Uskali Mäki has long argued that realist interpretations of economics do not face a challenge regarding the ontological status of non-observable theoretical entities. He argues that in economics, unlike physics, the theoretical entities are "commonsensibles" – entities familiar from our...

This contribution to a Festschrift for Warren Samuels argues that in giving policy advice economists should seek diversification and consider the probability of error, and also the loss function and risk aversion. And since advocacy of a theory is in a relevant way like a policy decision, the...

In a lucid and compelling analysis, written for economists and non-economists alike, the authors find that happiness research cannot be used to justify government intervention in the way its proponents suggest. Those who would wish governments to take into account measures of wellbeing when...

On a phenomenological and a quantitative basis it is possible to proof the validity of the First and Second Law of Thermodynamics in the Economy. On the basis if the First Law important conclusions can be drawn for the course of daily economic problems. The basic State Function of the Second...

This work combines generic complexity of economic system and economic agents with methodologies of multi-agent system analysis and development. This combination results in an integrative framework that serves as communication protocol for delivering and transmitting agent-based model for...

The main point of this paper is to contribute to understanding Milton Friedman’s (1953) “The Methodology of Positive Economics” (hereafter F1953), one of the most influential statements of economic methodology of the twentieth century, and, in doing so, help discern the non trivial but...

This chapter discusses the Homo economicus conception of the individual in economics in its neoclassical formulation from an ontological point of view. It distinguishes ontological and epistemological analysis, sets forth identity conditions for the evaluation of the he Homo economicus...

In Hume’s epistemology, induction leads to discovery in matters of fact. However, because of the poor data Hume analyzes the balance of trade with a thought experiment, doing what Mill makes explicit afterwards: reason from assumptions, to reach conclusions which are true in the abstract....

The assumption of rationality is central in current economic theory. This hypothesis is the pillar for the creation of the homo economicus of conventional theory. Starting with Adam Smith’s approach to rationality, the aim of this paper is to contribute to the discussion of the main...