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Rationality and economic behavior

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  • Daniel Fusfeld

Abstract

This paper rejects the idea that rationality can be defined as optimization, on theoretic, empirical and methodological grounds. It proposes instead a more general theory of rational action in the context of individual growth, change and development over time, in an uncertain world of social interaction, in which choices are part of a learning process. Such a theory of economic behavior is empirically testable, which is not true of either optimization or satisficing, involves conflict and tension rather than harmony, and leads to possible government action rather than laissez-faire. It also broadens economic theory to include relationships among individual behavior, institutions and values.

Suggested Citation

  • Daniel Fusfeld, 1996. "Rationality and economic behavior," Journal of Economic Methodology, Taylor & Francis Journals, vol. 3(2), pages 307-315.
    • Handle: RePEc:taf:jecmet:v:3:y:1996:i:2:p:307-315
    DOI: 10.1080/13501789600000020
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    Cited by:

    1. Theofanis Papageorgiou & Panayotis G. Michaelides, 2021. "Rationality and Business Cycle Theory in the Austrian Tradition: A Note on Methodology," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 49(4), pages 377-391, December.
    2. Bernard H.J. Verstegen, 2011. "A socio‐economic view on management control," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 38(2), pages 114-127, January.

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