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The Methodology of Economics and the Survival Principle Revisited and Revised: Some Welfare and Public Policy Implications of Modeling the Economic Agent

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  • Morris Altman

Abstract

The focus of this paper is on the survival principle, as articulated by Milton Friedman, that dominates the methodology of the conventional wisdom either explicitly or implicitly. The survival principle is revised applying the behavioral approach to economics, which differs fundamentally with Friedman's methodology. This discussion is contextualized by a comparison of the different approaches to the modeling of economic agents and the substantive implications of this for theory and public policy and thereby for economic welfare and economic justice.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Review of Social Economy.

Volume (Year): 57 (1999)
Issue (Month): 4 ()
Pages: 427-449

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Handle: RePEc:taf:rsocec:v:57:y:1999:i:4:p:427-449

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Related research

Keywords: Survivor principle; x-efficiency; behavioral economics; assumptions; welfare;

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Cited by:
  1. Zafirovski, Milan, 2002. "Reconsidering equilibrium: a socio-economic perspective," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 31(5), pages 559-579.
  2. Forest L. Reinhardt & Robert N. Stavins & Richard H. K. Vietor, 2008. "Corporate Social Responsibility Through an Economic Lens," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 2(2), pages 219-239, Summer.
  3. Altman, Morris, 2006. "Involuntary unemployment, macroeconomic policy, and a behavioral model of the firm: Why high real wages need not cause high unemployment," Research in Economics, Elsevier, vol. 60(2), pages 97-111, June.
  4. repec:reg:wpaper:229 is not listed on IDEAS
  5. Berg, Nathan, 2003. "Normative behavioral economics," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 32(4), pages 411-427, September.
  6. repec:ebl:ecbull:v:4:y:2006:i:33:p:1-7 is not listed on IDEAS
  7. Morris Altman, 2006. "Opening-up the objective function: choice behavior and economic and non-economic variables—core and marginal altruism," Economics Bulletin, AccessEcon, vol. 4(33), pages 1-7.

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