I noticed that Wikipedia still lists Ricky Gervais as having a 2.1. Since I sat next to him at the ceremony and received, like every other graduate present that day, a list of all the recipients and their honours, I thought I should set the record straight. He received a 2.2, like me.
More Heat Than Light is a history of how physics has drawn some inspiration from economics and also how economics has sought to emulate physics, especially with regard to the theory of value. It traces the development of the energy concept in Western physics and its subsequent effect upon the invention and promulgation of neoclassical economics. Any discussion of the standing of economics as a science must include the historical symbiosis between the two disciplines. Starting with the philosopher Emile Meyerson's discussion of the relationship between notions of invariance and causality in the history of science, the book surveys the history of conservation principles in the Western discussion of motion. Recourse to the metaphors of the economy are frequent in physics, and the concepts of value, motion, and body reinforced each other throughout the development of both disciplines, especially with regard to practices of mathematical formalisation. However, in economics subsequent misuse of conservation principles led to serious blunders in the mathematical formalisation of economic theory. The book attempts to provide the reader with sufficient background in the history of physics in order to appreciate its theses. The discussion is technically detailed and complex, and familiarity with calculus is required.I've had heated (forgive the pun) discussions with Marxist friends on here about the theory of value and the role of energy in generating a social surplus. I'm not going to re-hash all that now. It's an argument that's been going on since Anti-Duhring and Sergei Podolinsky's Economic Thermodynamics, and to paraphrase Stewart Lee, if there's anywhere that we're going to establish precisely where value comes from, I don't think it's going to be in the Comments section of Counago & Spaves.
The other book I was alerted to by the newslist was Samuel Bowles's Microeconomics: Behavior, Institutions, and Evolution:
In this novel introduction to modern microeconomic theory, Samuel Bowles returns to the classical economists' interest in the wealth and poverty of nations and people, the workings of the institutions of capitalist economies, and the coevolution of individual preferences and the structures of markets, firms, and other institutions. Using recent advances in evolutionary game theory, contract theory, behavioral experiments, and the modeling of dynamic processes, he develops a theory of how economic institutions shape individual behavior, and how institutions evolve due to individual actions, technological change, and chance events. Topics addressed include institutional innovation, social preferences, nonmarket social interactions, social capital, equilibrium unemployment, credit constraints, economic power, generalized increasing returns, disequilibrium outcomes, and path dependency.
Each chapter is introduced by empirical puzzles or historical episodes illuminated by the modeling that follows, and the book closes with sets of problems to be solved by readers seeking to improve their mathematical modeling skills. Complementing standard mathematical analysis are agent-based computer simulations of complex evolving systems that are available online so that readers can experiment with the models. Bowles concludes with the time-honored challenge of "getting the rules right," providing an evaluation of markets, states, and communities as contrasting and yet sometimes synergistic structures of governance. Must reading for students and scholars not only in economics but across the behavioral sciences, this engagingly written and compelling exposition of the new microeconomics moves the field beyond the conventional models of prices and markets toward a more accurate and policy-relevant portrayal of human social behavior.
I have vague memories of Bowles and Gintis from A level sociology over 30 years ago. There's an attic in Altrincham containing a stack of revision flashcards in a cardboard box, one of which says "Bowles & Gintis, Schooling in Capitalist America: Educational Reform and the Contradictions of Economic Life", along with a one-paragraph summary of the book's arguments. Like this, only shorter.
I searched Bowles's book for Elinor Ostrom and found references to this and this, a summary of the Ostrom-edited book mentioned above. The Conclusion section here is particularly interesting:
Conclusion
Central governance and privatization only lead to deterioration of shared resources and communities, as well as to the failure of governance at the coarser scale. This implies that the organization at the macro-level is the deciding factor. However, we have seen sustainable management of natural resources over years and centuries despite macro-level restructuring, therefore the initial implication does not tell the whole story.The authors set out to answer:
- What new developments challenge traditional common property institutions and how do they adapt?
- How is the increasing scale of human action affecting governance of shared resources?
- Can we make progress in institutional design?
- The increased interconnection of the biophysical across scales and institutions across levels requires adaptation to change at multiple levels.
- The interests of resource users at multiple levels often conflict.
- Allocation of resource rights is a political process.
Perceptions of fairness reinforce a climate of trust. Success of any mechanism relies on trust to enable cooperation. When participants do not come face to face with the consequences of their actions they feel no responsibility for them. Different forms of capital (physical, economic, political, and social) are intrinsically linked and one form can be used to create others, but social capital can lead to collective action for or against the commons.
In the end, a dynamic view of property rights is likely to be more appropriate to ensure sustainable and fair use of the resource than one that is static. Creating forums for negotiation and reallocation of such rights may be more important than laying down rigid rules and resource allocations.
This entire site actually looks like it might be of interest to C&S readers of a particular bent, btw. Although if you're of that particular bent, you probably already know about it.
At about this time, another Facebook message came through, informing me about this:
The 4th and final seminar in our contemporary capitalism series will take place this Thursday (November 22) at 7pm in Dubzland Audio and Visual Gallery. This week will feature Rachel O’Dwyer speaking on ‘The new commons or the new enclosures?’. Full details below. This is a BYOB event.
The new commons or the new enclosures? Rachel O’Dwyer
... In recent years, notions of ‘the commons’ and associated practices such as sharing, grassroots collectives, gift economies and peer production have really come to the fore. This is partly the result of a reinvigoration of social cooperation in online spaces and partly the product of attempts by social movements and critical thinking to formulate alternative courses of action for the management of resources, for cooperative decision making and for collective production.
Today, more so than ever, ‘the commons’ has become a difficult issue. We’re frequently led to believe that concepts such as ‘open’ and ‘free’ are by nature non-market and that the commons, because it stands opposed to property and operates outside of traditional labour/wage relations, is in some way diametrically opposed to capitalism. But is this really the case? Today we’re seeing a growing centrality of different forms of the commons to contemporary capitalism. Examples include the role of cultural-artistic activities in gentrification, the primacy of open source platforms and user-generated content to the information economy and the enclosure of forms of shared and local knowledge by corporations and institutions.
It seems like the traditional distinctions of socialism vs. capitalism or private property vs. the commons are no longer adequate to apprehend this system. In contemporary capitalism we need to rethink ‘the commons’, not as some abstract equality, but as a conflictive terrain. This talk explores how forms of the commons are enclosed today and how value continues to be extracted outside of traditional wage and property relations.How timely! I thought to myself. And what a coincidence. I went to the Facebook page in question for a quick browse and saw a link to this and, by extension, to this:
Class War University: Composing resources for anti-capitalist, anti-authoritarian movements on the terrain of universities and beyond.
What have I learned from all this? That I really need to develop a work ethic.
What did I fail learn? Anything about the design of genealogical trees in Persian texts of the 14th century.
I can survive on tea in the morning for four hours.