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The methodological individualism and subjectivism of the Austrian tradition in economics is often associated with a methodological dualism, i.e. the claim that the nature of its subject matter, namely purposeful and intentional human action, requires economics to adopt a methodology that is...
Persistent link: https://www.econbiz.de/10010296221
Persistent link: https://www.econbiz.de/10010305059
of current and future individuals do not exist. The extension of social choice theory to intergenerational problems …
Persistent link: https://www.econbiz.de/10010397899
Hayek's approach to cultural and institutional evolution has been frequently criticized because it is explicitly based on the controversial notion of (cultural) group selection. In this paper this criticism is rejected on the basis of recent works on biological and cultural evolution. The...
Persistent link: https://www.econbiz.de/10010261518
-reductionist explanations that undermine the widespread theory of the equivalence between methodological individualism and reductionism. We will …
Persistent link: https://www.econbiz.de/10011592205
This article reinterprets Hayek's cognitive psychology from the standpoint of the categories employed by phenomenological hermeneutics, and notably by Gadamer. Both Hayek and Gadamer agree on the idea that consciousness is the outcome of a process of interpretation that depends on a 'shifting...
Persistent link: https://www.econbiz.de/10011592208
This paper investigates the relationship between methodological individualism (MI) and Agent-Based Simulation (ABS). We discuss and analyze a thesis defended by philosophers Caterina Marchionni and Petri Ylikoski (2013). The thesis maintains that, since MI is often considered to be a...
Persistent link: https://www.econbiz.de/10011761439
This paper aims to show that economic theory has become ‘desocialised’ and separated from social theory through the … content of economic theory has diminished, considering the reasons why. Desocialisation has stemmed from the desire for … methods. Such an artificial divide between economic theory and social theory is argued to be detrimental to all the …
Persistent link: https://www.econbiz.de/10014278137
This article outlines relevant economic patterns in a world with artificial intelligence (AI). Five specific economic patterns influenced by AI are discussed: (1) following in the footsteps of ‘homo economicus’ a new type of agent, ‘machina economica’, enters the stage of the global...
Persistent link: https://www.econbiz.de/10014504325
This paper argues that the abandonment of general equilibrium theory by microeconomists was a mistake. It provides …
Persistent link: https://www.econbiz.de/10010456993