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Rationality and Capitalist Schooling

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  • Lambert, Thomas

Abstract

In the field of philosophy of mind, the concepts of rational behavior, rational choice theory, and instrumental rationality (the “practical reasoning” version of rationality) are important in trying to make statements and conclusions about human thinking and behavior in general. Rational choice theory is also considered a normative but not a descriptive or positive theory. Much of economic theory is based on the principle that economic agents usually or always behave rationally in maximizing the benefits and/or minimizing the costs of their decisions. Developments in behavioral economics over the last several decades have begun to question this principle with much of the questioning about rationality and rational behavior centering on whether individuals can correctly and adequately assess probabilities and risk/reward. The inability to correctly assess risk/reward limits rational behavior and can yield sub-optimal outcomes for economic agents. This exploratory paper examines the linkages between schooling in a capitalist society and limits on rationality in a monopoly capital economic system.

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  • Lambert, Thomas, 2019. "Rationality and Capitalist Schooling," MPRA Paper 92594, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:92594
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    References listed on IDEAS

    as
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    5. Ferudun Yilmaz, 2007. "Veblen and the Problem of Rationality," Journal of Economic Issues, Taylor & Francis Journals, vol. 41(3), pages 841-862, September.
    6. Nicholas C. Barberis, 2013. "Thirty Years of Prospect Theory in Economics: A Review and Assessment," Journal of Economic Perspectives, American Economic Association, vol. 27(1), pages 173-196, Winter.
    7. Oliver Marnet, 2005. "Behavior and Rationality in Corporate Governance," Journal of Economic Issues, Taylor & Francis Journals, vol. 39(3), pages 613-632, September.
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    More about this item

    Keywords

    behavioral economics; capitalist schooling; monopoly capital; rationality; rational choice;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • I24 - Health, Education, and Welfare - - Education - - - Education and Inequality

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