Rationality And Irrationality In Economics
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Rationality And Irrationality In Economics
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Author : Maurice Godelier
language : en
Publisher: Verso Books
Release Date : 2014-07-08
Rationality And Irrationality In Economics written by Maurice Godelier and has been published by Verso Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-08 with Social Science categories.
This book is the result of a research project begun by the author in 1958 with the aim of answering two questions: First, what is the rationality of the economic systems that appear and disappear throughout history-in other words, what is their hidden logic and the underlying necessity for them to exist, or to have existed? Second, what are the conditions for a rational understanding of these systems-in other words, for a fully developed comparative economic science? The field of investigation opened up by these two questions is vast, touching on the foundations of social reality and on how to understand them. The author, being a Marxist, sought the answers, as he writes, 'not in philosophy or by philosophical means, but in and through examining the knowledge accumulated by the sciences.' The stages of his journey from philosophy to economics and then to anthropology are indicated by the divisions of his book. Godelier rejects, at the outset, any attempt to tackle the question of rationality or irrationality of economic science and of economic realities from the angle of an a priori idea, a speculative definition of what is rational. Such an approach can yield only, he feels, an ideological result. Rather, he treats the appearance and disappearance of social and economic systems in history as being governed by a necessity 'wholly internal to the concrete structures of social life.
Rationality And Explanation In Economics
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Author : Maurice Lagueux
language : en
Publisher: Routledge
Release Date : 2010-02-28
Rationality And Explanation In Economics written by Maurice Lagueux and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-02-28 with Business & Economics categories.
Economical questions indisputably occupy a central place in everyday life. In order to clarify these questions, people generally turn to those who are familiar with economics. In answering such legitimate questions, economists propose explanations which rest on a few principles among which the rationality principle is by far the most fundamental. This principle assumes that people are rational, but what is meant by this has to be specified. Rationality and Explanation in Economics claims that only a minimal kind of rationality is required to ‘animate’ economic explanations. However, such a conception of rationality faces serious objections: it is closely associated with harshly criticised methodological individualism and it is not easily disentangled from sheer irrationality. The book answers these objections and shows that the economists’ way of mobilising the concepts of maximization or of consistency for defining rationality raises more serious problems. Since the latter have encouraged various attempts to downgrade or even to dispense with the very notion of rationality, the book is largely devoted to countering arguments associated with these attempts and to show why postulating that agents are rational is still the only efficient way to explain economic phenomena as such. The author also proposes original views about the role of rationality, the meaning of methodological individualism, the relevance of the selection argument and the relation between ‘rational’ explanations of economics and explanations in natural sciences.
Is Behavioral Economics Doomed
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Author : David K Levine
language : en
Publisher:
Release Date : 2020-10-09
Is Behavioral Economics Doomed written by David K Levine and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-10-09 with Business & Economics categories.
It is fashionable to criticize economic theory for focusing too much on rationality and ignoring the imperfect and emotional way in which real economic decisions are reached. All of us facing the global economic crisis wonder just how rational economic men and women can be. Behavioral economics - an effort to incorporate psychological ideas into economics - has become all the rage.This book by well-known economist David K. Levine questions the idea that behavioral economics is the answer to economic problems. It explores the successes and failures of contemporary economics both inside and outside the laboratory. It then asks whether popular behavioral theories of psychological biases are solutions to the failures. It not only provides an overview of popular behavioral theories and their history, but also gives the reader the tools for scrutinizing them.Levine's book is essential reading for students and teachers of economic theory and anyone interested in the psychology of economics. This work was published by Saint Philip Street Press pursuant to a Creative Commons license permitting commercial use. All rights not granted by the work's license are retained by the author or authors.
The Law And Economics Of Irrational Behavior
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Author : Francesco Parisi
language : en
Publisher: Stanford Economics & Finance
Release Date : 2005
The Law And Economics Of Irrational Behavior written by Francesco Parisi and has been published by Stanford Economics & Finance this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Deviant behavior categories.
This collection of essays explores the most relevant developments at the interface of economics and psychology, giving special attention to models of irrational behavior, and draws the relevant implications of such models for the design of legal rules and institutions. The application of economic models of irrational behavior to law is especially challenging because specific departures from rational behavior differ markedly from one another. Furthermore, the analytical and deductive instruments of economic theory have to be reshaped to deal with the fragmented and heterogeneous findings of psychological research, turning towards a more experimental and inductive methodology. This volume brings together pioneering scholars in this area, along with some of the most exciting developments in the field of legal and economic theory. Areas of application include criminal law and sentencing, tort law, contract law, corporate law, and financial markets.
Rationality And Irrationality In Economics
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Author : Maurice Godelier (author)
language : en
Publisher:
Release Date :
Rationality And Irrationality In Economics written by Maurice Godelier (author) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
The Irrational Consumer
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Author : Dr Enrico Trevisan
language : en
Publisher: Gower Publishing, Ltd.
Release Date : 2013-10-28
The Irrational Consumer written by Dr Enrico Trevisan and has been published by Gower Publishing, Ltd. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-28 with Business & Economics categories.
Companies of all kinds have fallen into some of the most fundamental of traps when it comes to consumer marketing; in assuming that the motivation that drives their customers is entirely rational. Enrico Trevisan's The Irrational Consumer builds on the ground breaking works on behavioural economics of authors such as Daniel Kahneman and Richard Thaler in order to explain the fundamental drivers of customer decisions and how to incorporate these into your business strategy. Learn how consumers respond to different offer architectures and discounts; why they sometimes struggle to see the wood for the trees in a world of ever-increasing options; what are the rules of thumb they develop for making sense of value. Behavioural economics offers organizations perspectives for engaging with customers, whose views on what to buy are strongly driven by contextual factors, such as the framework and the dynamics of choices. Enrico Trevisan's The Irrational Consumer is your 'must-have' primer to this world.
Irrationality
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Author : Justin E. H. Smith
language : en
Publisher: Princeton University Press
Release Date : 2020-12-08
Irrationality written by Justin E. H. Smith and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-12-08 with History categories.
Preface -- Preamble: a mathematician's murder -- Introduction -- The self-devouring octopus, or, logic -- "No-brainers", or, reason in nature -- The sleep of reason, or, dreams -- Dreams into things, or, art -- "I believe because it is absurd", or, pseudoscience -- Enlightenment, or, myth Enlightenment into myth -- The human beast, or, the Internet -- Explosions, or, jokes and lies --The impossible symbolism, or, death -- Conclusion.
Economic Fables
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Author : Ariel Rubinstein
language : en
Publisher:
Release Date : 2012
Economic Fables written by Ariel Rubinstein and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Economics categories.
Predictably Rational
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Author : Richard B. McKenzie
language : en
Publisher: Springer Science & Business Media
Release Date : 2009-10-21
Predictably Rational written by Richard B. McKenzie and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-10-21 with Business & Economics categories.
Mainstream economists everywhere exhibit an "irrational passion for dispassionate rationality." Behavioral economists, and long-time critic of mainstream economics suggests that people in mainstrean economic models "can think like Albert Einstein, store as much memory as IBM’s Big Blue, and exercise the will power of Mahatma Gandhi," suggesting that such a view of real world modern homo sapiens is simply wrongheaded. Indeed, Thaler and other behavioral economists and psychology have documented a variety of ways in which real-world people fall far short of mainstream economists' idealized economic actor, perfectly rational homo economicus. Behavioral economist Daniel Ariely has concluded that real-world people not only exhibit an array of decision-making frailties and biases, they are "predictably irrational," a position now shared by so many behavioral economists, psychologists, sociologists, and evolutionary biologists that a defense of the core rationality premise of modedrn economics is demanded.
Complex Economics
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Author : Alan Kirman
language : en
Publisher: Routledge
Release Date : 2010-09-13
Complex Economics written by Alan Kirman and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-09-13 with Business & Economics categories.
The economic crisis is also a crisis for economic theory. Most analyses of the evolution of the crisis invoke three themes, contagion, networks and trust, yet none of these play a major role in standard macroeconomic models. What is needed is a theory in which these aspects are central. The direct interaction between individuals, firms and banks does not simply produce imperfections in the functioning of the economy but is the very basis of the functioning of a modern economy. This book suggests a way of analysing the economy which takes this point of view. The economy should be considered as a complex adaptive system in which the agents constantly react to, influence and are influenced by, the other individuals in the economy. In such systems which are familiar from statistical physics and biology for example, the behaviour of the aggregate cannot be deduced from the behaviour of the average, or "representative" individual. Just as the organised activity of an ants’ nest cannot be understood from the behaviour of a "representative ant" so macroeconomic phenomena should not be assimilated to those associated with the "representative agent". This book provides examples where this can clearly be seen. The examples range from Schelling’s model of segregation, to contributions to public goods, the evolution of buyer seller relations in fish markets, to financial models based on the foraging behaviour of ants. The message of the book is that coordination rather than efficiency is the central problem in economics. How do the myriads of individual choices and decisions come to be coordinated? How does the economy or a market, "self organise" and how does this sometimes result in major upheavals, or to use the phrase from physics, "phase transitions"? The sort of system described in this book is not in equilibrium in the standard sense, it is constantly changing and moving from state to state and its very structure is always being modified. The economy is not a ship sailing on a well-defined trajectory which occasionally gets knocked off course. It is more like the slime described in the book "emergence", constantly reorganising itself so as to slide collectively in directions which are neither understood nor necessarily desired by its components.