Normative Rational Choice Theory: Past, Present, and Future
AbstractThe paper shows that the theory of rational choice should be better understood as a?normative, prescriptive, and not as a?descriptive theory of human behavior. Such an interpretation amounts to claiming that there is a?«normative turn» in economics. This turn means that the majority of economists no longer regards rational choice theory as an adequate description of economic activity. The author also tries to free the normative issues from ethical meanings that are commonly attributed to it in economic theory. Perspectives of the normative turn in the context of a?recent development of behavioral and experimental economics are also discussed.
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Bibliographic InfoArticle provided by N.P. Redaktsiya zhurnala "Voprosy Economiki" in its journal Voprosy Economiki.
Volume (Year): 10 (2012)
Issue (Month): ()
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Web page: http://www.vopreco.ru/eng/year.html
rational choice theory; normative economics; behavioral anomalies; welfare economics.;
Find related papers by JEL classification:
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
- D03 - Microeconomics - - General - - - Behavioral Economics; Underlying Principles
- D60 - Microeconomics - - Welfare Economics - - - General
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