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Daniel M. Hausman (born March 27, 1947 in Chicago, Illinois) is an American philosopher. His research has focused primarily on methodological, metaphysical, and ethical issues at the boundaries between economics and philosophy. He is currently Herbert A. Simon Professor Emeritus in the Department of Philosophy at the University of Wisconsin–Madison. [1]
Hausman grew up in the Chicago suburbs. He attended Harvard College, first majoring in biochemistry, then changing to English literature and history (B.A., magna cum laude, 1969). From there, he went to New York University for a Teaching degree (M.A.T., 1971), then on to study moral sciences at Cambridge University (B.A., 1973; M.A, 1977) and philosophy at Columbia University (M.Phil., 1975; Ph.D., 1978).
Hausman taught philosophy at the University of Maryland, College Park and Carnegie-Mellon University, before joining the faculty at Wisconsin in 1988.</ref> [2]
Hausman was a founding co-editor (with Michael McPherson) of the journal Economics and Philosophy, which he co-edited for ten years from 1985. He has written or edited seven books and some 130 published papers. He is currently working on a book on preferences and on related questions concerning the measurement of health. Along with Alexander Rosenberg, he is a philosophical critic of economics.
He was elected a Fellow of the American Academy of Arts and Sciences in 2009. [2]
Political economy is the study of how economic systems and political systems are linked. Widely studied phenomena within the discipline are systems such as labour markets and financial markets, as well as phenomena such as growth, distribution, inequality, and trade, and how these are shaped by institutions, laws, and government policy. Originating in the 16th century, it is the precursor to the modern discipline of economics. Political economy in its modern form is considered an interdisciplinary field, drawing on theory from both political science and modern economics.
In economics, industrial organization is a field that builds on the theory of the firm by examining the structure of firms and markets. Industrial organization adds real-world complications to the perfectly competitive model, complications such as transaction costs, limited information, and barriers to entry of new firms that may be associated with imperfect competition. It analyzes determinants of firm and market organization and behavior on a continuum between competition and monopoly, including from government actions.
Public choice, or public choice theory, is "the use of economic tools to deal with traditional problems of political science". Its content includes the study of political behavior. In political science, it is the subset of positive political theory that studies self-interested agents and their interactions, which can be represented in a number of ways – using standard constrained utility maximization, game theory, or decision theory. It is the origin and intellectual foundation of contemporary work in political economy.
Monetary economics is the branch of economics that studies the different theories of money: it provides a framework for analyzing money and considers its functions, and it considers how money can gain acceptance purely because of its convenience as a public good. The discipline has historically prefigured, and remains integrally linked to, macroeconomics. This branch also examines the effects of monetary systems, including regulation of money and associated financial institutions and international aspects.
Socioeconomics is the social science that studies how economic activity affects and is shaped by social processes. In general it analyzes how modern societies progress, stagnate, or regress because of their local or regional economy, or the global economy.
Positive economics is the part of economics that deals with positive statements. That is, it focuses on the description, quantification and explanation of economic phenomena. It deals with empirical facts as well as cause-and-effect behavioral relationships and emphasizes that economic theories must be consistent with existing observations and produce testable, precise predictions about the phenomena under question. Positive economics as a science concerns analysis of economic behavior to determine what is true. Examples of positive economic statements are "the unemployment rate in France is higher than that in the United States," or “an increase in government spending would lower the unemployment rate.” Either of these is potentially falsifiable and may be contradicted by evidence. Positive economics as such avoids economic value judgments. For example, a positive economic theory might describe how money supply growth affects inflation, but it does not provide any instruction on what policy ought to be followed. This contrasts with normative economic statements, in which an opinion is given. For example, “Government spending should be increased” is a normative statement.
Normative economics is the part of economics that deals with normative statements. It focuses on the idea of fairness and what the outcome of the economy or goals of public policy ought to be.
Experimental economics is the application of experimental methods to study economic questions. Data collected in experiments are used to estimate effect size, test the validity of economic theories, and illuminate market mechanisms. Economic experiments usually use cash to motivate subjects, in order to mimic real-world incentives. Experiments are used to help understand how and why markets and other exchange systems function as they do. Experimental economics have also expanded to understand institutions and the law.
Economic sociology is the study of the social cause and effect of various economic phenomena. The field can be broadly divided into a classical period and a contemporary one, known as "new economic sociology".
Philosophy and economics studies topics such as public economics, behavioural economics, rationality, justice, history of economic thought, rational choice, the appraisal of economic outcomes, institutions and processes, the status of highly idealized economic models, the ontology of economic phenomena and the possibilities of acquiring knowledge of them.
Eliot Roy Weintraub is an American mathematician, economist, and, since 1976, professor of economics at Duke University. He was born in 1943 in New York City.
Economic methodology is the study of methods, especially the scientific method, in relation to economics, including principles underlying economic reasoning. In contemporary English, 'methodology' may reference theoretical or systematic aspects of a method. Philosophy and economics also takes up methodology at the intersection of the two subjects.
Milton Friedman's book Essays in Positive Economics (1953) is a collection of earlier articles by the author with as its lead an original essay "The Methodology of Positive Economics." This essay posits Friedman's famous, but controversial, principle that assumptions need not be "realistic" to serve as scientific hypotheses; they merely need to make significant predictions.
Economics imperialism is the economic analysis of non-economic aspects of life, such as crime, law, the family, prejudice, tastes, irrational behavior, politics, sociology, culture, religion, war, science, and research. Related usage of the term goes back as far as the 1930s.
Justice in economics is a subcategory of social justice and welfare economics. It is a "set of moral and ethical principles for building economic institutions". Economic justice aims to create opportunities for every person to have a dignified, productive and creative life that extends beyond simple economics.
Agent-based computational economics (ACE) is the area of computational economics that studies economic processes, including whole economies, as dynamic systems of interacting agents. As such, it falls in the paradigm of complex adaptive systems. In corresponding agent-based models, the "agents" are "computational objects modeled as interacting according to rules" over space and time, not real people. The rules are formulated to model behavior and social interactions based on incentives and information. Such rules could also be the result of optimization, realized through use of AI methods.
Kenneth Lewis Judd is a computational economist at Stanford University, where he is the Paul H. Bauer Senior Fellow at the Hoover Institution. He received his PhD in economics from the University of Wisconsin in 1980. He is perhaps best known as the author of Numerical Methods in Economics, and he is also among the editors of the Handbook of Computational Economics and of the Journal of Economic Dynamics and Control.
Mathematical economics is the application of mathematical methods to represent theories and analyze problems in economics. Often, these applied methods are beyond simple geometry, and may include differential and integral calculus, difference and differential equations, matrix algebra, mathematical programming, or other computational methods. Proponents of this approach claim that it allows the formulation of theoretical relationships with rigor, generality, and simplicity.
Roger Edward Backhouse, is a British economist, economic historian and academic. Since 1996, he has been Professor of the History and Philosophy of Economics at the University of Birmingham.
Constitutional economics is a research program in economics and constitutionalism that has been described as explaining the choice "of alternative sets of legal-institutional-constitutional rules that constrain the choices and activities of economic and political agents". This extends beyond the definition of "the economic analysis of constitutional law" and is distinct from explaining the choices of economic and political agents within those rules, a subject of orthodox economics. Instead, constitutional economics takes into account the impacts of political economic decisions as opposed to limiting its analysis to economic relationships as functions of the dynamics of distribution of marketable goods and services.
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