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Selecting Social Goals: J. M. Keynes and the Emergence of Ontological Rationality in Economics

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  • L. Johnson
  • R. Ley
  • Thomas Cate

Abstract

In this paper we discuss the fundamental inconsistency that results from employing the two traditional concepts of rationality as the basis of selecting social goals. We then consider the possibility that the selection of social goals must be based on explicitly ethical criteria. To do so a third concept of rationality namely, ontological rationality, should be adopted. Moreover, we argue that J. M. Keynes in A Tract Monetary Reform based his public policy recommendations on a modified version of ontological rationality, thereby introducing ontological rationality into economics as the basis for selecting social goals. Copyright International Atlantic Economic Society 2005

Suggested Citation

  • L. Johnson & R. Ley & Thomas Cate, 2005. "Selecting Social Goals: J. M. Keynes and the Emergence of Ontological Rationality in Economics," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 11(3), pages 291-300, August.
    • Handle: RePEc:kap:iaecre:v:11:y:2005:i:3:p:291-300:10.1007/s11294-005-6658-6
    DOI: 10.1007/s11294-005-6658-6
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    References listed on IDEAS

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    1. Simon, Herbert A, 1978. "Rationality as Process and as Product of Thought," American Economic Review, American Economic Association, vol. 68(2), pages 1-16, May.
    2. Geoff Hodgson, 1985. "The Rationalist Conception of Action," Journal of Economic Issues, Taylor & Francis Journals, vol. 19(4), pages 825-851, December.
    3. Veblen, Thorstein, 1904. "Theory of Business Enterprise," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1904.
    4. De Alessi, Louis, 1983. "Property Rights, Transaction Costs, and X-Efficiency: An Essay in Economic Theory," American Economic Review, American Economic Association, vol. 73(1), pages 64-81, March.
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    Keywords

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    JEL classification:

    • B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches

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