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Practical Wisdom and Economic Models of Choice

In: Approximating Prudence

Author

Listed:
  • Andrew M. Yuengert

Abstract

The first line of Aristotle’s Nicomachean Ethics ought to warm the heart of every economist. Here is a philosopher who begins by observing that people, when they act, are aiming at something they think is good. This rings true in the ears of economists, who regularly assume that people have objectives they seek to achieve in their actions. Of course, the Aristotelian account of human behavior is much richer than the maximization of utility subject to constraints (and some Aristotelians object in strong terms to the utilitarian economic account), but it begins in the same place: with human agency.

Suggested Citation

  • Andrew M. Yuengert, 2012. "Practical Wisdom and Economic Models of Choice," Perspectives from Social Economics, in: Approximating Prudence, chapter 0, pages 1-10, Palgrave Macmillan.
    • Handle: RePEc:pal:pfschp:978-1-137-06317-5_1
    DOI: 10.1057/9781137063175_1
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    Citations

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    Cited by:

    1. Alexander D. Binder, 2020. "An Introduction to Catholic Economics: General Welfare, Competing Perspectives, and Human Nature," The American Economist, Sage Publications, vol. 65(2), pages 191-203, 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. Andrew M. Yuengert, 2014. "Sin, and the Economics of ‘Sin’," Econ Journal Watch, Econ Journal Watch, vol. 11(2), pages 243-249, May.

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