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formal rationality
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Journal Article
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...
Journal Article
History of Political Economy (1985) 17 (4): 575–590.
Published: 01 November 1985
.... profit) and others do not (e.g. love), types
of rationality must be distinguished according to the nature of the means/
Russell . Method in Max Weber 581
goal relationship. Formal rationality is relevant to unambiguous means/
goals...
Journal Article
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...
Journal Article
History of Political Economy (1997) 29 (1): 179–184.
Published: 01 March 1997
..., we get an insight into the economic sophistication
of medieval policy in a specific historical setting. Also in Part 1, “Interpretation and
Legal Reasoning in Roman Law” (pp. 1539-56), Peter Stein succinctly analyzes the
interplay between formal rationality and concepts of natural law...
Journal Article
History of Political Economy (1994) 26 (4): 725–732.
Published: 01 November 1994
... (chap. 3)
in contrast to the formal rationalism of Ricardo is a very well developed piece. It
gives a particularly clear picture of the evolution of British historicism through the
latter half of the nineteenth and early twentieth centuries.
Although the historical method is data oriented...
Journal Article
History of Political Economy (1989) 21 (2): 397–400.
Published: 01 June 1989
...-economic propriety, in Friedman’s work.2
Another “formal” issue involves the nature and scope of human economy and
economics itself. Eschewing value judgments and all ethical considerations from
economics, Weber reduced it to the study of “‘formal rationality’” (p. 67). He
thus removed from...
Journal Article
History of Political Economy (2015) 47 (suppl_1): 227–252.
Published: 01 December 2015
... 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 rationality, which from the per-
spective of society appears limited, biased, and even arbitrary.
The Fatal Flaws...
Journal Article
History of Political Economy (1991) 23 (S1): 227–255.
Published: 01 December 1991
..." (Fisher 1989, 116). 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...
Journal Article
History of Political Economy (1992) 24 (Supplement): 113–147.
Published: 01 December 1992
...; 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 the behavior of any other
machine, game-theoretic strategic considerations are supposed to simu-
late the behavior of any opponent and therefore...
Journal Article
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...
Journal Article
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...
Journal Article
History of Political Economy (1981) 13 (3): 656–680.
Published: 01 September 1981
... of other social groups within the political system. Thus “the
reduction to formal rationality decreases the effectiveness of economic
thinking and really limits the economist’s inventive capability.”
Another reliable source of empirical data on the economist’s role
in policymaking...
Journal Article
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...
Journal Article
History of Political Economy (2022) 54 (5): 823–858.
Published: 01 October 2022
... subsequently be taken as a foundation of rational choice theory as well as an axiomatic embodiment of a philosophical principle of rationality. All these subsequent developments in which his growth model and his work on games appear as a formal unified block took form, nevertheless, as von Neumann's personal...
FIGURES
Journal Article
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...
Journal Article
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...
Journal Article
History of Political Economy (2008) 40 (1): 111–132.
Published: 01 March 2008
... in the generally agreed-on defi nition of rationality and in
Harsanyi-Schelling on Symmetry / Innocenti 131
the surreptitious division between formalized and empirical arguments
characterizing mainstream economics. More generally, in light of the fact
that bargaining theory...
Journal Article
History of Political Economy (1997) 29 (suppl_1): 91–121.
Published: 01 January 1997
... 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 alleged standing
as a value-free...
Journal Article
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...
Journal Article
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...
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