180140 SE Analysis of Economic Concepts (2021S)

Prerequisites:

Philosophy of Science (M2.P1 Central Topics and Texts in Theoretical Philosophy - or equivalent); Intermediate Microeconomics (M2.E1 Foundational Microeconomics - or equivalent); Basic game theory (Weeks 1 and 2 of the Coursera lecture from the University of British Columbia: Jackson et al, "Game Theory" - or equivalent).

Course Outline:

Of all occurring social phenomena, only a small fraction catches the attention of economists. How is that fraction determined?

To some extent, economists focus their attention on those phenomena which they know how to conceptualize. In this seminar, we hold example-based discussions on economists’ contemporary conceptual schemes. We take it that economic concepts are defined by actual practice. As a consequence, a concept’s content varies with (1) the collection of models or formal structures which it brings to mind, (2) the interpretation of these structures (in particular, their empirical content), and (3) the use to which these structures are put.

At the end of the seminar, a successful student is sensible to a significant danger that comes with the discussion of economic theories. Namely, that of conflating two economic concepts with one another or of conflating an economic concept with a false friend in ordinary, social scientific, or philosophical language. Despite our focus on specific examples, general lessons will emerge: a successful student has developed skills to differentiate any economic concept from potential false friends.