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CATEGORIES:Cambridge Realist Workshop
SUMMARY:Economic Theory: Consistency and Rhetoric? - Stuar
 t Birks (Massey University\, New Zealand)
DTSTART;TZID=Europe/London:20111114T200000
DTEND;TZID=Europe/London:20111114T220000
UID:TALK33953AThttp://talks.cam.ac.uk
URL:http://talks.cam.ac.uk/talk/index/33953
DESCRIPTION:This paper considers the role of theory in our und
 erstanding of economic phenomena. While theoretica
 l findings are sometimes claimed to have direct\, 
 real world relevance\, this is based on rhetoric r
 ather than logic. Theory can and has been consider
 ed as analogy\, metaphor or framing. These aspects
  are discussed\, along with the suitability of the
 oretical formulations\, in particular perfect comp
 etition\, as a basis for real world decisions. The
  issue of consistency is considered in relation to
  theory. Alternative interpretations are illustrat
 ed using the Tversky and Kahneman life/death ratio
 nal choice case. These suggest that insufficient a
 ttention may be given to simplifying assumptions\,
  or to the possibility of alternative explanations
  that are also consistent with the evidence. The r
 hetoric of acceptance and rejection of theory is t
 hen considered\, and results are placed in the con
 text of group membership and perspectives.
LOCATION:Clare College\, Trinity Lane Cambridge\, CB2 1TL\,
  in the Latimer Room\, in the Old Court
CONTACT:Cambridge Social Ontology Group
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