Since economies are dynamic processes driven by creativity, social
norms, and emotions as well as rational calculation, why do
economists largely study them using static equilibrium models and
narrow rationalistic assumptions? Economic activity is as much a
function of imagination and social sentiments as of the rational
optimisation of given preferences and goods. In this 2009 book,
Richard Bronk argues that economists can best model and explain
these creative and social aspects of markets by using new
structuring assumptions and metaphors derived from the poetry and
philosophy of the Romantics. By bridging the divide between
literature and science, and between Romanticism and narrow forms of
Rationalism, economists can access grounding assumptions, models,
and research methods suitable for comprehending the creativity and
social dimensions of economic activity. This is a guide to how
economists and other social scientists can broaden their analytical
repertoire to encompass the vital role of sentiments, language, and
imagination.
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