Practical Wisdom and Economic Models of Choice

Andrew M. Yuengert

Chapter Chapter 1 in Approximating Prudence, 2012, pp 1-10 from Palgrave Macmillan

Abstract: Abstract The first line of Aristotle’s Nicomachean Ethics ought to warm the heart of every economist. Here is a philosopher who begins by observing that people, when they act, are aiming at something they think is good. This rings true in the ears of economists, who regularly assume that people have objectives they seek to achieve in their actions. Of course, the Aristotelian account of human behavior is much richer than the maximization of utility subject to constraints (and some Aristotelians object in strong terms to the utilitarian economic account), but it begins in the same place: with human agency.

Keywords: Human Behavior; Economic Model; Practical Wisdom; Normative Claim; Philosophical Account (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pfschp:978-1-137-06317-5_1

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DOI: 10.1057/9781137063175_1

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