2015-10-26
Ecological (or Realist) Rationality in Economics
2015-12-01
Those unfamiliar with ecological rationality may be surprised by the term ecological used in in a discussion of economic methodology and methods. For the last century, economic theory has been described increasing in terms of of systems linear equations. In order to be mathematically tractable, this framework assumes homogeneous agents whose preferences are only described in terms of prices and...
A brief theory of goods and prices
2017-02-07
Economics is the study human action in light of a budget constraint. It observes action in terms of means and ends. The agent perceives her environment and is able to imagine how she may acquire some end. We assume that the agent values any end that she seeks to realize. Traditionally, this valuation reflects utility that the agent expects to receive. By hypothesizing that the agent measures...
A theory of social economy II: reformulating a framework for economic analysis
2017-01-18
In his Principles of Economics , Carl Menger tells us that his goal is to “reduce the complex phenomena of human economic activity to the simplest elements that can still be subjected to accurate observation, to apply to these elements the measure corresponding to their nature, and constantly adhering to this measure, to investigate the manner in which the more complex economic phenomena...