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Politics and Governance

In: Limits of Economic and Social Knowledge

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  • Stephen J. DeCanio

    (University of California)

Abstract

If there is only one agent (or one representative agent), then as we have seen in Chapter 5, most economic analysis boils down to a calculus exercise in constrained maximization. For example, making a decision between current consumption and current investment (i.e., between current and future consumption) leads to the Hamiltonian formalism of capital theory as described in detail by Weitzman (2003).1 Single-agent economies (or societies) can be described with relatively straightforward mathematics because there are no competing interests, no externalities, no strategic interactions, and no collective decisions that have to be made by individuals with different endowments, preferences, values, or world-views.

Suggested Citation

  • Stephen J. DeCanio, 2014. "Politics and Governance," Palgrave Macmillan Books, in: Limits of Economic and Social Knowledge, chapter 7, pages 173-195, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-37193-5_7
    DOI: 10.1057/9781137371935_7
    as

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