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Books > Earth & environment > The environment > Environmental economics
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Socio-Economics: An Interdisciplinary Approach - Ethics, Institutions, and Markets (Paperback, Softcover reprint of the original 1st ed. 1992)
Loot Price: R2,806
Discovery Miles 28 060
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Socio-Economics: An Interdisciplinary Approach - Ethics, Institutions, and Markets (Paperback, Softcover reprint of the original 1st ed. 1992)
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This book is intended as a warning against the kind of hard-core
liberalism which blames state intervention for the disappointing
results achieved in matters of macroeconomic, competition and
social welfare policy. In calling attention to the social dimension
of economics, the book stresses the need for an ethical yardstick
which can only be pro vided by an interdisciplinary approach to the
economy. One current school of thought claims to have bridged the
gap by por traying economics as both positive and normative.
However, this inter pretation is inadequate. The positive aspect of
economics, reflecting an approach common in the natural sciences,
is based on observable facts. It highlights causal relationships
and seeks to analyse economic mechanisms on the basis of available
information. This has led to an emphasis on purely deductive
methods, which form the basis for many of the conclusions in main
stream economics. This current of thought is typified by the
neoclassical school, which takes as its main premise the
much-disputed hypothesis of economic rationality. Human behaviour
is deemed to be rational when consumers maximize their satisfaction
and producers their profits, sub ject to the constraints of income
and production costs respectively. Opt imal strategies for both
consumers and producers can best be determined by the mechanism of
market forces."
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