In this article, we provide a broad overview of the interplay among cognition, belief systems, and institutions, and how they affect economic performance. We argue that a deeper understanding of institutions' emergence, their working properties, and their effect on economic and political outcomes should begin from an analysis of cognitive processes. We explore the nature of individual and collective learning, stressing that the issue is not whether agents are perfectly or boundedly rational, but rather how human beings actually reason and choose, individually and in collective settings. We then tie the processes of learning to institutional analysis, providing arguments in favor of what can be characterized as "cognitive institutionalism." Besides, we show that a full treatment of the phenomenon of path dependence should start at the cognitive level, proceed at the institutional level, and culminate at the economic level.
Individuals, Institutions, and Markets offers a theory of how the institutional framework of a society emerges and how markets within institutions work. The book shows that both social institutions, defined as the rules of the game, and exchange processes can be analyzed along a common theoretical structure. Mantzavinos' proposal is that a problem solving model of individual behavior inspired by the cognitive sciences provides such a unifying theoretical structure. Integrating the latest scholarship in economics, sociology, political science, law, and anthropology, Mantzavinos offers a genuine political economy showing how social institutions affect economic outcomes.
Naturalistic Hermeneutics, first published in 2005, proposes the position of the unity of the scientific method and defends it against the claim to autonomy of the human sciences. Mantzavinos shows how materials that are 'meaningful', more specifically human actions and texts, can be adequately dealt with by the hypothetico-deductive method, the standard method used in the natural sciences. The hermeneutic method is not an alternative method aimed at the understanding and the interpretation of human actions and texts, but it is the same as the hypothetico-deductive method applied to meaningful materials. The central thesis advocated by Mantzavinos is, thus, that there is no fundamental methodological difference between natural sciences, social sciences, and humanities. Advanced students and professionals across philosophy, social and political theory, and the humanities will find this a compelling and controversial book.
One way to show that text interpretation can be treated as a scientific problem is to show that the standards that are currently used in the natural sciences when dealing with problems not involving meaningful material can also be successfully employed in the case of text interpretation. These standards involve (but are not confined to) intersubjective intelligibility, testability with the use of evidence, rational argumentation, and making methodological decisions aiming at the attainment of truth, accuracy, simplicity and other epistemic values. In the case of text interpretationdespite the fact that we deal with meaningful materialhypotheses can be formulated, consequences can be drawn by deduction, and these can be tested against empirical data. This claim is substantiated by the provision of an exampl of a scientific text.
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