LEADER 04432nam 22005415 450 001 9910254888403321 005 20200629221445.0 010 $a1-137-59736-4 024 7 $a10.1057/9781137597366 035 $a(CKB)3710000000895220 035 $a(EBL)4716386 035 $a(DE-He213)978-1-137-59736-6 035 $a(MiAaPQ)EBC4716386 035 $a(EXLCZ)993710000000895220 100 $a20161003d2016 u| 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aDionysian Economics $eMaking Economics a Scientific Social Science /$fby Benjamin Ward 205 $a1st ed. 2016. 210 1$aNew York :$cPalgrave Macmillan US :$cImprint: Palgrave Macmillan,$d2016. 215 $a1 online resource (285 p.) 300 $aDescription based upon print version of record. 311 $a1-137-59735-6 320 $aIncludes bibliographical references and index. 327 $aCover; Half Title; Title Page; Copyright Page; Dedication; Table of Contents; Preface; A Note on the Efficient Reading of This Book; Acknowledgments; 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; 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 327 $a10 Uncertainties and ApproximationsPart II-The Gist; Part III What Now?; 11 Scientific Demotion; 12 Human Natures; 13 A List Frame for Dionysian Economics; A. Humans; B. Markets; C. Political Economy; D. Making Economics a Science; 14 Biology-A Colleague or a Model?; 15 Subduction and Resurrection; A. Contextics; B. The Reactive Society; 16 The Journal of Dionysian Economics; Part III-Dionysian Economics-The Gist; Notes; Bibliography; Index 330 $aNietzsche 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, Ward argues, have operated for too long under the assumption that their work reflects scientific, Apollonian principals when these simply do not or cannot apply: "constants" in economics stand in for variables, mathematical equations represent the simplified ideal rather than the complex reality, and the core scientific principal of replication is all but ignored. In Dionysian Economics, Ward encourages economists to reintegrate the standard rigor of the scientific method into their work while embracing the fact that their prime indicators come from notoriously chaotic and changeable human beings. Rather than emphasizing its shortfalls compared to an extremely Apollonian science, such as physics, economics can aspire to the standards of a science that accounts for considerable Dionysian variation, such as biology. The book proposes that economists get closer to their dynamic objects of study, that they avoid the temptation to wish away dynamic complexity by using simplifying assumptions, and that they recognize the desire to take risks as fundamentally human. 606 $aEconomic theory 606 $aBehavioral economics 606 $aMacroeconomics 606 $aEconomic Theory/Quantitative Economics/Mathematical Methods$3https://scigraph.springernature.com/ontologies/product-market-codes/W29000 606 $aBehavioral/Experimental Economics$3https://scigraph.springernature.com/ontologies/product-market-codes/W54000 606 $aMacroeconomics/Monetary Economics//Financial Economics$3https://scigraph.springernature.com/ontologies/product-market-codes/W32000 615 0$aEconomic theory. 615 0$aBehavioral economics. 615 0$aMacroeconomics. 615 14$aEconomic Theory/Quantitative Economics/Mathematical Methods. 615 24$aBehavioral/Experimental Economics. 615 24$aMacroeconomics/Monetary Economics//Financial Economics. 676 $a330.1 700 $aWard$b Benjamin$4aut$4http://id.loc.gov/vocabulary/relators/aut$0127824 906 $aBOOK 912 $a9910254888403321 996 $aDionysian Economics$92124927 997 $aUNINA