Dionysian Economics [electronic resource] : Making Economics a Scientific Social Science /
Ward, Benjamin.author.
Nietzsche distinguished between two forces in art: Apollonian, which represents order and reason, and Dionysian, which represents chaos and energy. An ideal work of art combines these two characteristics in a believable, relatable balance. Economists, Ward argues, have operated for too long under the assumption that their work reflects scientific, Apollonian principals when these simply do not or cannot apply: "constants" in economics stand in for variables, mathematical equations represent the simplified ideal rather than the complex reality, and the core scientific principal of replication is all but ignored. In Dionysian Economics, Ward encourages economists to reintegrate the standard rigor of the scientific method into their work while embracing the fact that their prime indicators come from notoriously chaotic and changeable human beings. Rather than emphasizing its shortfalls compared to an extremely Apollonian science, such as physics, economics can aspire to the standards of a science that accounts for considerable Dionysian variation, such as biology. The book proposes that economists get closer to their dynamic objects of study, that they avoid the temptation to wish away dynamic complexity by using simplifying assumptions, and that they recognize the desire to take risks as fundamentally human.
Description based upon print version of record.
Cover; Half Title; Title Page; Copyright Page; Dedication; Table of Contents; Preface; A Note on the Efficient Reading of This Book; Acknowledgments; Part I Economic Theory as Physics; Introduction; 1 Physics and Economics-A Theory Comparo; 2 Physics and Economics-A Performance Comparo; 3 Immortal Constants; 4 Mitigations?; Part I-The Gist; Part II Branches of Economic Theory-Differential Disappointments; 5 General Economic Equilibrium Is Neither; 6 Macroeconomics: Theorem-Seeking, Forecasting Failure; 7 Finance: It Works-but How?; 8 Behavior the Savior?; 9 Risk Aversion-The Convenience Error
10 Uncertainties and ApproximationsPart II-The Gist; Part III What Now?; 11 Scientific Demotion; 12 Human Natures; 13 A List Frame for Dionysian Economics; A. Humans; B. Markets; C. Political Economy; D. Making Economics a Science; 14 Biology-A Colleague or a Model?; 15 Subduction and Resurrection; A. Contextics; B. The Reactive Society; 16 The Journal of Dionysian Economics; Part III-Dionysian Economics-The Gist; Notes; Bibliography; Index
Includes bibliographical references and index.
Nietzsche distinguished between two forces in art: Apollonian, which represents order and reason, and Dionysian, which represents chaos and energy. An ideal work of art combines these two characteristics in a believable, relatable balance. Economists, Ward argues, have operated for too long under the assumption that their work reflects scientific, Apollonian principals when these simply do not or cannot apply: "constants" in economics stand in for variables, mathematical equations represent the simplified ideal rather than the complex reality, and the core scientific principal of replication is all but ignored. In Dionysian Economics, Ward encourages economists to reintegrate the standard rigor of the scientific method into their work while embracing the fact that their prime indicators come from notoriously chaotic and changeable human beings. Rather than emphasizing its shortfalls compared to an extremely Apollonian science, such as physics, economics can aspire to the standards of a science that accounts for considerable Dionysian variation, such as biology. The book proposes that economists get closer to their dynamic objects of study, that they avoid the temptation to wish away dynamic complexity by using simplifying assumptions, and that they recognize the desire to take risks as fundamentally human.
Economic theory.
Behavioral economics.
Macroeconomics.
Economic Theory/Quantitative Economics/Mathematical Methods.
Behavioral/Experimental Economics.
Macroeconomics/Monetary Economics//Financial Economics.