Dionysian Economics Making Economics a Scientific Social Science
Nietzsche distinguished between two forces in art: Apollonian, which represents order and reason, and Dionysian, which represents chaos and energy. An ideal work of art combines these two characteristics in a believable, relatable balance. Economists, War
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Dionysian Economics Making Economics a Scientific Social Science Benjamin Ward
DIONYSIAN ECONOMICS Copyright © Benjamin Ward 2016 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission. In accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6-10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. First published 2016 by PALGRAVE MACMILLAN The author has asserted his right to be identified as the author of this work in accordance with the Copyright, Designs and Patents Act 1988. Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire, RG21 6XS. Palgrave Macmillan in the US is a division of Nature America, Inc., One New York Plaza, Suite 4500, New York, NY 10004-1562. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. ISBN: 978-1-137-59735-9 E-PDF ISBN: 978-1-137-59736-6 DOI: 10.1057/9781137597366 Distribution in the UK, Europe and the rest of the world is by Palgrave Macmillan®, a division of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Library of Congress Cataloging-in-Publication Data Names: Ward, Benjamin (Benjamin N.), author. Title: Dionysian economics : making economics a scientific social science / Benjamin Ward. Description: New York, NY : Palgrave Macmillan, [2016] | Includes bibliographical references and index. Identifiers: LCCN 2015035128 | ISBN 9781137597359 (hardback : alk. paper) Subjects: LCSH: Economics. | Economics—Philosophy. Classification: LCC HB71 .W345 2016 | DDC 330—dc23 LC record available at http://lccn.loc.gov/2015035128 A catalogue record for the book is available from the British Library.
Et Natura interdum faciunt saltum et scientia et vita.
This book was written with the help and collaboration of my wife, Trudy Kehret-Ward. We were and we are an interpermeable team. The book is dedicated to her; we made it together.
Contents
Preface
xi
A Note on the Efficient Reading of This Book
xvii
Acknowledgments
xix
Part I
Economic Theory as Physics
Introduction 1 Physics and Economics—A Theory Comparo 2 Physics and Economics—A Performance Comparo 3 Immortal Constants 4 Mitigations? Part I—The Gist
3 9 15 21 31 39
Part II Branches of Economic Theory—Differential Disappointments 5 General Economic Equilibrium Is Neither 6 Macroeconomics: Theorem-Seeking, Forecasting Failure 7 Finance: It Works—but How? 8 Behavior the Savior? 9 Risk Aversion—The Convenience Error 10 Uncertainties and Approximations
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