- •Contents
- •Acknowledgements
- •Notes on contributors
- •1 Introduction
- •WHAT IS HERMENEUTICS?
- •ALTERNATIVE VIEWS OF HERMENEUTICS FROM A PARTICULAR ECONOMIC STANDPOINT
- •NOTES
- •REFERENCES
- •2 Towards the native’s point of view
- •PRELUDE
- •IS THERE A PROBLEM?
- •A note of clarification
- •THREE WAYS OF DEALING WITH A PROBLEM4
- •ECONOMICS ACCORDING TO PICTURE I
- •IRONY IN PICTURE I
- •PICTURE II FOR ECONOMIC DISCOURSE
- •THE NATIVE’S POINT OF VIEW
- •CONCLUSION
- •NOTES
- •REFERENCES
- •3 Getting beyond objectivism
- •INTRODUCTION
- •HERMENEUTICS
- •GADAMER’S CRITIQUE OF OBJECTIVISM
- •RICOEUR’S CRITIQUE OF SUBJECTIVISM
- •EXPLANATION/UNDERSTANDING
- •CONCLUSION
- •NOTES
- •REFERENCES
- •4 Storytelling in economics1
- •NOTE
- •REFERENCES
- •5 The philosophical bases of institutionalist economics
- •THE DURKHEIM/MAUSS/DOUGLAS THESIS
- •PRAGMATISM AND PEIRCE
- •JOHN DEWEY
- •THORSTEIN VEBLEN
- •JOHN R.COMMONS
- •POST-1930s INSTITUTIONALISM
- •REVOLUTIONS IN SCIENCE AND PHILOSOPHY
- •ACKNOWLEDGEMENTS
- •NOTES
- •REFERENCES
- •6 The scope and goals of economic science
- •Keynesian economics and the ‘scientization of politics’
- •Neoclassical economics and distorted communication
- •TOWARD A CRITICAL ECONOMIC SCIENCE
- •NOTES
- •REFERENCES
- •7 Austrian economics
- •INTRODUCTION
- •WHY HERMENEUTICS?
- •WHAT IS HERMENEUTICS?
- •INSTITUTIONS AND THE AUSTRIAN SCHOOL
- •HERMENEUTICAL ALLIES OF THE AUSTRIANS
- •REFERENCES
- •8 Practical syllogism, entrepreneurship and the invisible hand
- •SYNOPSIS OF THE ARGUMENT
- •THE CHALLENGE OF VERSTEHEN
- •CONCLUSION
- •ACNOWLEDGEMENTS
- •NOTES
- •REFERENCES
- •9 What is a price? Explanation and understanding
- •INTRODUCTION
- •NOTES
- •REFERENCES
- •10 The economics of rationality and the rationality of economics
- •INTRODUCTION
- •Description of RE theory
- •Psychological versus philosophical critiques of RE
- •EPISTEMIC ANALYSIS OF RE
- •The problem of epistemic regress
- •THE METHOD OF FOUNDATIONALISM
- •Problems with foundationalism
- •Foundationalism and economic methodology
- •Problems with positivism
- •THE COHERENCE STRATEGY
- •Coherence theory and rational economics
- •Problems with coherence theories
- •The lack of empirical inputs
- •Inter-system indeterminacy
- •Ambiguous coherence criteria
- •Vicious circularity
- •A problematic view of truth
- •Language as a mediator
- •Addressing the problem of relativism
- •ACKNOWLEDGEMENTS
- •NOTES
- •REFERENCES
- •11 On the microfoundations of money
- •PHILOSOPHIC BACKGROUND
- •TOOLS AND METHODS
- •MONEY AND MARKETS
- •SUMMARY AND CONCLUDING REMARKS
- •ACKNOWLEDGEMENTS
- •NOTES
- •REFERENCES
- •12 Self-interpretation, attention, and language
- •SELF-INTERPRETING UTILITY FUNCTIONS
- •SOCIAL THEORY AS PRACTICE
- •WHAT IS A GOOD?
- •ATTENTION AND LANGUAGE
- •ATTENTION AND ECONOMICS
- •IMPLICATIONS FOR ECONOMIC ANALYSIS
- •HERMENEUTICAL EXPECTATIONS
- •CONCLUSION
- •NOTES
- •REFERENCES
- •13 What a non-Paretian welfare economics would have to look like
- •INTRODUCTION
- •HOW DO NON-PARETIAN APPROACHES DIFFER?
- •A central problem
- •Developing a standard
- •Aggregation
- •WHAT AN ACTUAL STANDARD MIGHT LOOK LIKE
- •Discovery and innovation
- •Complexity
- •Provision of consumer goods
- •SECOND-BEST CONSIDERATIONS
- •A NON-FOUNDATIONALIST APPROACH
- •CONCLUDING COMMENTS
- •ACKNOWLEDGEMENTS
- •NOTES
- •REFERENCES
- •14 The hermeneutical view of freedom
- •WE LIVE IN A WORLD OF SIGNIFICANCE
- •THE ‘IS’ WITHIN THE ‘OUGHT’
- •REASON, SPEECH AND PRICES
- •THE SATISFACTION OF GENERATED WANTS
- •PROCESS AND ORDER
- •Advertising
- •Property rights
- •CONCLUSION: COMPETITION AND LIBERTY
- •NOTES
- •REFERENCES
- •Index
STORYTELLING IN ECONOMICS 71
community of listeners to music or a community of businesspeople is built, by making them sophisticated readers and listeners and businesspeople, willing to try other ways of reading or listening or dealing.
Perhaps there is something, then, in treating economics as the telling of stories. The advantage to economic science in thinking this way is selfconsciousness. A good thing, too. Much talk against self-consciousness comes from economists trying to manipulate the rules of conversation, but economists would do better to know what they are talking about. Looking on economics as poetry or fiction—or for that matter, as history—gives an economist a place to stand outside the field, from which to look in. It is a better place to stand than is provided by the usual philosophies of science, and is a great deal better than the homespun sociologies and philosophies that economists more commonly use.
There is another advantage to the larger culture. Economics should come back into the conversation of mankind. It is an extraordinarily clever way of speaking, and can do a lot of good. The way to bring it back is to persuade economists that they are not so very different from poets and novelists. For a long time now they have been standing aside, believing they have only the mathematical sciences as models, and practising a physicsworship that misunderstands both physics and themselves. Economists could get their gods from poetry or history or philology and still do much the same job of work, with a better temper.
Reunifying the conversation of mankind is most challenging with hard cases. Economics—standing alone on its hill, wrapped in its prideful selfimage as Science—is a hard case. If even economics can be shown to be fictional and poetical and historical, then its story will be a better one. Technically speaking, it will be of the genre of comedy, with much wit in its lines, a charming array of types, an amused tolerance for human folly, and most characteristically a happy ending.
NOTE
1Drafts of this essay were delivered as lectures to: Swarthmore College; the Centre for Research in Philosophy and Literature, University of Warwick, in the series ‘Narrative as an Instrument of Culture’; the Political Economy Club at Harvard University; the Midwest Economics Association meetings for 1987 in St Louis, as the C.Woody Thompson Lecture; the Program on Social Theory and Comparative History, University of California, Davis, April 1987; the Conference on Methods, New School for Social Research, May 1987; and the University of Illinois, May 1987, as a Miller Committee Lecture. I thank the organizers for much good advice, and for indulging my stories.
72 ALTERNATIVE VIEWS OF ECONOMICS
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