Rationality as optimal choice versus rationality as valid inference

Journal of Economic Methodology 8 (2):313-337 (2001)
Abstract
While economics distinguishes itself from the other social sciences by its treatment of human action as rational, its notion of rationality is actually based on a profound skepticism about people's ability to reason. This notion goes back to Hume, according to whom 'Reason is the slave of the passions'. Hume's belief that people cannot determine their preferences by reasoning led to the notion of rationality based on representation: people are rational when they are able to represent their preferences vividly, accurately gauging their intensity. Starting with Kant, philosophy moved to an understanding of rationality as valid inference; cognitive psychologists similarly speak of the superiority of the 'reason-based' model of choice over the economic 'value-based' one. Economics stayed with Hume's conception because the latter enabled the mathematical expression of a relation between scarcities. If it is to produce empirically adequate theories however, economics must follow the examples of philosophy and psychology.
Keywords No keywords specified (fix it)
Categories (categorize this paper)
Options
 Save to my reading list
Follow the author(s)
My bibliography
Export citation
Find it on Scholar
Edit this record
Mark as duplicate
Revision history Request removal from index
 
Download options
PhilPapers Archive


Upload a copy of this paper     Check publisher's policy on self-archival     Papers currently archived: 10,075
External links
Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
Through your library
References found in this work BETA

No references found.

Citations of this work BETA

No citations found.

Similar books and articles
Daniel Read (2009). Experimental Tests of Rationality. In Paul Anand, Prasanta Pattanaik & Clemens Puppe (eds.), The Handbook of Rational and Social Choice. Oup Oxford.
Peter Stone (2003). The Impossibility of Rational Politics? Politics, Philosophy and Economics 2 (2):239-263.
Daniel John Zizzo (2008). Anger and Economic Rationality. Journal of Economic Methodology 15 (2):147-167.
Leah Savion & Raymundo Morado (2007). The Role of Logical Inference in Heuristic Rationality. The Proceedings of the Twenty-First World Congress of Philosophy 5:13-18.
Analytics

Monthly downloads

Sorry, there are not enough data points to plot this chart.

Added to index

2012-02-20

Total downloads

1 ( #335,760 of 1,095,306 )

Recent downloads (6 months)

1 ( #120,544 of 1,095,306 )

How can I increase my downloads?

My notes
Sign in to use this feature


Discussion
Start a new thread
Order:
There  are no threads in this forum
Nothing in this forum yet.