses and to create “warmer” social relations. This article inquires whether the overall enthusiasm that surrounds alternative currencies is justified. It argues that the potential benefits of these currencies are not sufficient to justify the restrictions they impose on money’s purchasing power. Turning these currencies into effective channels of change, by increasing their scope and their strength, could severely hinder the pursuit of social justice, in a way that is probably not even necessary for achieving their objectives. The paper concludes that large-scale limitations of money’s purchasing power are, therefore, undesirable.
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| 13. |
- Larue, Louis, 1989
(författare)
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The Ecology of Money: A Critical Assessment
- 2020
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Ingår i: Ecological Economics. - : Elsevier BV. - 0921-8009. ; 178:December
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Tidskriftsartikel (refereegranskat)abstract
- This paper assesses the proposal to transform the monetary system into an Ecology of money, that is, into a system made of a large diversity of complementary currencies. Its central aim is to examine whether this proposal could provide a systemic solution to both the ecological and financial crises, as several authors, most notably Lietaer and Douthwaite, have argued. To this end, it analyses the two main arguments in favour of this proposal. First, it focuses on the claim that an Ecology of money would be more resilient and less prone to crisis than the present monetary system. It shows that this argument suffers from several conceptual flaws and argues that it fails to provide sufficient normative reasons to favour an Ecology of money. Second, this paper analyses the claim that an Ecology of money could help defeat the monetary growth imperative that supposedly plagues our economies. The paper raises serious doubts about the existence of such an imperative and questions the claim that an Ecology of money could contribute to weaken it in a significant way.
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| 14. |
- Larue, Louis, 1989, et al.
(författare)
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The ethics of alternative currencies
- 2022
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Ingår i: Business ethics quarterly. - : Cambridge University Press (CUP). - 1052-150X .- 2153-3326. ; 32:2, s. 299-321
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Tidskriftsartikel (refereegranskat)abstract
- Alternative currencies are means of payment that circulate alongside—as an alternative or complement to—official currencies. While these currencies have existed for a long time, both society and academia have shown a renewed interest in their potential to decentralize the governance of monetary affairs and to bring people and organizations together in more ethical or sustainable ways. This article is a review of the ethical and philosophical implications of these alternative monetary projects. We first discuss various classifications of the currencies before analyzing the ethical challenges linked to the way they tackle social and environmental issues. We also examine the incentive-based and coercive mechanisms used by the currencies from an ethical perspective and debate the promises and perils of monetary decentralization and democracy. We conclude by identifying an agenda for future research.
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| 15. |
- Larue, Louis, 1989, et al.
(författare)
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The promises and perils of central bank digital currencies
- 2020
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Ingår i: Revue de la régulation. - 1957-7796. ; :28
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Tidskriftsartikel (refereegranskat)abstract
- This paper analyzes the proposal that central banks should issue digital currencies (CBDC) to provide a public alternative to private digital accounts and cryptocurrencies. We build on some recent themes in political economy research to give a broader and more balanced perspective than the existing literature, highlighting both the promises and perils of CBDC. We argue that, on the one hand, the present state of the private financial sector is problematic and regulators should seek to tackle the issues of financial power, financial instability and lack of adequate monetary policy options. On the other hand, implementing CBDC comes with risks of its own, such as that of creating a “Frankenstein scenario” where too much power is given to unelected technocrats. Our tentative conclusion is therefore that CBDC should be seen as a second-best option, while the primary focus of policy makers should be on the possibility of financial re-regulation.
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