Rationality within systems: how time integrates subjective and objective probability

.

Chapter 9 in Rethinking Economics as Social Theory, 2022, pp 142-156 from Edward Elgar Publishing

Abstract: This chapter explores a macro economy as an ecology of plans. That ecology, however, is only an area inside of which action occurs. It is not itself a source of action. , In no way is an ecology of plans reducible to some singular entity that is capable of being acted upon. The individual entities that constitute the ecology each follows their chosen courses of action. To reduce the ecology of plans to a representative plan is to create a category mistake by giving the ecology qualities it cannot possibly have. To avoid this mistake, it is necessary to work with both objective and subjective probability. While the ecological system itself is treated with objective probability concepts, action within the ecology is guided through subjective probability concepts, instantiated by treating time as integral to all human action as against its common treatment as purely nominal.

Keywords: Economics and Finance; Politics and Public Policy Sociology and Social Policy (search for similar items in EconPapers)
Date: 2022
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.elgaronline.com/view/9781802204766.00013.xml (application/pdf)
Our link check indicates that this URL is bad, the error code is: 503 Service Temporarily Unavailable

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:elg:eechap:21161_9

Ordering information: This item can be ordered from
http://www.e-elgar.com

Access Statistics for this chapter

More chapters in Chapters from Edward Elgar Publishing
Bibliographic data for series maintained by Darrel McCalla ().