Questions tagged [philosophy-of-economics]

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4answers
889 views

Economics' position in the hierarchy of sciences (hard vs soft)

As a student of Economics, I often listen to the claim that Economics is a "soft science" and that its results may not be too reliable etc. The explanations are often based on personal ...
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1answer
127 views

Is there any goal of Economics? [closed]

As I understand every subject has some goals for example in physics one particular goal is to have a unified field theory. Is there any one or more goals of economics. I was expecting the goals should ...
5
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2answers
113 views

What is the point of considering only pure strategies in a game? How could you restrict people from thinking about mixed strategy?

In an experimental setting, how could you effectively incentivize the subjects to not to adopt mixed strategy? I would like to re-emphasize that the question in concern is "how to prevent people ...
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0answers
75 views

What is the observable definition of “preference” by Frisch?

To make things weird, although Frisch was fully aware of the importance of random distribution in economics relations, he never mention the randomness in binary preference relations! How to define ...
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1answer
34 views

Economy with constant amount of money

A thought experiment: (Based on my understanding of economics) Suppose we are guaranteed that no natural calamity/war/pandemic happens for one year (from year $0$ to year $1$) in the world. Then the ...
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0answers
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Is the Philanthropic CSR model designed to make maximum returns from philanthropy, and turn philanthropy in to a business strategy?

Corporate social responsibility Corporate social responsibility (CSR) is a type of international private business self-regulation1 that aims to contribute to societal goals of a philanthropic, ...
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1answer
52 views

Are revealed preferences normative or positive notion?

I always thought from my understanding of the terms normative and positive that revealed preferences are a positive concept. For example, saying Anakin prefers grass to sand (i.e. $U(g)\succ U(s)$) is ...
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2answers
38 views

What justifies the authority of a bank to create money when they make loans?

This is somewhat of a political or philosophical question. As explained by the Bank of England and elsewhere, the majority of broad money is created by credit to banks' accounts when they make loans. ...
2
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4answers
136 views

Big research goals in economics?

Are there any big, overarching research goals in economics? Examples from other fields that come to my mind: Mathematics: Millenium problems, Hilbert's problems, Collatz conjecture, ... Computer ...
5
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4answers
148 views

Understanding Classical Rationality at a Basic Level

I am a high school student in an intro Microeconomics class (note that we have not covered utility functions) and I'm utterly confused about the classical concept of rationality. I certainly ...
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2answers
63 views

Non-axiomatic definition of well-being

I first wanted to ask this on philosophy@SE but, on a second thought, decided this might be a better place. If we defined a general policy's objective being "to maximize well being and minimize ...
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0answers
46 views

Zero-sum games being converted into positive-sum games

It seems as if "pure, naked self-interest", that is, self-interest without liberty, results often in a zero-sum game. (I'm using the term liberty in a Lockean sense, where it is taken to mean the ...
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4answers
303 views

What is economics?

It has been disturbing me since the first year of college that the meaning of economic is express too much as it is too less. "Study of scarcity, utilize the limited resources to satisfy unlimited ...
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2answers
95 views

Philosophy books for decision theory and economics idea

I have learned economics so far, the most astonishing economics' thing is its though which is talkable and visually in the real world or the abstract world that is worth researching and talking. What ...
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1answer
79 views

How did economics become a “science”, an academic field?

How did economics become a "science", an academic field? Because I think of it as a soft science and thus in order to be considered a science it would need to be able to reply to the hard sciences? ...
4
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2answers
191 views

Arrow of time and irreversibility in Economics

In physics there is the concept of arrow of time, which states that time only evolves in one direction (forward), and that this should be visible in the material world. As the Wikipedia article states ...
5
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3answers
159 views

McCloskey's example of fungibility in basketball

To illustrate the concept of fungibility, Deirdre McCloskey (1985, p. 7, PDF) gives an example from basketball. She claims that the last two points scored are no more important than any two points ...
3
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1answer
44 views

Which are some proven methods to compare alternative economic theories?

Based on this question about alternative schools of thought, this question about untested economic theories, and the rather unsatisfactory answer (imo) to this question about which is the "most ...
10
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6answers
5k views

Which are the different Schools of Economic Thought?

It would be great to have a brief but comprehensive list of current (e.g. Austrian) and defunct (e.g Mercantilism) schools of thought in Economics. I think an ideal answer would include: the defining ...
5
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5answers
1k views

Where does capital come from?

Sorry if this is a birds and the bees type question. Where does capital come from? And I am not talking human capital (which to my mind is skills basically). I suppose I'm taking about financial ...