James Halteman and Edd Noell
- Published in print:
- 2012
- Published Online:
- May 2012
- ISBN:
- 9780199763702
- eISBN:
- 9780199932252
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199763702.003.0007
- Subject:
- Economics and Finance, Financial Economics
Is economics like car building or car repair? Are we working toward a finished product, or are we attempting to answer pertinent questions that arise and change from time to time? These questions are ...
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Is economics like car building or car repair? Are we working toward a finished product, or are we attempting to answer pertinent questions that arise and change from time to time? These questions are entertained in this chapter in order to explore the nature of the methods economists employ. The subjective nature of data and the relevance of predicting from past trendsis explored. The proof that rational choice analysis predicts better than any alternative process is seen to be less than definitive by typical standards of proof. Welfare economics comes closest to philosophy when it optimizes social welfare with a social welfare function, but the ramifications of that model are rarely explored. Finally, it is suggested that key questions change and economic thinking then adapts to deal with the new challenges. The vignette for this chapter looks at John Maynard Keynes and his rethinking of mainstream macroeconomics.Less
Is economics like car building or car repair? Are we working toward a finished product, or are we attempting to answer pertinent questions that arise and change from time to time? These questions are entertained in this chapter in order to explore the nature of the methods economists employ. The subjective nature of data and the relevance of predicting from past trendsis explored. The proof that rational choice analysis predicts better than any alternative process is seen to be less than definitive by typical standards of proof. Welfare economics comes closest to philosophy when it optimizes social welfare with a social welfare function, but the ramifications of that model are rarely explored. Finally, it is suggested that key questions change and economic thinking then adapts to deal with the new challenges. The vignette for this chapter looks at John Maynard Keynes and his rethinking of mainstream macroeconomics.
Kumaraswamy Velupillai
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780198295273
- eISBN:
- 9780191596988
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198295278.003.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
The first chapter gives a summary of the methodological and epistemological underpinnings of computable economics. There are, in addition, concise chapter summaries and a brief excursion into a ...
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The first chapter gives a summary of the methodological and epistemological underpinnings of computable economics. There are, in addition, concise chapter summaries and a brief excursion into a discussion of the mathematical method in the formalization of economic theory.Less
The first chapter gives a summary of the methodological and epistemological underpinnings of computable economics. There are, in addition, concise chapter summaries and a brief excursion into a discussion of the mathematical method in the formalization of economic theory.
Pranab Bardhan and Christopher Udry
- Published in print:
- 1999
- Published Online:
- November 2003
- ISBN:
- 9780198773719
- eISBN:
- 9780191595929
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198773714.003.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Lists some of the issues explored through micro models in subsequent chapters of the book. Also discusses the general economic methodology followed throughout the book. In particular, the assumption ...
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Lists some of the issues explored through micro models in subsequent chapters of the book. Also discusses the general economic methodology followed throughout the book. In particular, the assumption of maximization in household behaviour and its place in the micro analysis of farm households is examined. While there is substantial evidence of peasant rationality, there is no denying the fact that individual decision‐making is influenced by social norms and the evidence that it is prone to errors and biases. The assumption of rationality is best seen as a not untenable working hypothesis or benchmark.Less
Lists some of the issues explored through micro models in subsequent chapters of the book. Also discusses the general economic methodology followed throughout the book. In particular, the assumption of maximization in household behaviour and its place in the micro analysis of farm households is examined. While there is substantial evidence of peasant rationality, there is no denying the fact that individual decision‐making is influenced by social norms and the evidence that it is prone to errors and biases. The assumption of rationality is best seen as a not untenable working hypothesis or benchmark.
Robert A. Cord and J. Daniel Hammond (eds)
- Published in print:
- 2016
- Published Online:
- August 2016
- ISBN:
- 9780198704324
- eISBN:
- 9780191773761
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198704324.001.0001
- Subject:
- Economics and Finance, Economic History, Macro- and Monetary Economics
Milton Friedman is widely regarded as one of the most influential economists of the twentieth century and possibly of all time. Although he made many important contributions to both economic theory ...
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Milton Friedman is widely regarded as one of the most influential economists of the twentieth century and possibly of all time. Although he made many important contributions to both economic theory and policy—most clearly demonstrated by his development of and support for the quantity theory of money—he was also active in various spheres of public policy, where he, more often than not, championed the free market and liberty. This volume can be seen as the first attempt to assess the importance of the full range of Friedman’s ideas, from his work on methodology in economics, his highly innovative consumption theory, his extensive research on monetary economics, and his views on contentious social and political issues such as education, conscription, and drugs. The book also presents personal recollections of Friedman by some of those who knew him, both as students and colleagues, and offers new evidence on Friedman’s interactions with other noted economists, including George Stigler and Lionel Robbins. All of the chapters have been specially written for this volume and draw on both published and unpublished materials. Taken as a whole, this book will provide readers with an up-to-date account of Friedman’s work and continuing influence, and will help to inform and stimulate further research across a variety of areas, including macroeconomics and the history of economic thought, as well as the development and different uses of public policy. With contributions from a stellar cast, this book will be invaluable to academics and students alike.Less
Milton Friedman is widely regarded as one of the most influential economists of the twentieth century and possibly of all time. Although he made many important contributions to both economic theory and policy—most clearly demonstrated by his development of and support for the quantity theory of money—he was also active in various spheres of public policy, where he, more often than not, championed the free market and liberty. This volume can be seen as the first attempt to assess the importance of the full range of Friedman’s ideas, from his work on methodology in economics, his highly innovative consumption theory, his extensive research on monetary economics, and his views on contentious social and political issues such as education, conscription, and drugs. The book also presents personal recollections of Friedman by some of those who knew him, both as students and colleagues, and offers new evidence on Friedman’s interactions with other noted economists, including George Stigler and Lionel Robbins. All of the chapters have been specially written for this volume and draw on both published and unpublished materials. Taken as a whole, this book will provide readers with an up-to-date account of Friedman’s work and continuing influence, and will help to inform and stimulate further research across a variety of areas, including macroeconomics and the history of economic thought, as well as the development and different uses of public policy. With contributions from a stellar cast, this book will be invaluable to academics and students alike.
Ivan Moscati
- Published in print:
- 2018
- Published Online:
- December 2018
- ISBN:
- 9780199372768
- eISBN:
- 9780199372805
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780199372768.001.0001
- Subject:
- Economics and Finance, Microeconomics
The book reconstructs the history of utility measurement in economics, from the marginal revolution of the 1870s to the beginning of behavioral economics in the mid-1980s. Part I covers 1870–1910 and ...
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The book reconstructs the history of utility measurement in economics, from the marginal revolution of the 1870s to the beginning of behavioral economics in the mid-1980s. Part I covers 1870–1910 and discusses the issue of utility measurement in the theories of Jevons, Menger, Walras, and other early utility theorists. Part II deals with the emergence of the notions of ordinal and cardinal utility during 1900–1945 and discusses two early attempts to give an empirical content to the notion of utility. Part III focuses on the 1945–1955 debate on utility measurement originated by von Neumann and Morgenstern’s expected utility theory (EUT). Part IV reconstructs the experimental attempts to measure the utility of money between 1950 and 1985 within the framework provided by EUT. The book does four main things. First, it reconstructs in detail economists’ ideas and discussions about utility measurement from 1870 to 1985 and their attempts to measure utility empirically. Second, it brings into focus the interplay among the evolution of utility analysis, economists’ ideas about utility measurement, and their conception of what measurement in general means. Third, it explores the hitherto underresearched relationships among the history of utility measurement in economics, the history of the measurement of sensations in psychology, and the history of measurement theory in general. Finally, it discusses some methodological problems related to utility measurement, such as the epistemological status of the utility concept and its measures. The book closes with a brief overview of post-1985 research trends in utility measurement.Less
The book reconstructs the history of utility measurement in economics, from the marginal revolution of the 1870s to the beginning of behavioral economics in the mid-1980s. Part I covers 1870–1910 and discusses the issue of utility measurement in the theories of Jevons, Menger, Walras, and other early utility theorists. Part II deals with the emergence of the notions of ordinal and cardinal utility during 1900–1945 and discusses two early attempts to give an empirical content to the notion of utility. Part III focuses on the 1945–1955 debate on utility measurement originated by von Neumann and Morgenstern’s expected utility theory (EUT). Part IV reconstructs the experimental attempts to measure the utility of money between 1950 and 1985 within the framework provided by EUT. The book does four main things. First, it reconstructs in detail economists’ ideas and discussions about utility measurement from 1870 to 1985 and their attempts to measure utility empirically. Second, it brings into focus the interplay among the evolution of utility analysis, economists’ ideas about utility measurement, and their conception of what measurement in general means. Third, it explores the hitherto underresearched relationships among the history of utility measurement in economics, the history of the measurement of sensations in psychology, and the history of measurement theory in general. Finally, it discusses some methodological problems related to utility measurement, such as the epistemological status of the utility concept and its measures. The book closes with a brief overview of post-1985 research trends in utility measurement.
