Abstract:The Economics of Economics (2010) by Dan St’astný extends the economic approach of public choice and law and economics to see how economists behave so as to improve their well being in the world of un...The Economics of Economics (2010) by Dan St’astný extends the economic approach of public choice and law and economics to see how economists behave so as to improve their well being in the world of uncertainty, scarcity and institutions. According to St’astný, economists have been adjusting their behavior to the changing institutional environment and, consequently, ended up policy irrelevant. The book review provides an assessment of the model St’astný employs. On the one hand, St’astný offers a looking glass that helps seeing the decision making process of an economist from a price theory perspective. I suggest, on the other hand, that the model would be more accurate had it not considered preferences constant. In fact, the evolution of economists’ preferences and the changing sense of praiseworthiness is what the model should try to explain.Read More
Publication Year: 2011
Publication Date: 2011-11-04
Language: en
Type: article
Access and Citation
AI Researcher Chatbot
Get quick answers to your questions about the article from our AI researcher chatbot