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