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| Topic: |
Philosophy
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| Number of pages / Number of words: |
15 / 3932 |
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So what constructive role does philosophy have to play in economics? There are several.
? First, philosophers are well prepared to examine the logical and rational features of an empirical discipline. How do theoretical claims in the discipline relate to empirical evidence? How do pragmatic features of theories such as simplicity, ease of computation, and the like, playa role in the rational appraisal of a theory? How do presuppositions and traditions of research serve to structure the forward development of the theories and hypotheses of the discipline?
? Second, philosophers are well equipped to consider topics having to do with the concepts and theories that economists employ?for example, economic rationality, Nash equilibrium, perfect competition, transaction costs, or asymmetric information...
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Philosophers can offer useful analysis of the strengths and weaknesses of such concepts and theories?thereby helping practicing economists to further refine the theoretical foundations of their discipline. In this role the philosopher serves as a conceptual clarifier for the discipline, working in partnership with the practitioners to bring about more successful economic theories and explanations...
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