Journal of Economic Methodology 20 (4):368-376 (2013)

Abstract
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.
Keywords No keywords specified (fix it)
Categories (categorize this paper)
DOI 10.1080/1350178X.2013.859407
Options
Edit this record
Mark as duplicate
Export citation
Find it on Scholar
Request removal from index
Revision history

Download options

PhilArchive copy


Upload a copy of this paper     Check publisher's policy     Papers currently archived: 54,431
External links

Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
Through your library

References found in this work BETA

Fallibility, Reflexivity and the Human Uncertainty Principle.George Soros - 2013 - Journal of Economic Methodology 20 (4):309-329.
The Common Prior Assumption in Economic Theory.Stephen Morris - 1995 - Economics and Philosophy 11 (2):227.

Add more references

Citations of this work BETA

Economics is Not Always Performative: Some Limits for Performativity.Nicolas Brisset - 2016 - Journal of Economic Methodology 23 (2):160-184.

Add more citations

Similar books and articles

Beyond Rational Insanity.Hung-Yul So - 2007 - The Proceedings of the Twenty-First World Congress of Philosophy 1:221-227.
Is It Rational to Have Rational Expectations?Alan Kirman - 2014 - Mind and Society 13 (1):29-48.
How Should I Be? A Defense of Platonic Rational Egoism.Jyl Gentzler - 2012 - European Journal of Philosophy 20 (4):39-67.
On the Cauchy Completeness of the Constructive Cauchy Reals.Robert S. Lubarsky - 2007 - Mathematical Logic Quarterly 53 (4‐5):396-414.
Argumentation as Rational Persuasion.J. Anthony Blair - 2012 - Argumentation 26 (1):71-81.

Analytics

Added to PP index
2013-12-17

Total views
34 ( #294,298 of 2,374,844 )

Recent downloads (6 months)
1 ( #559,821 of 2,374,844 )

How can I increase my downloads?

Downloads

My notes