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Introducing Anthropological Foundations of Economic Behavior, Organization, and Control

Author

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  • Amavilah, Voxi Heinrich
Abstract
One of the rude awakenings for economists from the current recession is an emerging understanding that economics has gone wild with its highbrow mathematical models that bear little resemblance to reality. The failure of economics to predict and solve the current global recession, has restored the “dismal science” title to the profession. It stems from the cultish fascination with Adam Smith’s Invisible Hand, centered around the belief in the efficient market hypothesis. This fascination exposes analytical holes in the methodology that economics has followed lately, as economics itself has moved too far away from its key social foundations. This situation is incomprehensible and needs redressing. I compiled a book - Selected Readings on the Anthropological Bases of Economic Behavior, Organization, and Control - to help economists and others get back in touch with their genealogy. This current paper is a watered down version of the introduction to Selected Readings. It concludes that real life is neither as simple nor economic as economic theory sometimes suggests. In fact, and for much of human history, non-economic factors and forces have driven economic activities. Selected Readings provides an opportunity for reinforced focus on economics principles. Alone and detached from its social foundations economics has a future only as fiction. As serious non-fiction, economics cannot successfully divorce itself from its elemental foundations in the social sciences. To advance its theory in the past economics needed to borrow from mathematics and physics. Such learning must continue. However, to remain policy-relevant economics cannot wish away the very social bases upon which it is founded. Without social foundations one might as well kiss economics goodbye.

Suggested Citation

  • Amavilah, Voxi Heinrich, 2010. "Introducing Anthropological Foundations of Economic Behavior, Organization, and Control," MPRA Paper 22921, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:22921
    as

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    File URL: https://mpra.ub.uni-muenchen.de/22921/1/MPRA_paper_22921.pdf
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    References listed on IDEAS

    as
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    2. Voxi Heinrich Amavilah, 2005. "Resource Intra-Actions And Inter-Actions: Implications For Technological Change And Economic Growth," GE, Growth, Math methods 0508004, University Library of Munich, Germany.
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    6. Burton G. Malkiel, 2003. "The Efficient Market Hypothesis and Its Critics," Working Papers 111, Princeton University, Department of Economics, Center for Economic Policy Studies..
    7. repec:pri:cepsud:91malkiel is not listed on IDEAS
    8. Robert J. Shiller, 2003. "From Efficient Markets Theory to Behavioral Finance," Journal of Economic Perspectives, American Economic Association, vol. 17(1), pages 83-104, Winter.
    9. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 71-102, October.
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    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Amavilah, Voxi Heinrich, 2016. "The 'Common Goood' in Pope Francis's Social Welfare Hypothesis," MPRA Paper 71760, University Library of Munich, Germany.
    2. Amavilah, Voxi Heinrich, 2017. "The African origins of Euro-American development: Pins on an empirical roadmap," MPRA Paper 79925, University Library of Munich, Germany.
    3. Amavilah, Voxi Heinrich, 2018. "Endogenous constraints, coefficients of economic distance, and economic performance of African countries – An exploratory essay," MPRA Paper 90065, University Library of Munich, Germany.
    4. Voxi Heinrich AMAVILAH, 2016. "Social Obstacles to Technology, Technological Change, and the Economic Growth of African Countries: Some Anecdotal Evidence from Economic History," Turkish Economic Review, KSP Journals, vol. 3(2), pages 320-340, June.

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    More about this item

    Keywords

    economic behavior; economic organization; economic control; Frank Knight; W. Arthur Lewis; Joan Robinson; Janos Kornai; J. Herskovits; B. Malinowski; anthropological bases;
    All these keywords.

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • Y20 - Miscellaneous Categories - - Introductions and Prefaces - - - Introductions and Prefaces
    • P49 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Other
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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