Equilibrium Versus Understanding: Towards the Rehumanization of Economics within Social Theory (Routledge Frontiers of Political Economy, Vol1)

Equilibrium versus Understanding argues that neo-classical theory is incapable of explaining or understanding human conduct. The author asserts that a different sort of economic theory is required and proposes a hermeneutic one. The book presents a comprehensive description and analysis of the methodologies involved, ultimately rejecting the positi The theories we use shape the way we look at the world and influence our explanations of people's behaviour. Equilibrium versus Understanding argues that neoclassical theory is incapable of explaining or understanding people's conduct. As a result it is unsuitable for explaining decisions and choices. The author asserts that a different sort of economic theory is required if economists are to understand and get to grips with social problems. As an alternative, he proposes a hermeneutic theory. Neo-classical theory is incapable of explaining or understanding human conduct. The author favours an interpretative approach to social theory, providing a novel critique of equilibrium theory and insight into the nature of business decisions