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Questions tagged [philosophy-of-economics]

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7
votes
4answers
2k views

Why can't (or shouldn't) economists answer normative questions?

Normative questions are those which: affirm how things should or ought to be, how to value them, which things are good or bad, which actions are right or wrong. Normative is usually contrasted ...
4
votes
1answer
59 views

The future of my philosophical understanding and methods for getting there

I am trying to go through a semi-rigorous self-teaching regimen, and I was wondering if I could get some criticism on my approach. I'm interested in philosophy of economics, social philosophy, and ...
1
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2answers
99 views

Does Risk Aversion cause Diminishing Marginal Utility, or vice versa?

Let A be the set of possible states of the world, or possible preferences a person could have. Let G(A) be the set of "gambles" or "lotteries", i.e. the set of probability distributions over A. Then ...
5
votes
1answer
111 views

The mass surveillance of price and the invisible hand?

In Hayeks Road to Serfdom, he distinguishes between central planning & decentralised planning. And states that decentralised planning makes the most sense, since the available information is too ...
2
votes
1answer
511 views

Was Ayn Rand affected by Italian Futurism?

Italian Futurism was an art movement in early 20th century Italy which celebrated youth, violence & technology: Marinetti expressed a passionate loathing of everything old, especially political ...
1
vote
1answer
147 views

Is there an economic philosophy that is dualistic?

In classical economics its obvious that the philosophical model followed is inspired by both physics in its reductionism and biology to a primary notion - that of self-interest. This self-interest ...
5
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2answers
314 views

What arguments have there been on the relative merits of praxeology vs rationality?

Suppose you know what someone's goals are, and how much they value each of their goals. Then if you observe their behavior in a given situation, how can you understand why they acted the way they did?...
0
votes
1answer
142 views

What's Good for the Goose is Almost Never Good for the Gander

It's often said that "what's good for the goose is good for the gander," meaning that if something is good for or benefits one person, it is likely to benefit the group of which they are a part. I'm ...
2
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2answers
452 views

Is the perfect competition hypthesis simply the Hobbesian state of nature in the commercial realm?

Hobbes defines the state of nature as war of all against all. Is the perfect competition hypthesis as classically defined presumably by Adam Smith simply this but rather than man against man, ...
4
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3answers
2k views

Why are humans risk-averse? [closed]

The economic theory and much of the decision theory are based on the assumption that we are risk-averse creatures; in the sense that we are more sensitive to bad outcomes than the good ones and so ...
-1
votes
1answer
128 views

Does economics as a science or a technology take only the legitimate economy as its proper field of study? [closed]

My impression as a science or a technology it takes only the legitimate economy (that is under the rule of Law) as its proper sphere. That there is a preponderance of studies on the legitimate ...
1
vote
2answers
165 views

What would an economics that takes buddhism seriously look like?

Capitalism is predicated on desire, and on maintaining that desire. Buddhism turns away from desire. Has anyone written anything that takes Buddhism seriously enough to make it the centre of their ...
1
vote
1answer
122 views

Classical economics make use of the concept of the rational agent, how true is this?

I want to be clear here. An agent is rational if his motivations can be rationally explicable whether we can deduce them or not, or whether she herself is aware of them or not. Its a fundamental ...
6
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1answer
412 views

Does rational choice theory stack up against reality?

Rational choice theory has been criticised on the grounds that "consumers are not rational, so doesn't make much sense because utility functions can't model consumer preferences." But is there actual ...
4
votes
1answer
13k views

What does Marxism envision as the role of the state in the economy?

According to Marx, in capitalism, what role does the state play? Is it independent of the economy? Also, does the exploitation of the proletariat by the bourgeoisie, have anything to do with the state ...
4
votes
4answers
219 views

What philosophers and schools have considered 'transcendental' economic values?

Background Settle a bet- more likely; enrich a debate. A friend of mine (a philosophy PhD with a penchant for economics) and I have been arguing for some time on the same topic. He is a libertarian ...
14
votes
3answers
3k views

What are the main points of contention between Marxist and capitalist economic philosophies?

What are the main points of contention between Marxist economic philosophy and the various "pro-capitalist" economic philosophies (Labor Theory of Value, Austrian School, Libertarianism, etc.?)