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The Community of Advantage: A Behavioural Economist's Defence of the Market

Book Specification

Binding Hardcover
Language English
Number Of Pages 352
Author Robert Sugden
Publisher OUP Oxford
Isbn-10 0198825145
Isbn-13 9780198825142
Dimension 16.31*2.49*24.21

The Community of Advantage: A Behavioural Economist's Defence of the Market

Robert Sugden's The Community of Advantage: A Behavioural Economist's Defence of the Market

The Community of Advantage asks how economists should do normative analysis. Normative analysis in Economics has usually aimed at satisfying individuals' preferences. Its conclusions have supported a long- standing liberal tradition of Economics that values economic freedom and views markets favourably. However, behavioural Research shows that individuals' preferences, as revealed in choices, are often unstable, and vary according to contextual factors that seem irrelevant for welfare. Robert Sugden proposes a reformulation of normative Economics that is compatible with what is now known about the Psychology of choice.

The growing consensus in favour of paternalism and 'nudging' is based on a very different way of reconciling normative Economics with behavioural findings. This is to assume that People have well-defined 'latent' preferences which, because of psychologically-induced errors, are not always revealed in actual choices. The economist's job is then to reconstruct latent preferences and to Design policies to satisfy them. Challenging this consensus, The Community of Advantage argues that latent preference and error are psychologically ungrounded concepts, and that Economics needs to be more radical in giving up rationality assumptions.

Sugden advocates a kind of normative Economics that does not use the concept of preference. Its recommendations are addressed, not to an imagined 'social planner', but to citizens, viewed as potential Parties to mutually beneficial agreements. Its normative criterion is the provision of Opportunities for individuals to participate in voluntary transactions. Using this approach, Sugden reconstructs many of the normative conclusions of the liberal tradition. He argues that a well-functioning market economy is an institution that individuals have reason to value, whether or not their preferences satisfy conventional axioms of rationality, and that individuals' motivations in such an economy can be cooperative rather than self-interested.
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Why you should read The Community of Advantage: A Behavioural Economist's Defence of the Market by Robert Sugden

This book has been written by Robert Sugden, who has written books like The Community of Advantage: A Behavioural Economist's Defence of the Market. The books are written in Comparative category. This book is read by people who are interested in reading books in category : Comparative. So, if you want to explore books similar to This book, you must read and buy this book.

How long would it take for you to read The Community of Advantage: A Behavioural Economist's Defence of the Market

Depending on your reading style, this is how much time you would take to complete reading this book.

Reading Style Time To Finish The Book
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Average 35 hours
Good 23 hours
Excellent 11 hours
So if you are a Reader belonging in the Good category, and you read it daily for 1 hour, it will take you 23 days.
Note: A slow reader usually reads 100 words per minute, an average reader 200 words per minute, an average reader 300 words per minute and an excellent leader reads about 600-1000 words per minute, however the comprehension may vary.

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