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Economic Reasoning and Interaction in Socially Extended Market Institutions
Shaun Gallagher1,2, Antonio Mastrogiorgio3, Enrico Petracca4
1Department of Philosophy, The University of Memphis, Memphis, TN, United States.
Frontiers in Psychology
|September 26, 2019
Summary
Markets are socially extended cognitive institutions, not just information processors. Economic reasoning is an embodied, interactive process shaped by social interactions and relational autonomy.
Area of Science:
- Cognitive Science
- Economics
- Social Science
Background:
- Traditional market views focus on structures or information processing.
- Agents' engagement with economic practices is key to situatedness.
Purpose of the Study:
- To provide an enactive and interactive interpretation of market and economic reasoning.
- To challenge traditional market conceptions using cognitive institutions.
Main Methods:
- Employing the concept of cognitive institutions.
- Developing the notion of markets as "scaffolding" and "socially extended" institutions.
- Analyzing economic reasoning as a socially situated, interactive process.
Main Results:
- Markets are "highly scaffolded" institutions that direct agent behavior.
- Economic reasoning is extended and shaped by social interactions and relational autonomy.
- Consumer behavior enacts markets, extending cognitive processes beyond individual capabilities.
Conclusions:
- Markets are social institutions that constitutively extend cognitive processes.
- Economic reasoning is embodied, embedded, and scaffolded by intersubjective interactions.
- Relational autonomy highlights the social nature of economic decision-making.
Keywords:
autonomyeconomic reasoningfunctional integrationmarket structuresocially extended mindtask dependencyMore Related Videos
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