The Eclipse of Value-Free Economics. The concept of multiple self versus homo economicus

Aleksander Ostapiuk

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ISBN/ISSN:

978-83-7695-853-8

DOI:

Wydawnictwo:

Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu

Rok wydania:

2021

Liczba stron:

233

XML:ISBN/ISSN:

ONIX MARC21

Bibliografia:

Ostapiuk, Aleksander. The Eclipse of Value-Free Economics. The concept of multiple self versus homo economicus. Red. . : Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu, 2021, 233 s. ISBN 978-83-7695-853-8

Bibliografia refWorks:

RT Book, Whole

SR Electronic(1)

A1 Ostapiuk, A.

T1 The Eclipse of Value-Free Economics. The concept of multiple self versus homo economicus

PB Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu

YR 2021

SN 978-83-7695-853-8

Bibliografia BibTex:

@Book{ 247216, author = "Ostapiuk, Aleksander", editor = "", title = "The Eclipse of Value-Free Economics. The concept of multiple self versus homo economicus", publisher = "Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu", year = "2021", address = "", isbn = "978-83-7695-853-8" }

Bibliografia endNote:

TY - BOOK

AU - Ostapiuk, Aleksander

ED -

TI - The Eclipse of Value-Free Economics. The concept of multiple self versus homo economicus

PB - Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu

CY -

PY - 2021

SN - 978-83-7695-853-8

ER -

Netografia (standard APA):

Ostapiuk, Aleksander. The Eclipse of Value-Free Economics. The concept of multiple self versus homo economicus [baza danych online] : Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu, 2021 [dostęp: 26 04 2024]. Dostęp w Ibuk Libra: https://libra.ibuk.pl/reader/the-eclipse-of-value-free-economics-the-concept-of-multiple-self-aleksander-ostapiuk-247216.

homo oeconomicus, Philosophy of economics, Philosophy of science, multiple self, value-free economics

The books’ goal is to answer the question: Do the weaknesses of value-free economics imply the need for a paradigm shift? The author synthesizes criticisms from different perspectives (descriptive and methodological). Special attention is pa...

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ISBN/ISSN:

978-83-7695-853-8

DOI:

Wydawnictwo:

Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu

Rok wydania:

2021

Liczba stron:

233

XML:ISBN/ISSN:

ONIX MARC21

Introduction8
1. The origins of value-free economics 18
1.1. Introduction18
1.2. Pareto turn – economics and psychology20
1.3. Robbins and value-free economics23
1.4. Positive versus normative approach28
1.5. Conclusions33
2. Lakatosian perspective on Becker’s economic approach35
2.1. Introduction35
2.2. Becker’s economic approach as scientific research programme39
2.3. Becker’s methodology42
2.4. Problems with instrumental rationality and utility maximization45
2.5. Becker’s unsuccessful escape from tautology53
2.6. Conclusions56
3. Economics of happiness60
3.1. Introduction60
3.2. Subjective well-being64
3.3. The criticism of revealed preference theory68
3.4. Economics of happiness – general insights78
3.5. Objective well-being approaches79
3.6. Conclusions88
4. The conception of multiple self. Reason versus emotions91
4.1. Introduction91
4.2. Personal identity and economics91
4.3. The conception of multiple self101
4.4. The conception of multiple self over time104
4.5. Weakness of will107
4.6. Conclusions112
5. Philosophy of science and value-free economics114
5.1. Introduction114
5.2. Positivist methodology of economics122
5.3. Weber and value-free economics127
5.4. Consequentialism versus deontology131
6. The capability approach138
6.1. Introduction138
6.2. The criticism of neoclassical economics138
6.3. Functionings and capabilities141
6.4. Freedom as an intrinsic value144
6.5. Reason and autonomy148
6.6. The criticism of the capability approach154
6.7. Conclusions158
7. Libertarian paternalism. The discussion on freedom and well-being160
7.1. Introduction160
7.2. Psychological background162
7.3. Libertarian paternalism164
7.3.1. Introduction164
7.3.2. Choice architecture165
7.3.3. Default option versus freedom169
7.3.4. Some constraints on libertarian paternalism171
7.4. Libertarian paternalism in the light of capability approach172
7.5. The criticism of libertarian paternalism173
7.5.1. Introduction173
7.5.2. The concept of purified preferences. The problems with the inner agent174
7.5.3. Paternalism is not inevitable184
7.5.4. Libertarian paternalism does not provide freedom187
7.6. Conclusions194
Conclusions196
References203

1.2.Paretoturn-economicsandpsychology

EspeciallyJevonsreliedonutilitarianism.Forhimallpleasuresandpainscanbe

reducedtoasingledimensionofutilityandalldesirescanbesimplifiedtothe

desiretomaximizeutility.Inthefirstgenerationofneoclassicaltheory,theutility-

-basedchoicecanbecharacterizedbythecardinalandhedonisticnotionofutility.

Cardinalapproachmeansthatitispossibletoassessutilityandgiveitnumerical

values.Thehedonisticnotionisconnectedwiththeamountofpleasurableor

painfulpsychicalfeelingthatconsumergetsfromsomegoodsoractions(Hands,

2009).Whatmakesvalue-freeeconomicsandBenthamsosimilaristheirreluctance

toindicatesomegoalsofhumanactions.Benthamfindsthemaximizationof

utilityasanenditself.Therefore,hecriticizestheGreekancientphilosopherswho

believedthatsomepleasuresdepreciatehumanbeing.TheEnglishphilosopher

scoffsattheirsearchingforthehighestgood(summumbonum)andclaimsthatthis

istheHconsummatenonsense”(Bentham,1983,p.134).Inhisopinion,searching

forsomethingbetteranddifferentfrompleasuredoesnothaveanysense,asitis

impossibletobefound.Plato,withhisrealmofideas,isforBenthamHthemaster

manufacturerofnonsense”(Bentham,1983,p.137).Benthamalsostatesthatthere

isnodistinctionbetweenbetterandworsepleasures.Hewrites:HPrejudiceapart,

thegameofpush-pinisofequalvaluewiththeartsandsciencesofmusicand

poetry”(Bentham,1825,p.206).Inhisopinion,bothactivitiesareequallygood

iftheygivethesameamountofutility.However,thereisacrucialdifference

betweennotdecidingwhichgoodsaremoreworthy(Bentham)andassuming

thatpeoplealwaysmaximizetheirutilitywhichimpliesthatpeoplechoosewhat

isthebestforthem(value-freeeconomics).

1.2.Paretoturn–economicsandpsychology

Atthebeginningofthe20thcentury,economicsgotridofpsychologyandthis

processiscalledlParetoturn.’Manyeconomists,andamongthemBruniand

Sugden(2007),comprehensivelyexplainedhowitwasdone.Therefore,inthis

sectiononlythemainfactorsinthisprocesswillbeanalysed.Tobeginwith,

itmustbestatedthatmarginalistsbelievedincardinalutility.However,they

couldnotfindaconvincingmethodtomeasureutility(see(Stigler,1950)).

Ofcourse,thelackofamethodtomeasureutilityattractedalotofcriticism.

Robbinsunderlinesthatmarginalutilitytheorywasseverelycriticized,because

ofitspsychologicalhedonismfoundation:

TheborderlandsofEconomicsarethehappyhuntinggroundofmindsaverse

totheeffortofexactthought,and,intheseambiguousregions,inrecent

years,endlesstimehasbeendevotedtoattacksontheallegedpsychological

assumptionsofEconomicScience.(Robbins,1932,p.83)

Psychologicalhedonismquicklylostintellectualcredibilityanditwasevident

formarginaliststhattheyhadtoreformitstheoreticalfoundations.Cardinal

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