Choice Complexity And Ignorance

Human dependence on technology has increased exponentially over the past several centuries, and so too has the notion that we can fix environmental problems with scientific applications. The Virtues of Ignorance: Complexity, Sustainability, and the Limits of Knowledge proposes an alternative to this hubristic, shortsighted, and dangerous worldview. The contributors argue that uncritical faith in scientific knowledge has created many of the problems now threatening the planet and that our wholesale reliance on scientific progress is both untenable and myopic. Bill Vitek, Wes Jackson, and a diverse group of thinkers, including Wendell Berry, Anna Peterson, and Robert Root-Bernstein, offer profound arguments for the advantages of an ignorance-based worldview. Their essays explore this philosophy from numerous perspectives, including its origins, its essence, and how its implementation can preserve vital natural resources for posterity. All conclude that we must simply accept the proposition that our ignorance far exceeds our knowledge and always will. Rejecting the belief that science and technology are benignly at the service of society, the authors argue that recognizing ignorance might be the only path to reliable knowledge. They also uncover an interesting paradox: knowledge and insight accumulate fastest in the minds of those who hold an ignorance-based worldview, for by examining the alternatives to a technology-based culture, they expand their imaginations. Demonstrating that knowledge-based worldviews are more dangerous than useful, The Virtues of Ignorance looks closely at the relationship between the land and the future generations who will depend on it. The authors argue that we can never improve upon nature but that we can, by putting this new perspective to work in our professional and personal lives, live sustainably on Earth.

That the chapters in the volume cover such a wide range of important, often fundamental, topics is a proper tribute to Basil Moore s influence and contributions over his working life. From the foreword by G.C. Harcourt, Jesus College, Cambridge, UK During a distinguished career, Basil Moore has made numerous important contributions to macroeconomics and monetary economics, and is renowned as the progenitor of the horizontalist analysis of endogenous money. More recently, he has embraced complexity theory as part of an ongoing effort to understand macroeconomics as an evolving, path-dependent process. This book celebrates and explores Basil Moore s interests in and contributions to monetary and macroeconomic theory. Complexity, Endogenous Money and Macroeconomic Theory features original essays by internationally acclaimed and expert authors. It comprises a selection of papers on five distinct but interrelated themes: economic concepts, tools and methodology; complexity, uncertainty and path dependence; the macroeconomics of endogenous money; the macroeconomics of exogenous interest rates; and unemployment, inflation and the determination of aggregate income. These papers combine to provide a comprehensive methodological and theoretical discussion of the macroeconomics of a monetary production economy. The book will be of interest to professionals and research students in the fields of macroeconomics and monetary economics especially those with an interest in the Post Keynesian approach to analyzing these fields, including the wide audience that has been reached by the contributions of Basil Moore himself.

Psychologists, economists, historians, computer scientists, sociologists, philosophers, and legal scholars explore the conscious choice not to seek information. The history of intellectual thought abounds with claims that knowledge is valued and sought, yet individuals and groups often choose not to know. We call the conscious choice not to seek or use knowledge (or information) deliberate ignorance. When is this a virtue, when is it a vice, and what can be learned from formally modeling the underlying motives? On which normative grounds can it be judged? Which institutional interventions can promote or prevent it? In this book, psychologists, economists, historians, computer scientists, sociologists, philosophers, and legal scholars explore the scope of deliberate ignorance.

This book presents frontier research on the use of computational methods to model complex interactions in economics and finance. Artificial Intelligence, Machine Learning and simulations offer effective means of analyzing and learning from large as well as new types of data. These computational tools have permeated various subfields of economics, finance, and also across different schools of economic thought. Through 16 chapters written by pioneers in economics, finance, computer science, psychology, complexity and statistics/econometrics, the book introduces their original research and presents the findings they have yielded. Theoretical and empirical studies featured in this book draw on a variety of approaches such as agent-based modeling, numerical simulations, computable economics, as well as employing tools from artificial intelligence and machine learning algorithms. The use of computational approaches to perform counterfactual thought experiments are also introduced, which help transcend the limits posed by traditional mathematical and statistical tools. The book also includes discussions on methodology, epistemology, history and issues concerning prediction, validation, and inference, all of which have become pertinent with the increasing use of computational approaches in economic analysis.

'The Oxford Handbook of Austrian Economics' provides an overview of the main methodological, analytical, and practical implications of the Austrian school of economics. This intellectual tradition in economics and political economy has a long history that dates back to Carl Menger in the late nineteenth century. The various contributions discussed in this book all reflect this 'tension' of an orthodox argumentative structure (rational choice and invisible hand) to address heterodox problem situations (uncertainty, differential knowledge, ceaseless change).

An exploration of Friedrich Hayek's contribution to the foundation of behavioural economics, and how his work interacted with and complemented that of his contemporaries. Chapters include detailed discussions of the concept of rationality, psychology and Hayek's philosophical theories as well as the historical context in which he lived and worked.