Rationality, Bounded Rationality and Microfoundations: Foundations of Theoretical Economics

This book challenges the generally accepted theories of classical economics, explaining why the expected utility theory, even if it were true, fails to be of much help in solving economic controversies. REZA SALEH-NEJAD received his MSc and PhD from the London School of Economics and Political Science, UK. Currently he is a research fellow at the HAND Foundation, California. He holds a visiting research position at the National Research Institute for Science Policy in Iran. He has also taught Economics at Cambridge and City University. Introduction Theoretical versus Atheoretical Macroeconomics: Concepts and Controversies Rational Behaviour and Economic Theory Homo Economicus as an Intuitive Statistician (1): Model Free Learning Homo Economicus as an Intuitive Statistician (2): Bayesian Diagnostic Learning Homo Economicus as an Intuitive Statistician (3): Data Driven Causal Inference The Economy as an Interactive System: An Appraisal of the Microfoundations Project Finale