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Rationalizing Choice: A Review Essay on Peter Leeson's WTF?!: An Economic Tour of the Weird

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  • Rajiv Sethi

Abstract

The methodology of economics has been applied with increasing frequency to nonmarket behavior and interactions. Peter Leeson's book WTF?!: An Economic Tour of the Weird illustrates both the promise and the perils of this practice. When applied judiciously to environments in which the strategic obfuscation of true motives is widespread, the economic approach can yield valuable insights. But when applied without proper attention to prevailing norms and values, the attempt to rationalize behavior can fall flat and invite ridicule. Economists seeking to understand cultural practices would do well to import insights from other disciplines, and temper their eagerness to export narrow conceptions of rationality.

Suggested Citation

  • Rajiv Sethi, 2019. "Rationalizing Choice: A Review Essay on Peter Leeson's WTF?!: An Economic Tour of the Weird," Journal of Economic Literature, American Economic Association, vol. 57(4), pages 988-1000, December.
    • Handle: RePEc:aea:jeclit:v:57:y:2019:i:4:p:988-1000
    Note: DOI: 10.1257/jel.20181509
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    More about this item

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D10 - Microeconomics - - Household Behavior - - - General
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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