Questions tagged [philosophy-of-economics]

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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 ...
6
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3answers
210 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 ...
5
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4answers
1k 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 ...
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 ...
5
votes
2answers
204 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 ...
4
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4answers
154 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 ...
3
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2answers
168 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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0answers
86 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 ...
2
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4answers
140 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 ...
2
votes
1answer
47 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 ...
1
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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 ...
1
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4answers
325 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 ...
1
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1answer
58 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 ...
1
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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 ...
0
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1answer
129 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 ...
0
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2answers
98 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 ...
0
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1answer
63 views

What are the best theoretical or empirical defenses of equilibrium analysis in economics?

An Anarchist FAQ (see Wikipedia page here) focuses its opposition to mainstream economics by criticizing equilibrium analysis. The FAQ notes that, [Equilibrium analysis] is essentially a static tool ...
0
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1answer
37 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 ...
0
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2answers
52 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. ...
-1
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1answer
83 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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4answers
267 views

How is economics even a science, rather than just politics?

"Take from the rich and give to the poor," says the Left-wing politician who stands to benefit from the votes of poor voters they bribe with government benefits. "Take from noone, and ...