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Limits of economic and social knowledge /

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Limits of economic and social knowledge // Stephen J. DeCanio.
Author:	DeCanio, Stephen J.,
Description:	1 online resource.
Subject:	Economics - Mathematical models. -
Online resource:	http://www.palgraveconnect.com/doifinder/10.1057/9781137371935
ISBN:	1137371935 (electronic bk.)

Limits of economic and social knowledge /
DeCanio, Stephen J.,

Limits of economic and social knowledge /Stephen J. DeCanio. - 1 online resource.

Introduction and Overview -- Consequences of computational limits -- Simulating Simple Societies -- Economics and Natural Science -- Economics, Behaviorism, and Utilitarianism -- A Case Study and Cautionary Tale: Climate Policy -- Politics and Governance -- The Gift of Freedom.

It might seem that contemporary economic theory offers a scientific account of choice among alternatives. Yet this is only superficially the case; the behavior of the agents in most economic models is completely specified by preference functions, technological possibilities, and market interactions. 'Choice' is a misnomer for solution of one or another kind of optimization problem in such models. The open-endedness that characterizes genuinely free choices made by real human beings is absent. The book aims to show that (1) the deterministic vision embodied in conventional economic modeling is neither consistent with nor supported by the state of the art in mathematics, logic, and physical science; (2) use of models that rule out unpredictability and freedom of action has had negative consequences for policy design and implementation; and (3) restoring meaningful freedom to the agents is an essential first step toward making social theorizing more realistic and insightful.

ISBN: 1137371935 (electronic bk.)

Source: 705854Palgrave Macmillanhttp://www.palgraveconnect.comSubjects--Topical Terms:

560849
Economics
--Mathematical models.Index Terms--Genre/Form:

554714
Electronic books.

LC Class. No.: HB135

Dewey Class. No.: 330.01/5118

Limits of economic and social knowledge /
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520 $a It might seem that contemporary economic theory offers a scientific account of choice among alternatives. Yet this is only superficially the case; the behavior of the agents in most economic models is completely specified by preference functions, technological possibilities, and market interactions. 'Choice' is a misnomer for solution of one or another kind of optimization problem in such models. The open-endedness that characterizes genuinely free choices made by real human beings is absent. The book aims to show that (1) the deterministic vision embodied in conventional economic modeling is neither consistent with nor supported by the state of the art in mathematics, logic, and physical science; (2) use of models that rule out unpredictability and freedom of action has had negative consequences for policy design and implementation; and (3) restoring meaningful freedom to the agents is an essential first step toward making social theorizing more realistic and insightful.
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