E-book details

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

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

Aleksander Ostapiuk

Ebook

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 paid to choices over time, because in this area value-free economics has the most problems. In that context, the enriched concept of multiple self is proposed and investigated. However, it is not enough to present the criticisms towards value-free economics. For scientists, a bad paradigm is better than no paradigm. Therefore, the author considers whether value-based economics with normative approaches such as economics of happiness, capability approach, libertarian paternalism, and the concept of multiple self can be the alternative paradigm for value-free economics. This book is essential reading to everyone interested in the current state of economics as a discipline.

Introduction 7

1. The origins of value-free economics 17

1.1. Introduction 17

1.2. Pareto turn – economics and psychology 19

1.3. Robbins and value-free economics 22

1.4. Positive versus normative approach 27

1.5. Conclusions 32

2. Lakatosian perspective on Becker’s economic approach 34

2.1. Introduction 34

2.2. Becker’s economic approach as scientific research programme 38

2.3. Becker’s methodology 41

2.4. Problems with instrumental rationality and utility maximization 44

2.5. Becker’s unsuccessful escape from tautology 52

2.6. Conclusions 55

3. Economics of happiness 59

3.1. Introduction 59

3.2. Subjective well-being 63

3.3. The criticism of revealed preference theory 67

3.4. Economics of happiness – general insights 77

3.5. Objective well-being approaches 78

3.6. Conclusions 87

4. The conception of multiple self. Reason versus emotions 90

4.1. Introduction 90

4.2. Personal identity and economics 90

4.3. The conception of multiple self 100

4.4. The conception of multiple self over time 103

4.5. Weakness of will 106

4.6. Conclusions 111

5. Philosophy of science and value-free economics 113

5.1. Introduction 113

5.2. Positivist methodology of economics 121

5.3. Weber and value-free economics 126

5.4. Consequentialism versus deontology 130

6. The capability approach 137

6.1. Introduction 137

6.2. The criticism of neoclassical economics 137

6.3. Functionings and capabilities 140

6.4. Freedom as an intrinsic value 143

6.5. Reason and autonomy 147

6.6. The criticism of the capability approach 153

6.7. Conclusions 157

7. Libertarian paternalism. The discussion on freedom and well-being 159

7.1. Introduction 159

7.2. Psychological background 161

7.3. Libertarian paternalism 163

7.3.1. Introduction 163

7.3.2. Choice architecture 164

7.3.3. Default option versus freedom 168

7.3.4. Some constraints on libertarian paternalism 170

7.4. Libertarian paternalism in the light of capability approach 171

7.5. The criticism of libertarian paternalism 172

7.5.1. Introduction 172

7.5.2. The concept of purified preferences. The problems with the inner agent 173

7.5.3. Paternalism is not inevitable 183

7.5.4. Libertarian paternalism does not provide freedom 186

7.6. Conclusions 193

Conclusions 195

References 202

  • Title: The Eclipse of Value-Free Economics. The concept of multiple self versus homo economicus
  • Author: Aleksander Ostapiuk
  • ISBN: 978-83-7695-853-8, 9788376958538
  • Date of issue: 2021-06-10
  • Format: Ebook
  • Item ID: e_22d6
  • Publisher: Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu