Symbolic utility involves appreciation and esteem and expressed by symbolic products (gifts), while substantive utility entails ordinary welfare satisfied by substantive products. For neoclassical theory, both utilities are symmetrical or fungible and, hence, substitutable along the...

There are two kinds of beliefs. If the ultimate objective is wellbeing (utility), the generated beliefs are “practical.” If the ultimate objective is truth, the generated beliefs are “scientific.” This article defends the practical/scientific belief distinction. The proposed distinction...

In March 2005, riots erupted in South Korea against Japan for claiming sovereignty over two small uninhabitable rocky islets (0.23 km2) which are equidistanced from South Korea and Japan. In February 2005, riots did not erupt in South Korea against North Korea for announcing it has nuclear...

This paper distinguishes among four kinds of beliefs: conviction, confidence, perception, conception. Conviction concerns self-ability:“I can build these stairs.” Confidence also concerns the self—ut focuses on the assertion of will in the face of weakness of will. Perception is about the...

In his 2005 book, Understanding the Process of Economic Change, North offers a rough account of economic change that can be called “culturalist economics.” In his account, he attributes the change of well being of individuals to, besides technology and demographics, cultural heritage or...