Aristotle, eudaimonia, neuroscience and economics

Jeffrey Sachs

Chapter 3 in A Modern Guide to the Economics of Happiness, 2021, pp 29-45 from Edward Elgar Publishing

Abstract: Aristotle and mainstream economics (so-called neoclassical economics) superficially agree on one thing: the goal of a human being is wellbeing. For Aristotle, the aim is eudaimonia, explained in the Nichomachean Ethics. For economics, the goal is “utility,†a term in neoclassical economics that builds on several centuries of British empiricist philosophy. Aristotle’s conception of eudaimonia in fact offers a much richer account of human nature than the economic theory of utility, and one far more in line with positive and cognitive psychology and cognitive neuroscience. Economics would be vastly strengthened by a eudaimonia-based conception of wellbeing that is in line with Aristotle’s philosophy and the findings of modern psychology and neuroscience.

Keywords: Economics and Finance; Sociology and Social Policy (search for similar items in EconPapers)
Date: 2021
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