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History of Political Economy (2018) 50 (2): 289–320.
Published: 01 June 2018
... will be considered in the light of the criticism it received from Max Weber. It will be argued, first, that while what he called “calculation in kind” fails the demands of what Weber called the “formal” rationality of economic action in conditions of complex industrial societies, it is indispensable for assessing...
History of Political Economy (1985) 17 (4): 575–590.
Published: 01 November 1985
.../ Russell . Method in Max Weber 581 goal relationship. Formal rationality is relevant to unambiguous means/ goals relationships and substantive rationality to the opposite. While it is applied directly to economic relationships, the concept of rationality...
History of Political Economy (2020) 52 (S1): 270–293.
Published: 01 December 2020
... of mechanical or biological systems to the abstract theory of choice and rationality, and demonstrates how the group was related to—and communicated with—the scholars doing work in social choice, mechanism design, and formal political theory. It also speculates on one missed research opportunity of doing...
History of Political Economy (1997) 29 (1): 179–184.
Published: 01 March 1997
... succinctly analyzes the interplay between formal rationality and concepts of natural law and institutions in the writings of Roman jurisconsults. Formal rationality, precisely implemented with clearly defined terms and grammatical rules, gave rise to a school of scientific ju- 184 History...
History of Political Economy (1994) 26 (4): 725–732.
Published: 01 November 1994
..., the first one, Trafic in Praise, uses a detailed eco- nomic format for analyzing the frames of reference of Pindar’s poems. These were mostly formal recitations presented or sung in praise of successful athletes returning from contests such as the Olympic Games. These works were commissioned perfor...
History of Political Economy (1989) 21 (2): 397–400.
Published: 01 June 1989
... considerations from economics, Weber reduced it to the study of “‘formal rationality’” (p. 67). He thus removed from it the subject matter of “ ‘material rationality of the adequate satisfaction of real human needs, whence: “impoverishment, unemployment, underdevelopment, and the destruction...
History of Political Economy (2015) 47 (suppl_1): 227–252.
Published: 01 December 2015
... of the conflictual relationship between for- mal and substantive rationality. In Kapp’s “countervailing thesis,” social damages serve as proof of the impossibility of markets to rationally allo- cate goods and services from the perspective of society. Thus, in this light they reflect the market’s purely formal...
History of Political Economy (1991) 23 (S1): 227–255.
Published: 01 December 1991
...). And as for the formalization of "conflict" so praised by our first definition, it may be worthwhile to quote a newer generation of game theorist at length: (i) Nash (or correlated) equilibrium is an inadequate and at times in- coherent formalization of the notion of rational strategic behavior. (ii) The concept of a Bayesian...
History of Political Economy (1992) 24 (Supplement): 113–147.
Published: 01 December 1992
... way to understand game theory as it grew in significance for John von Neumann is to regard it as another variant of the Turing Machine; an attempt to plat the boundaries of formal rationality in reaction to the failure of the Hilbert program. As the Turing Machine is supposed to simulate...
History of Political Economy (2003) 35 (Suppl_1): 74–100.
Published: 01 December 2003
... agricultural manual in England was Walter of Hen- ley’s Husbandry, written in the late 1200s. It circulated in manuscript and is of interest to us because of its formal rationalism. For example, it compared the costs and advantages of oxen and horses as draft ani- mals. In his essay on the use of horses...
History of Political Economy (1981) 13 (3): 656–680.
Published: 01 September 1981
... of the throne to one of the colonies thus created the need for trained personnel to deal with the problems associated with foreign trade. From the institution of economics in Brazil as a formal discipline,' training proceeded along three lines: (a) Lectures on Commerce (pro- vided since 1809); (b...
History of Political Economy (2010) 42 (Suppl_1): 165–195.
Published: 01 December 2010
..., Polanyi’s position was now more judicious than it had been in 1944. He began by distinguishing two meanings of “economic,” the first being “formal” (rational choice under scarcity), and the second “substantive” (the satisfaction of material wants). Each of the two mean- ings was deemed legitimate...
History of Political Economy (1971) 3 (2): 238–264.
Published: 01 June 1971
... of re- sources. The only formal rationalization of the argument, however, amounts to a casual hint that British resources were physically capable of producing a very narrow range of products for which domestic demand was highly inelastic (p. 353). Although it is possible to justify...
History of Political Economy (2005) 37 (2): 227–232.
Published: 01 June 2005
.... 1979 . On the Contributions of Herbert A. Simon to Economics. Scandinavian Journal of Economics 81.1 : 83 -93. Arrow, Kenneth J. 2004 . Is Bounded Rationality Unboundedly Rational? Some Ruminations. In Models of Man: Essays in Memory of Herbert Simon , edited by Mie Augier and James G. March...
History of Political Economy (2007) 39 (3): 481–510.
Published: 01 September 2007
... into economic analysis (23–26). For a formal analysis of bounded rational- ity, Clark’s demands were clearly beyond the theoretical tools available to contemporary economists. 8. One of the referees pointed out that several other developments (besides improvements in business forecasting) initiating...
History of Political Economy (2008) 40 (1): 111–132.
Published: 01 March 2008
... theory of conflict that, without dismissing the assumption of rational behavior, points out some of its paradoxical consequences. Harsanyi's and Schelling's contrasting views on the axiom of symmetry, as postulated by Nash (1950), are then presented. This debate explains why, although in the early 1960s...
History of Political Economy (1997) 29 (suppl_1): 91–121.
Published: 01 January 1997
... and consistency to the treatment of complex mod em legal problems. The appeal of a formal social science dedicated to reducing all production and exchange processes to a common abstraction emphasizing rational efficiency cannot be underestimated. One of the appeals of modem economics has been its...
History of Political Economy (2004) 36 (4): 639–666.
Published: 01 November 2004
... outcomes that might arise due to the rival’s choice, or that minimized the maximum loss that the rival might cause. The pow- erful minimax theorem provided the formal support to this conclusion. However, the validity of von Neumann’s characterization of rationality did not extend beyond the restricted...
History of Political Economy (2018) 50 (1): 1–48.
Published: 01 March 2018
... those reports with archival and published material.5 Theories of Economic Behavior in Marschak’s Research Program In the 1940s, economists began to use the label “rational choice theory” to refer to ordinal utility theory. But it quickly became an umbrella term covering the emerging formal...
History of Political Economy (2003) 35 (2): 241–268.
Published: 01 June 2003
... of as rational wishful think- ing. Section 4 concludes with a summary and some nal remarks. An appendix provides formal proofs of the results in section 2. 1. The Basic Problem of Time Inconsistency The basic problem of a time-inconsistent discounter can be formulated in an intuitive way using a quasi...