Thursday, January 13, 2011

Foucault and Economics?

Marginal Revolution on Foucault: One further note on Foucault, concerning methodological individualism:

I find myself returning to Foucault's ideas more and more these days, perhaps much to the chagrin of the Ayn Rand libertarian teenage version of myself. Of course I was immersed in the stuff in my political science and education course work in grad school, and I have long agreed with MR's sentiment that you could easily incorporate Foucault's post-structural world of combating ideologies with an economics based micro-foundation (that was actually my goal in grad school until I decided that project was too big until post-tenure). Cowen mentions using imperfect information (ala Hayek) with behavioral notions of reference point dependence. I had been thinking more on issues of equilibrium selection in games with multiple equilibria.

Either way, it seems to come up most talking to people more liberal than myself actually, often about topics like Sarah Palin or Obama, and noting that Foucault might object to branding them either evil or perfect.
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