Abstraction in economics: Incorporating the time dimension

Foster, J. (1998) Abstraction in economics: Incorporating the time dimension. International Journal of Social Economics, 25 2: 146-147.


Author Foster, J.
Title Abstraction in economics: Incorporating the time dimension
Journal name International Journal of Social Economics   Check publisher's open access policy
ISSN 0306-8293
Publication date 1998
DOI 10.1108/03068299810193362
Volume 25
Issue 2
Start page 146
End page 147
Total pages 2
Publisher Emerald Group Publishing
Language eng
Subject 140203 Economic History
Abstract States that the homo economicus abstraction remains dominant in economics, despite a range of criticisms of its use over the years. Many institutionalists, post-Keynesians, neo-Austrians and social economists have insisted that economic analysis must be conducted in an explicit historical context, where the difficulties which economic decision-makers face, because of time irreversibility, structural change and fundamental uncertainty, are taken into account, as well as non-economic influences on economic behaviour. Understandably, there has been a reluctance to construct a competing abstraction with formal properties which are comparable to those of the homo economicus construct. It is argued in this paper that the development of an alternative behavioural abstraction constitutes an important goal, both in terms of clarifying the limitations of homo economicus and providing an analytical basis upon which investigations of economic behaviour in historical time can be built.
Keyword Economic theory
Economics
Logic

Document type: Journal Article
Collection: School of Economics Publications
 
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Created: Tue, 06 Oct 2009, 12:04:59 EST by Therese Egan on behalf of The University of Queensland Library