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Rationality And Irrationality In Economics
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Book Synopsis Rationality and Irrationality in Economics by : Maurice Godelier
Download or read book Rationality and Irrationality in Economics written by Maurice Godelier and published by Verso Books. This book was released on 2014-08-26 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Law and Economics of Irrational Behavior by : Francesco Parisi
Download or read book The Law and Economics of Irrational Behavior written by Francesco Parisi and published by Stanford University Press. This book was released on 2005 with total page 634 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Irrational Economist by : Erwann Michel-Kerjan
Download or read book The Irrational Economist written by Erwann Michel-Kerjan and published by Public Affairs. This book was released on 2010-01-01 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors explore how discoveries in decision sciences will enhance traditional ideas about economics and challenges the conventional wisdom about how to make the right decisions in an emerging new era, in a book that includes informative charts.
Book Synopsis Rationality and irrationality in economics by : Maurice Godelier (author)
Download or read book Rationality and irrationality in economics written by Maurice Godelier (author) and published by . This book was released on with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Predictably Irrational by : Dan Ariely
Download or read book Predictably Irrational written by Dan Ariely and published by Harper Collins. This book was released on 2008-02 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: Intelligent, lively, humorous, and thoroughly engaging, "The Predictably Irrational" explains why people often make bad decisions and what can be done about it.
Book Synopsis Is Behavioral Economics Doomed? by : David K. Levine
Download or read book Is Behavioral Economics Doomed? written by David K. Levine and published by Open Book Publishers. This book was released on 2012 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, David K. Levine questions the idea that behavioral economics is the answer to economic problems. He explores the successes and failures of contemporary economics both inside and outside the laboratory, and asks whether popular behavioral theories of psychological biases are solutions to the failures. The book not only provides an overview of popular behavioral theories and their history, but also gives the reader the tools for scrutinizing them.
Book Synopsis Economic Fables by : Ariel Rubinstein
Download or read book Economic Fables written by Ariel Rubinstein and published by Open Book Publishers. This book was released on 2012 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: "I had the good fortune to grow up in a wonderful area of Jerusalem, surrounded by a diverse range of people: Rabbi Meizel, the communist Sala Marcel, my widowed Aunt Hannah, and the intellectual Yaacovson. As far as I'm concerned, the opinion of such people is just as authoritative for making social and economic decisions as the opinion of an expert using a model." Part memoir, part crash-course in economic theory, this deeply engaging book by one of the world's foremost economists looks at economic ideas through a personal lens. Together with an introduction to some of the central concepts in modern economic thought, Ariel Rubinstein offers some powerful and entertaining reflections on his childhood, family and career. In doing so, he challenges many of the central tenets of game theory, and sheds light on the role economics can play in society at large. Economic Fables is as thought-provoking for seasoned economists as it is enlightening for newcomers to the field.
Book Synopsis The Irrational Consumer by : Enrico Trevisan
Download or read book The Irrational Consumer written by Enrico Trevisan and published by Routledge. This book was released on 2016-03-09 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Rationality and Explanation in Economics by : Maurice Lagueux
Download or read book Rationality and Explanation in Economics written by Maurice Lagueux and published by Routledge. This book was released on 2010-02-28 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses the role of rationality in economics focusing on which conditions the rationality assumption makes valuable explanations possible and what kinds of explanation are then involved.
Book Synopsis Predictably Rational? by : Richard B. McKenzie
Download or read book Predictably Rational? written by Richard B. McKenzie and published by Springer Science & Business Media. This book was released on 2009-10-21 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Economics of Rationality by : Bill J Gerrard
Download or read book The Economics of Rationality written by Bill J Gerrard and published by Routledge. This book was released on 2006-04-10 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: The concept of rationality is the heart of modern economics. Neo-classical theory seems unable to proceed without assuming a rational agent seeking to find the optimal means to a well defined end. Yet many find this uncritical treatment of rationality problematic. It takes little account of culture history or creativity and consequently many economists find this insistence on rationality of little use when trying to explain a wide range of economic phenomena. Increasingly these include a large number of game theorists and others involved in mainstream theory as well as those typically opposed to neo-classicism. The Economics of Rationality contains a number of critical perspectives on the treatment of rationality in economics.
Book Synopsis Rationality and Irrationality in Economic Theory by : Anne Lefebvre
Download or read book Rationality and Irrationality in Economic Theory written by Anne Lefebvre and published by . This book was released on 2002 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Aquinas and the Market by : Mary L. Hirschfeld
Download or read book Aquinas and the Market written by Mary L. Hirschfeld and published by Harvard University Press. This book was released on 2018-11-26 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists and theologians usually inhabit different intellectual worlds. Economists investigate the workings of markets and tend to set ethical questions aside. Theologians, anxious to take up concerns raised by market outcomes, often dismiss economics and lose insights into the influence of market incentives on individual behavior. Mary L. Hirschfeld, who was a professor of economics for fifteen years before training as a theologian, seeks to bridge these two fields in this innovative work about economics and the thought of St. Thomas Aquinas. According to Hirschfeld, an economics rooted in Thomistic thought integrates many of the insights of economists with a larger view of the good life, and gives us critical purchase on the ethical shortcomings of modern capitalism. In a Thomistic approach, she writes, ethics and economics cannot be reconciled if we begin with narrow questions about fair wages or the acceptability of usury. Rather, we must begin with an understanding of how economic life serves human happiness. The key point is that material wealth is an instrumental good, valuable only to the extent that it allows people to flourish. Hirschfeld uses that insight to develop an account of a genuinely humane economy in which pragmatic and material concerns matter but the pursuit of wealth for its own sake is not the ultimate goal. The Thomistic economics that Hirschfeld outlines is thus capable of dealing with our culture as it is, while still offering direction about how we might make the economy better serve the human good.
Download or read book Complex Economics written by Alan Kirman and published by Routledge. This book was released on 2010-09-13 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Irrationality by : Justin E. H. Smith
Download or read book Irrationality written by Justin E. H. Smith and published by Princeton University Press. This book was released on 2020-12-08 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: "What every leader needs to know about dignity and how to create a culture in which everyone thrives. This landmark book from an expert in dignity studies explores the essential but under-recognized role of dignity as part of good leadership. Extending the reach of her award-winning book Dignity: Its Essential Role in Resolving Conflict, Donna Hicks now contributes a specific, practical guide to achieving a culture of dignity. Most people know very little about dignity, the author has found, and when leaders fail to respect the dignity of others, conflict and distrust ensue. She highlights three components of leading with dignity: what one must know in order to honor dignity and avoid violating it; what one must do to lead with dignity; and how one can create a culture of dignity in any organization, whether corporate, religious, governmental, healthcare, or beyond. Brimming with key research findings, real-life case studies, and workable recommendations, this book fills an important gap in our understanding of how best to be together in a conflict-ridden world."--
Download or read book The Logic of Life written by Tim Harford and published by Random House Trade Paperbacks. This book was released on 2009-02-10 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: Life sometimes seems illogical. Individuals do strange things: take drugs, have unprotected sex, mug each other. Love seems irrational, and so does divorce. On a larger scale, life seems no fairer or easier to fathom: Why do some neighborhoods thrive and others become ghettos? Why is racism so persistent? Why is your idiot boss paid a fortune for sitting behind a mahogany altar? Thorny questions–and you might be surprised to hear the answers coming from an economist. But award-winning journalist Tim Harford likes to spring surprises. In this deftly reasoned book, he argues that life is logical after all. Under the surface of everyday insanity, hidden incentives are at work, and Harford shows these incentives emerging in the most unlikely places.
Book Synopsis Rationality and Explanation in Economics by : Maurice Lagueux
Download or read book Rationality and Explanation in Economics written by Maurice Lagueux and published by Routledge. This book was released on 2010-02-28 with total page 630 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
