Title: Equilibrium versus understanding : towards the rehumanization of economics within social theory /
Publisher: Routledge,
Year: 1995
Subjects: Equilibrium (Economics); Decision making; Uncertainty.; Economics Methodology
Abstract: The theories we use shape the way we look at the world and influence our explanations of people's behaviour. Equilibrium versus Understanding argues that neoclassical theory is incapable of explaining or understanding people's conduct. As a result it is unsuitable for explaining decisions and choices. The author asserts that a different sort of economic theory is required if economists are to understand and get to grips with social problems. As an alternative, he proposes a hermeneutic theory.
Contents: 1. Two Languages of Economic Theory -- 2. Neoclassical Methodology -- 3. The Practices of Neoclassicists -- 4. On Subjectivism -- 5. Interpretative Understanding -- 6. Austrian Economics and Subjectivism -- 7. Implications of Interpretative Understanding -- 8. Models of Industrial Location -- 9. Location Theory as a Narrative -- 10. Decisions About Things in the World -- 11. Plans and Decisions as Understanding -- 12. Investment Decisions -- 13. Understanding and Locations -- 14. Retrospect and Prospect.