Dionysian Economics: Making Economics a Scientific Social Science

ISBN-13: 9781137597359 / Angielski / Twarda / 2016 / 283 str.

Benjamin Ward

Opis

Nietzsche distinguished between two forces in art: Apollonian, which represents order and reason, and Dionysian, which represents chaos and energy. Economists, Ward argues, have operated for too long under the assumption that their work reflects the scientific, Apollonian principals that inform physics when they simply do not apply to economics: 'constants' in economics stand in for variables, and the core scientific principles of prediction and replication are all but ignored by economists. Ward encourages economists to reintegrate the standard rigor of the scientific method into their work while embracing the fact of the shape-shifting changeability of human beings. Economists can still aspire to scientific standards, as is demonstrated by the success of biology, in which there is considerable Dionysian variability. Economists must avoid the temptation to wish away dynamic complexity and diversity and must recognize, among other things, that the desire to take risks is fundamentally human. The second half of the book takes some first steps toward creating this new Dionysian Economics.

Recenzje

"Ward does a superb job of efficiently summarizing the gist of his argument in three easily digestible sections. Summing Up: Recommended. Graduate students through professionals." (S. K. Allen, Choice, Vol. 54 (4), December, 2016)

Spis treści

PART I: ECONOMIC THEORY AS PHYSICS 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 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 Approximations Part II, The Gist PART III: WHAT NOW? 11. Scientific Demotion 12. Human Natures 13. A List Frame for Dionysian Economics 14. Biology: Colleague or Model? 15. Subduction and Resurrection 16. The Journal of Dionysian Economics Dionysian Economics, The Gist

O autorze

Benjamin Ward taught economics at the University of California-Berkeley, USA, for over thirty years. He authored books and articles comparing welfare state capitalism with socialist and emerging economies. This is his third book on problems with economics itself; the first two dealt with the sociology and methodology of the field and with the central role of ideology in shaping the results of research.

Blurb

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.