Alternative to Methodological Individualism

In this report, I shall attempt to identify, compare and contrast the comprehensive models of the economic systems focusing on the Methodological Individualism and the Classical Economists approaches. The objective will be to identifying how these two philosophies have basic assumptions about human nature, technology and social institutions. In addition, the report will point out that these philosophies may have some inherent problems. The assumptions made by the Methodological Individualism thinking and the Classical Economists will provide an excellent opportunity to distinguish if how our economy literally works and how it theoretically works and if those are technically one and the same.

Methodological Individualism is a philosophical system that privileges the Individual as sovereign." (Methodological Individualist) Methodological Individualism economists like Friedrich August von Hayek, feel that our economy can be explained by demonstrating that it is simply an outcome the society's combined individual's behaviors. The Methodological...
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