Economic Theory: Consistency and Rhetoric?

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• Stuart Birks (Massey University, New Zealand)
• Monday 14 November 2011, 20:00-22:00
• Clare College, Trinity Lane Cambridge, CB2 1TL, in the Latimer Room, in the Old Court.

If you have a question about this talk, please contact Cambridge Social Ontology Group.

Drinks from 19:30

This paper considers the role of theory in our understanding of economic phenomena. While theoretical findings are sometimes claimed to have direct, real world relevance, this is based on rhetoric rather than logic. Theory can and has been considered as analogy, metaphor or framing. These aspects are discussed, along with the suitability of theoretical formulations, in particular perfect competition, as a basis for real world decisions. The issue of consistency is considered in relation to theory. Alternative interpretations are illustrated using the Tversky and Kahneman life/death rational choice case. These suggest that insufficient attention may be given to simplifying assumptions, or to the possibility of alternative explanations that are also consistent with the evidence. The rhetoric of acceptance and rejection of theory is then considered, and results are placed in the context of group membership and perspectives.

This talk is part of the Cambridge Realist Workshop series.

This talk is included in these lists:

• Cambridge Realist Workshop
• Cambridge Social Ontology Group (CSOG)
• Clare College, Trinity Lane Cambridge, CB2 1TL, in the Latimer Room, in the Old Court

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