Saturday, March 28, 2015

Fundamental Facets of Philosophy in Economics

I am interested in uncovering implicit assumptions and getting back to the fundamental facets of the different philosophical approaches to economics that spawned the current nomenclature of economics in the West. 

Ultimately, I would like to compare and contrast how different world views render the definitions of these terms as thoroughly elastic in meaning depending on relative world views.

Individual: Some cultures do not believe individuals are separate from the societal groups they dwell in...so what does this mean for homo economicus or the rational theory approach?  

Scarcity:  Quite a few native and indigenous groups believe they collectively manifest all they need every day...so is there any "want" to be filled? Is there any room for money and western ideas of what markets look like in such cases?

Reality:  Some of us believe we manifest our own reality depending on what we choose to appreciate

Appreciation: There is a belief that the conscious act of being in gratitude nurtures and attracts more of the good stuff

Growth: Can be personal development in practicing compassion, kindness (see Axelrod and his work in dynamic game theory) and a cosmic sense of humor

So we are left with the puzzlement of what exactly constitutes what we commonly refer to as "Economics" and "Wealth" and the assumption that "rational individuals seek to accumulate wealth" as a goal in life.
Post a Comment