The Economic World View
Studies in the Ontology of Economics

These essays consider 'ontological criteria', how economists choose models and theories to understand economic behaviour.

Uskali Mäki (Edited by)

9780521801768, Cambridge University Press

Hardback, published 26 July 2001

418 pages
22.9 x 15.2 x 2.4 cm, 0.73 kg

"The publication of this new book on the philosophy of economics is reason to celebrate, and the editor deserves praise for this accomplishment. It is the mature outcome of years of reflection on the subject.... This is one of the best books that I have read on philosophy of economics...it is necessary for anyone who wants to know the current state of this exciting field of research." Markets and Morality

The beliefs of economists are not solely determined by empirical evidence in direct relation to the theories and models they hold. Economists hold 'ontological presuppositions', fundamental ideas about the nature of being which direct their thinking about economic behaviour. In this volume, leading philosophers and economists examine these hidden presuppositions, searching for a 'world view' of economics. What properties are attributed to human individuals in economic theories, and which are excluded? Does economic man exist? Do markets have an essence? Do macroeconomic aggregates exist? Is the economy a mechanism, the functioning of which is governed by a limited set of distinct causes? What are the methodological implications of different ontological starting points? This collection, which establishes economic ontology as a coordinated field of study, will be of great value to economists and philosophers of social sciences.

Part I. The What, Why, and How of Economic Ontology: 1. Economic ontology: What? Why? How? Uskali Mäki
2. The empirical presuppositions of metaphysical explanations Harold Kincaid
3. Quality and quantity in economics: the metaphysical construction of the economic realm
Part II. Rationality and Homo Economicus: 4. The normatic core of rational choice Russel Hardin
5. The virtual reality of homo economicus Philip Pettit
6. Expressive rationality: is self worth just another kind of preference? Shaun Hargreaves
7. Agent identity in economics John Davis
8. Chances and choices: notes on probability and beliefs in economic theory Jochen Runde
Part III. Micro, Macro, and Markets: 9. Essences and markets John O'Neill
10. The metaphysics of microeconomics Alex Rosenberg
11. Ontological commitments of evolutionary economics Jack Vronen
12. Is macroeconomics for real? Kevin D. Hoover
13. The possibility of economic objectivity Don Ross and Fred Bennet
Part IV. The World of Economic Causes: 14. Ceteris paribus laws and socio-economic machines Nancy Cartwright
15. Tendencies, laws, and the composition of economic causes
16. Economics without mechanism John Dupre
Part V. Methodological Implications of Economic Ontology: 17. Sargent's symmetry saga: ontological versus technical constraints
18. Two models of idealization in economics Alan Nelson
19. The way the world works (www): towards an ontology of theory choice Uskali Mäki.

Subject Areas: Philosophy of science [PDA], Economic theory & philosophy [KCA], Philosophy: metaphysics & ontology [HPJ]