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Symbiotics > Economics?

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  • Benno Torgler

Abstract

This paper begins with a discussion on James Buchanan’s suggestion to replace the word “economics” with “symbiotics”, viewing human behavior through the window of exchange rather than choice. Although our current textbooks – such as those by Daron Acemoglu, David Laibson, and John A. List (Microeconomics and Macroeconomics) – tend to over-emphasize choice rather than exchange, a look at documents published in Scopus during the past 70 years indicates that exchange is equally well represented throughout those years. More fundamentally, words such as choice or exchange are kind of “suitcase-like” words that conceal the complexity of very different things and concepts whose relationship we often do not sufficiently discuss or comprehend. As Richard Feynman, Marvin Minsky, and Aaron Sloman remind us, there is a difference between the name of a thing and what actually goes on. To make this point, the paper looks at the mechanism and machinery of decision-making to highlight that mechanisms can be programmed; in the process, reviving old AI ideas such as the General Problem Solver developed by Allen Newell, Clifford Shaw, and Herbert Simon, or Marvin Minsky’s “Prediction Machine”. The paper finishes by discussing not only the benefits of viewing an economic system through the lens of exchange, and therefore mutual aid, reciprocity, and redistribution, but also by emphasizing – as Kenneth Boulding has shown us – that social life is full of one-way transfers which are essential to a deeper understanding of our political economy and non-market machinery.

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  • Benno Torgler, 2021. "Symbiotics > Economics?," CREMA Working Paper Series 2021-15, Center for Research in Economics, Management and the Arts (CREMA).
  • Handle: RePEc:cra:wpaper:2021-15
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    References listed on IDEAS

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    1. Ernst Fehr & Simon Gächter, 2000. "Fairness and Retaliation: The Economics of Reciprocity," Journal of Economic Perspectives, American Economic Association, vol. 14(3), pages 159-181, Summer.
    2. Sherry, John F, Jr, 1983. "Gift Giving in Anthropological Perspective," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 10(2), pages 157-168, September.
    3. Meir Kohn, 2004. "Value and Exchange," Cato Journal, Cato Journal, Cato Institute, vol. 24(3), pages 303-339, Fall.
    4. Peter J. Boettke & Alexander Fink & Daniel J. Smith, 2012. "The Impact of N obel P rize Winners in Economics: Mainline vs. Mainstream," American Journal of Economics and Sociology, Wiley Blackwell, vol. 71(5), pages 1219-1249, November.
    5. Jagdish N. Bhagwati, 2002. "Democracy and Development: Cruel Dilemma or Symbiotic Relationship?," Review of Development Economics, Wiley Blackwell, vol. 6(2), pages 151-162, June.
    6. Fehr, Ernst & Gachter, Simon, 1998. "Reciprocity and economics: The economic implications of Homo Reciprocans1," European Economic Review, Elsevier, vol. 42(3-5), pages 845-859, May.
    7. repec:bla:rdevec:v:6:y:2002:i:2:p:151-62 is not listed on IDEAS
    8. Herbert A. Simon, 1996. "The Sciences of the Artificial, 3rd Edition," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262691914, December.
    9. Kropotkin, Petr, 1902. "Mutual Aid: A Factor of Evolution," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number kropotkin1902.
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    Cited by:

    1. Steve J. Bickley & Ho Fai Chan & Benno Torgler, 2022. "Artificial intelligence in the field of economics," Scientometrics, Springer;Akadémiai Kiadó, vol. 127(4), pages 2055-2084, April.
    2. Steve J. Bickley & Benno Torgler, 2021. "Behavioural Economics, What Have we Missed? Exploring “Classical” Behavioural Economics Roots in AI, Cognitive Psychology, and Complexity Theory," CREMA Working Paper Series 2021-21, Center for Research in Economics, Management and the Arts (CREMA).
    3. Benno Torgler, 2021. "Behavioral Taxation: Opportunities and Challenges," CREMA Working Paper Series 2021-25, Center for Research in Economics, Management and the Arts (CREMA).

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