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Recognizing that human rationality has bounds that are unequal across individuals entails treating it as a special scarce resource, tied to individuals and used for deciding on its own uses. This causes a meta-mathematical difficulty to the axiomatic theories of human capital and resource...
Persistent link: https://www.econbiz.de/10003379938
As governments lack the rationality-promoting selective pressures of market competition, the standard (unbounded) rationality assumption is less legitimate in Public Choice than in analysis of markets. This paper argues that many Public Choice problems require recognizing that human rationality...
Persistent link: https://www.econbiz.de/10003480268
Persistent link: https://www.econbiz.de/10013442296
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What economic roles, if any, should government play? This is still an incompletely analyzed issue that different individuals – depending on their ideologies, rent-seeking opportunities, and analytical abilities – may answer very differently. To advance its analysis, this paper recognizes...
Persistent link: https://www.econbiz.de/10015219370
"Rationality" is understood in the empirical sense of cognitive abilities of human brains for solving economic problems, and consequently recognized bounded in individually unequal ways. This is shown to require treating it as a unique scarce resource, used for deciding on its own uses. This...
Persistent link: https://www.econbiz.de/10015230581
This paper agrees that a suitably generalized Darwinism may help understand socioeconomic change, but finds the most publicized generalization by Hodgson and Knudsen unsuitable. To do better, it generalizes the extension of Neo-Darwinism into evolutionary developmental biology (evo-devo), which...
Persistent link: https://www.econbiz.de/10010267164
In 1965 Kyn and Pelikan published in Czechoslovakia the book “Kybernetika v Ekonomii” (Cybernetics in Economics). This article, which was published in Prague in English gives the summary and discusses some more important ideas of that book. The book was quite successful and influenced...
Persistent link: https://www.econbiz.de/10015260994
As governments lack the rationality-promoting selective pressures of market competition, the standard (unbounded) rationality assumption is less legitimate in Public Choice than in analysis of markets. This paper argues that many Public Choice problems require recognizing that human rationality...
Persistent link: https://www.econbiz.de/10010296191
Persistent link: https://www.econbiz.de/10010334667