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Rationality, Allocation, and Reproduction

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  • Walsh, Vivian

    (Muhlenberg College, Pennsylvania)

Abstract

When the term `rational' is used in formal economic theory, a strict definition is implicit. This strict definition cannot accommodate the complexities of our everyday ideas of what is rational. The concept of rationality that is embedded in our language is not a morally neutral one. It has always been believed possible to argue rationally about the worthiness of goals, the legitimacy of claim to rights, the existence of obligations or duties. Outside the discussions of the social sciences, argument concerning the rationality of a choice or action is never a purely technical, value-free discourse. This book is devoted to an examination of the limitations of the various formulations and interpretations of the concept of rationality which has been developed by economic theorists. It presents a series of challenges to the formal (axiomatic) concept of rationality. This conecept has spread from economics and decision theory through the social sciences and policy studies. It forms the implicit foundation for the pronouncement of policy-makers, whose recommendations can seriously affect the society and environment in which we live. The book begins with the claim of neoclassical economics that a rational agent maximizes utility. Next it considers the later, more austere construction of rationality where a rational agent was simply one whose choices or actions were consistent. The discussion then turns to who, dissatisfied with this bare notion of consistency, claimed that a rational agent was one whose choices or actions were directed towards maximization of the agent's self-interested aims - a view they attributed (misleadingly?) to Adam Smith. Once the character of the individual agent has been established, neoclassical theory has always regarded the analysis of allocation among these agents as its supreme task. This is the subject of chapters 6 and 7. Vivian Walsh examines the philosophical implications of the replacement of the ordinary concept of rationality by the formal concepts constructed to fit the requirements of general equilibrium theory, decision theory, and game theory. He argues that the current intellectual climate, which has moved away from formalism, necessitates the reexamination of the concepts of rationality which scholars and policy-makers, many of whom were not economists, were ready to adopt directly or indirectly from economic theory in the recent past. The final two chapters are intended to contrast sharply with the rest of the book. They offer a readable and minimally technical account of the much smaller role played by the concept of rational choice in the work of a present-day school which derives from the eighteenth- and nineteenth-century classical economists.

Suggested Citation

  • Walsh, Vivian, 1996. "Rationality, Allocation, and Reproduction," OUP Catalogue, Oxford University Press, number 9780198287728.
  • Handle: RePEc:oxp:obooks:9780198287728
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    Citations

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    Cited by:

    1. Dorian Jullien, 2016. "Under Uncertainty, Over Time and Regarding Other People: Rationality in 3D," GREDEG Working Papers 2016-20, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), University of Nice Sophia Antipolis.
    2. Robin Pope & Reinhard Selten & Sebastian Kube & Jürgen von Hagen, 2009. "Managed Floats to Damp Shocks like 1982-5 and 2006-9: Field and Laboratory Evidence for Chinese Interest in a Single World Currency," Bonn Econ Discussion Papers bgse26_2009, University of Bonn, Germany.
    3. D. Wade Hands, 2009. "Effective Tension in Robbins' Economic Methodology," Economica, London School of Economics and Political Science, vol. 76(s1), pages 831-844, October.
    4. repec:wea:econth:v:1:y:2012:i:1:p:7 is not listed on IDEAS
    5. Dorian Jullien, 2017. "Under Risk, Over Time, Regarding Other People: Language and Rationality Within Three Dimensions
      [Face au risque, dans le temps, par rapport aux autres : langage et rationalité dans trois dimensions
      ," Post-Print halshs-01651042, HAL.
    6. Bo Allesøe Christensen, 2015. "Valuing Nature: Connecting Eco-Economy and the Capability Approach," Review of Political Economy, Taylor & Francis Journals, vol. 27(4), pages 539-564, October.
    7. Nelson, Mia & Ogden, Jane, 2008. "An exploration of food intolerance in the primary care setting: The general practitioner's experience," Social Science & Medicine, Elsevier, vol. 67(6), pages 1038-1045, September.
    8. Vivian Walsh, 2008. "Freedom, Values and Sen: Towards a Morally Enriched Classical Economic Theory," Review of Political Economy, Taylor & Francis Journals, vol. 20(2), pages 199-232.
    9. Hilary Putnam & Vivian Walsh, 2007. "Facts, Theories, Values and Destitution in the Works of Sir Partha Dasgupta," Review of Political Economy, Taylor & Francis Journals, vol. 19(2), pages 181-202.

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