Palgrave Studies in Classical Liberalism

The Evolutionary Invisible Hand

The Problem of Rational Decision-Making and Social Ordering over Time

Authors: Posvanc, Matus

Free Preview
  • 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? 
see more benefits

Buy this book

eBook 74,89 €
price for Spain (gross)
  • ISBN 978-3-030-71800-8
  • Digitally watermarked, DRM-free
  • Included format: PDF, EPUB
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover 93,59 €
price for Spain (gross)
  • ISBN 978-3-030-71799-5
  • Free shipping for individuals worldwide
  • Institutional customers should get in touch with their account manager
  • Covid-19 shipping restrictions
  • Usually ready to be dispatched within 3 to 5 business days, if in stock
  • The final prices may differ from the prices shown due to specifics of VAT rules
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.


About the authors

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. 

Table of contents (5 chapters)

Table of contents (5 chapters)

Buy this book

eBook 74,89 €
price for Spain (gross)
  • ISBN 978-3-030-71800-8
  • Digitally watermarked, DRM-free
  • Included format: PDF, EPUB
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover 93,59 €
price for Spain (gross)
  • ISBN 978-3-030-71799-5
  • Free shipping for individuals worldwide
  • Institutional customers should get in touch with their account manager
  • Covid-19 shipping restrictions
  • Usually ready to be dispatched within 3 to 5 business days, if in stock
  • The final prices may differ from the prices shown due to specifics of VAT rules
Loading...

Recommended for you

Loading...

Bibliographic Information

Bibliographic Information
Book Title
The Evolutionary Invisible Hand
Book Subtitle
The Problem of Rational Decision-Making and Social Ordering over Time
Authors
Series Title
Palgrave Studies in Classical Liberalism
Copyright
2021
Publisher
Palgrave Macmillan
Copyright Holder
The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG
eBook ISBN
978-3-030-71800-8
DOI
10.1007/978-3-030-71800-8
Hardcover ISBN
978-3-030-71799-5
Series ISSN
2662-6470
Edition Number
1
Number of Pages
IX, 305
Number of Illustrations
1 b/w illustrations
Topics