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Economy by Anastassios Karayiannis

Under the logical-positivist methodology, science is differentiated from pseudo-science according to empirical justification. This approach drives human sciences, such as economics, to a strict formalization ignoring some human aspects and values. Bronowsky's unification of arts and sciences (1977) under the process of man's creativity needs to be taken seriously by artists and scientists. I think it is time to "make" science with a human face and for scientists to have responsibility in shaping values according to human and not technical and / or animal-instinct spirit.

What I have to suggest in relation to Lenssen's significant paper (given at the Fourth Seminar in Brugge) are summarised in the following:

  1. It is time to reorganise economic activity upon entrepreneurship. Small scale enterprise with the help of new technology, might be proved less impersonal and more sympathetic to human and cultural needs.
  2. The ethical neutrality proposed by economics, particularly by the mainstream ones, needs to be lessened. It is not wise to ask educated individuals not to bear responsibility for circulating their ethical and aesthetical values. If the European economy needs a third road, different from the American and Japanese, it must form one by returning to an individualistic climate where the responsibility and the creativity of individuals will function freely. This cannot be achieved if intellectuals leave it to the politicians and the managers of major corporations to take full responsibility for making fundamental decisions regarding the future of humanity.
  3. European intellectuals must abandon the neutral value judgement justification, at least in the field of social sciences, and produce normative propositions and beliefs which will shape the ones relevant to the rest of the citizens.
  4. Economists consider material reward to be the main incentive for work effort. However, by ignoring other incentives such as freedom to create and meritocracy, the marginal productivity theory does not explain the variety in labour's productivity among different organisational units.
  5. It is a curious matter that the increase of production in the recent past, instead of strengthening the altruistic motive of individuals, seems to diminish it. I think that this is caused by a false individualistic attitude of the recent Western philosophy. Individuality is the source of creativity but also is the basis of social life. You cannot ask soldiers to fight for you if you do not share with them some material well-being.
  6. The various fundamental economic decisions taken by managers and politicians must not be based only upon economic and political cost-benefit analysis. They must also be based upon principles, such as philanthropy, or altruism and to consider the various consequences for future generations. Unfortunately, only recently have economists started to incorporate into their analysis, environmental factors and consequences such as air pollution, etc., even though the Swedish economist Knut Wicksell in his Lectures on Political Economy (1906, pp. 3 - 41) had warned that economic decisions must be taken with a view to present and future generations.
  7. The question about the prevalence of meritocracy still remains, not only to public firms and organisations, but also in some private ones as well. There also remains the question as to how far the most able members of our democratic societies become politicians and guide our lives. That is why scientists and artist must become active regarding the formation not only of new culture, but also the values and beliefs of the politicians and other responsible members in our democratic society.
  8. The impact of culture on economic decisions and the shaping and formation of economic principles and ideas has not received a specific analytical treatment by economists. Only sporadically have some of them analysed such an issue, as for example Prof. L. Baeck had done in a brilliant, recent study which analyses the Mediterranean economic tradition.
  9. Historical ignorance produced an overestimation of our present economic problems. We think egoistically that only we confront such problems and that only we own the proper answers. This is wrong; thus there must be a transfer of funds towards historical studies in order to keep the past and our present roots. It is very useful that research is done in high technology, medicine, etc., however the human being is not only flesh and blood, but also spirit. How can you feed the spirit only with material goods?
  10. European culture is unique, not only because it has common origins (Hellenism and Christianity), but also because it is able to incorporate various national differences. Thus, this culture must be strengthened and become a leader, not just a follower of the fast foods and jeans culture.

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