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Vilfredo Pareto's Theory of Action: an Alternative to Behavioral Economics

Author

Listed:
  • Rosolino A. Candela

    (George Mason University - Department of Economics)

  • Richard E. Wagner

    (George Mason University - Department of Economics)

Abstract

In recent years the term behavioral economics has arisen in consequence of the growing effort of a significant set of economists to import psychological methods and findings into economics. This body of work issues strong challenges to the use economists have made of rationality in economics. Unfortunately, this recent work illustrates unnecessary and misguided creativity. Vilfredo Pareto explored the same analytical territory nearly a century ago, and to superior analytical effect. Pareto recognized that the substantive content of action depends on the environment in which action occurs. Some environments elicit logical action while other environments elicit non-logical action. Both types of action are species of rationality, only they are recognizably different. In this paper we explain why Pareto’s approach to human action points toward a superior analytical agenda than does the present orientation of behavioral economics

Suggested Citation

  • Rosolino A. Candela & Richard E. Wagner, 2016. "Vilfredo Pareto's Theory of Action: an Alternative to Behavioral Economics," Il Pensiero Economico Italiano, Fabrizio Serra Editore, Pisa - Roma, vol. 24(2), pages 15-29.
    • Handle: RePEc:pei:journl:v:24:y:2016:2:2:p:15-29
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    Cited by:

    1. Charles Delmotte & Malte Dold, 2022. "Dynamic preferences and the behavioral case against sin taxes," Constitutional Political Economy, Springer, vol. 33(1), pages 80-99, March.

    More about this item

    Keywords

    Vilfredo Pareto; logical vs non-logical action; rationality; behavioral economics;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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