Overview
- Presents a new theoretical approach to the description of economic phenomena over time
- Shows how we assess the future if the future is Shacklian-empty
- Answers the questions how we learn from mistakes and how it is possible that we are economically successful?
Part of the book series: Palgrave Studies in Classical Liberalism (PASTCL)
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Table of contents (5 chapters)
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Front Matter
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Back Matter
Keywords
- How to be economically successful
- How we assess the future if the future is Shacklian-empty
- Economic coordination and ordering process description
- In Defense of the Invisible Hand Concept
- The problem of indifference and choice
- new theoretical approach to economic phenomena over time
- The Theory of Economic Error and Learning
- Nozick’s Challenge to Austrians
About this book
The book presents a new theoretical approach to the description of economic phenomena over time. A realistic and meaningful description of economic phenomena over time is one of the basic preconditions for the success of any economic theory. The presented theoretical solution or proposal has two main characteristics. The first is a modification of the theory of subjective value in the form of the claim that one perceives the satisfaction of one's needs in the context of one's overall individual portfolio of goods. The causal relationship of the “old” theory in the form of “need is satisfied by good” is modified in terms of “sum of needs is satisfied by portfolio of goods (sum of goods)”. This is a small modification, which, however, brings several important elements to the description of economic phenomena over time. The old theoretical approach did not enable us to operate over time because of different value context of goods which is changing over time. However, the portfolio of goods is, in fact, a formally-logical homogeneous construction of the mind, which is applicable over time. The second characteristic is the anchoring of this modification of the theory of subjective value in evolutionary (intersubjective) apriorism.
The book will be of interest to any Austrian and Mainstream Economists who deal with problems of description of economic phenomena in time. Also, for those involved in topics such as estimating of future, why entrepreneurs are successful or the problem of social ordering or equilibration and those who are interested in the new evolutionary approach to the emergence of criteria for rational decision-making.Authors and Affiliations
About the author
Matúš Pošvanc is the director of the F.A. Hayek Foundation Bratislava, Slovakia. He deals with issues of economic cycles, the theory of money and banking, as well as general economic theories. He also cooperates as a senior fellow expert with several Slovak business organizations.
Bibliographic Information
Book Title: The Evolutionary Invisible Hand
Book Subtitle: The Problem of Rational Decision-Making and Social Ordering over Time
Authors: Matúš Pošvanc
Series Title: Palgrave Studies in Classical Liberalism
DOI: https://doi.org/10.1007/978-3-030-71800-8
Publisher: Palgrave Macmillan Cham
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2021
Hardcover ISBN: 978-3-030-71799-5Published: 21 April 2021
Softcover ISBN: 978-3-030-71802-2Published: 22 April 2022
eBook ISBN: 978-3-030-71800-8Published: 20 April 2021
Series ISSN: 2662-6470
Series E-ISSN: 2662-6489
Edition Number: 1
Number of Pages: IX, 305
Number of Illustrations: 1 b/w illustrations
Topics: Heterodox Economics, History of Economic Thought/Methodology, Philosophy, general