Equilibrium versus Understanding: Towards the Restoration of Economics as Social Theory

Equilibrium versus Understanding: Towards the Restoration of Economics as Social Theory

Equilibrium versus Understanding: Towards the Restoration of Economics as Social Theory

Equilibrium versus Understanding: Towards the Restoration of Economics as Social Theory

Synopsis

Equilibrium Versus Understandingargues that neo-classical theory is incapable of explaining or understanding people's conduct. As a result it is unsuitable for explaining decisions and choices. Mark Addleson asserts that a different sort of economic theory is required if economists are to understand how the world works. He proposes a hermeneutic theory. Addleson discusses what a hermeneutic theory entails, why it is a suitable framework for explaining people's conduct, how it differs from orthodox economics and how it enlarges the scope of economics. The discussion of methodologies throughout the book provides a novel critique of equilibrium thoery and insight into the nature of business decisions and uncertainty, the issue of prediction, and the use of mathmatics in economics.
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