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Are Economists Social Scientists?

In: Growth, Employment and Inflation

Author

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  • Villy Bergström

Abstract

The strength of economics, as well as its weakness, is its hard theoretical core. The theoretical core of economics is basically a theory of self-interest. Mainstream economic theory uses as its main instrument the principle of maximization. Individuals or households are assumed to maximize their ‘utility’, while firms are assumed to maximize their profit or the value of the firm in the portfolios of its owners.

Suggested Citation

  • Villy Bergström, 1999. "Are Economists Social Scientists?," Palgrave Macmillan Books, in: Mark Setterfield (ed.), Growth, Employment and Inflation, chapter 7, pages 88-99, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-27393-5_7
    DOI: 10.1007/978-1-349-27393-5_7
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