Identity, Capabilities, and Changing Economics: Reflexive, Adaptive, Socially Embedded Individuals
Peb 2024 · Cambridge University Press
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Mainstream economics assumes economic agents act and make decisions to maximize their utility. This model of economic behavior, based on rational choice theory, has come under increasing attack in economics because it does not accurately reflect the way people behave and reason. The shift towards a more realistic account of economic agents has been mostly associated with the rise of behavioral economics, which views individuals through the lens of bounded rationality. Identity, Capabilities, and Changing Economics goes further and uses identity analysis to build on this critique of the utility conception of individuals, arguing it should be replaced by a conception of economic agents in an uncertain world as socially embedded and identified with their capabilities. Written by one of the world's leading philosophers of economics, the book develops a new approach to economics' theory of the individual, explaining individuals as adaptive and reflexive rather than utility maximizing.
Tungkol sa may-akda
John B. Davis is Professor Emeritus of Economics: Marquette University, University of Amsterdam. He is the author of Keynes's Philosophical Development, The Theory of the Individual in Economics, and Individuals and Identity in Economics, and a former co-author of the Journal of Economic Methodology.
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