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Theoretical and Applied Economics
No. 8 / 2007 (513)

The epistemic failure

„Often, the physicist arrives at a better, more economical description of nature if he can formulate the laws he observes through a principle of maximization. Often, the economist can achieve a better, more economical description of economic behavior by using the same instrument.”
Paul A. Samuelson

As long as economic decision has determinants other than

those offered by the theory, Economics will remain an exercise

of vain rhetoric. Dissecting the human mechanism of decision

making is, in general, difficult. The post-enlightment theoretical

experience strives to have rational relevance, even though in

matters of economy, as in any other activity which includes

man and his dilemmatic universe, it illustrates failure.

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The epistemic failure
Marin Dinu

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The Economicity. The Epistemic Landscape, Marin Dinu, 2016

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