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Author: Richard B. McKenzie
Publisher: Springer
ISBN: 3319768107
Category : Business & Economics
Languages : en
Pages : 219
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Book Description
This book argues that Lionel Robbins’s construction of the economics field’s organizing cornerstone, scarcity—and all that has been derived from it from economists in Robbins’s time to today—no longer can generate general consent among economists. Since Robbins’ Essay, economists have learned more than Robbins and his cohorts could have imagined about human decision making and about the human brain that is the lynchpin of human decision making. This book argues however that behavioral economists and neuroeconomists, in pointing to numerous ways people fall short of perfectly rational decisions (anomalies, biases, and downright errors), have saved conventional economics from such self-contradictions in what could be viewed as a wayward approach. This book posits that the human brain is the ultimate scarce resource, and that a focus on the brain can bring a new foundation for economics and can save the discipline from hostile criticisms from a variety of non-economists (many psychologists).
Author: Richard B. McKenzie
Publisher: Springer
ISBN: 3319768107
Category : Business & Economics
Languages : en
Pages : 219
Get Book
Book Description
This book argues that Lionel Robbins’s construction of the economics field’s organizing cornerstone, scarcity—and all that has been derived from it from economists in Robbins’s time to today—no longer can generate general consent among economists. Since Robbins’ Essay, economists have learned more than Robbins and his cohorts could have imagined about human decision making and about the human brain that is the lynchpin of human decision making. This book argues however that behavioral economists and neuroeconomists, in pointing to numerous ways people fall short of perfectly rational decisions (anomalies, biases, and downright errors), have saved conventional economics from such self-contradictions in what could be viewed as a wayward approach. This book posits that the human brain is the ultimate scarce resource, and that a focus on the brain can bring a new foundation for economics and can save the discipline from hostile criticisms from a variety of non-economists (many psychologists).
Author: Steven Horwitz
Publisher: Edward Elgar Publishing
ISBN: 1800882262
Category : Business & Economics
Languages : en
Pages : 200
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Book Description
This thought-provoking Research Agenda examines various themes within economic studies that have become active areas of commentary for economists of the Austrian School. Contributors establish their own distinctive interpretations of how an Austrian Research Agenda should appear, displaying plainly that there is no set dogma within Austrian economics.
Author: Carsten Herrmann-Pillath
Publisher: Edward Elgar Publishing
ISBN: 178254836X
Category : Business & Economics
Languages : en
Pages : 704
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Book Description
ÔThis book is an ambitious intellectual enterprise to build a naturalistic foundation for economics, with amazingly vast knowledge of physical, biological, social sciences and philosophy. Readers will discover that approaches and insights emergent in institutional studies, (social)-neuroscience, network theory, ecological economics, bio-culture dualistic evolution, etc. are persuasively placed in a grand unified frame. It is written in a good Hayekian tradition. I recommend this book particularly to young readers who aspire to go beyond a narrowly specified discipline in the age of expanding communicability of knowledge and ideas.Õ Ð Masahiko Aoki, Stanford University, US ÔCarsten Herrmann-PillathÕs new book is an in-depth application of natural philosophy to economics that draws up an entirely new framework for economic analysis. It offers path-breaking insights on the interactions between human economic activity and nature and outlines a convincing solution to the long-standing reductionism controversy. A must-read for everyone interested in the philosophical underpinnings of economics as a science.Õ Ð Ulrich Witt, Max Planck Institute of Economics, Jena, Germany ÔÒBig pictureÓ philosophy of economics drifted into a dull cul-de-sac as it became obsessively focused on falsifiability and rationality. In this book Carsten Herrmann-Pilath pushes the field back onto the open highway by locating economics in the larger frameworks of metaphysics, evolutionary dynamics and information theory. This is large-scale, ambitious synthesis of ideas of the kind we expect from time to time to see devoted to physics and biology. Why should economics merit anything less? But of course this kind of intellectual tapestry must await the appearance of an unusually devoted scholar with special patience and eccentric independence from the pressure for quick returns that characterizes academic life. In the person of Hermann-Pilath this scholar has appeared. No one who wants to examine economics whole and in its richest context should miss his virtuoso performance in this book.Õ Ð Don Ross, University of Cape Town, South Africa and Georgia State University, US ÔHerrmann-PillathÕs work attempts to bring to bear upon the discipline of economics perspectives from other discourses which have been burgeoning recently Ð namely, thermodynamics, evolutionary biology, and semiotics, aiming at a consilience contextualized by economic activity and problems. This marks the work as a contemporary example of natural philosophy, which is now at the doorstep of a revival. The overall perspective is that human economic activity is an aspect of the ecology of the earthÕs surface, viewing it as an evolving physical system mediated through distributed mentality as expressed in technology evolution. Knowledge is taken to be ÔphysicalÕ with a performative function, as in PeirceÕs pragmaticism. Thus, the social meanings of expectations, prices, and credit are found to be rooted in energy flows. The work draws its foundation from Hegel and C.S. Peirce and its immediate guidance from Hayek, Veblen and Georescu-Roegen. The author generates an energetic theory of economic growth, guided by OdumÕs maximum power principle. Economic discourse itself is reworked in the final chapter, in light of the examinations of the previous chapters, naturalizing economics within an extremely powerful contemporary framework.Õ Ð Stanley N. Salthe, Binghamton University, US ÔAn Oscar-winning performance in the Òtheatre of consilience.Ó ItÕs hard to know which to praise first: Carsten Herrmann-PillathÕs humility or his ambition. He says his book Òis not a great intellectual featÓ because he pursues the Òhumble taskÓ of putting together Òthe ideas of others.Ó When he finally gets to economics he tries to Òbe as simple as possibleÓ and to conceive of economics in terms of the basics, at Òundergraduate level, so to say.Ó On the other hand, the scale of his ambition is to rethink the foundations of economics from first principles, while, at the same time, holding a running dialogue between contemporary sciences and classic philosophy. HeÕs much too modest, of course, because Foundations is a major achievement, but his modesty points to what makes it such a powerful treatise: the book is not about his preferences or prejudices; it is a Òscientific approach that aims at establishing truthful propositions about reality.Ó That is much harder to achieve than grand theories or Òcomplicated mathematics,Ó because it amounts to a new modern synthesis of the field Ð an achievement on a par with Julian HuxleyÕs, whose own modern synthesis of evolutionary theories in the 1940s allowed for the explosive growth of the biosciences over the next decades. The structure of the book is simple enough, providing a framework for the Ònaturalistic turnÓ in economics. Starting from material existence, causation and evolution, Herrmann-Pillath takes us through four fundamental concepts Ð individuals, networks, institutions and technology Ð before coming finally to the Òrealm of economics proper,Ó i.e. markets. However, Herrmann-Pillath believes that the Òfoundations of economics cannot be found within economicsÓ but only in dialogue with other sciences, or what he calls the Òtheatre of consilience.Ó ItÕs a theatre in which various characters come and go, where dialogue ebbs and flows, conflicts arise and are resolved, and where individual actions can be seen as concepts as, leading to higher levels of meaning as the plot unfolds. The magic of theatre, of course, is that the point of intelligibility, where the characters, actions and narrative resolve into meaningfulness, is projected out of the drama itself, into the spectator. ThatÕs you, dear reader. So it is with economics as a discipline. Economics is a player in a much larger performance about what constitutes knowledge, and how we know that. It is also a player in the economy it seeks to explain. To understand why money, firms, growth, prices, markets and other staples of economic thought emerge and function the way they do, it is necessary situate the analysis beyond economics (and the economy), and to engage with developments across the human, evolutionary and complexity sciences. This is what Herrmann-Pillath does, analyzing a breathtaking range of illuminating and sometimes challenging work along the way. We are treated to new ideas about the externalized brain, the evolution of knowledge in the Earth System (i.e. not just among humans), the role of signs and performativity in these processes, as well as that of Òenergetic transformations.Ó But Herrmann-Pillath is not satisfied with the ÒmodestÓ task of bringing the best of modern scientific thought to bear on economic concepts and performances; he really does harbor a deeper purpose. The clue is in his apparently quixotic desire to hang on to philosophical insights associated with pre-evolutionary thinkers like Aristotle and Hegel, and his apparently eccentric desire to place the semiotic philosophy of C.S. Pierce at center stage. But the patient observer will see that he is not seeking to change the facts by imposing idealist notions on them after the event. Instead, he is arguing for a change in the way we perform ourselves in the face of these facts. He is looking for a modern-day equivalent of Confucius or Socrates: one who can imagine values and beliefs that Òdefine the human species in a new way.Ó For those who have eyes to see, as the drama unfolds, it may be that we have found such a figure in Carsten Herrmann-Pillath himself, modesty, ambition and all. This is ÒCultural ScienceÓ as it should be done.Õ Ð John Hartley, Curtin University, Australia and Cardiff University, UK
Author: Gerald A. Cory Jr.
Publisher: Taylor & Francis
ISBN: 1000683125
Category : Business & Economics
Languages : en
Pages : 189
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Book Description
Economic Biology and Behavioral Economics: The Prophesy of Alfred Marshall explores the prophesy of Alfred Marshall, the grand synthesizer of neoclassical economics, that the "Mecca of the economist lies in economic biology". The book presents the proof of that prophesy through examination and establishment of the fundamental biological science necessary and then applying that science to the examination of current economic theory. In doing so, the book focuses primarily on the fundamentals of neoclassical economic theory— which is the reigning theory and the general framework of which is taught as "science" in first courses in college economics. These courses are at best an idealization, if not an ideology, of the discipline—presented to fresh minds misleadingly as confirmed science. The book examines the bases and the history of these idealizations, points to the sources of their error from the biological perspective and suggests a path forward for the discipline. Through this process, the book demonstrates the power of the biological perspective anticipated by Marshall. This book provides invaluable reading for anyone interested in the future of economics and economic theory, and particularly those interested in behavioral economics and neuroeconomics.
Author: United States. Congress. House. Committee on Science, Space, and Technology (2011). Subcommittee on Research and Science Education
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 80
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Book Description
Author: Jens Harbecke
Publisher: Routledge
ISBN: 1000097501
Category : Business & Economics
Languages : en
Pages : 276
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Book Description
Neuroeconomics has emerged as a paradigmatic field where neuroscience and the social sciences are integrated in one analytical and empirical approach. However, the different disciplines involved often only relate to each other via the shared object of research, and less through the constructing of precise models of integrative mechanisms. Social Neuroeconomics explores the potential of philosophical and methodological reflections in the neurosciences and the social sciences to inform those efforts at cross-disciplinary integration, with a special focus on recent contributions to mechanistic explanations. The collected essays are drawn from the fields of neuroscience, psychology, economics, sociology and philosophy, and examine the ways and methods of constructing unified conceptual frameworks that can guide empirical work and hypothesis building. This is demonstrated in a range of applications, particularly regarding finance and consumer behavior. The concept of the ‘social brain’ is also explored; a multilevel framework in which complex analytical categories such as emotions or socially mediated cognitive processes connect neuronal and social phenomena in specific mechanisms that generate behavior. This book addresses a wide audience across the various disciplines, reaching from the neurosciences to the social sciences and philosophy.
Author: United States. Congress. Senate. Special Committee on Aging
Publisher:
ISBN:
Category : Older people
Languages : en
Pages : 584
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Book Description
Author: United States. Congress. House. Committee on Appropriations. Subcommittee on Commerce, Justice, Science, and Related Agencies
Publisher:
ISBN:
Category : Administrative agencies
Languages : en
Pages : 668
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Book Description
Author: George Mengov
Publisher: Springer
ISBN: 3662471221
Category : Technology & Engineering
Languages : en
Pages : 160
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Book Description
This book offers a new perspective on human decision-making by comparing the established methods in decision science with innovative modelling at the level of neurons and neural interactions. The book presents a new generation of computer models, which can predict with astonishing accuracy individual economic choices when people make them by quick intuition rather than by effort. A vision for a new kind of social science is outlined, whereby neural models of emotion and cognition capture the dynamics of socioeconomic systems and virtual social networks. The exposition is approachable by experts as well as by advanced students. The author is an Associate Professor of Decision Science with a doctorate in Computational Neuroscience, and a former software consultant to banks in the City of London.
Author: Larsen, Torben
Publisher: IGI Global
ISBN: 179986426X
Category : Business & Economics
Languages : en
Pages : 257
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Book Description
Psychological and ecological research has eroded the foundation of mainstream economics, and a new approach is needed rather than an adaptation of existing theory. The most promising new approach is doughnut economics (DE), version 2.0 of the discipline of economics for the 21st century that presents economics as an embedded discipline between the social foundation and the ecosystem with a focus on the disciplinary boundaries. The study of neuroeconomics, such as doughnut economics, still holds a gap between “laboratory” findings on homo neuroeconomics and the issues in contemporary behavioral economics. To understand a positivist application of doughnut economics within the new economic frameworks of the 21st century, further research must be discussed. Applied Doughnut Economics and Neuroeconomic Psychology for Business and Politics follows the economic history from the Stone Age to that of the modern creative man and then provides a specific focus on doughnut economics and 21st century neuroeconomics. This new type of behavioral economics will be linked to neuroeconomic psychology and behavioral science with a focus in areas such as cognitive training, economic ecology, the new welfare economy, and globalized markets. This book is ideal for health economists, economists, leaders in politics and business, psychologists, economic theorists, practitioners, researchers, academicians, and students interested in doughnut economics and the psychology behind it.
