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The Methodology of Economics and the Survival Principle Revisited and Revised: Some Welfare and Public Policy Implications of Modeling the Economic Agent

The Methodology of Economics and the Survival Principle Revisited and Revised: Some Welfare and... The focus of this paper is on the survival principle, as articulated by Milton Friedman, that dominates the methodology of the conventional wisdom either explicitly or implicitly. The survival principle is revised applying the behavioral approach to economics, which differs fundamentally with Friedman's methodology. This discussion is contextualized by a comparison of the different approaches to the modeling of economic agents and the substantive implications of this for theory and public policy and thereby for economic welfare and economic justice. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Review of Social Economy Taylor & Francis

The Methodology of Economics and the Survival Principle Revisited and Revised: Some Welfare and Public Policy Implications of Modeling the Economic Agent

Altman, Morris
Review of Social Economy , Volume 57 (4): 23 – Dec 1, 1999
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References (34)

Publisher
Taylor & Francis
Copyright
Copyright Taylor & Francis Group, LLC
ISSN
1470-1162
eISSN
0034-6764
DOI
10.1080/00346769900000015
Publisher site
See Article on Publisher Site

Abstract

The focus of this paper is on the survival principle, as articulated by Milton Friedman, that dominates the methodology of the conventional wisdom either explicitly or implicitly. The survival principle is revised applying the behavioral approach to economics, which differs fundamentally with Friedman's methodology. This discussion is contextualized by a comparison of the different approaches to the modeling of economic agents and the substantive implications of this for theory and public policy and thereby for economic welfare and economic justice.

Journal

Review of Social Economy – Taylor & Francis

Published: Dec 1, 1999

Keywords: Survivor principle; x-efficiency; behavioral economics; assumptions; welfare

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