The Economics of Rationality

The Economics of Rationality

The Economics of Rationality

The Economics of Rationality

Synopsis

The concept of rationality is the heart of modern economics. Neo-classical theory seems unable to proceed without assuming a rational agent seeking to find the optimal means to a well defined end. Yet many find this uncritical treatment of rationality problematic. It takes little account of culture history or creativity and consequently many economists find this insistence on rationality of little use when trying to explain a wide range of economic phenomena. Increasingly these include a large number of game theorists and others involved in mainstream theory as well as those typically opposed to neo-classicism.
The Economics of Rationalitycontains a number of critical perspectives on the treatment of rationality in economics.

Excerpt

The concept of rationality lies at the foundation of modern economic theory. Yet the form of its conceptualization remains problematic. the nature and limitations of the treatment of rationality in economics is the subject matter of this volume. the contributions are mostly new papers written for an interdisciplinary seminar series ‘Deconstructing Rationality’ held at the University of York and hosted by the Group for Alternative Perspectives. Thanks are due to the Department of Economics and Related Studies, the Department of Philosophy and the Institute for Research in the Social Sciences at the University of York for jointly providing the financial support for the seminar series. Thanks are also due to Joanna Hodge as co-organizer of the seminar series and to Helen Hawksby for all her efforts in the preparation of the manuscript. Finally, the advice and editorial assistance of Alan Jarvis at Routledge has been invaluable.

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