1,720,967 research outputs found
The Eclipse of Value-Free Economics. The concept of multiple self versus homo economicus
Get PDFThe books’ goal is to answer the question: Do the weaknesses of value-free economics imply the need for a paradigm shift? The author synthesizes criticisms from different perspectives (descriptive and methodological). Special attention is paid to choices over time, because in this area value-free economics has the most problems. In that context, the enriched concept of multiple self is proposed and investigated. However, it is not enough to present the criticisms towards value-free economics. For scientists, a bad paradigm is better than no paradigm. Therefore, the author considers whether value-based economics with normative approaches such as economics of happiness, capability approach, libertarian paternalism, and the concept of multiple self can be the alternative paradigm for value-free economics. This book is essential reading to everyone interested in the current state of economics as a disciplin
Neoclassical economics versus behavioural economics. Libertarian paternalism and the retirement system
Get PDFThe goal of the article is to criticise neoclassical economics from the behavioural economics perspective on the example of Poland’s reform of the retirement system (the possibility of earlier retirement). The creators of the reform assume that people are rational and will choose the best option and save enough for retirement. Thanks to conclusions from psychology we know that people cannot discount utility in time, but they behave in accordance with hyperbolic discounting. This situation leads to the conflict between preferences in time. To resolve this conflict, the concept of multiple selves is presented. Different preferences in time are not the problem for neoclassical economics, which assumes that people choose what is best for them (revealed preferences). The criticism of this assumption is presented along with the limitations of perceiving rationality in the instrumental sense. Thanks to axiomatic assumptions, neoclassical economists could dismiss conclusions from behavioural economics which concerns human irrationality. It proves that people do not always make the best choices, which is observable on the example of people who take early retirement. The concept of libertarian paternalism is presented as a way of helping people to make the “right” choices. The possibility of early retirement is presented as the default option. The author comes to the conclusion that this state is a flawed choice architecture because, despite its negative consequences, many people will choose early retirement
Value-free economics’ road towar Value-free economics’ road towards epistemological hubris. The use and abuse of mathematics by economists
No full textThe goal of the article is to substantiate that despite the criticism the paradigm in economics will not change because of the axiomatic assumptions of value-free economics. How these assumptions work is demonstrated on the example of Gary Becker’s economic approach which is analyzed from the perspective of scientific research programme (Lakatos). The author indicates hard core of economic approach (maximization of utility, instrumental rationality) and the protective belt which makes hard core immune from any criticism. This immunity leads economists to believe that they are objective scientists and, consequently, it results in epistemological hubris. Due to its tautological nature (and other problems), economic approach is considered to be a degenerative programme. This conclusion is extended on value-free economics. In spite of these problems, many economists still believe in positive economics and they dismiss normative approaches. It has a negative influence on people (well-being, choices over time). The conclusion of the article is that thanks to axiomatic assumptions economists do not have objective and ironclad methodology and they should accept normative values in their research
Wolny od wartości raj został utracony. Ekonomiści mogli uczyć się od artystów
No full textDespite the conclusions from the contemporary philosophy of science, many economists cherish the ideal of positive science. Therefore, value-free economics is still the central paradigm in economics. The first aim of the paper is to investigate economics’ axiomatic assumptions from an epistemological perspective. The critical analysis of the literature shows that the positive-normative dichotomy is exaggerated. Moreover, value-free economics is based on normative foundations that have a negative impact on individuals and society. The paper’s second aim is to show that economics’ normativity is not a problem because the discussion concerning values is possible and unavoidable. In this context, Weber and other methodologists are investigated. The conclusion of the paper is that science can thrive without strict methodological rules thanks to institutional mechanisms. Therefore, economists could learn from artists who accept the world without absolute rules. This perspective opens the possibility for methodological pluralism and normative approaches
The Unchanging Soul of Neoclassical Economics. Lakatosian Perspective on Becker’s Economic Approach
Get PDFThe article aims to show that the paradigm in economics will not change significantly despite descriptive criticism because of axiomatic assumptions. To demonstrate this I analyze Becker's economic approach using Lakatos' methodology of scientific research programmes. I indicate the hard core (instrumental rationality, utility maximization, equilibrium), as well as the protective belt that makes the hard core immune from descriptive criticism. Because of its tautological nature, Becker's approach is considered a degenerative programme. This conclusion is extended to neoclassical economics where the tautologicality of rationality and utility leads to various problems. Ultimately, the immunization strategy hinders paradigm change in economic
Libertarian paternalism and the capability approach. Friends or foes?
Get PDFThis paper compares the capability approach (CA) and libertarian paternalism (LP) to see whether they are compatible. The
comparison focuses on rationality, wellbeing, and freedom. The main theoretical framework is Sen’s ‘reason to value’ (RtV).
The relevance of this to CA, and LP is analysed, and whether the primacy that CA and LP both accord to reason leads to paternalism is examined. Although the principal focus is on Sen’s, Sunstein’s and Thaler’s original ideas, their key concepts are
analysed in the context of the contemporary critical literature on the topic. This critical analysis not only makes it possible to
assess whether CA and LP are compatible, but also to see how they perceive rationality, wellbeing, and freedom. The critical analysis further differentiates the various interpretations of RtV in the literature and explains how CA and LP function
Moralna ekonomia - homo oeconomicus jako istota pomagająca innym
No full textOd rewolucji marginalistycznej ekonomia oddalała się od etyki. Skupienie się na działaniach człowieka, a nie jego motywacjach, spowodowało uproszczenie w postrzeganiu człowieka jako maksymalizatora użyteczności. W artykule pokazano problemy wynikające z przedstawienia ludzkiej natury jako walki altruizmu z egoizmem. Człowiek ma wzgląd na innych, ale jest wiele czynników powodujących, że im nie pomaga. Najlepiej widać to na przykładzie żyjących na świecie setek milionów głodujących. W artykule wykorzystano koncepcję efektywnego altruizmu, aby zaprezentować problemy dotyczące rozumu i emocji, które sprawiają, że nie pomagamy, mimo że chcemy to czynić. Wykorzystano przemyślenia Adama Smitha − filozofa moralnego, aby szerzej spojrzeć na ludzką naturę i pokazać, jak wiele w człowieku jest mechanizmów sprawiających, że bierze on pod uwagę innych, a robi to nie dla własnego zysku, lecz dlatego, że jest istotą moraln
Value-free paradise is lost. Economists could learn from artists
Get PDFDespite the conclusions from the contemporary philosophy of science, many economists cherish the ideal of positive science. Therefore, value-free economics is still the central paradigm in economics. The first aim of the paper is to investigate economics' axiomatic assumptions from an epistemological perspective. The critical analysis of the literature shows that the positive-normative dichotomy is exaggerated. Moreover, value-free economics is based on normative foundations that have a negative impact on individuals and society. The paper's second aim is to show that economics' normativity is not a problem because the discussion concerning values is possible and unavoidable. In this context, Weber and other methodologists are investigated. The conclusion of the paper is that science can thrive without strict methodological rules thanks to institutional mechanisms. Therefore, economists could learn from artists who accept the world without absolute rules. This perspective opens the possibility for methodological pluralism and normative approaches
W stronę dobrostanu. Działalność instytucji finansowych a nieracjonalność człowieka
No full textCoraz częściej firmy, szczególnie te związane z sektorem finansowym, deklarują społeczną odpowiedzialność i korzystanie z etycznych zasad w prowadzeniu biznesu. Cel artykułu jest dwojaki. Po pierwsze, autor chciał pokazać, że wcale nie trzeba wprowadzać nowych zasad etycznych w prowadzeniu biznesu, ponieważ wystarczy stosować się do reguł wolnorynkowych, które zakładają obopólne korzyści z wymiany. Drugim celem jest argumentowanie na rzecz tezy, że firmy powinny patrzeć szerzej na dobrobyt człowieka. W tym celu przedstawiona zostaje koncepcja dobrostanu, która jest szersza niż ekonomiczna koncepcja dobrobytu. Z powodu wielu ograniczeń poznawczych ludzie nie są w stanie osiągnąć dobrostanu i spełnić swoich „prawdziwych” preferencji. Autor argumentuje, że firmy muszą mieć na względzie dobrostan człowieka, jeżeli korzyść z wymiany ma być obopólna. Aby to osiągnąć, firmy mogą nakierowywać ludzi na właściwe wybory, których ludzie by dokonali, gdyby nie ograniczenia poznawcze. W tym celu firmy mogą wykorzystać koncepcję libertariańskiego paternalizmu. Oprócz analizy tej koncepcji, w artykule przedstawiono argumenty za tym, że libertariański paternalizm może być metodą, która sprzyja ludzkiemu dobrostanowi i wolnośc
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