From the search for natural laws to the discovery of contingent rules in economics
In this article, the author defends the idea that one of the positiveresults of modern economic analysis is the conviction that there is no natural law in economics. Thus, the most thorough scientific research which has tried to provide an analytical foundation for the mythical invisible hand, the “...
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Editura ASE Bucuresti
2011
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oai:doaj.org-article:9d21a4987cad484ba4f332309b65a0912021-12-02T01:27:34ZFrom the search for natural laws to the discovery of contingent rules in economics1843-22981844-8208https://doaj.org/article/9d21a4987cad484ba4f332309b65a0912011-11-01T00:00:00Zhttp://www.jpe.ro/poze/articole/63.pdfhttps://doaj.org/toc/1843-2298https://doaj.org/toc/1844-8208In this article, the author defends the idea that one of the positiveresults of modern economic analysis is the conviction that there is no natural law in economics. Thus, the most thorough scientific research which has tried to provide an analytical foundation for the mythical invisible hand, the “general equilibrium paradigm,” has finally shown that such an equilibration process cannot be formally demonstrated. Hence, we can say that economists cannot demonstrate the existence of a law of “supply and demand” but, more simply, can assert that some causal but contingent relations may exist between price, supply and demand. According to this result, the critical approach of Kenneth John Arrow concludes with the necessity of social and moral rule (for the good functioning of the market). It is, thus, necessary to assume the contingent nature of economic rules, and the absence of natural law, and consequently, to modify economists’ theoretical model.Nicolas PostelEditura ASE BucurestiarticleGeneral equilibrium analysisRulesScientific lawEconomics as a scienceHB71-74DEENFRJournal of Philosophical Economics, Vol V, Iss 1, Pp 35-61 (2011) |
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General equilibrium analysis Rules Scientific law Economics as a science HB71-74 |
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General equilibrium analysis Rules Scientific law Economics as a science HB71-74 Nicolas Postel From the search for natural laws to the discovery of contingent rules in economics |
| description |
In this article, the author defends the idea that one of the positiveresults of modern economic analysis is the conviction that there is no natural law in economics. Thus, the most thorough scientific research which has tried to provide an analytical foundation for the mythical invisible hand, the “general equilibrium paradigm,” has finally shown that such an equilibration process cannot be formally demonstrated. Hence, we can say that economists cannot demonstrate the existence of a law of “supply and demand” but, more simply, can assert that some causal but contingent relations may exist between price, supply and demand. According to this result, the critical approach of Kenneth John Arrow concludes with the necessity of social and moral rule (for the good functioning of the market). It is, thus, necessary to assume the contingent nature of economic rules, and the absence of natural law, and consequently, to modify economists’ theoretical model. |
| format |
article |
| author |
Nicolas Postel |
| author_facet |
Nicolas Postel |
| author_sort |
Nicolas Postel |
| title |
From the search for natural laws to the discovery of contingent rules in economics |
| title_short |
From the search for natural laws to the discovery of contingent rules in economics |
| title_full |
From the search for natural laws to the discovery of contingent rules in economics |
| title_fullStr |
From the search for natural laws to the discovery of contingent rules in economics |
| title_full_unstemmed |
From the search for natural laws to the discovery of contingent rules in economics |
| title_sort |
from the search for natural laws to the discovery of contingent rules in economics |
| publisher |
Editura ASE Bucuresti |
| publishDate |
2011 |
| url |
https://doaj.org/article/9d21a4987cad484ba4f332309b65a091 |
| work_keys_str_mv |
AT nicolaspostel fromthesearchfornaturallawstothediscoveryofcontingentrulesineconomics |
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1718403090979225600 |