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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
The Evolutionary Invisible Hand: The Problem of Rational Decision-Making and Social Ordering Over Time

The Evolutionary Invisible Hand: The Problem of Rational Decision-Making and Social Ordering Over Time

Posvanc, Matús

Hardcover

Series: Palgrave Studies in Classical Liberalism

PhilosophyEconomics

ISBN10: 3030717992
ISBN13: 9783030717995
Publisher: Palgrave MacMillan
Published: Apr 21 2021
Pages: 305
Weight: 1.16
Height: 0.75 Width: 5.83 Depth: 8.27
Language: English

The book presents a new theoretical approach to the description of economic phenomena over time. A realistic and meaningful description of economic phenomena over time is one of the basic preconditions for the success of any economic theory. The presented theoretical solution or proposal has two main characteristics. The first is a modification of the theory of subjective value in the form of the claim that one perceives the satisfaction of one's needs in the context of one's overall individual portfolio of goods. The causal relationship of the old theory in the form of need is satisfied by good is modified in terms of sum of needs is satisfied by portfolio of goods (sum of goods). This is a small modification, which, however, brings several important elements to the description of economic phenomena over time. The old theoretical approach did not enable us to operate over time because of different value context of goods which is changing over time. However, the portfolio of goods is, in fact, a formally-logical homogeneous construction of the mind, which is applicable over time. The second characteristic is the anchoring of this modification of the theory of subjective value in evolutionary (intersubjective) apriorism.

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