Economic Indeterminacy: A personal encounter with the by Yanis Varoufakis

By Yanis Varoufakis

This quantity is a suite of a few of the simplest and such a lot influential paintings of Yanis Varoufakis. The chapters all deal with the problem of financial indeterminacy, and where of a socialized Homo Economicus in the economic climate. The booklet addresses Varoufakis’ key interpretation concerning the manner 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 through an advent, and is the reason its position in the overarching topic of the publication. the quantity additionally contains a long advent, plus a concluding bankruptcy concentrating on the way forward for economics. it is going to be a key paintings for all scholars and researchers within the box of political economic climate and fiscal methodology.

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By what mechanism is it reproduced? In this chapter I venture an answer to these two questions. 2 defines what I mean by neoclassical economics; the sort of economic analysis that succeeded in expelling all other analytical methods from professional economics. My definition is that all neoclassical modelling revolves around three meta-axioms: methodological individualism, methodological instrumentalism and methodological equilibration. 3 presents the dynamic mechanism, which I call the dance of the meta-axioms, by which neoclassical economics reinforces its power.

I begin with the 1950s explosion of neoclassical decision and game theory that was founded on expected utility theory (as outlined by von Neumann and Morgenstern, 1944; and Savage, 1954). From a very early stage, its foundational assumptions were challenged both experimentally and logically. In particular, two separate but equally devastating critiques, by Allais (1953) and Ellsberg (1956, 1961), disproved the empirical validity of expected utility theory and challenged the logic of its foundational axioms.

G. ), the focus of study is restricted (usually by some hidden axiom) to that set and only behaviour consistent with it is admitted. 15 Weak methodological equilibration – e: The set of equilibria is arrived at through a process that unfolds either in logical or historical time by means of a pre-specified selection mechanism which forms part of the analysis’ primitive data. 3 The dance of the meta-axioms Models are an open invitation to meddle with assumptions, and neoclassical models have been no exception.

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