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Explorations in Economic Methodology: From Lakatos to Empirical Philosophy of Science (Routledge Frontiers of Political Economy) Hardcover – February 20, 1998

ISBN-13: 978-0415174701 ISBN-10: 0415174708

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Product Details

  • Series: Routledge Frontiers of Political Economy
  • Hardcover: 256 pages
  • Publisher: Routledge (February 20, 1998)
  • Language: English
  • ISBN-10: 0415174708
  • ISBN-13: 978-0415174701
  • Product Dimensions: 9.5 x 6.2 x 1 inches
  • Shipping Weight: 1.2 pounds (View shipping rates and policies)
  • Average Customer Review: 3.0 out of 5 stars  See all reviews (1 customer review)
  • Amazon Best Sellers Rank: #10,283,094 in Books (See Top 100 in Books)

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Format: Paperback
This review will concentrate on the author's ability to deal with J M Keynes's General Theory (GT,1936) methodologically using standard philosophy of science criteria such as " scientific research programmes ", the " hard core " of a theory , "protected belt",etc.The author commits an error so egregious that it completely destroys the overall value of the book.He correctly states in chapter 2 that the Walrasian (Neo Walrasian) research program is based on optimization and the use of formal mathematics .However,he then states that Keynes's General Theory is not based on optimization or formal mathematical modeling but on psychological propensities(see p.19 and p.42,for example).This is simply false.Walrasian economics is based on a mathematical analysis ,in formal terms ,that assumes all decision makers have a complete information set.Optimization is applied to this case only.Keynes's GT deals with the far more general case of decision makers having an incomplete information set.The case of Walrasian (Neo Walrasian) economics assumes that the weight of the evidence,w,=1 where w is an index defined on the unit interval [0,1]and measures the completeness of the relevant information base of the decision maker.Walrasian (Neo Walrasian)Economics uses the Expected Monetary Value (EMV) rule to Maxmize EMV and/or the Subjective Expected Utility (SEU) rule to Maximize SEU.Both of these rules are based on the assumption that all probabilities are linear and additive.Keynes's rule includes these as special cases.Keynes's analysis is provided below.Keynes's formal mathematical representation of this analysis appears in chapters 20(pp.280-286) and chapter 21(pp.304-306)of the GT in the form of elasticities.Read more ›
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