An anthology of works on the philosophy of economics, including classic texts and essays exploring specific branches and schools of economics. Completely revamped, this edition contains new selections, a revised introduction and a bibliography. The volume contains 26 chapters organized into five parts: Classic Discussions, Positivist and Popperian Views, Ideology and Normative Economics, Branches and Schools of Economics and Their Methodological Problems and New Directions in Economic Methodology. It includes crucial historical contributions by figures such as Mill, Marx, Weber, Robbins, (...) Knight, and Veblen and works by most of the leading contemporary figures writing on economic methodology, including five Nobel Laureates in Economics. (shrink)

This is a paperback edition of a major contribution to the field, first published in hard covers in 1977. The book outlines a general theory of rational behaviour consisting of individual decision theory, ethics, and game theory as its main branches. Decision theory deals with a rational pursuit of individual utility; ethics with a rational pursuit of the common interests of society; and game theory with an interaction of two or more rational individuals, each pursuing his own interests in a (...) rational manner. (shrink)

The essays in this volume, first published in 1986, examine the philosophical foundations of social choice theory. This field, a modern and sophisticated outgrowth of welfare economics, is best known for a series of impossibility theorems, of which the first and most crucial was proved by Kenneth Arrow in 1950. That has often been taken to show the impossibility of democracy as a procedure for making collective decisions. However, this interpretation is challenged by several of the contributors here. Other central (...) issues discussed in the volume include the possibility of making interpersonal comparisons of utility, the question of whether all preferences are equally to be valued, and the normative individualism underlying the theoretical tradition. Criticisms of social choice theory are advanced and suggestions for alternative approaches are developed. (shrink)

Hare has written a clear, brief, and readable introduction to ethics which looks at all the fundamental problems of the subject.

A reprint of the popular 1969, Prentice-Hall edition, the principal innovation of this philosophical introduction to value theory is its focus upon values as they are dealt with in everyday life situations, and have sometimes been studied by sociologists and social psychologists, rather than upon value as has been standard in the philosophical tradition.

By the time of his death in 2003, Bernard Williams was one of the greatest philosophers of his generation. Ethics and the Limits of Philosophy is not only widely acknowledged to be his most important book, but also hailed a contemporary classic of moral philosophy. Presenting a sustained critique of moral theory from Kant onwards, Williams reorients ethical theory towards ‘truth, truthfulness and the meaning of an individual life’. He explores and reflects upon the most difficult problems in contemporary philosophy (...) and identifies new ideas about central issues such as relativism, objectivity and the possibility of ethical knowledge. (shrink)

The literature on the theory of social choice has grown considerably beyond the few items in existence at the time the first edition of this book appeared in 1951. Some of the new literature has dealt with the technical, mathematical aspects, more with the interpretive. My own thinking has also evolved somewhat, although I remain far from satisfied with present formulations. The exhaustion of the first edition provides a convenient time for a selective and personal stocktaking in the form of (...) an appended commentary entitled, 'Notes on the Theory of Social Choice, 1963, ' containing reflections on the text and its omissions and on some of the more recent literature. This form has seemed more appropriate than a revision of the original text, which has to some extent acquired a life of its own. (shrink)

Commodities and Capabilities presents a set of inter-related theses concerning the foundations of welfare economics, and in particular about the assessment of personal well-being and advantage. The argument presented focuses on the capability to function, i.e. what a person can do or can be, questioning in the process the more standard emphasis on opulence or on utility. In fact, a person's motivation behind choice is treated here as a parametric variable which may or may not coincide with the pursuit of (...) self-interest. Given the large number of practical problems arising from the roles and limitations of different concepts of interest and the judgement of advantage and well-being, this scholarly investigation is both of theoretical interest and practical import. (shrink)

When John Harsanyi came to Stanford University as a candidate for the Ph.D., I asked him why he was bothering, since it was most un likely that he had anything to learn from us. He was already a known scho lar; in addition to some papers in economics, the first two papers in this vol ume had already been published and had dazzled me by their originality and their combination of philosophical insight and technical competence. However, I am very glad (...) I did not discourage him; whether he learned any thing worthwhile I don't know, but we all learned much from him on the foundations of the theory of games and specifically on the outcome of bar gaining. The central focus of Harsanyi's work has continued to be in the theory of games, but especially on the foundations and conceptual problems. The theory of games, properly understood, is a very broad approach to social interaction based on individually rational behavior, and it connects closely with fundamental methodological and substantive issues in social science and in ethics. An indication of the range of Harsanyi's interest in game the ory can be found in the first paper of Part B -though in fact his owncontri butions are much broader-and in the second paper the applications to the methodology of social science. The remaining papers in that section show more specifically the richness of game theory in specific applications. (shrink)

Based on the 1972 Radcliffe Lectures, this book presents a systematic treatment of the conceptual framework as well as the practical problems of measurement of inequality.

Part I Describing and Prescribing He to whom thou was sent for ease, being by name Legality, is the son of the Bond-woman . . . how canst thou expect by ...

"Well-being," "welfare," "utility," and "quality of life," all closely related concepts, are at the center of morality, politics, law, and economics. Griffin's book, while primarily a volume of moral philosophy, is relevant to all of these subjects. Griffin offers answers to three central questions about well-being: what is the best way to understand it, can it be measured, and where should it fit in moral and political thought. With its breadth of investigation and depth of insight, this work holds significance (...) for philosophers as well as for those interested in political and economic theory and jurisprudence. (shrink)

In his Tanner Lecture of 1979 called ‘Equality of What?’ Amartya Sen asked what metric egalitarians should use to establish the extent to which their ideal is realized in a given society. What aspect of a person’s condition should count in a fundamental way for egalitarians, and not merely as cause of or evidence of or proxy for what they regard as fundamental?

Published as a tribute to the memory of Elisha Pazner, this book contains a collection of essays providing a comprehensive view of the design and evaluation of economic mechanisms, written and edited by the major contributors to the field. Amongst the topics included are bargaining theory and the economics of competitive bidding. The surveys are preceded by 'A Perspective', by Leo Hurwicz which contains a systematic account of the development of the literature on mechanism design, and this provides a context (...) for both the surveys and the six published papers authored or co-authored by Elisha Pazner that complete the book and demonstrate Pazner's interest in and contribution to the study of economic mechanisms. Leonid Hurwitcz is the Nobel Prize Winner 2007 for The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, along with colleagues Eric Maskin and Roger Myerson, for his work on the effectiveness of markets. (shrink)

Behaviour norms are considered for decision trees which allow both objective probabilities and uncertain states of the world with unknown probabilities. Terminal nodes have consequences in a given domain. Behaviour is required to be consistent in subtrees. Consequentialist behaviour, by definition, reveals a consequence choice function independent of the structure of the decision tree. It implies that behaviour reveals a revealed preference ordering satisfying both the independence axiom and a novel form of sure-thing principle. Continuous consequentialist behaviour must be expected (...) utility maximizing. Other plausible assumptions then imply additive utilities, subjective probabilities, and Bayes' rule. (shrink)