The concept of the individual and his/her motivations is a bedrock of philosophy. All strands of thought at heart contain to a particular theory of the individual. Economics, though, is guilty of taking this hugely important concept without questioning how we theorize it. This superb book remedies this oversight. The new approach put forward by Davies is to pay more attention to what moral philosophy may offer us in the study of personal identity, self consciousness and will. This crosses the (...) traditional boundaries of economics and will shed new light on the distinction between positive and normative analysis in economics. With both heterodox and orthodox economics receiving a thorough analysis from Davies, this book is at once inclusive and revealing. (shrink)

This book examines the different conceptions of the individual that have emerged in recent new approaches in economics, including behavioral economics, experimental economics, social preferences approaches, game theory, neuroeconomics, evolutionary and complexity economics, and the capability approach. These conceptions are classified according to whether they seek to revise the traditional atomist individual conception, put new emphasis on interaction and relations between individuals, account for individuals as evolving and self-organizing, and explain individuals in terms of capabilities. The method of analysis uses (...) two identity criteria for distinguishing and re-identifying individuals to determine whether these different individual conceptions successfully identify individuals. Successful individual conceptions account for sub-personal and supra-personal bounds on single individual explanations. The former concerns the fragmentation of individuals into multiple selves; the latter concerns the dissolution of individuals into the social. The book develops an understanding of bounded individuality, seen as central to the defense of human rights. (shrink)

This paper reviews three distinct strategies in recent economics for using the concept of social identity in the explanation of individual behavior: Akerlof and Kranton's neoclassical approach, Sen's commitment approach and Kirman et al.'s complexity approach. The primary focus is the multiple selves problem and the difficulties associated with failing to explain social identity and personal identity together. The argument of the paper is that too narrow a scope for reflexivity in individual decision?making renders the problem intractable, but that enlarging (...) this scope makes it possible to explain personal and social identity together in connection with an individual behavior termed comparative value?objective evaluation. The paper concludes with recommendations for treating the individual objective function as a production function. JEL classification: D01, D63, Z13. (shrink)

Human development is meant to be transformational in that it aims to improve people's lives by enhancing their capabilities. But who does it target: people as they are or the people they will become? This paper argues that the human development approach relies on an understanding of personal identity as dynamic rather than as static collections of preferences, and that this distinguishes human development from conventional approaches to development. Nevertheless, this dynamic understanding of personal identity is presently poorly conceptualized and (...) this has implications for development practice. We identify a danger of paternalism and propose institutionalizing two procedural principles as side constraints on development policies and projects: the principle of free prior informed consent and the principle of democratic development. -/- . (shrink)

Read this excellent collection of informative papers in the field to stimulate your ow the field and readers interested in the nature of the discipline of ...

Reflexivity has been argued to be self?defeating and potentially devastating for the sociology of scientific knowledge. We first survey various meanings associated with the concept of reflexivity and then provide an interpretation of Velázquez's Las Meñinas to generate a three?part taxonomy of reflexivity, distinguishing between ?immanent?, ?epistemic? and ?transcendent? reflexivity. This provides the basis for engaging with reflexivity as a problem in the economic methodology literature, focusing on recent contributions to the topic by Hands, Sent, Mäki and Mirowski. Employment of (...) our taxonomy clarifies the similarities and differences between the various forms of reflexivity that can be identified or are addressed in these contributions. Our main argument is that a successful response to the malign aspects of reflexivity requires a simultaneous consideration of various levels of reflexivity and relies on social?historical perspectives. (shrink)

In this compelling book, John B. Davis examines the change and development in Keynes's philosophical thinking, from his earliest work through to The General Theory, arguing that Keynes came to believe himself mistaken about a number of his early philosophical concepts. The author begins by looking at the unpublished 'Apostles' papers, written under the influence of the philosopher G. E. Moore. These display the tensions in Keynes's early philosophical views, and outline his philosophical concepts of the time, including the concept (...) of intuition. Davis then shows how Keynes's later philosophy is implicit in the economic argument of The General Theory. He argues that Keynes's philosophy had by this time changed radically, and that he had abandoned the concept of intuition for the concept of convention. The author sees this as being the central idea in The General Theory, and looks at the philosophical nature of this concept of convention in detail. (shrink)

Journal of Economic Methodology, Volume 19, Issue 2, Page 169-172, June 2012.

In a recent examination of the origins of ordinal utility theory in neoclassical economics, Robert D. Cooter and Peter Rappoport argue that the ordinalist revolution of the 1930s, after which most economists abandoned interpersonal utility comparisons as normative and unscientific, constituted neither unambiguous progress in economic science nor the abandonment of normative theorizing, as many economists and historians of economic thought have generally believed. Rather, the widespread acceptance of ordinalism, with its focus on Pareto optimality, simply represented the emergence of (...) a new neoclassical research agenda that, on the one hand, defined economics differently than had the material welfare theorists of the cardinal utility school and, on the other, adopted a positivist methodology in contrast to the less restrictive empiricism of the cardinalists. (shrink)

Entwhistle and Watt (2013) make an important contribution to the person-centred view of health care by reframing past thinking on the subject in terms of the capability approach. Past thinking about person-centred care employs a range of normative values that are arguably supportive of the concept of a person. But ironically these values are not clearly grounded in any account of what the person is. Thus, it is not clear what anchors these values and so how they are to be (...) interpreted. (shrink)

This paper investigates the topic of personal identity in standard neoclassical theory. It looks first at the traditional utility theory of maximizing consumers and then at the extension of that analysis in the time-allocation-household-production model to see how relatively settled ontological commitments in the neoclassical research program undergo modification with its development. David Hume's skeptical treatment of personal identity is employed to assess the traditional view. The time-allocation model is shown to escape some of Hume's problems, but encounters difficulties of (...) its own. Concluding remarks emphasize the importance of ontological analysis in economics, and suggest that identity issues underlie the investigation of causality in that analysis. (shrink)

A question that recent research on the global pandemic raises is: how do the assumptions underlying epidemiological models and economic models differ? Epidemiological models we now know have become quite sophisticated. Debate among economic methodologists regarding the nature of modeling has generated a considerable literature as well. Yet these two literatures are largely non-communicating. Perhaps this is because economics has produced relatively little research on pandemics. Yet it might still be asked, what might economic models be missing that epidemiological models (...) capture? And might there be some sort of methodological bias in mainstream economics that plays a role in this? One way, then, one might begin to answer these questions is by identifying the main phenomenon in question, namely, in the case of the pandemic, a particular type of process, and ask what the nature of this type of process is. Then we may ask whether there is something about this type of phenomenon that places it out of bounds for current economic methodology. Thus, what sort of phenomenon is a pandemic? (shrink)

This paper offers an account of how individuals act as agents when we employ a narrative approach to explaining their personal identities. It applies Korsgaard's idea of a "reflective structure of consciousness" to provide foundations for a richer account of the individual economic agent, and uses this to explain and distinguish the concepts of personal identity, individual identity, and social identity. The paper argues that individuals' personal identities may be in conflict with their socially constructed individual identities. Individuals' social identities (...) are represented as a link between personal identity and individual identity. The overall framework is proposed as an alternative to the atomistic individual conception and a contribution to the socially embedded individual conception. (shrink)

This paper is motivated by Davis’ [14] theory of the individual in economics. Davis’ analysis is applied to health economics, where the individual is conceived as a utility maximiser, although capable of regarding others’ welfare through interdependent utility functions. Nonetheless, this provides a restrictive and flawed account, engendering a narrow and abstract conception of care grounded in Paretian value and Cartesian analytical frames. Instead, a richer account of the socially embedded individual is advocated, which employs collective intentionality analysis. This provides (...) a sound foundation for research into an approach to health policy that promotes health as a basic human right. (shrink)

George Soros makes an important analytical contribution to understanding the concept of reflexivity in social science by explaining reflexivity in terms of how his cognitive and manipulative causal functions are connected to one another by a pair of feedback loops (Soros, 2013). Fallibility, reflexivity and the human uncertainty principle. Here I put aside the issue of how the natural sciences and social sciences are related, an issue he discusses, and focus on how his thinking applies in economics. I argue that (...) standard economics assumes a ‘classical’ view of the world in which knowledge and action are independent, but that we live in a complex reflexive world in which knowledge and action are interdependent. I argue that Soros's view provides a reflexivity critique of the efficient market hypothesis seen as depending on untenable claims about the nature of random phenomena and the nature of economic agents. Regarding the former, I develop this critique in terms of Cauchy distributions; regarding the latter I develop it in terms of rational expectations and rational addiction reasoning. (shrink)

This paper argues that collective intentionality analysis provides a theoretical framework, complementary to traditional instrumental rationality analysis, that allows us to explain economic behavior as ‘complex.’ Economic behavior may be regarded as complex if it cannot be reduced to a single explanatory framework. Contemporary mainstream economics, in its reliance on instrumental rationality as the exclusive basis for explaining economic behavior, does not offer an account of economic behavior as complex. Coupling collective intentionality analysis with instrumental rationality analysis, however, makes such (...) an account possible, since collective intentionality analysis arguably presupposes a distinct form of rationality, here labeled a deontological or principle-based rationality. (shrink)

In this interview, professor Davis discusses the evolution of his career and research interests as a philosopher-economist and gives his perspective on a number of important issues in the field. He argues that historians and methodologists of economics should be engaged in the practice of economics, and that historians should be more open to philosophical analysis of the content of economic ideas. He suggests that the history of recent economics is a particularly fruitful and important area for research exactly because (...) it is an open-ended story that is very relevant to understanding the underlying concerns and concepts of contemporary economics. He discusses his engagement with heterodox economics schools, and their engagement with a rapidly changing mainstream economics. He argues that the theory of the individual is “the central philosophical issue in economics” and discusses his extensive contributions to the issue. (shrink)

Among industrialized nations the United States is relatively unique in relying on a mix of public and private financing and delivery of healthcare: federal and federal-state programs, such as Medicare and Medicaid; employment-based health insurance ; and state-subsidized insurance pools for high-risk individuals. In recent years, however, there have been efforts to apply the principles of private employment-based health insurance to the other forms of healthcare, and there is speculation that rising healthcare costs can only be addressed by further extending (...) capitated payment plans. This suggests that U.S. healthcare may increasingly be organized according to market principles. For some, this represents a historic departure from an emphasis on public responsibility for healthcare and a sacrifice of the value principles embodied in health relationships between patient and provider. But defenders of HMOs and a larger role for markets argue that managed care allows for a more rational allocation of scarce healthcare resources by minimizing inefficient low-benefit–high-cost care. More individuals receive essential care if inessential care is eliminated. HMOs are also said to encourage non-HMOs to provide lower priced healthcare. (shrink)

Marshall’s asset equilibrium model provides a way ofexplaining the identity of entrepreneurs. Keynes adopted this model buttransformed it when he emphasized the short-period and volatilecharacter of long-term expectations. This entails a view of entrepreneuridentity in which radical uncertainty plays a central role. This in turndeepens the post Keynesian view of uncertainty as ontological in thatentrepreneurs’ survival plays into their behavior. This paper exploresthis role-based view of individual identity and uses the analysis tocomment on Keynes’s ideas for the socialization of investment (...) andeuthanasia of the rentier in the last chapter of The general theory. (shrink)

There is now considerable evidence that economics is undergoing significant change in which a collection of new research programs all at odds in important respects with standard neoclassical economics is increasingly dominating the economics research frontier (Davis 2006b). These new programs include game theory, evolutionary economics, behavioral economics, experimental economics, agent‐based complexity economics and neuroeconomics. All raise new issues for economics, and contest long‐held assumptions. Such a development, however, naturally raises questions about the nature and direction of economic methodology. Whereas (...) economics investigates the economy, economic methodology investigates economics (as does the history of economics). Thus a significant re‐direction of economics suggests there may be a need for an associated re‐direction in the focus and concerns of economic methodology. (shrink)

This paper examines the lack of health insurance coverage in the US as a public policy issue. It first compares the problem of health insurance coverage to the problem of unemployment to show that in terms of the numbers of individuals affected lack of health insurance is a problem comparable in importance to the problem of unemployment. Secondly, the paper discusses the methodology involved in measuring health insurance coverage, and argues that the current method of estimation of the uninsured underestimates (...) the extent that individuals go without health insurance. Third, the paper briefly introduces Amartya Sen's functionings and capabilities framework to suggest away of representing the extent to which individuals are uninsured. Fourth, the paper sketches a means of operationalizing the Sen representation of the uninsured in terms of the disability-adjusted life-year (DALY) measure. (shrink)

Journal of Economic Methodology, Volume 19, Issue 2, Page 99, June 2012.