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I, Roboticus Oeconomicus The philosophy of mind in economics, and why it matters

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  • Brendan Markey-Towler

Abstract

In this essay I seek to introduce the philosophy of mind to economics, and investigate what presuppositions economists make vis-à-vis the philosophy of mind in their theorising with a focus on the model-based theoretical paradigms within economics. I argue that most economists adhere to what John Searle has termed an ‘artificial intelligence’ view of mental processes, to varying degrees of strength. I also argue that adherence, knowing or unknowing, to a particular philosophy of mind can have profound effects on the ontology of the economy, which is implied as a logical consequence of such philosophy, either binding us to a ‘clockwork’ view of the universe or to a non-deterministic one in which fundamental uncertainty exists.

Suggested Citation

  • Brendan Markey-Towler, 2017. "I, Roboticus Oeconomicus The philosophy of mind in economics, and why it matters," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 41(1), pages 203-237.
    • Handle: RePEc:oup:cambje:v:41:y:2017:i:1:p:203-237.
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    File URL: http://hdl.handle.net/10.1093/cje/bew014
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    Cited by:

    1. Cameron Gordon, 2022. "The Information Bottleneck Principle in Corporate Hierarchies," Papers 2210.14861, arXiv.org.

    More about this item

    Keywords

    Philosophy of mind; Economic theory; Economic behaviour; Schools of economics; Determinism;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • C00 - Mathematical and Quantitative Methods - - General - - - General
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles

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