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Rationality and Beyond: A Critique of the Nature and Task of Economics

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  • Li, Cheng

Abstract

This paper shows that the means-end rationality principle, as an ‘ultimate given’ of economics, delimits the faculty of economists to observe, describe and understand the manifold human behavior. Given such epistemological limitations, as a descriptive science, the main task of economics is to incorporate appropriate empirical content into the a priori analytical framework with the aim of better explaining and predicting some aspect of human behavior. As a normative science, economists should draw on their persuasion and communication skills whereby changing the means and end of the decision makers to the extent that the real world decision-making can be improved.

Suggested Citation

  • Li, Cheng, 2014. "Rationality and Beyond: A Critique of the Nature and Task of Economics," MPRA Paper 56651, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:56651
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    References listed on IDEAS

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    More about this item

    Keywords

    Rationality; Constrained maximization model; Methodology; Epistemology;
    All these keywords.

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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