Real-World Decision Making

Coming soon:

The first and only encyclopedia to focus on the economic and financial behaviors of consumers, investors, and organizations, including an exploration of how people make good—and bad—economic decisions.

Features

• Contains an informative introductory essay that familiarizes students with the various aspects of behavioral economics

  • Provides a list of additional readings for those interested in learning more about the topic

• Includes cross-references in each entry to help readers make connections between related topics

• Defines key terms that are likely to be unfamiliar to those without advance knowledge of the subject

• Helps readers identify and study particular entry categories through accompanying Topic Finders

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COSMOS + TAXIS Archives

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With the cessation of operations for the journal Studies in Emergent Order C+T have agreed to host and make available SIEO’s full back catalogue of papers comprising a Who’s Who of Austrians and their sympathizers.

Propriety and Prosperity: New Studies on the Philosophy of Adam Smith

Now that the ms has been shipped off to the publisher here is the finalized lineup:

Foreword — Vernon Smith

Adam Smith as a Scottish Philosopher — Gordon Graham

Friendship in Commercial Society Revisited: Adam Smith on Commercial Friendship — Spyridon Tegos

Adam Smith and French Political Economy: Parallels and Differences — Laurent Dobuzinskis

Adam Smith: 18th Century Polymath — Roger Frantz

 One Adam Smith — David Brat

Indulgent Sympathy and the Impartial Spectator — Joshua Rust

 Adam Smith on Sensory Perception: A Sympathetic Account — Brian Glenney

Adam Smith on Sympathy: From Self-Interest to Empathy — Gloria Zúñiga y Postigo

What My Dog Can Do: On the Effect of The Wealth of Nations I.ii.2 — Jack Weinstein

Metaphor Made Manifest: Taking Seriously Smith’s “Invisible Hand” — Eugene Heath

The ‘Invisible Hand’ Phenomenon in Philosophy and Economics — Gavin Kennedy

Instincts and the Invisible Order: The Possibility of Progress — Jonathan B. Wight

The Spontaneous Order and the Family — Lauren K. Hall

Smith, Justice and the Scope of the Political — Craig Smith

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Hayek in The Stanford Encyclopedia of Philosophy

It’s about time that Hayek had a dedicated entry in the SEP. I’ve been “lobbying” for FAH’s inclusion for some time now. Here is the stated brief of the article:

This essay concentrates on this enduring theme [spontaneous order] of Hayek’s work, and a question: why would the scholar who did more than anyone in the twentieth century to advance our understanding of price signals and the emergence of spontaneous orders also be driven to claim that social justice is a mirage?

This is fine but it really should only be a subsection to an entry that has FAH as the title. It’s a shame that a broader conspectus isn’t on offer much like the entries on Popper and Berlin. How can one  appreciate the depth of Hayek’s social theory without taking cognizance of The Sensory Order (1952)? – there is a link between Hayek’s philosophical psychology and spontaneous order. Also missing, again from 1952, is The counter-revolution of science: Studies on the abuse of reason – surely an important work for Hayek’s philosophy of social science.

There is nothing wrong with the entry – it’s just disappointing for the novice to Hayek (or the preconceived caricatures that abound) that Hayek’s full breadth and depth is not made apparent (maybe there are supplementary articles in the works). And why is there a reference under “Other Internet Resources” to Matt Zwolinski’s “Libertarianism” in the Internet Encyclopedia of Philosophy? Arguably one of the best internet resources (if not the best) is Greg Ransom’s aptly titled site Taking Hayek Seriously.

Spontaneous order, as a species of emergent phenomena, is not at all dealt with in an analytical way as befits the SEP. The concept is perhaps Hayek’s most problematic and contentious concept notwithstanding being one of the slipperiest of terms within philosophy at large. The concept is a critical element of the five-faceted cornerstone of Hayek’s philosophy of social science: the others being complexity, the dispersion of knowledge, rationality and methodological individualism.

Speaking of long overdue SEP entries how about Herbert Simon and Michael Oakeshott?

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Taleb on Skin in the Game

Nassim Taleb talks with EconTalk host Russ Roberts about his recent paper (with Constantine Sandis) on the morality and effectiveness of “skin in the game.” When decision makers have skin in the game–when they share in the costs and benefits of their decisions that might affect others–they are more likely to make prudent decisions than in cases where decision-makers can impose costs on others. Taleb sees skin in the game as not just a useful policy concept but a moral imperative. The conversation closes with some observations on the power of expected value for evaluating predictions along with Taleb’s thoughts on economists who rarely have skin in the game when they make forecasts or take policy positions.

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