Philosophy of Economics

Edited by Anna Alexandrova (Cambridge University)
Assistant editor: Jack Wright (University of Gothenburg)
About this topic
Summary Philosophy of economics is a study of any philosophical issue that arises in connection with the discipline of economics. Currently it has three core areas: foundations, methodology and ethics. Foundations of economics encompass conceptual and metaphysical questions such as the nature of rationality and social ontology, seeking to clarify what we study when we study economics (preferences, individuals, institutions, societies etc?) and their properties and relations to each other. Methodology of economics, following on the traditional questions in philosophy of science, is concerned with the nature of knowledge that can be attained about the economy and its sources.  The ethical side of philosophy of economics is a study of normative issues such as justice, efficiency, equality, welfare, paternalism, coercion and such, that arise at the intersection of political philosophy and welfare economics.
Key works Daniel Hausman is responsible for kickstarting much of contemporary philosophy of economics. Hausman 2008 is a comprehensive encyclopedia article. Hausman 1984 is an anthology of classic essays from to J.S Mill and Marx to the present day. Hausman et al 2006 is a seminal study of normative assumptions in economics and their critical study. Hausman 1992 started and still informs many discussions in methodology of economics. Reiss 2009 presents an updated agenda. Mäki 2001 is a collection on the ontology of economics.
Introductions There is now a textbook in philosophy of economics: Reiss 2013. Other good introductions to philosophy of economics are just introductions to philosophy of social science: for example, Rosenberg 1995, Risjord 2014, and Elster 2007.
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See also
History/traditions: Philosophy of Economics

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  1. Économie radicale: philosophie économique du don, de la richesse et de la pauvreté.Patrick Mardellat - 2024 - Paris: Hermann.
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  2. A textbook of Marxist philosophy: consisting of four parts: the last three parts being an exposition of dialectical materialism have been translated without alteration from the Russian: but the first part being an historical introduction to Marxist philosophy and to the theory of knowledge has been condensed and entirely rewritten by the English editor who alone takes responsibility for this section.M. Shīrokov - 1937 - London: V.ictor Gollancz. Edited by John Lewis. Translated by A. C. Moseley.
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  3. Beyond Reciprocity_ A CODES Framework for Structuring Resilient Trade Systems.Devin Bostick - manuscript
    Abstract: Current U.S. trade policy is rooted in zero-sum metrics and symmetrical retaliation models that fail to capture the systemic nature of global economic flows. This paper proposes a new framework based on CODES (Chirality of Dynamic Emergent Systems) to design trade policy through structured resonance rather than probabilistic deficit logic. By modeling trade as a dynamic phase relationship between systems, we present a path toward optimized leverage, structural resilience, and long-term coherence across economic networks. -/- CODES reframes trade not (...)
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  4. CODES-Quant_ Coherence-Driven Trading Architecture.Devin Bostick - manuscript
    Abstract -/- This paper introduces CODES-Quant, the first trading architecture grounded in structured resonance rather than probabilistic modeling. Built on the Resonance Intelligence Core (RIC), the system uses prime-anchored harmonic functions (Cₙ), a real-time coherence metric (PAS), and a nonlinear memory engine (ELF) to detect alignment in market structure and guide execution based on phase integrity—not prediction. -/- Unlike traditional quant frameworks that optimize for expected value or volatility surfaces, CODES-Quant detects coherence events—moments when market behavior reflects deep structural resonance. (...)
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  5. (1 other version)Theory and history.Ludwig Von Mises - 1957 - New Haven,: Yale University Press.
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  6. Post-growth and the lack of diversity in the scenario framework.Rawad El Skaf - forthcoming - Journal of Economic Methodology:1-20.
    Scenarios and pathways, as defined in the SSP-RCP framework, are central to recent climate research and the latest IPCC report. Shared Socioeconomic Pathways (SSPs) offer a small set of alternative futures through qualitative narratives and quantitative projections. A key use of SSP-based scenarios is mitigation analysis, presenting decision-makers with a seemingly neutral set of policy options. However, all SSPs assume continuous global economic growth (GEGA) through 2100, effectively narrowing the solution space and embedding value-laden assumptions that challenge the IPCC’s claim (...)
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  7. Cash rules everything around me: in defence of housing markets.Kirun Sankaran - forthcoming - Economics and Philosophy:1-19.
    I argue that alienation objections to housing markets face a dilemma. Either they purport to explain distributive injustices, or they hold that markets are objectionable on intrinsic grounds. The first disjunct is empirically dubious. The second undermines the motivation for objecting to housing markets, and overgeneralizes: if markets are objectionable due to alienation, so is all large-scale social cooperation.
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  8. Having Enough of a Say.Andreas Bengtson & Lasse Nielsen - forthcoming - Economics and Philosophy.
    Political Equality is the view that, in political matters, everyone should have an equal say. Political Sufficiency is the view that, in political matters, everyone should have enough of a say. Whereas Political Equality is concerned with relativities, Political Sufficiency is a matter of absolutes. It is natural to assume that, to justify ‘one person, one vote,’ we must appeal to Political Equality. We argue that this is not the case. If Political Equality justifies ‘one person, one vote,’ so does (...)
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  9. Mostly harmless econometrics? Statistical paradigms in the ‘top five’ from 2000 to 2018.John-Oliver Engler, Julius J. Beeck & Henrik von Wehrden - forthcoming - Journal of Economic Methodology:1-19.
    We explore the connection between four major inferential paradigms in statistical science and inferential practice in current econometrics. We develop the argument that econometrics is still largely characterized by John Stuart Mill’s conception of statistical inference from data, who saw a distinction between ‘theorists’ and ‘practical men’. We follow up with a review of all empirical papers published in the Top 5 economics journals in the period 2000–2018 (N = 2,258). In spite of Rodrik’s [(2015). Economics rules: The rights and (...)
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  10. Platforming economics: tech economics, market design, and the transformation of markets.Edward Nik-Khah - forthcoming - Journal of Economic Methodology:1-21.
    Economic methodologists join economists in crediting market designers for taking a pragmatic approach toward improving markets for the common good. Accordingly, the new wave of market design, designated ‘tech economics,’ now accepts responsibility for pursuing efficiency, as well as a myriad of other policy goals. Yet, ambiguity surrounds the targets they hold out for intervention and therefore the justifications they have offered for the continued deployment of their designs. By scrutinizing the theoretical and practical features of these designers’ ‘markets,’ this (...)
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  11. On synchronic direct intergenerational reciprocity: a reply to Corvino.Matthew Wiseman - forthcoming - Economics and Philosophy:1-17.
    Fausto Corvino has recently argued in this journal that, given present people’s reasonable expectation of future people’s economic activity, present and future people stand in the relation required by both of the two main camps of justice as reciprocity: justice as self-interested reciprocity and justice as fair reciprocity. In reply, I argue that on neither view is the relation Corvino identifies the relation the view requires and that neither view endorses his principle of intergenerational distributive justice, Transgenerational Sufficiency, in a (...)
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  12. A world without work? Status, technological change and the future of employment.Vincenzo Alfano & Pietro Maffettone - forthcoming - Economics and Philosophy.
    This article links the human concern for relative social standing with technological developments, and the future of work. We argue that to the extent that the desire for social status retains its importance in human behaviour, technological advancements affecting the production of goods and services will not necessarily lead to a diminishment of the demand for human labour. This essay makes two principal contributions. First, it links two different literatures: that regarding status-driven consumption, and that regarding the effects of technological (...)
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  13. Money without State.Andrew M. Bailey, Bradley Rettler & Craig Warmke - 2021 - Philosophy Compass 16 (11).
    In this article, we describe what cryptocurrency is, how it works, and how it relates to familiar conceptions of and questions about money. We then show how normative questions about monetary policy find new expression in Bitcoin and other cryptocurrencies. These questions can play a role in addressing not just what money is, but what it should be. A guiding theme in our discussion is that progress here requires a mixed approach that integrates philosophical tools with the purely technical results (...)
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  14. Trading on Shifting Grounds: Risse and Wollner’s On Trade Justice.Joshua M. Hall - 2025 - Transactions of the Charles S. Peirce Society 60 (3):312-324.
    Though Mathias Risse and Gabriel Wollner’s _On Trade Justice_ admirably incorporates the history of European philosophy and U.S. government, their otherwise reasonable proposals rest on dubious grounds. The book derives both much of its appeal, and its primary vulnerability, from a cluster of central terms that are situated precariously at the intersection of metaphors and concepts, or what Lakoff and Johnson call “metaphorical concepts.” In this article, I explore the three most important such terms, as featured in the following paraphrase (...)
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  15. Two kinds of social cooperation?Anja Karnein - 2025 - Economics and Philosophy 41 (1):212-218.
    Michael Otsuka argues that collective pension schemes are forms of social cooperation on equal terms for mutual advantage and thus, matters of social justice. In this way Otsuka wants to understand collectively funded pensions in Rawlsian terms. I argue that not all forms of social cooperation are the same and that the specific kind of social cooperation Rawls has in mind is, in at least three central respects, different from the kind of social cooperation involved in the collective pension schemes (...)
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  16. Voluntary collective pensions: a viable alternative?Casper van Ewijk - 2025 - Economics and Philosophy 41 (1):199-205.
    This contribution discusses the central thesis in Michael Otsuka’s book that collective pensions can be organized on a voluntary basis from the recent experience with pension reform in the Netherlands. Despite a long tradition of collective-funded pensions organized in a decentralized way by social partners, basis reform was necessary as population ageing made it increasingly harder to maintain the intergenerational solidarity implicit in these pensions. Although it is well-established that risk sharing between generations can be beneficial and welfare improving to (...)
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  17. Intergenerational and intragenerational cooperation.Joseph Heath - 2025 - Economics and Philosophy 41 (1):206-211.
    This paper is a contribution to a symposium on Michael Otsuka’s book, How to Pool Risk Across Generations. Following Otsuka, one may distinguish three distinct systems of cooperation within a standard pension arrangement: the retirement system, the longevity risk pool and the investment risk pool. It is important to observe, however, that only the retirement system constitutes a genuine system of intergenerational cooperation, the other two are essentially intragenerational, in that they pool risks among members of a cohort. Otsuka is (...)
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  18. Pensions: more than collective risk pooling?Erik Schokkaert - 2025 - Economics and Philosophy 41 (1):219-223.
    I agree that a good pensions system should embody some form of collective risk pooling and that this would be to the advantage of everyone. There are some difficult issues of adverse selection to be solved, however. Moreover, egalitarian concerns are of crucial importance in most countries and they require to go further than collective risk pooling and to take into account that society is more than a system of self-interested monetary transfers between and within cohorts.
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  19. Replies to Barr, van Ewijk, Heath, Karnein and Schokkaert.Michael Otsuka - 2025 - Economics and Philosophy 41 (1):224-228.
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  20. Risk-sharing in pension plans: multiple options.Nicholas Barr - 2025 - Economics and Philosophy 41 (1):192-198.
    A response to pressures on pension finance caused by population ageing and economic turbulence has been a substantial move from traditional defined-benefit plans in which, at least in principle, all risk falls on the contributions side, to defined-contribution plans in which risk during accumulation all falls on the benefits side. This paper argues that both designs are ‘corner solutions’ and hence generally suboptimal, and goes on to set out a range of designs that offer different ways of sharing risk among (...)
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  21. Risk pooling, reciprocity, and voluntary association.Michael Otsuka - 2025 - Economics and Philosophy 41 (1):188-191.
    What follows is a sketch of three of the main claims of How to Pool Risks across Generations: The Case for Collective Pensions (Otsuka 2023) with which my symposium commentators critically engage: namely, that (1) by efficiently pooling risks across as well as within generations, (2) collective pensions can realize a form of Rawlsian reciprocity involving fair terms of cooperation for mutual advantage, (3) through the voluntary binding agreements of individuals to join a mutual association that provides social insurance. I (...)
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  22. Justice without millionaires.James Christensen, Tom Parr & David V. Axelsen - 2025 - Economics and Philosophy 41 (1):186-187.
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  23. Catastrophe insurance decision making when the science is uncertain.Richard Bradley - 2025 - Economics and Philosophy 41 (1):161-177.
    Insurers draw on sophisticated models for the probability distributions over losses associated with catastrophic events that are required to price insurance policies. But prevailing pricing methods don’t factor in the ambiguity around model-based projections that derive from the relative paucity of data about extreme events. I argue however that most current theories of decision making under ambiguity only partially support a solution to the challenge that insurance decision makers face and propose an alternative approach that allows for decision making that (...)
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  24. Narrowly person-affecting axiology: a reconsideration.Matthew D. Adler - 2025 - Economics and Philosophy 41 (1):119-160.
    A narrowly person-affecting (NPA) axiology is an account of the moral ranking of outcomes such that the comparison of any two outcomes depends on the magnitude and weight of individuals’ well-being gains and losses between the two. This article systematically explores NPA axiology. It argues that NPA axiology yields an outcome ranking that satisfies three fundamental axioms: Pareto, Anonymity and, plausibly, Pigou-Dalton. The axiology is neutral to non-well-being considerations (desert); and (assuming well-being measurability) leads to the Repugnant Conclusion (RC). In (...)
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  25. Unjust equal relations.Andreas Bengtson - 2025 - Economics and Philosophy 41 (1):98-118.
    According to relational egalitarianism, justice requires equal relations. In this paper, I ask the question: can equal relations be unjust according to relational egalitarianism? I argue that while on some conceptions of relational egalitarianism, equal relations cannot be unjust, there are conceptions in which equal relations can be unjust. Surprisingly, whether equal relations can be unjust cuts across the distinction between responsibility-sensitive and non-responsibility-sensitive conceptions of relational egalitarianism. I then show what follows if one accepts a conception in which equal (...)
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  26. Isolationism, instrumentalism and fiscal policy.Bruno Verbeek - 2025 - Economics and Philosophy 41 (1):79-97.
    When reading contemporary theories of distributive justice, one could easily get the impression that questions of fiscal design are normatively speaking merely instrumental for realizing the distributive ideal. Once the overall conception of justice is settled upon, questions of how the state should arrange its institutions and policies are settled if they effectively and efficiently promote the preferred distribution. I argue that such pure instrumentalism is mistaken in the context of fiscal policy. As a result, there is nothing problematic or (...)
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  27. Indexical utility: another rationalization of exponential discounting.Wolfgang Spohn - 2025 - Economics and Philosophy 41 (1):65-78.
    This paper is about time preferences, the phenomenon that the very same things are usually considered the less valuable the farther in the future they are obtained. The utilities of those things are discounted at a certain rate. The paper presents a novel normative argument for exponential discount rates, whatever their empirical adequacy. It proposes to take indexical utility seriously, i.e. utilities referring to indexical propositions (that speak of ‘I’, ‘now’, etc.) as opposed to non-indexical propositions. Economic focus is only (...)
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  28. The entrepreneurial theory of ownership.Sergei Sazonov - 2025 - Economics and Philosophy 41 (1):46-64.
    This paper introduces a theory of ownership that is rooted in Israel Kirzner’s theory of entrepreneurship – The Entrepreneurial Theory of Ownership. Its central idea is that natural resources are not available to us automatically as other approaches to justice implicitly assume. Before we can use a resource, we need to do preparatory work in the form of making an entrepreneurial judgement on it. This fact, as I argue, makes it possible to put private ownership as a natural right on (...)
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  29. Epistemic problems in Hayek’s defence of free markets.Jonathan Benson - 2025 - Economics and Philosophy 41 (1):1-23.
    Friedrich von Hayek’s classical liberalism argued that free markets allow individuals the greatest opportunity to achieve their ends. This paper develops an internal critique of this claim. It argues that once externalities are introduced, the forms of economic knowledge Hayek thought to undermine government action and orthodox utilitarianism also rule out relative welfarist assessments of more or less regulated markets. Given the pervasiveness of externalities in modern economies, Hayek will frequently be unable to make comparative welfarist claims, or he must (...)
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  30. Institutional Diversity and Innovative Recombination.Nathan Goodman, Otto Lehto & Mikayla Novak - 2025 - European Economic Review 174 (May 2025):104998.
    In Explaining Technology, Koppl et al. (2023) argue that “recombination is the essential driver of technological evolution” (p. 3). Modelling combinatorial innovation as a self-propelling, “autocatalytic” process raises the question of what explanatory role, if any, is left for institutional analysis. Although the authors grant institutions only an auxiliary explanatory role, they hint at the functional importance of market institutions, trade networks, patent law, and entrepreneurship. Our paper argues that institutions matter because they crucially affect aggregate levels and rates of (...)
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  31. Solving the explanation paradox – one last attempt.Alex Rosenberg - forthcoming - Journal of Economic Methodology:1-13.
    The ‘explanation paradox’ due to Reiss can be resolved by recognizing that economic models that begin with assumptions of rational choice compel explanatory assent because they exploit a pattern of reasoning humans are hardwired to accept as explanatory: what cognitive scientists call the theory of mind. I review recent research in evolutionary anthropology, neuroscience and developmental psychology that substantiates the conclusion that explanations exploiting expectations and preferences (i.e. beliefs and desires) were hard wired into Hominins as the solution to a (...)
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  32. The philosophy of causality in economics. Causal inferences and policy proposals.Federica Russo - forthcoming - Journal of Economic Methodology:1-5.
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  33. L’économie mondiale.Peter Dietsch, Vincent Arel-Bundock, Mark Brawley, Allison Christians, Juliet Johnson, Krzysztof Pelc & Ari Van Assche - 2023 - le Monde D’Après. Les Consequences de la Covid-19 Sur les Relations Internationales.
  34. Green Central Banking.Peter Dietsch, François Claveau, Clément Fontan & Jérémie Dion - 2024 - The Philosophy of Money and Finance 1:283-302.
    This chapter argues that central banks find themselves between a rock and a hard place when it comes to green central banking. Either they endorse the project, exposing them to the charge that they lack the input legitimacy to do so, or they eschew taking into account climate concerns, thus undermining their output legitimacy. Our discourse analysis of central bankers’ speeches shows that disagreements among officials from the same institution regarding green central banking are grounded on issues outside their core (...)
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  35. Concurrence fiscale et responsabilité étatique.Peter Dietsch & François Claveau - 2008 - Éthique Publique 10 (1):34-44.
    La concurrence fiscale internationale est une composante essentielle du paysage fiscal contemporain. Cet essai analyse les responsabilités de l’État dans ce contexte d’interdépendance des systèmes fiscaux. Il soutient que l’État a le devoir 1) de mettre en œuvre le projet collectif défini par sa population, 2) de respecter l’autonomie des autres États et 3) d’assister les pays démunis. Cette conceptualisation des responsabilités étatiques a des conséquences théoriques et pratiques. Du côté théorique, la conjonction des deux premières responsabilités pousse à abandonner (...)
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  36. Diversity in feminist economics research methods: trends from the Global South.U. T. Salt Lake City, Annandale-On-Hudson USAb Levy Economics Institute of Bard College, C. O. Fort Collins, Markets Including Care Work, History of Economic Thought Public Policy, Labor Economics Currently Development, Macroeconomic Implications of Social Reproduction Her Research Focuses on the Micro-, Finance She is A. Labor Associate Editor for the African Review of Economics, Research Interests Related to the Division Feminist Economist, Definition of Both Paid Quality, How Households Unpaid Work, Formed Around These Types of Work Families Are Structured, Households How the State Interacts, Development The Editor of Feminist Economics She Was Recently Senior Economist at the United Nations Conference on Trade, Including the International Labour Organization Has Done Consulting Work for A. Number of International Development Institutions, the United Nations Research Institute on Social Development the World Bank & Macroeconomic Asp U. N. Women Her Work Focuses on the International - forthcoming - Journal of Economic Methodology:1-25.
    Using data on submitted and published manuscripts in Feminist Economics from 1995 to 2019, we examine differences in method and scope used by authors residing in the Global North and Global South. We specifically focus on research methods, intersectional analyses, region of analysis, and co-authorship status. Further, using logistic regression models, we examine the relationship between authors’ location and use of research methods. We find authors in the Global South are more likely to engage in empirical and mixed-methods papers compared (...)
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  37. (1 other version)Der Ort ökonomischen Denkens: die Methodologie der Wirtschaftswissenschaften im Licht japanischer Philosophie.Silja Graupe - 2019 - New Brunswick: Ontos Verlag.
    Der interkulturelle Dialog mit der japanischen Philosophie erhellt die verborgenen, unreflektierten Denkgewohnheiten der Wirtschaftswissenschaften. Die Andersartigkeit japanischen Denkens macht den impliziten methodologischen Grundrahmen der Ökonomie sichtbar, verweist kritisch auf Widersprüche sowie Erklärungslücken und zeigt Alternativen auf. Ansprechend und leicht verständlich geschrieben, bricht das Buch mit der tief in der Ökonomie verwurzelten Vorstellung der Welt als einer Gesamtheit unabhängiger, essentiell unveränderlicher Dinge bzw. Individuen und zeigt die Wirtschaft als ein interde.
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  38. Randomness, Determinism and Undecidability in the Economic cycle Theory.I. Escañuela Romana - 2016 - Munich Personal Repec Archive.
  39. Do we have too much choice?Andreas T. Schmidt - forthcoming - Economics and Philosophy:1-28.
    In institutional design, public policy and for society as a whole, securing freedom of choice for individuals is important. But how much choice should we aim for? Various theorists argue that above some level more choice improves neither wellbeing nor autonomy. Worse still, psychology research seems to suggest that too much choice even makes us worse off. Such reasons suggest the Sufficiency View: increasing choice is only important up to some sufficiency level, a level that is not too far from (...)
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  40. La nature du capital: politique et ontologie chez le jeune Marx.Frédéric Monferrand - 2024 - Paris: Éditions Amsterdam.
    La crise socio-écologique du capitalisme produit de profonds effets sur la pensée contemporaine, qui semble prise d'un véritable vertige ontologique. Face aux catastrophes en cours, on voit se multiplier les travaux qui s'inquiètent de la réalité de la nature et de la manière dont s'y inscrivent les sociétés, tout se passant comme si la philosophie et les sciences sociales cherchaient à recomposer en pensée un monde que l'accumulation du capital tend à décomposer. Cet ouvrage constitue une intervention marxiste dans ces (...)
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  41. Mindshaping, conditional games, and the Harsanyi Doctrine.Don Ross & Wynn C. Stirling - forthcoming - Journal of Economic Methodology:1-26.
    Much work in game theory concerns mechanisms by which players can infer information about the utilities and beliefs of other players based on actions within games and pre-play signals. When game theory is applied to interactions among people, such analysis interprets them as ‘mindreading’. Recent work in cognitive science, however, suggests that human coordination rests more centrally on ‘mindshaping’, where interactants determine preferences jointly. As mindshaping is strategic, there is motivation to extend game theory to accommodate it. Conditional Game Theory (...)
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  42. Economic theories and their Dueling interpretations.Itzhak Gilboa, Andrew Postlewaite, Larry Samuelson & David Schmeidler - 2022 - Journal of Economic Methodology 31 (4):189-208.
    The interpretation of economic theories varies along several dimensions. First, models can describe reality, illustrate a recommended state of affairs, or analyze the structure and implications of a theory. Second, theories can be used for prediction or for explanation. Third, theories can relate to reality in a rule-based or case-based manner. Fourth, theories can be statements about economic reality or about the act of economic reasoning itself. Fifth, theories can offer predictions or merely critique reasoning. We argue that theories are (...)
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  43. Authors' reply to comments.Itzhak Gilboa, Andrew Postlewaite & Larry Samuelson - 2024 - Journal of Economic Methodology 31 (4):302-305.
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  44. Explanation, prediction, and conceptual exploration.Daniel Hausman - 2024 - Journal of Economic Methodology 31 (4):232-240.
    This essay aims to provide a rigorous foundation for Gilboa's, Postlewaite's, Samuelson's and Schmeidler's (GPSS's) account of the constitution of models and the role of models in explanation and prediction. Although I shall offer some criticisms, my goal is to sketch analyses of explanations and models that complement GPSS's distinctions between the uses of models to explain, prescribe, predict, and explore the consequences of theories.
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  45. Economic methodology to preserve the past? Some reflections on economic theories and their dueling interpretations.Catherine Herfeld - 2024 - Journal of Economic Methodology 31 (4):249-264.
    Methodological appraisal usually aims at a discourse that contributes to the improvement of knowledge production processes in economics. Attempts by economists, such as that by Gilboa et al. (2022. Economic theories and their dueling interpretations. Journal of Economic Methodology, 1–20) to engage in such a discourse are laudable and needed because they draw on field-specific expertise and experience from economic practice and thereby can steer such discourse into promising directions. However, while Gilboa et al. seem to share the ambition of (...)
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  46. Introduction to the special issue: economic theories and their dueling interpretations.Jack Vromen & N. Emrah Aydinonat - 2024 - Journal of Economic Methodology 31 (4):187-188.
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  47. On the contents and agents of commentary in modelling.Uskali Mäki - 2024 - Journal of Economic Methodology 31 (4):287-301.
    Economics is a societally influential discipline, but the relationship of its theoretical activity to social reality and practical policy is chronically puzzling. Its theoretical models appear to involve a lot of falsehood, and modellers seem unconcerned about this and about any possible future uses of the models, while sticking to the same unifying theoretical framework. Gilboa et al. (2014, 2022) aspire to resolve the puzzle in terms of varying interpretations of models. I offer critical comments on their ideas while expanding (...)
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  48. (1 other version)Economic models as argumentative devices.N. Emrah Aydinonat - 2024 - Journal of Economic Methodology 31 (4):265-286.
    This article critically evaluates Itzhak Gilboa, Andrew Postlewaite, Larry Samuelson, and David Schmeidler’s account of economic models. First, it gives a selective overview of their argument, highlighting their emphasis on similarity and oversight of the role of idealizations in economics. Second, it proposes a sketch of an account of models as arguments and argumentative devices. This account not only sheds light on Gilboa et al.’s approach, including its shortcomings, but also identifies key challenges in model-based inference, suggesting a fresh perspective (...)
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  49. Economic models and their flexible interpretations: a philosophy of science perspective.Jaakko Kuorikoski & Caterina Marchionni - 2024 - Journal of Economic Methodology 31 (4):241-248.
    We mobilise contemporary philosophy of science to further clarify observations on economic modelling made by Gilboa et al. (2023). We adopt a normative stance towards these modelling practices to identify the extent to which they are epistemically justified. Our message is simple: many of the distinctions proposed by Gilboa et al. (2023) are useful, but without the proper qualifications, too much flexibility in choosing the right interpretation risks downplaying the crucial role that empirical evidence should play in any modelling endeavour.
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  50. Insider apology for microeconomic theorising?Maarten Janssen, Tarja Knuuttila & Mary S. Morgan - 2024 - Journal of Economic Methodology 31 (4):220-231.
    This comment on 'Economic theories and their Dueling interpretations' questions the descriptive adequacy of the ‘sociology of economics' proposed by Gilboa, Postlewaite, Samuelson, and Schmeidler (GPSS) (2022). We ask whether economists still perceive the role of microeconomic theory as central as do GPSS. In particular, is present-day economics unified by the principles of maximising, subject to constraints and equilibrium analysis? We argue that this is not the case. GPSS’ appeal to the interpretative flexibility of economic theories appears apologetic, especially the (...)
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