Michael Moehler, Director of the PPE Program at Virginia Tech, recently published a book at the intersection of philosophy, politics, and economics.
The book includes discussion of the relationship between morality and self-interest, utility theory, rational choice theory, social and economic productivity, distributive justice, the welfare state, and global justice. In the book, Professor Moehler applies formal methods to moral and political philosophy and develops a new type of social contract theory that aims to ensure mutually beneficial peaceful long-term cooperation in deeply morally pluralistic societies.
Catherine Herfeld from the University of Zurich will give a talk on the topic “The Many Faces of Rational Choice Theory.” The talk takes place on April 2, 2018, from 4-6 PM in 118B Surge Building. Professor Herfeld’s talk is co-sponsored by the Global Forum on Urban and Regional Resilience at Virginia Tech and is tailored to appeal to both students and faculty, with plenty of time for discussion and interaction with the guest speaker. You are cordially invited to attend.
Here is the abstract of the talk: Throughout the second half of the twentieth century, theories of rational choice have been extensively employed in economics and the social sciences more generally. They have been used in the hope of solving a variety of distinct conceptual, methodological and epistemic problems and are thus to be found in nearly any context in which economists aim at generating knowledge about the economy. At the same time, theories of rational choice have been attacked from various sides. As they have been empirically falsified countless times, they have often been identified as responsible for the explanatory and predictive shortcomings of economic models and theories. In this talk, I aim to provide a fresh perspective on persistent debates about the epistemic potentials and limitations of rational choice theory. First, I suggest that rational choice theory has many conceptually and methodologically distinct faces that remain prevalent in contemporary economics, but have emerged from a history of earlier attempts to conceptualize the behavior of human agents. By looking more closely at a set of historical and contemporary cases, I argue that the way in which rational choice theories have been used and justified in economics has depended crucially upon the problems that economists addressed. They should accordingly be evaluated against the backdrop of precisely those problems they were meant to provide a solution for. Second, I argue that even if economists could draw upon an empirically more adequate theory of human behavior, it remains to be seen whether they have found an appropriate solution for the empirical difficulties that economic models and theories actually confront.
Marion Fourcade from the University of California Berkeley will give a talk on the topic “Faust in the Digital Era.” The talk takes place on March 21, 2018, from 4-6 PM in 135 Goodwin Hall. The talk is tailored to appeal to both students and faculty, with plenty of time for discussion and interaction with the guest speaker. You are cordially invited to attend.
Here is the abstract of the talk: The modern digital economy is built upon an implicit Faustian bargain: companies provide online services for free, and individuals ‘pay’ them back by signing intrusive terms of service that provide access to their personal data. The data is then refined and recombined to sort individuals into marketing niches, skill sets, rankings and reputations, and more. It is used for price discrimination, product differentiation, and the distribution of financial and symbolic rewards and penalties. This presentation will provide an overview of these new sorting processes, and of their existing and potential consequences for how we think about inequality in today’s society.
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