On Philosophy, Politics, and Economics

On Philosophy, Politics and Economics is an introductory text covering the basics of instrumental rationality, utility theory, game theory, axiomatic social choice theory and public choice theory. It is ideally suited to introductory courses on political economy and ppe programs, as well as advanced undergraduate social and political philosophy courses. The presentation is non-mathematical. On Philosophy, Politics, and Economics does not presuppose background in economics, and so is ideal for non-economists interested in formal analyses of social and political interaction.THE WADSWORTH PHILOSOPHICAL TOPICS SERIES presents readers with concise, timely, and insightful introductions to a variety of traditional and contemporary philosophical subjects. With this series, students of philosophy will be able to discover the richness of philosophical inquiry across a wide array of concepts, including hallmark philosophical themes and themes typically underrepresented in mainstream philosophy publishing. Written by a distinguished list of scholars who have garnered particular recognition for their excellence in teaching, this series presents the vast sweep of today's philosophical exploration in highly accessible and affordable volumes. These books will prove valuable to philosophy teachers and their students as well as to other readers who share a general interest in philosophy.

About the Author	p. VII
List of Figures and Tables	p. VIII
Acknowledgments	p. XII
Introduction	p. 1
Instrumental and Economic Rationality	p. 7
Overview	p. 7
Instrumental Rationality	p. 7
"Consumption Rationality" as Direct Satisfaction of Goals	p. 15
Homo Economicus	p. 19
Summary	p. 27
Notes	p. 28
Utility Theory	p. 30
Overview	p. 30
Preferences: What Are They?	p. 31
Ordinal Utility Theory	p. 36
Cardinal Utility Theory	p. 40
Is Utility Theory a Formalization of Instrumental Rationality?	p. 50
Doubts from Psychology about Expected Utility Theory	p. 56
Summary	p. 66
Notes	p. 67
Efficiency	p. 72
Overview	p. 72
Rationality and Efficiency	p. 72
Efficiency, Externalities, and Public Goods	p. 84
Summary	p. 92
Notes	p. 93
Game Theory	p. 95
Overview	p. 95
Strategic Rationality and Zero-Sum Games	p. 96
The Prisoner's Dilemma	p. 102
Chicken and Other Games	p. 125
Repeated and Evolutionary Games	p. 135
Summary	p. 142
Notes	p. 144
Social Choice Theory	p. 147
Overview	p. 147
The Market and the Forum	p. 147
Axiomatic Social Choice Theory and May's Theorem	p. 151
Arrow's Theorem	p. 154
Collective Choice Rules	p. 164
Strategic Voting	p. 171
Summary	p. 173
Notes	p. 175
Public Choice Theory	p. 177
Overview	p. 177
Downs's Economic Theory of Democracy	p. 178
Is Voting Rational?	p. 184
Majoritarian Inefficiencies	p. 191
Constitutional Political Economy	p. 195
Summary	p. 202
Notes	p. 203
Concluding Remarks	p. 205
Bibliography	p. 208
Index	p. 216
Table of Contents provided by Ingram. All Rights Reserved.

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On Philosophy, Politics, and Economics

Summary

Table of Contents

Supplemental Materials