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The Max U Approach: Prudence-only, or Not Even Prudence? A Smithian Perspective

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  • David Lipka

Abstract

McCloskey criticizes Samuelsonian economists for representing human beings in their models by a character she dubs Max U. Max U, she argues, lacks all virtues except for Prudence. The paper explores whether the identity between Max U and Prudence is tenable and whether Samuelsonian economics can be interpreted as a study of Prudence. I juxtapose Max U to the concept of Prudence as it appears in Adam Smith’s Theory of Moral Sentiments (TMS). The reason is twofold: 1) McCloskey assumes stability in the meaning of Prudence from Aristotle to Samuelson and hence any concept of Prudence would work 2) TMS occupies a prominent position in her argument. I attempt to show that utility maximization is a process distinct from practical reasoning underlying the virtue of Prudence and Samuelsonian economics can therefore not be interpreted as a study of Prudence.

Suggested Citation

  • David Lipka, 2012. "The Max U Approach: Prudence-only, or Not Even Prudence? A Smithian Perspective," ICER Working Papers 09-2012, ICER - International Centre for Economic Research.
    • Handle: RePEc:icr:wpicer:09-2012
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    File URL: http://www.biblioecon.unito.it/biblioservizi/RePEc/icr/wp2012/ICERwp09-12.pdf
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    References listed on IDEAS

    as
    1. Klein, Daniel B., 2009. "Knowledge Flat-talk: A Conceit of Supposed Experts and a Seduction to All," Ratio Working Papers 140, The Ratio Institute.
    2. Searle, John R., 2005. "What is an institution?," Journal of Institutional Economics, Cambridge University Press, vol. 1(1), pages 1-22, June.
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    Cited by:

    1. Marek Hudík, 2015. "Homo Economicus and Homo Stramineus," Prague Economic Papers, Prague University of Economics and Business, vol. 2015(2), pages 154-172.

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    More about this item

    Keywords

    Max U; Prudence; Moral Sentiments; Adam Smith; D. N. McCloskey;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • D10 - Microeconomics - - Household Behavior - - - General

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