By Michel S. Zouboulakis
ISBN-10: 0415530849
ISBN-13: 9780415530842
The idea that of financial rationality is necessary for the ancient evolution of Economics as a systematic self-discipline. the typical notion approximately this idea -even among economists- is that it has a special that means that is universally approved. This new quantity argues that "economic rationality" isn't now not a common idea with one unmarried that means, and that it in reality has varied, if no longer conflicting, interpretations within the evolution of discourse on economics. on the way to accomplish that, the e-book lines the ancient evolution of the concept that of monetary rationality from Adam Smith to the current, taking in thinkers from Mill to Friedman, and encompassing techniques from neoclassical to behavioural economics.
The booklet charts this heritage to be able to display vital situations of conceptual transformation of the that means of monetary rationality. In doing so, it provides a uniquely designated research of the historic switch of the various faces of the homo oeconomicus .
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Additional resources for The Varieties of Economic Rationality: From Adam Smith to Contemporary Behavioural and Evolutionary Economics (Routledge Studies in the History of Economics)
Sample text
Smith did recognize the deleterious moral effects of the extended division of labour on workers’ character and intellectual ability (1776, vol. 11 This is why he insisted – as a therapy to alienation – upon the necessity of the systematic cultivation of ethical citizenry through education (Evensky 2001: 515). Overall, he had great faith in the civilizing force of economic development and subsequent social progress: commerce and manufactures gradually introduced order and good government, and with them, the liberty and security of individuals, among the inhabitants of the country, who had before lived in a continual state of war with their neighbours, and of servile dependency upon their superiors.
The answer lies, in our view, in his determination to create a homogeneous and mathematical field of analysis by means of analogy. Having thus in mind that the “mechanical science is founded upon a few simple laws of motion”, Jevons looked for analogous “universal principles of human nature”. He took the principles of Bentham’s utilitarianism and Alexander Bain’s associationism as the psychological framework for his mathematical approach and accepted them as axioms “almost as self-evident as the Elements of Euclid”.
13 There is no consensus in the literature as to whether or not Mill suggested the possibility of improvement of economic theory by means of verification. Hollander (1985: 126), DeMarchi (1986: 94), Persky (1995: 225) and Hollander and Peart (1999: 375–376) hold that taking account of “disturbing causes”, omitted during the theoretical construction, was necessary to the full explanation of economic phenomena. On the contrary, Hirsch (1992, 2000) and Peart (1995a), hold that this procedure of verification and correction refers exclusively to the application of economic theory for practical purposes.
The Varieties of Economic Rationality: From Adam Smith to Contemporary Behavioural and Evolutionary Economics (Routledge Studies in the History of Economics) by Michel S. Zouboulakis
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