Neoclassical theory and subjectivism: epistemological perspectives on decision-making in economics and location theory

Abstract

The thesis has a dual focus. It criticises the theory of decision-making inherent in orthodox neo-classical economics, and defines and develops a subjectivist approach to decision-making. Problems of industrial location are used to exemplify the shortcomings of neoclassical economics. A subjectivist approach to industrial location decisions overturns the traditional explanation of a firm's location by showing that economic considerations may relatively unimportant when people formulate investment plans. [Abbreviated Abstract. Open document to view full version]