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Books > History > History of specific subjects > Economic history
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The Evolutionary Invisible Hand - The Problem of Rational Decision-Making and Social Ordering over Time (Paperback, 1st ed. 2021)
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The Evolutionary Invisible Hand - The Problem of Rational Decision-Making and Social Ordering over Time (Paperback, 1st ed. 2021)
Series: Palgrave Studies in Classical Liberalism
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The book presents a new theoretical approach to the description of
economic phenomena over time. A realistic and meaningful
description of economic phenomena over time is one of the basic
preconditions for the success of any economic theory. The presented
theoretical solution or proposal has two main characteristics. The
first is a modification of the theory of subjective value in the
form of the claim that one perceives the satisfaction of one's
needs in the context of one's overall individual portfolio of
goods. The causal relationship of the "old" theory in the form of
"need is satisfied by good" is modified in terms of "sum of needs
is satisfied by portfolio of goods (sum of goods)". This is a small
modification, which, however, brings several important elements to
the description of economic phenomena over time. The old
theoretical approach did not enable us to operate over time because
of different value context of goods which is changing over time.
However, the portfolio of goods is, in fact, a formally-logical
homogeneous construction of the mind, which is applicable over
time. The second characteristic is the anchoring of this
modification of the theory of subjective value in evolutionary
(intersubjective) apriorism. The book will be of interest to any
Austrian and Mainstream Economists who deal with problems of
description of economic phenomena in time. Also, for those involved
in topics such as estimating of future, why entrepreneurs are
successful or the problem of social ordering or equilibration and
those who are interested in the new evolutionary approach to the
emergence of criteria for rational decision-making.
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