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Free will in economics: is there freedom of choice?

In: Why Ethical Behaviour is Good for the Economy

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Abstract

The assumption of free will in contemporary economics is an important starting point for socio-economic analysis in contrast to methodologies which assume that human action is predetermined by forces beyond individual control. However, contemporary economic theory is devoid of choice in critical domains with important implications for economic analysis and public policy, given the ancillary assumption of the importance of market forces in determining choice behaviour. I argue that freedom of choice and free will exist even given traditional constraints such as relative prices and income. Of vital importance to free will in choice behaviour are institutions which delimit the extent of coercion in the decision-making process and provide individuals with the capabilities to both form their true preferences and realize these preferences. It is therefore critical to determine the necessary and sufficient conditions for the existence of free will in choice behaviour where free will and freedom of choice, given no negative externalities, are critical to a more ethical society where individual freedom and wellbeing are valued.

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  • ., 2020. "Free will in economics: is there freedom of choice?," Chapters, in: Why Ethical Behaviour is Good for the Economy, chapter 5, pages 87-111, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:15526_5
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    Cited by:

    1. Amber N. W. Raile & Eric D. Raile & David C. W. Parker & Elizabeth A. Shanahan & Pavielle Haines, 2021. "Women and the weight of a pandemic: A survey of four Western US states early in the Coronavirus outbreak," Gender, Work and Organization, Wiley Blackwell, vol. 28(S2), pages 554-565, July.
    2. Demirci, Murat, 2023. "Youth responses to political populism: Education abroad as a step toward emigration," Journal of Comparative Economics, Elsevier, vol. 51(2), pages 653-673.

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    Economics and Finance;

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