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Some Practical Aspects of Pluralism

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  • Thomas Mayer

    (Department of Economics, University of California Davis)

Abstract

This contribution to a Festschrift for Warren Samuels argues that in giving policy advice economists should seek diversification and consider the probability of error, and also the loss function and risk aversion. And since advocacy of a theory is in a relevant way like a policy decision, the same applies to theories. If this means employing contradictory theories, then that is consistent with rational behavior. In choosing a methodology, too, a sharp dichotomy of right and wrong is not useful, as the example of new classical reductionism illustrates. Similarly, there is a role for probabilistic pluralism in making value judgments.

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  • Thomas Mayer, 2003. "Some Practical Aspects of Pluralism," Working Papers 214, University of California, Davis, Department of Economics.
    • Handle: RePEc:cda:wpaper:214
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    References listed on IDEAS

    as
    1. Calomiris, Charles W., 1990. "Is Deposit Insurance Necessary? A Historical Perspective," The Journal of Economic History, Cambridge University Press, vol. 50(2), pages 283-295, June.
    2. John B. Davis & D. W. Hands & Uskali Mäki (ed.), 1998. "The Handbook of Economic Methodology," Books, Edward Elgar Publishing, number 741.
    3. Shirley B. Johnson & Thomas Mayer, 1962. "An Extension of Sidgwick's Equity Principle," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 76(3), pages 454-463.
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