The Review of Austrian Economics, 17:1, 139–144, 2004. c 2004 Kluwer Academic Publishers. Manufactured in The Netherlands. Review Leland B. Yeager (2001) Ethics as Social Science: The Moral Philosophy of Social Cooperation, Northampton: Edward Elgar. What is a good Austrian subjectivist to do? On the one hand, he believes that human action is driven by subjectively held values, perceptions and expectations that are, in themselves, unobservable and vary across individuals, and that this implies that, in many cases, there is no automatic tendency for action to be coordinated around a set of commonly held values, perceptions and expectations; and further that all normative pronouncements that rely on such coordination for the application of value metrics to social outcomes are, in its absence, doomed to failure. On the other hand, he also believes that it ought to be possible to say something normatively meaningful about social outcomes in general and economic policy in particular. But how can one judge policies in the absence of an agreement on both the affects that it will produce and on how to value these effects? At one level the problem is solved by the so-called value-fact dichotomy—while the economist-qua-economist cannot judge between outcomes as
The Review of Austrian Economics – Springer Journals
Published: Oct 18, 2004
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