Understanding Economic Man

G. Steele

American Journal of Economics and Sociology, 2004, vol. 63, issue 5, 1021-1055

Abstract: Abstract. The deficiencies of economic science are examined against its historical development: the utilitarian concentration upon individual choice conflates preferences and values and the hedonistic calculus is inoperable in the presence of incommensurability. In restricting explanations of behavioral patterns to changes in prices, incomes, and other “economic” variables, neoclassical analysis was destined to draw implausible conclusions. While the uniqueness of man rests in a highly developed self‐consciousness, his rationality need not imply conscious reason. Decisions and actions that are made in response to inputs from all of the sensory modalities are led by conventions and traditions that give structure to every response. Biological, psychological, social, and ethical constraints so limit purposeful action, that a complete economist (pace G. L. S. Shackle) is one who has mastered mathematics, philosophy, psychology, anthropology, history, geography, and political science.

Date: 2004
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