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Science, Rationality, and Neoclassical Economics

1992 Business & Economics
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Release : 1992
Genre : Business & Economics
Kind : eBook
Book Rating : 100/5 ( reviews)

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Book Synopsis Science, Rationality, and Neoclassical Economics by : L. D. Keita

Download or read book Science, Rationality, and Neoclassical Economics written by L. D. Keita. This book was released on 1992. Available in PDF, EPUB and Kindle. Book excerpt: This work examines the claim to scienific status made by supporters and practitioners of neoclassical economics. The approach taken is that of the history and philosophy of science. Analysis points to the conclusion that theories of economic choice are necessarily normative, essentially because of the nature of human behavior.

Economics, Bounded Rationality and the Cognitive Revolution

Business & Economics
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Genre : Business & Economics
Kind : eBook
Book Rating : 225/5 ( reviews)

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Book Synopsis Economics, Bounded Rationality and the Cognitive Revolution by : The late Herbert A. Simon

Download or read book Economics, Bounded Rationality and the Cognitive Revolution written by The late Herbert A. Simon. This book was released on . Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this book is to publish the ideas of the late Herbert Simon and sympathetic economists, on the subject of bounded rationality, economics, cognitive science and related disciplines, and to reprint some of Professor Simon's classic papers which have appeared in journals not widely read by economists. Not only on account of his Nobel Prize in Economics, but also because of the widespread applications of his ideas and theories, it is especially valuable to readers to have a book of this kind at the present time. Currently in this whole field, there is increasing emphasis on computer-related theory building. Herbert Simon, beginning from the time when microcomputers did not exist, was a pioneer of this approach. The book begins with an edited transcript of a colloquium, held between Herbert Simon and a group of Italian economists in Italy in 1988. It continues with the reprinted Simon papers and papers by three scholars, Raymond Boudon, Massimo Egidi and Riccardo Viale coming from different disciplines but holding a common interest in bounded rationality and ends with a response by a sympathetic economist, Robin Marris.

The Limits of Rationality

2008-10-03 Political Science
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Release : 2008-10-03
Genre : Political Science
Kind : eBook
Book Rating : 415/5 ( reviews)

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Book Synopsis The Limits of Rationality by : Karen Schweers Cook

Download or read book The Limits of Rationality written by Karen Schweers Cook. This book was released on 2008-10-03. Available in PDF, EPUB and Kindle. Book excerpt: Prevailing economic theory presumes that agents act rationally when they make decisions, striving to maximize the efficient use of their resources. Psychology has repeatedly challenged the rational choice paradigm with persuasive evidence that people do not always make the optimal choice. Yet the paradigm has proven so successful a predictor that its use continues to flourish, fueled by debate across the social sciences over why it works so well. Intended to introduce novices to rational choice theory, this accessible, interdisciplinary book collects writings by leading researchers. The Limits of Rationality illuminates the rational choice paradigm of social and political behavior itself, identifies its limitations, clarifies the nature of current controversies, and offers suggestions for improving current models. In the first section of the book, contributors consider the theoretical foundations of rational choice. Models of rational choice play an important role in providing a standard of human action and the bases for constitutional design, but do they also succeed as explanatory models of behavior? Do empirical failures of these explanatory models constitute a telling condemnation of rational choice theory or do they open new avenues of investigation and theorizing? Emphasizing analyses of norms and institutions, the second and third sections of the book investigate areas in which rational choice theory might be extended in order to provide better models. The contributors evaluate the adequacy of analyses based on neoclassical economics, the potential contributions of game theory and cognitive science, and the consequences for the basic framework when unequal bargaining power and hierarchy are introduced.

Revealed Preference Theory, Rationality, and Neoclassical Economics

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Book Synopsis Revealed Preference Theory, Rationality, and Neoclassical Economics by :

Download or read book Revealed Preference Theory, Rationality, and Neoclassical Economics written by . This book was released on . Available in PDF, EPUB and Kindle. Book excerpt: So it behoves the African student of economics to ponder the results of a meta-analysis of neoclassical economics as it strove to establish itself as a science in order to cement the claim that capitalist market economics describes the natural and optimal behaviour and decision making of humans. [...] The point is that whereas the behaviours of the objects of the natural sciences were to be studied purely in terms of their physical or empirical manifestations, the objects of the social sciences required study not only of external or empirical manifestation of human behaviours but also the non-empirical causes of such behaviours. [...] According to Samuelson (1938), the purpose of his novel approach was to lead eventually to the 'dropping of the last vestiges of the utility analysis. [...] Consider Simon's approach to the problem: 'Broadly stated, the task is to replace the global rationality of economic man with a kind of rational behaviour that is compatible with the access to information and the computational capacities that are actually possessed by organisms, including man, in the kinds of environments in which such organisms exist' (Simon 1955:99). [...] What this evolutionary approach achieves is as follows: the paradigm of program-based behaviour appeals to the concept of rationality to explain behaviour that is based on agents engaging in purposeful action that is constantly seeking to adapt to the conditions of the environment.

The Social Sciences and Rationality

2017-10-19 Social Science
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Release : 2017-10-19
Genre : Social Science
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Book Rating : 869/5 ( reviews)

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Book Synopsis The Social Sciences and Rationality by : Hudson Meadwell

Download or read book The Social Sciences and Rationality written by Hudson Meadwell. This book was released on 2017-10-19. Available in PDF, EPUB and Kindle. Book excerpt: In recent decades, rational choice theory has emerged as the single most powerful, controversial claimant to provide a unified, theoretical framework for all the social sciences. In its simplest form, the theory postulates that humans are purposive beings who pursue their goals in a rational, efficient manner, seeking the greatest benefit at the lowest cost. This volume brings together prominent scholars working in several social science disciplines and the philosophy of science to debate the promise and problems of rational choice theory. As rational choice theory has spread from its home base in economics to other disciplines, it has come under fierce criticism. To its critics, the extension of the explanatory model mistakenly assumes that the logic of economic rationality can explain non-economic behavior and, at its worst, commits the ethnocentric error of imposing Western concepts of rationality on non-Western societies and cultures. This volume includes strong advocates as well as forceful critics of the rational choice approach. However, in contrast to previous debates, all the contributors share a commitment to open, constructive and knowledgeable dialogue. Well-known advocates of rational choice theory (Michael Hechter, Michael Smith, Chris Manfredi) explicitly ponder some of its serious limitations, while equally well-known critics (Ian Shapiro, Mario Bunge) strike a surprisingly conciliatory tone in contemplating its legitimate uses. Vociferous critics of neoclassical economics (Bunge) favorably discuss sociological proponents of rational choice theory while two economists who are not particularly anti-mainstream (Robin Rowley, George Grantham) critically assess the problems of such assumptions in their discipline. Philosophers (Storrs McCall) and sociologists (John Hall) alike reflect on the variable meaning of rationality in explaining social behavior. In the introduction and conclusion, the editors survey the current state of the debate and show how open, constructive dialogue enables us to move beyond hackneyed accusations and dismissals that have characterized much previous debate.

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