- Publicado: Martes, 15 Noviembre 2016 11:38
- Escrito por Antonella Ferrucci
- Visto: 559
HEIRS and LUMSA University organize:
Prizes and Virtues
an interdisciplinary workshop
LUMSA University, Rome – April 10-11, 2017
To an economist, a prize, such as a golden medal, is merely a special type of incentive. Any other kind of social scientist would be perplexed by thinking of the Nobel Prize, or of the Medal of Honour, in these terms.
In contemporary neoclassical economics, the concept of incentive is a primitive, similar to that of “utility”, “price”, “production” or “consumption”, that all economists use but none feels the need to define: it is a foundation, or a corner stone, of the science of economics. However, if we tried to articulate what economists mean by incentives, we would probably find that they are considered as any “motivation” for adhering to and for complying with some form of contract.