Equilibrium versus Understanding: Towards the Rehumanizing of Economics within Social Theory

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  • Format: Hardcover
  • Copyright: 1995-10-24
  • Publisher: Routledge

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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.

Author Biography

Mark Addleson is Associate Professor in the Program on Social and Organisational Learning, George Mason University, Virginia.

Table of Contents

Acknowledgementsp. x
p. 1
Introductionp. 3
Two Languages of Economic Theoryp. 13
Neoclassical Methodologyp. 34
The Practices of Neoclassicistsp. 52
On Subjectivismp. 68
Interpretative Understandingp. 79
Austrian Economics and Subjectivismp. 97
Implications of Interpretative Understandingp. 116
p. 133
Models of Industrial Locationp. 135
Location Theory as a Narrativep. 155
Decisions About Things in the Worldp. 170
Plans and Decisions as Understandingp. 182
Investment Decisionsp. 195
Understanding and Locationsp. 213
Retrospect and Prospectp. 231
Notesp. 241
Referencesp. 266
Indexp. 288
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