Economic Indeterminacy: A personal encounter with the by Yanis Varoufakis

Posted by

By Yanis Varoufakis

This quantity is a set of a few of the easiest and so much influential paintings of Yanis Varoufakis. The chapters all handle the problem of monetary indeterminacy, and where of a socialized Homo Economicus in the economic climate. The e-book addresses Varoufakis’ key interpretation concerning the approach within which neoclassical economics offers with the dual difficulties of complexity and indeterminacy. He argues that each one neoclassical modelling revolves round 3 meta-axioms: Methodological individualism, Methodological instrumentalism and the Methodological Imposition of Equilibrium.

Each bankruptcy in preceded via an creation, and is the reason its position in the overarching subject of the booklet. the quantity additionally incorporates a long advent, plus a concluding bankruptcy targeting the way forward for economics. will probably be a key paintings for all scholars and researchers within the box of political economic climate and fiscal methodology.

Show description

Read Online or Download Economic Indeterminacy: A personal encounter with the economists' peculiar nemesis PDF

Similar business & finance books

Privatization, Regulation and Deregulation

During this moment version of Privatization, rules and Deregulation, the writer has up-to-date and augmented the unique fabric to take account of advancements over the past five years. This quantity contains ten thoroughly new chapters and insurance of the serious interval from 1981to the current. The booklet offers a distinct perception into the privatization and regulatory method.

Communication: Leading 08.08

Quick music path to gaining knowledge of all points of winning verbal exchange Covers the main components of verbal exchange, from figuring out your viewers to figuring out physique language, and from development networks of contacts to utilizing tales Examples and classes from benchmark companies, together with American show and The physique store and concepts from the neatest thinkers, together with Naomi Klein, Richard Lewis and Frances Cairncross contains a thesaurus of key techniques and a accomplished assets consultant Roger Cartwright is a specialist and writer focusing on organizational behaviour, administration, purchaser care and tourism.

Extra resources for Economic Indeterminacy: A personal encounter with the economists' peculiar nemesis

Sample text

Graafland 130 Economic Complexity and Equilibrium Illusion Essays on market instability and macro vitality Ping Chen 131 Economic Theory and Social Change Problems and revisions Hasse Ekstedt and Angelo Fusari 132 The Practices of Happiness Political economy, religion and wellbeing Edited by John Atherton, Elaine Graham and Ian Steedman 133 The Measurement of Individual Well-Being and Group Inequalities Essays in memory of Z. M. Berrebi Edited by Joseph Deutsch and Jacques Silber 134 Wage Policy, Income Distribution, and Democratic Theory Oren M.

G. from data on persons’ means and ends) but also it is simply impossible to understand the parts’ properties in isolation to one another. When Aristotle spoke of humans as political animals, or when Hegel narrated his master-slave paradox, they were dwelling on this radical difference between the constituents of society as opposed to the parts of mechanical systems (regardless of their complexity). Hodgson (2007), drawing on Udéhn (2001, 2002), relates the ambiguities in the methodological individualism espoused by leading neoclassicists and suggests that neoclassicism seems to oscillate between strong methodological individualism, which insists that all explanation must be reducible to knowledge derived from isolated selves (an archipelago of Robinson Crusoes), and a weaker version which acknowledges that the individual is indefinable outside its social and relational context.

I refer to it as the dance of the meta-axioms featuring the following simple ‘steps’: Starting from 1, the original formalist neoclassical position, some theoretical challenge c is issued (either from within neoclassicism or from without). In some cases, the challenge is ignored outright (arrow i) while in others it is addressed (arrow a) via a relaxation that occurs within one or both of the first two meta-axioms. At that stage, we argue, radical indeterminacy sets in and the profession recoils: Either it retreats to the original position ( 1) or it backslides (arrow b), via a severe tightening of the third meta-axiom, to some new position 4; a position where the original problem (that c sought to address) seems assuaged when, in truth, its intractability is greatly intensified.

Download PDF sample

Rated 4.76 of 5 – based on 44 votes