Economics Dictionary of ArgumentsHome
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| Objectivity: is a property of determinations about facts. It is assumed that the properties attributed to the facts are determined by the facts and are not, or as little as, influenced by the attributing person. In order to determine whether this requirement is fulfilled, consideration must be given to the methods of access to information. This goes beyond the facts considered._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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James M. Buchanan on Objectivity - Dictionary of Arguments
Boudreaux I 63 Objectivity/economics/Boudreaux/Holcombe: Consider a straightforward example of legislating a price ceiling to hold a price below that which would otherwise exist in a market - a cap on the price of home heating fuel, for example. Economic science conveys considerable understanding about how market prices adjust so that, in each market, the quantity supplied of a good tends to equal the quantity demanded of that good. This understanding, in itself, offers a great deal of insight. Markets coordinate the activities of buyers and sellers so that mutually advantageous exchanges occur and goods go to those persons who value them most highly. If government imposes a price ceiling on some good, however, that lower-than-market price will make demanders want to buy more of it, but will also make sellers less willing to sell it. The predictable result is a shortage. >Supply, >Demand, >Markets, >Price, >Value. Boudreaux I 64 Mutually advantageous exchanges that would otherwise have occurred are blocked. Understanding this process is economic science at work. The tools of economic science provide a great deal of insight into the nature of social interaction, and a substantial amount of predictive ability, making them “scientific” in the same way as the natural sciences are. Social sciences: One important difference between the social sciences and the natural sciences, however, is that social scientists are also a part of the subject matter of their studies. >Sociology, >Science._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
EconBuchan I James M. Buchanan Politics as Public Choice Carmel, IN 2000 Boudreaux I Donald J. Boudreaux Randall G. Holcombe The Essential James Buchanan Vancouver: The Fraser Institute 2021 Boudreaux II Donald J. Boudreaux The Essential Hayek Vancouver: Fraser Institute 2014 |
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