Menu Expand

Systems-Theoretic LawMacro: An Antidote to Keynesian Indigestion?

  1. Journals
  2. Economics, Finance, Business & Management
  3. Journal of Contextual Economics – Schmollers Jahrbuch
  4. Vol. 142, Issue 3
  5. pp. 209–229

JOURNAL ARTICLE

Cite JOURNAL ARTICLE

Style
Wagner, R. Systems-Theoretic LawMacro: An Antidote to Keynesian Indigestion?. Journal of Contextual Economics – Schmollers Jahrbuch, 142(3), 209-229. https://doi.org/10.3790/schm.2024.375228
Wagner, Richard E. "Systems-Theoretic LawMacro: An Antidote to Keynesian Indigestion?" Journal of Contextual Economics – Schmollers Jahrbuch 142.3, 2022, 209-229. https://doi.org/10.3790/schm.2024.375228
Wagner, Richard E. (2022): Systems-Theoretic LawMacro: An Antidote to Keynesian Indigestion?, in: Journal of Contextual Economics – Schmollers Jahrbuch, vol. 142, iss. 3, 209-229, [online] https://doi.org/10.3790/schm.2024.375228
Format
Download

Systems-Theoretic LawMacro: An Antidote to Keynesian Indigestion?

Wagner, Richard E.

Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 142(2022), Iss. 3 : pp. 209–229 | First published online: June 02, 2025

Read Now Download (PDF)

Additional Information

Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/schm.2024.375228
Language
English
Pages
21
License
open-access https://creativecommons.org/licenses/by/4.0
Keywords

Author Details

Prof. Richard E. Wagner, Department of Economics, George Mason University Buchanan Hall D101 Fairfax, VA, USA

References

  1. Blaug, M. (1962) 1997. Economic Theory in Retrospect. Cambridge: Cambridge University Press.  Google Scholar
  2. Böhm, F. 1950. “Die Idee des Ordo im Denken Walter Euckens.” ORDO Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft 3: XV – LXIV.  Google Scholar
  3. Buchanan, J. M. and R. E. Wagner. 1977. Democracy in Deficit: The Political Legacy of Lord Keynes. New York: Academic Press.  Google Scholar
  4. Clower, R. W. 1965. “The Keynesian Counterrevolution: A Theoretical Appraisal.” In: The Theory of Interest Rates, edited by F. H. Hahn and F. P. R. Brechling, 103 – 25. London: Macmillan.  Google Scholar
  5. Clower, R. W. 1975. “Reflections on the Keynesian Perplex.” Journal of Economics 35 (1): 1 – 25.  Google Scholar
  6. Clower, R. W. 1994. “The Fingers of the Invisible Hand.” Brock University Review 3 (1): 3 – 13.  Google Scholar
  7. Collins, R. 1998. The Sociology of Philosophies: A Global Theory of Intellectual Change. Cambridge: Harvard University Press.  Google Scholar
  8. DeCanio, S. J. 2014. Limits of Economic and Social Knowledge. Houndsmill: Palgrave Macmillan.  Google Scholar
  9. De Finetti, B. 1970. Theory of Probability. New York: Wiley.  Google Scholar
  10. Devereaux, A. N. and R. E. Wagner. 2020. “Contrasting Visions for Macroeconomic Theory: DSGE and OEE.” American Economist 65 (1): 28 – 50.  Google Scholar
  11. De Viti de Marco, A. 1930. Un trentennio di lotte politiche: 1894 – 1922. Naples: Francesco Giannini.  Google Scholar
  12. Epstein, J. (ed.). 2006. Generative Social Science: Studies in Agent-Based Computational Modeling. Princeton: Princeton University Press.  Google Scholar
  13. Epstein, R. A. 1995. Simple Rules for a Complex World. Cambridge: Harvard University Press.  Google Scholar
  14. Eucken, W. 1952. Grundsätze der Wirtschaftspolitik. Tübingen: J.C.B. Mohr (Paul Siebeck).  Google Scholar
  15. Hahn, L. A. 1949. The Economics of Illusion: A Critical Analysis Of Contemporary Economic Theory and Policy. New York: Squier.  Google Scholar
  16. Hamburger, P. 2015. Is Administrative Law Unlawful? Chicago: University of Chicago Press.  Google Scholar
  17. Harrod, R. 1951. The Life of John Maynard Keynes. London: Macmillan.  Google Scholar
  18. Hebert, D. J. and D. W. Thomas. 2021. Emergence, Entanglement, and Political Economy. Cham: Springer.  Google Scholar
  19. Kauffman, S. 2014. “On Ethical and Intellectual Failures in Contemporary Economics.” Advances in Austrian Economics 18: 259 – 82.  Google Scholar
  20. Keynes, J. M. 1921. A Treatise on Probability. Cambridge: Cambridge University Press.  Google Scholar
  21. Keynes, J. M. 1936. The General Theory of Employment, Interest and Money. New York: Harcourt Brace.  Google Scholar
  22. Keynes, J. M. 1937. “The General Theory of Employment.” Quarterly Journal of Economics 51 (2): 209 – 23.  Google Scholar
  23. Knight, F. H. 1921. Risk, Uncertainty and Profit. Boston: Houghton Mifflin.  Google Scholar
  24. Kolev, S. 2018. “James Buchanan and the ‘New Economics of Order’ Research Program.” In: James M. Buchanan: A Theorist of Political Economy and Social Philosophy, edited by R. E. Wagner, 85 – 108. Cham: Palgrave Macmillan.  Google Scholar
  25. Kolev, S. and E. A. Köhler. 2022. “Transatlantic Roads to Mont Pèlerin: ‘Old Chicago’ and Freiburg in a World of Disintegrating Orders.” History of Political Economy 54 (4): 745 – 84.  Google Scholar
  26. Lakatos, I. 1976. Proofs and Refutations: The Logic of Mathematical Discovery. Cambridge: Cambridge University Press.  Google Scholar
  27. Lakatos, I. 1978. The Methodology of Scientific Research Programmes. Cambridge: Cambridge University Press.  Google Scholar
  28. Latour, B. 2005. Reassembling the Social: An Introduction to Actor-Network Theory. New York: Oxford University Press.  Google Scholar
  29. Leijonhufvud, A. 1968. On Keynesian Economics and the Economics of Keynes. Oxford: Oxford University Press.  Google Scholar
  30. Leijonhufvud, A. 1981. Information and Coordination. New York: Oxford University Press.  Google Scholar
  31. Meadows, D. H. 2008. Thinking in Systems. White River: Chelsea Green.  Google Scholar
  32. Mises, L. 1920. “Die Wirtschaftsrechnung im sozialistischen Gemeinwesen.” Archiv für Sozialwissenschaft und Sozialpolitik 47 (1): 86 – 121.  Google Scholar
  33. Morgan, M. 2012. The World in the Model: How Economists Work and Think. Cambridge: Cambridge University Press.  Google Scholar
  34. Mosca, M. 2016. Antonio de Viti de Marco: A Story Worth Remembering. London: Palgrave Macmillan.  Google Scholar
  35. Novak, M. 2018. Inequality: An Entangled Political Economy Perspective. London: Palgrave Macmillan.  Google Scholar
  36. Pantaleoni, M. 1911. “Considerazioni sulle proprietà di un sistema di prezzi politici.” Giornale degli Economisti e Rivista di Statistica 42 (1): 9 – 29 and 42 (2): 114 – 33.  Google Scholar
  37. Pareto, V. (1915) 1935. The Mind and Society: A Treatise on General Sociology. New York: Harcourt Brace.  Google Scholar
  38. Polya, G. 1954. Mathematics and Plausible Reasoning, 2 Vols. Princeton: Princeton University Press.  Google Scholar
  39. Riker, W. 1962. The Theory of Political Coalitions. New Haven: Yale University Press.  Google Scholar
  40. Shackle, G. L. S. 1972. Epistemics and Economics. Cambridge: Cambridge University Press.  Google Scholar
  41. Shackle, G. L. S. 1974. Keynesian Kaleidics. Edinburgh: Edinburgh University Press.  Google Scholar
  42. Tullock, G. 1966. The Organization of Inquiry. Durham: Duke University Press.  Google Scholar
  43. Wagner, R. E. 1997. “Complexity, Governance, and Economic Policy.” In: Economic Directions, Vol. 7, No. 1. Latrobe: Saint Vincent College.  Google Scholar
  44. Wagner, R. E. 2012a. Deficits, Debt, and Democracy: Wrestling with Tragedy on the Fiscal Commons. Cheltenham: Edward Elgar.  Google Scholar
  45. Wagner, R. E. 2012b. “A Macro Economy as an Ecology of Plans.” Journal of Economic Behavior and Organization 82 (2): 433 – 44.  Google Scholar
  46. Wagner, R. E. 2012c. “Viennese Kaleidics: Why It’s Liberty More than Policy that Calms Turbulence.” Review of Austrian Economics 25 (2): 283 – 97.  Google Scholar
  47. Wagner, R. E. 2016. Politics as a Peculiar Business: Insights from a Theory of Entangled Political Economy. Northampton: Edward Elgar.  Google Scholar
  48. Wagner, R. E. 2020. Macroeconomics as Systems Theory. London: Palgrave Macmillan.  Google Scholar
  49. Weaver, W. 1948. “Science and Complexity.” American Scientist 36 (4): 536 – 44.  Google Scholar
  50. Wicksell, K (1896) 1967. “A New Principle of Just Taxation.” In: Classics in the Theory of Public Finance, edited by R. A. Musgrave and A. T. Peacock, 72 – 118. London: Macmillan.  Google Scholar
  51. Yeager, L. B. 1973. “The Keynesian Diversion.” Economic Inquiry 11 (2): 150 – 63.  Google Scholar

Abstract

This article was written for a Liberty Fund conference on “Liberty in Relation to Law and Macroeconomics.” The paper works with recognition that the models we use are not neutral devices to see more clearly into reality because they also shade that reality in different ways. For instance, a model grounded on systemic equilibrium and aggregation will almost necessarily assign turbulence to market interaction and thereby place the calming of turbulence in the province of political action simply because there is no coherent alternative. By contrast, a model where turbulence is baked into the cake of human action will recognize that human action both creates and calms turbulence, and continually, and will also recognize that the continual shifting among coalitions that is a feature of democratic politics is even more likely to generate turbulence than to calm it, and with turbulence and calmness both being ordinary features of human society.

Table of Contents

Section Title Page Action Price
Richard E. Wagner: Systems-Theoretic LawMacro: An Antidote to Keynesian Indigestion? 1
1. Seeking After the Real John Maynard Keynes 2
2. Aggregation or Transactional Structure? Overcoming a Conceptual Antinomy 6
3. Maffeo Pantaleoni (1911) and Systems-Theoretic Political Economy 9
4. Method, Substance, and their Entanglement 12
5. On Janus and the Methodology of Scientific Research Programs 14
6. What Might an Induced Demand for Law and Macroeconomics Accomplish? 16
7. One Illustration of Aggregation vs. Transactional Structure in Closing 18
References 19

Contact

Duncker & Humblot GmbH Carl-Heinrich-Becker-Weg 9 12165 Berlin, Deutschland T: +49 30 790006-0

Quick Navigation

2025 Duncker & Humblot GmbH

Powered by CloudPublish

We use cookies to ensure that you get the best experience on our website. Learn more about how we use cookies.