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Two Minds

Intuition and Analysis in the History of Economic Thought

  • Book
  • © 2005

Overview

Authors:
  1. Roger Frantz
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  • First book dedicated to the role of intuition in economic thought
  • The chapters on 1978 Nobel Laureate Herbert Simon will be especially important
  • Includes supplementary material: sn.pub/extras

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Table of contents (8 chapters)

  1. Front Matter

    Pages I-X
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  2. Introduction To Intuition

    Pages 1-19

  3. Adam Smith. New Intuitions For A New Age

    Pages 21-37

  4. John Stuart Mill. An Anti-Intuitionist Social Reformer

    Pages 39-57

  5. Alfred Marshall. Metaphysician and Economist

    Pages 59-75

  6. Intuition and Analysis in the Economics of the John Maynard Keynes

    Pages 77-94

  7. Frank Knight. Intuition, Risk and Uncertainty

    Pages 95-111

  8. Swimming Against the Stream. Herbert Simon, Harvey Leibenstein, George Shackle, Friedrich von Hayek

    Pages 113-133

  9. Intuition in Current Economic Literature

    Pages 135-151

  10. Back Matter

    Pages 153-178
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Keywords

About this book

As everyone knows, intuition is warm and fuzzy, qualitative, not measurable. Economics, on the other hand, is quantitative, and if it is not a hard science, at least it is the "queen of the social sciences." It is, therefore, intuitively obvious, that intuition and economics are as if oil and water. The problem is, what is intuitively obvious is not always correct. And, there are two major reasons why intuition and economics are not like oil and water. First, economics concerns itself with decision making, and decisions are made in the brain. The human brain is the size of a grapefruit, weighing three pounds with approximately 180 billion neurons, each physically independent but interacting with the other neurons. What we call intuition is, like decision making, a natural information processing function of the brain. Second, despite the current emphasis on quantitative analysis and deductive logic there is a rich history of economists speaking about intuition. First, the human brain, specifically the neocortex, has a left and right hemisphere. The specialized analytical style of the left hemisphere and the specialized intuitive style of the right hemispheres complement each other.

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