 The discourse of bounded rationality in academic and policy arenas: pathologising the errant consumerJudith Mehta () Cambridge Journal of Economics, 2013, vol. 37, issue 6, 1243-1261 Abstract: This article draws on perspectives in philosophy and the sociology of knowledge to critically review the discourse of bounded rationality within contemporary economics. It is argued that the discourse pathologises consumers who are susceptible to sub-optimal market outcomes, treating their behaviour as abnormal and treating individuals as deviants in need of rehabilitation. It is claimed that by this means new forms of policy are legitimated, specifically behavioural remedies designed to draw apparently errant consumers towards behaviour that conforms more closely to the standard (that is, neoclassical) model of decision making. It is argued that the upsurge of interest in these behavioural remedies distracts attention from facets of the individual's environment, such as the characteristics of markets and the behaviour of firms, and also the set of norms and beliefs underpinning the economic system. Copyright , Oxford University Press. Date: 2013 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:oup:cambje:v:37:y:2013:i:6:p:1243-1261 Ordering information: This journal article can be ordered from Access Statistics for this article Cambridge Journal of Economics is currently edited by Jacqui Lagrue More articles in Cambridge Journal of Economics from Cambridge Political Economy Society Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK. |
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