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Prevailing economic theory presumes that agents act rationally when they make decisions, striving to maximize the efficient use of their resources. Psychology has repeatedly challenged the rational choice paradigm with persuasive evidence that people do not always make the optimal choice. Yet the paradigm has proven so successful a predictor that its use continues to flourish, fueled by debate across the social sciences over why it works so well. Intended to introduce novices to rational choice theory, this accessible, interdisciplinary book collects writings by leading researchers. The Limits of Rationality illuminates the rational choice paradigm of social and political behavior itself, identifies its limitations, clarifies the nature of current controversies, and offers suggestions for improving current models. In the first section of the book, contributors consider the theoretical foundations of rational choice. Models of rational choice play an important role in providing a standard of human action and the bases for constitutional design, but do they also succeed as explanatory models of behavior? Do empirical failures of these explanatory models constitute a telling condemnation of rational choice theory or do they open new avenues of investigation and theorizing? Emphasizing analyses of norms and institutions, the second and third sections of the book investigate areas in which rational choice theory might be extended in order to provide better models. The contributors evaluate the adequacy of analyses based on neoclassical economics, the potential contributions of game theory and cognitive science, and the consequences for the basic framework when unequal bargaining power and hierarchy are introduced.
We explain what people think and do by citing their reasons, but how do such explanations work, and what do they tell us about the nature of reality? Contemporary efforts to address these questions are often motivated by the worry that our ordinary conception of rationality contains a kernel of supernaturalism-a ghostly presence that meditates on sensory messages and orchestrates behavior on the basis of its ethereal calculations. In shunning this otherworldly conception, contemporary philosophers have focused on the project of "naturalizing" the mind, viewing it as a kind of machine that converts sensory input and bodily impulse into thought and action. Eric Marcus rejects this choice between physicalism and supernaturalism as false and defends a third way. He argues that philosophers have failed to take seriously the idea that rational explanations postulate a distinctive sort of causation-rational causation. Rational explanations do not reveal the same sorts of causal connections that explanations in the natural sciences do. Rather, rational causation draws on the theoretical and practical inferential abilities of human beings. Marcus defends this position against a wide array of physicalist arguments that have captivated philosophers of mind for decades. Along the way he provides novel views on, for example, the difference between rational and nonrational animals and the distinction between states and events.
Managers in organisations must make rational decisions. Rational decision making is the opposite of intuitive decision making. It is a strict procedure utilising objective knowledge and logic. It involves identifying the problem to solve, gathering facts, identifying options and outcomes, analysing them, considering all the relationships and selecting the decision. Rational decision making requires support: methods and software tools. The identification of the problem to solve needs methods that would measure and evaluate the current situation. Identification and evaluation of options and analysis of the available possibilities involves analysis and optimisation methods. Incorporating intuition into rational decision making needs adequate methods that would translate ideas or observed behaviours into hard data. Communication, observation and opinions recording is hardly possible today without adequate software. Information and data that form the input, intermediate variables and the output must be stored, managed and made accessible in a user-friendly manner. Rational Decisions in Organisations: Theoretical and Practical Aspects presents selected recent developments in the support of the widely understood rational decision making in organisations, illustrated through case studies. The book shows not only the variety of perspectives involved in decision making, but also the variety of domains where rational decision support systems are needed. The case studies present decision making by medical doctors, students and managers of various universities, IT project teams, construction companies, banks and small and large manufacturing companies. Covering the richness of relationships in which the decisions should and must be taken, the book illustrates how modern organisations operate in chains and networks; they have multiple responsibilities, including social, legal, business and ethical duties. Nowadays, managers in organisations can make transparent decisions and consider a multitude of stakeholders and their diverse features, incorporating diverse criteria, using multiple types and drivers of information and decision-making patterns, and referring to numerous lessons learned. As the book makes clear, the marriage of theoretical ideas with the possibilities offered by technology can make the decisions in organisations more rational and, at the same time, more human.
One of Hegel’s most controversial and confounding claims is that “the real is rational and the rational is real.” In this book, one of the world’s leading scholars of Hegel, Jean-François Kervégan, offers a thorough analysis and explanation of that claim, along the way delivering a compelling account of modern social, political, and ethical life. ?Kervégan begins with Hegel’s term “objective spirit,” the public manifestation of our deepest commitments, the binding norms that shape our existence as subjects and agents. He examines objective spirit in three realms: the notion of right, the theory of society, and the state. In conversation with Tocqueville and other theorists of democracy, whether in the Anglophone world or in Europe, Kervégan shows how Hegel—often associated with grand metaphysical ideas—actually had a specific conception of civil society and the state. In Hegel’s view, public institutions represent the fulfillment of deep subjective needs—and in that sense, demonstrate that the real is the rational, because what surrounds us is the product of our collective mindedness. This groundbreaking analysis will guide the study of Hegel and nineteenth-century political thought for years to come.
This book develops the idea of rational expectations and surveys its use in economics today.
Intelligent machines are populating our social, economic and political spaces. These intelligent machines are powered by Artificial Intelligence technologies such as deep learning. They are used in decision making. One element of decision making is the issue of rationality. Regulations such as the General Data Protection Regulation (GDPR) require that decisions that are made by these intelligent machines are explainable. Rational Machines and Artificial Intelligence proposes that explainable decisions are good but the explanation must be rational to prevent these decisions from being challenged. Noted author Tshilidzi Marwala studies the concept of machine rationality and compares this to the rationality bounds prescribed by Nobel Laureate Herbert Simon and rationality bounds derived from the work of Nobel Laureates Richard Thaler and Daniel Kahneman. Rational Machines and Artificial Intelligence describes why machine rationality is flexibly bounded due to advances in technology. This effectively means that optimally designed machines are more rational than human beings. Readers will also learn whether machine rationality can be quantified and identify how this can be achieved. Furthermore, the author discusses whether machine rationality is subjective. Finally, the author examines whether a population of intelligent machines collectively make more rational decisions than individual machines. Examples in biomedical engineering, social sciences and the financial sectors are used to illustrate these concepts. - Provides an introduction to the key questions and challenges surrounding Rational Machines, including, When do we rely on decisions made by intelligent machines? What do decisions made by intelligent machines mean? Are these decisions rational or fair? Can we quantify these decisions? and Is rationality subjective? - Introduces for the first time the concept of rational opportunity costs and the concept of flexibly bounded rationality as a rationality of intelligent machines and the implications of these issues on the reliability of machine decisions - Includes coverage of Rational Counterfactuals, group versus individual rationality, and rational markets - Discusses the application of Moore's Law and advancements in Artificial Intelligence, as well as developments in the area of data acquisition and analysis technologies and how they affect the boundaries of intelligent machine rationality
The economic crisis is also a crisis for economic theory. Most analyses of the evolution of the crisis invoke three themes, contagion, networks and trust, yet none of these play a major role in standard macroeconomic models. What is needed is a theory in which these aspects are central. The direct interaction between individuals, firms and banks does not simply produce imperfections in the functioning of the economy but is the very basis of the functioning of a modern economy. This book suggests a way of analysing the economy which takes this point of view. The economy should be considered as a complex adaptive system in which the agents constantly react to, influence and are influenced by, the other individuals in the economy. In such systems which are familiar from statistical physics and biology for example, the behaviour of the aggregate cannot be deduced from the behaviour of the average, or "representative" individual. Just as the organised activity of an ants’ nest cannot be understood from the behaviour of a "representative ant" so macroeconomic phenomena should not be assimilated to those associated with the "representative agent". This book provides examples where this can clearly be seen. The examples range from Schelling’s model of segregation, to contributions to public goods, the evolution of buyer seller relations in fish markets, to financial models based on the foraging behaviour of ants. The message of the book is that coordination rather than efficiency is the central problem in economics. How do the myriads of individual choices and decisions come to be coordinated? How does the economy or a market, "self organise" and how does this sometimes result in major upheavals, or to use the phrase from physics, "phase transitions"? The sort of system described in this book is not in equilibrium in the standard sense, it is constantly changing and moving from state to state and its very structure is always being modified. The economy is not a ship sailing on a well-defined trajectory which occasionally gets knocked off course. It is more like the slime described in the book "emergence", constantly reorganising itself so as to slide collectively in directions which are neither understood nor necessarily desired by its components.
"Publication of this material in English should be a major event in American Weber studies. Together with Economy and Society, Weber's comparative studies in the sociology of religion represent not only his own central contribution to theoretical sociology, but also one of the most ambitious and fruitful research programs in the history of modern social theory. Schluchter analyzes both of these projects and shows how they are related. There is nothing in the Anglo-American literature on Weber's sociology of religion that can match the rigor and thoroughness of these essays. They should raise the standards of scholarly debate concerning both the general theoretical significance and the details of Weber's sociology of religion."--Guy Oakes, Monmouth University "There is next to nothing in the field of Weber interpretation that reaches the superior grasp and breadth of knowledge displayed in these essays. Exciting and illuminating, they should be essential reading for anyone interested in comparative religion and domination."--Thomas Burger, Southern Illinois University
Parsons argues that Weber's analysis is highly influenced by the Austrian School of Economics and the relationship between his critique of centrally planned economies and that of Mises. This book is a valuable contribution to Weberian literature.
We explain what people think and do by citing their reasons, but how do such explanations work, and what do they tell us about the nature of reality? Contemporary efforts to address these questions are often motivated by the worry that our ordinary conception of rationality contains a kernel of supernaturalism—a ghostly presence that meditates on sensory messages and orchestrates behavior on the basis of its ethereal calculations. In shunning this otherworldly conception, contemporary philosophers have focused on the project of “naturalizing” the mind, viewing it as a kind of machine that converts sensory input and bodily impulse into thought and action. Eric Marcus rejects this choice between physicalism and supernaturalism as false and defends a third way. He argues that philosophers have failed to take seriously the idea that rational explanations postulate a distinctive sort of causation—rational causation. Rational explanations do not reveal the same sorts of causal connections that explanations in the natural sciences do. Rather, rational causation draws on the theoretical and practical inferential abilities of human beings. Marcus defends this position against a wide array of physicalist arguments that have captivated philosophers of mind for decades. Along the way he provides novel views on, for example, the difference between rational and nonrational animals and the distinction between states and events.