Entangled Political Economy

Roger Koppl, Steven Horwitz, Roger Koppl, Steven Horwitz

• Publisher: Emerald Group Publishing Limited
• Year: 2014
• Print ISBN:
  9781784411022
• eBook ISBN:
  9781784411015
• Topic: Economics
• Subtopic: Economic Policy
• Index: Economics

The term the 'Entangled political economy' was first coined by Economist Richard E. Wagner of George Mason University who challenged the "additive" political economy paradigm with his "entangled political economy," which sees public and private entities as equal and entwined players in exchange relations. This volume examines entangled political economy from several distinct but complementary points of view. The history of entangled political economy is traced to Adam Smith and Carl Menger and its implications are worked out for both theoretical and applied economics. New directions in economic modeling are struck. Finally, entanglement is found to imply complexity, which leads not only to somewhat non-standard mathematical methods in economics, but also principled limits to the explanatory and predictive power of mathematical models in political economy. The volume demonstrates that Wagner's notion of entanglement opens new vistas for political economy in all its dimensions.

Table of contents

• Cover
• Entangled Political Economy
• Copyright page
• Contents
• List of Contributors
• Introduction to “Entangled Political Economy”
• Entangled Political Economy: A Keynote Address
• Adam Smith and Entangled Political Economy
• Carl Menger on States as Orders, not Organizations: Entangled Economy into a Neo-Mengerian Approach
• Natural Selection versus Emergent Self-Organization in Evolutionary Political Economy
• Public Policy: Object of Choice or Emergent Phenomena? Learning from the Implementation of the Medical Reimbursement Act in Poland
• Dodd-Frank, Fiduciary Duties, and the Entangled Political Economy of Federalism and Agency Rule-Making
• Has Fritz Machlup Stood the Test of Time? Revisiting his Monetary Analysis of the Stock Market
• Synthesizing State and Spontaneous Order Theories of Money
• Game Mining: How to Make Money from Those About to Play a Game
• A New Algorithmic Approach to Entangled Political Economy: Insights from the Simplest Models of Complexity
• On an Extension of Rice’s Theorem and Its Applications in Mathematical Economics
• On Ethical and Intellectual Failures in Contemporary Economics