Why Reason Seldom Prevails

Steven Rosefielde and Ralph W. Pfouts

Chapter 12 in Inclusive Economic Theory, 2014, pp 111-116 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The Philosophes (public intellectuals during theAge of Reason) were apostles of reason because they believed in its power to enlighten and deliver mankind from sin and promote freedom and prosperity. They didn't ponder how people determined the utility of their activities and consumption choices (conscious and subconscious thinking), erroneously assuming in pre-modern fashion that every individual could easily devise his or her virtuous preferences. Herbert Simon employing a less stringent notion of utility limited to consistent selection given established preferences also was impressed with the potency of reason, but cautioned that it wasn't a panacea because cognitive and environmental constraints often compelled people to satisfice. He appreciated that this was a narrow reading of “bounded adaptation,” that excluded various aspects of human behavior, but didn't probe further. Economics for him as well as most contemporary optimization theorists is primarily about consistent utilitarian selection, regardless of how utility is interpreted or individuals formulate their preferences…

Keywords: Inclusive Economic Theory; Satisficing; Systems; Culture (search for similar items in EconPapers)
Date: 2014
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