Presentation Details

The Second International Conference on New Directions in the Humanities

Humanistic Economics and the Collapse of the American Economy

Michael K. Green.

The stock markets and the economy of United States are on the verge of collapse. Traditional approaches to economics in the form of classical economic theory and Marxism did not foresee nor understand this collapse. The mechanistic paradigm of Classical economics and the teleological paradigm of traditional Marxism are presented and discussed. The main problem with them is that they do not fully understand the human condition, which is action under uncertainty in the sense of the economist Knight. Once the importance of uncertainty is understood, then, using the work of cultural theorists one can see the importance of the social construction of uncertainty and how this construction of uncertainty has a certain form or structure that allows one to predict economic and social events more precisely than one can with either the Classical or the Marxian models. This new model is presented and discussed. The predictions that it makes for the US and world economy are then presented.


Michael K. Green  (United States)
Department of Philosophy
State University of New York at Oneonta

PhD if philosophy from the University of Chicago. Professor of philosophy at SUNY-Oneonta. Fields of interest: Social theory, applied ethics, history of philosophy, ethical theory (also computers, computer-aided instruction, anthropology). Awards: Phi Beta Kappa, Director of Socionomics Institute; Publications and/or Exhibitions: (1991) "Law, Forms of Life, and Metaphysical Metaphors" in Action and Agency, edited by Roberta Kevelson New York: Peter Lang, pp. 139-161; (1992) "Fairness in Hierarchical and Entrepreneurial Firms", Journal of Business Ethics Vol. 11, pp. 877-882; (1994) "Cultural Themes in European Philosophy, Law, and Economics" History of European Ideas Vol. 19, Nos. 4-6, 1994, pp. 805-810; (1994) "Images of Justice," International Journal for the Semiotics of Law Vol. VII, No. 21, pp. 241-251;and (1995) Issues in Native American Cultural Identity (editor), Center for the Semiotic Study of Law, Politics, and Government, NY: Peter Lang.

  • Economic collapse
  • Human condition
  • Human sociality
Person as Subject
  • Frank Knight Karl Marx

(30 min. Conference Paper, English)