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Beyond the rationality of economic man, toward the true rationality of human man

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  • Tomer, John

Abstract

This paper reviews arguments concerning the deficiencies of economic rationality as a normative concept and develops an improved normative conception. Economists need to utilize a true rationality conception that includes not only instrumental rationality but rationality of ends. A decision cannot be truly rational unless a person is choosing what is really best considering (1) the long-term consequences of the individual's behavior, (2) the person's sense of morality, and (3) what gives the person real happiness. If true preferences represent what is really right for a person, then the ultimate rationality, true rationality, means choosing in line with true preferences.

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  • Tomer, John, 2008. "Beyond the rationality of economic man, toward the true rationality of human man," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 37(5), pages 1703-1712, October.
    • Handle: RePEc:eee:soceco:v:37:y:2008:i:5:p:1703-1712
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    References listed on IDEAS

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    1. Sugden, Robert, 1991. "Rational Choice: A Survey of Contributions from Economics and Philosophy," Economic Journal, Royal Economic Society, vol. 101(407), pages 751-785, July.
    2. Stewart, Hamish, 1995. "A Critique of Instrumental Reason in Economics," Economics and Philosophy, Cambridge University Press, vol. 11(1), pages 57-83, April.
    3. John Tomer, 2002. "Human Well-Being: A New Approach Based on Overall and Ordinary Functionings," Review of Social Economy, Taylor & Francis Journals, vol. 60(1), pages 23-45.
    4. Tomer, John F., 1996. "Good habits and bad habits: A new age socio-economic model of preference formation," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 25(6), pages 619-638.
    5. Hausman, Daniel M & McPherson, Michael S, 1993. "Taking Ethics Seriously: Economics and Contemporary Moral Philosophy," Journal of Economic Literature, American Economic Association, vol. 31(2), pages 671-731, June.
    6. Raines, J. Patrick & Jung, Clarence Jr., 1992. "Schumpeter and knight on economic and political rationality: A comparative restatement," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 21(2), pages 109-124.
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    Cited by:

    1. Zarri, Luca, 2010. "Behavioral economics has two 'souls': Do they both depart from economic rationality?," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(5), pages 562-567, October.
    2. John F. Tomer, 2020. "Economics' Wisdom Deficit and How to Reduce It," Economic Thought, World Economics Association, vol. 9(2), pages 24-37, December.
    3. William A. Jackson, 2013. "The desocialising of economic theory," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 40(9), pages 809-825, July.
    4. Marchionatti, Roberto, 2012. "The economists and the primitive societies," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 41(5), pages 529-540.
    5. Doris M. Merkl-Davies & Niamh M. Brennan, 2011. "A conceptual framework of impression management: new insights from psychology, sociology and critical perspectives," Accounting and Business Research, Taylor & Francis Journals, vol. 41(5), pages 415-437, December.
    6. Fabio Zagonari, 2011. "Which Ethics Will Make us Individually and Socially Happier? A Cross-Culture and Cross-Development Analytical Model," Journal of Happiness Studies, Springer, vol. 12(1), pages 77-103, March.

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