Lewis E. Hill

SOCIAL AND INSTITUTIONAL ECONOMICS: TOWARD A CREATIVE SYNTHESIS*

of institutional economics. It is my belief that social economics is characterized mostly by a unique set of socioeconomic goals and ob? jectives, rather than by unique methods. Institutional economics, on the other hand, consists mostly of a unique philosophy and methodol? ogy for the economic science. Institutionalism is an open system with respect to any goals and objectives that are consistent with its theory of normative value. The theme of this essay holds that the goals and objectives of social economics are completely compatible with the philosophy and methodology of institutionalism, but that social and positive economics are incompatible. The plan of work proceeds in the following sequence. First, the goals and objectives of social eco? nomics are specified. Next, the philosophy and methodology of in? stitutional economics are explicated and contrasted with some philo? sophical and methodological implications of positive economics. Fi? nally, the compatibility of institutional and positive economics with the preconceptions, objectives, and goals of social economics is inves? tigated.

The Judeo-Christian Vision and the Modern Corporation

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A post‐mortem on the Clinton healthcare proposal

Examines the Clinton administration’s health‐care proposal, for a system of national health insurance in the USA. Investigates whether, if it had been implemented, it would have solved healthcare delivery system problems. Goes on to question why it failed to gain the approval of Congress. Argues that the free market for health care is achieving its own solution through the development of managed care arrangements. Deals with the consequences of managed care for the US economy.

Clarence Edwin Ayres and John Kenneth Galbraith: from instrumental institutionalism to the new industrial state

Aims to describe and to explicate the economic thought of two creative and profound scholars who are in the tradition of institutionalism: Clarence Edwin Ayres and John Kenneth Galbraith. Analyses the major scholarly works of each of these insightful interpreters of the contemporary social and political economy and compares and contrasts them in such a manner as to reveal the similarities and differences between their respective systems of economic thought. Divides into five parts: the introduction, a section on the theories of Ayres and one on the theories of Galbraith, a comparison of the respective works of Ayres and Galbraith in which the similarities and differences are specified, and the conclusion.

A Comparative Analysis of Selected Economic Methodologies: Praxeology, Positivism and Institutionalism

Explicates and analyses selected economic methodologies: praxeology, positivism and institutionalism. Praxeology is a rationalistic methodology which utilizes deductive logic to deduce conclusions concerning economic behavior from postulates, which are self‐evident truths, but praxeologists deny that empirical verification is either necessary or desirable. Positivism is a methodology which combines deductive rationalism as a method of deriving substantive hypotheses and inductive empiricism as a method of verifying these hypotheses. Institutionalism is a pragmatic methodology which is based on an empirical epistemology and which utilizes inductive logic to formulate economic policy and to solve practical problems. Concludes that institutionalism is more empirically relevant than either praxeology or positivism, and that, therefore, institutionalism is superior to the other methodologies.

Freud’s civilization revisited in the nuclear age: commentary on O’Brien’s conclusions

This comment is a constructive criticism of Professor John C. O’Brien’s interesting and provocative article: “Freud’s civilization revisited in the nuclear age.” It is my conviction that both Freud and O’Brien underestimate the power of Christianity in the creation and in the defense of Western civilization. The threat of a nuclear holocaust is an ever present danger, but the remedy for this danger is not the nuclear disarmament that O’Brien advocates, because the disarmament treaty would be unenforceable. Rather, the protection against the nuclear threat is for the USA to maintain an overwhelming arsenal of second‐strike nuclear weapons and to use the threat of retaliation to enforce an American peace that would be analogous to the Roman peace which that empire enforced during two centuries of ancient history.

Some random thoughts concerning the symbiotic relationship between social and institutional economics

An intellectual symbiosis exists between social economics and institutional economics because the strengths and weaknesses of these two leading schools of heterodox economic thought are complementary. Axiology and goals are the strength of social economics and the weakness of institutional economics. Epistemology and methodology are the strength of institutional economics and the weakness of social economics. The rationalistic and metaphysical axiology of the social economists can be effectively merged with the empirical and pragmatic epistemology of the institutional economists. The resulting symbiotic synthesis will certainly provide the basis for a creative integration of social and institutional economics into a new and improved school of heterodox economic thought.

Michael Polanyi’s interpretation of history: three revolutions that changed the world

Explains that Michael Polanyi was an internationally reputed philosopher who may be remembered as the greatest epistemologist of the twentieth century. The one aspect of his philosophy which has been neglected is his philosophy of history. Sets out to explicate Polanyi’s interpretation of the history of the late modern period. He emphasized the historical importance of three revolutions: the French Revolution; the Bolshevik Revolution; and the Hungarian Revolution. Polanyi called for a return to traditional moral values, such as truth, justice, and love. Presents a clarification of Polanyi’s interpretation of late modern history which it is hoped will contribute to the resolution of the crisis which threatens contemporary civilization.

Pragmatism as a Normative Theory of Social Value and Economic Ethics

Pragmatism may be defined as that philosophy which holds that all reality has practical consequences and that, therefore, certainly the best way and perhaps the only way to know and to understand true reality is through the consideration of practical consequences. It is commonly supposed by those scholars who misunderstand and misinterpret pragmatism that this philosophy is based on cultural relativism and is, therefore, completely devoid of all normative and ethical content (Lutz 1985, p. 169). It is the purpose of this essay to advocate vociferously and to support vigorously the contrary view that normative and ethical considerations inhere in pragmatism and that a valid and reliable normative theory of social value and economic ethics can be induced from the pragmatic philosophy.

An Inquiry into the Relationship between Economic Freedom and Economic Justice Economic Freedom and Economic Justice

Makes the distinction between negative freedom or liberty, which means the absence of constraint and compulsion, and positive freedom, which always implies the power to make one′s will effective to gain access to a chosen alternative. Argues that positive freedom can be used either creatively or destructively. The creative use of positive freedom enhances and improves the economic freedom and economic justice that accrues to other people. The destructive use of positive freedom damages and diminishes the economic freedom and economic justice of others. It follows that the government should intervene in the political and social economy to encourage and to facilitate the creative use and to discourage or prohibit the destructive use of positive freedom.