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Bukantianism—Buchanan's philosophical economics

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  • Kliemt, Hartmut

Abstract

This paper reconstructs how Buchanan himself answers his question “what should economists do?” The way Buchanan tries to stir a middle course between the extremes of an a priori logic of human action and economic behaviorism is sketched as broadly Kantian. Other than a conventional Kantian, Buchanan's game theoretically inspired “dual worlds”-approach, as reconstructed, is fully compatible with a scientific world view. However, bringing together “political philosophy and predictive science”, Bukantianism has to cope with remaining tensions between the empirical and the normative.

Suggested Citation

  • Kliemt, Hartmut, 2011. "Bukantianism—Buchanan's philosophical economics," Journal of Economic Behavior & Organization, Elsevier, vol. 80(2), pages 275-279.
  • Handle: RePEc:eee:jeborg:v:80:y:2011:i:2:p:275-279
    DOI: 10.1016/j.jebo.2011.07.013
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    References listed on IDEAS

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    1. John C. Harsanyi & Reinhard Selten, 1988. "A General Theory of Equilibrium Selection in Games," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262582384, August.
    2. Ronald Fagin & Joseph Y. Halpern & Yoram Moses & Moshe Y. Vardi, 2003. "Reasoning About Knowledge," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262562006, August.
    3. Vernon L. Smith, 1962. "An Experimental Study of Competitive Market Behavior," Journal of Political Economy, University of Chicago Press, vol. 70, pages 322-322.
    4. Jørgen Jacobsen, Hans, 1996. "On the Foundations of Nash Equilibrium," Economics and Philosophy, Cambridge University Press, vol. 12(1), pages 67-88, April.
    5. Güth, Werner & Kliemt, Hartmut, 2001. "From full to bounded rationality: The limits of unlimited rationality," SFB 373 Discussion Papers 2001,12, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
    6. Gode, Dhananjay K & Sunder, Shyam, 1993. "Allocative Efficiency of Markets with Zero-Intelligence Traders: Market as a Partial Substitute for Individual Rationality," Journal of Political Economy, University of Chicago Press, vol. 101(1), pages 119-137, February.
    7. Oskar Morgenstern, 1972. "Descriptive, Predictive And Normative Theory," Kyklos, Wiley Blackwell, vol. 25(4), pages 699-714, November.
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    Cited by:

    1. Michael C. Munger, 2018. "30 years after the nobel: James Buchanan’s political philosophy," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 31(2), pages 151-167, June.
    2. John Thrasher, 2019. "Democracy Unchained: Contractualism, Individualism, and Independence in Buchanan’s Democratic Theory," Homo Oeconomicus: Journal of Behavioral and Institutional Economics, Springer, vol. 36(1), pages 25-40, October.

    More about this item

    Keywords

    Economic methodology; Foundations of “contractarian” economics;

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary

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