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This dissertation looks at a set of interconnected questions concerning the foundations of probability, and gives a series of interconnected answers. At its core is a piece of old-fashioned philosophical analysis, working out what probability is. Or equivalently, investigating the semantic question of what is the meaning of ‘probability’? Like Keynes and Carnap, I say that probability is degree of reasonable belief. This immediately raises an epistemological question, which degrees count as reasonable? To solve that in its full generality would (...) |
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Among the various institutional structures of an economy like the firm and the marketplace is one that is like no other. Science is unique. This uniqueness raises an important question: why does science exist? From an economic perspective, there are two potentially meaningful approaches to the existence of science. They both encompass institutional pluralism. A substitutes theory of comparative institutions presupposes the primacy of the commercial marketplace over firms—that firms substitute for the market when markets fail. This theory has not (...) |
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Paul Davidson has argued that there is little common ground between Post Keynesian analysis and the Austrian approach to economics. He claims that Post Keynesians place great importance on the role of expectations and do not present a deterministic view of the economic system. In this essay the validity of such claims is examined. No categories |
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Paul Davidson has argued that there is little common ground between Post Keynesian analysis and the Austrian approach to economics. He claims that Post Keynesians (unlike Austrian economists) place great importance on the role of expectations and do not present a deterministic view of the economic system. In this essay the validity of such claims is examined. |
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ABSTRACT What constitutes a Black Swan? And under what conditions may a Black Swan be expected to arise? As Nassim Taleb describes it, a Black Swan is an event that displays three key properties, the two most important of which are that: (1) it is not even imagined as a possibility prior to its occurrence; and (2) it is in some way significant in its impact. It follows that whether or not an event counts as a Black Swan depends on (...) |
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ABSTRACT What constitutes a Black Swan? And under what conditions may a Black Swan be expected to arise? As Nassim Taleb describes it, a Black Swan is an event that displays three key properties, the two most important of which are that: (1) it is not even imagined as a possibility prior to its occurrence; and (2) it is in some way significant in its impact. It follows that whether or not an event counts as a Black Swan depends on (...) |
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Tyler Cowen's “New Austrian” theory of business cycles is based on risk analysis and the assumption of rational expectations. This contrasts with the Old Austrian view, which questions the feasibility of measuring economic risk. Despite Cowen's admirable eclecticism, the way he applies risk analysis to business cycles suffers from serious inconsistencies, and his use of rational expectations is mistaken in the face of economic complexity—a phenomenon that was accurately understood by the traditional Austrians. |
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Popper's version of situational analysis, with its focus on the logic of situations and the rationality principle, fails to provide cogent explanations of the human decisions and actions underpinning social phenomena. It so fails because where he demanded objectivism and formalism in the social sciences, his substantive arguments lost contact with the psychological and subjectivist realities of the human realm. But Popper also devised some key elements of a social ontology. It is argued that although there are crucial gaps in (...) |
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In this paper I analyse the problem of free will and determinism as it pertains to the Austrian School of Economics. I demonstrate that despite the fact they subscribe to the concept of causality,... |
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The discipline of economics can benefit from a more explicit, systematic, and sustained concern with ontology; that is, with the philosophical analysis of the nature of the social world. Contrary to the argument advanced in these pages by Gerry Steele , critical-realist ontological analysis encourages fruitful economic research in a number of ways: by helping to identify research methods suitable for analyzing economic issues; by promoting the development of key substantive economic concepts; and by helping to reveal and resolve inconsistencies (...) |
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The discipline of economics can benefit from a more explicit, systematic, and sustained concern with ontology; that is, with the philosophical analysis of the nature of the social world. Contrary to the argument advanced in these pages by Gerry Steele (2005), critical-realist ontological analysis encourages fruitful economic research in a number of ways: by helping to identify research methods suitable for analyzing economic issues; by promoting the development of key substantive economic concepts; and by helping to reveal and resolve inconsistencies (...) |
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How management philosophy is conceived depends on if pragmatism is acknowledged or not! After having been under the main domination of management science both research and education has until recently widened its scope from a decision-making to an action-perspective. It seems to be a recent reconnection to pragmatism that makes the 2011 Carnegie report propose to rethink management in liberal arts terms, whilst the vastly influential 1959 Carnegie Pierson report distanced itself from American pragmatism thus focusing on decisions and forgetting (...) |
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SummaryThe conspicuous role of taxonomy and debates about taxonomy in the well‐established physical science of pedology throws into question the Popperian rejection of definition and classification. No categories |
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Economists tend to view ignorance as ?rational,? neglecting the possibility that ignorance is unintentional. This oversight is reflected in economists? model of ?information search,? which can be fruitfully contrasted with ?information browsing.? Information searches are designed to discover unknown knowns, whose value is calculable ex ante, such that this value justifies the cost of the search. In this model of human information acquisition, there is no primal or ?radical? ignorance that might prevent people from knowing which information to look for, (...) |
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Economists tend to view ignorance as “rational,” neglecting the possibility that ignorance is unintentional. This oversight is reflected in economists’ model of “information search,” which can be fruitfully contrasted with “information browsing.” Information searches are designed to discover unknown knowns, whose value is calculable ex ante, such that this value justifies the cost of the search. In this model of human information acquisition, there is no primal or “radical” ignorance that might prevent people from knowing which information to look for, (...) |
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This article pursues the question whether and inasmuch theories of corporate responsibility are dependent on conceptions of managerial freedom. I argue that neglect of the idea of freedom in economic theory has led to an inadequate conceptualization of the ethical responsibilities of corporations within management theory. In a critical review of the history of economic ideas, I investigate why and how the idea of freedom was gradually removed from the canon of economics. This reconstruction aims at a deconstruction of certain (...) |
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This article pursues the question whether and inasmuch theories of corporate responsibility are dependent on conceptions of managerial freedom. I argue that neglect of the idea of freedom in economic theory has led to an inadequate conceptualization of the ethical responsibilities of corporations within management theory. In a critical review of the history of economic ideas, I investigate why and how the idea of freedom was gradually removed from the canon of economics. This reconstruction aims at a deconstruction of certain (...) |
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Marshall's asset equilibrium model provides a way of explaining the identity of entrepreneurs. Keynes adopted this model but transformed it when he emphasized the short-period and volatile character of long-term expectations. This entails a view of entrepreneur identity in which radical uncertainty plays a central role. This in turn deepens the post Keynesian view of uncertainty as ontological in that entrepreneurs' survival plays into their behavior. This paper explores this role-based view of individual identity and uses the analysis to comment (...) |
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It is sometimes argued that the fact that possession of perfect knowledge about the future is impossible, means that it is impossible for decisions to be rational. This reasoning is fallacious. If rationality is given a new interpretation, then decisions can be considered rational. A theory of decision that has as its basis Peirce’s theory of abduction can provide a new way of understanding decisions as rational processes. The Peircean theory of decision (i) considers decisions as part of a complete (...) |
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This is a comprehensive anthology of works concerning the nature of economics as a science, including classic texts and essays exploring specific branches and schools of economics. Apart from the classics, most of the selections in the third edition are new, as are the introduction and bibliography. No other anthology spans the whole field and offers a comprehensive introduction to questions about economic methodology. |
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In his book The Sensory Order, Hayek anticipates many of the central ideas behind what we now call the connectionist paradigm, and develops on this basis a theory of the workings of the human mind that extends the thinking of Hume and Mach. He shows that the idea of neural networks is can be applied not only in psychology and neurology but also in the sphere of economics. For the mind, from the perspective of The Sensory Order, is a dynamic, (...) |
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