Umbrella of Complementary Paradigms

Steven Rosefielde and Ralph W. Pfouts

Chapter 15 in Inclusive Economic Theory, 2014, pp 139-141 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Economic behavior cannot be completely explained by rational utilityseeking principles. Individual and collective action may be governed by (1) Enlightenment rationality and values, (2) bounded rationality and satisficing, and (3) a host of other motivations excluded from the rational Enlightenment construct. All involve constrained choice theoretic strategies for utility improving utility based on rational, “rationalized,” or emotional criteria. None require people to choose wisely, even when they rationally select. Economic theory consequently is composed of linked complementary paradigms with some shared aspects, each distinguished by its own selective axioms. It necessarily constitutes an umbrella of complementary paradigms that only provides oblique insight into individual, societal and national wellbeing rather than a causally unified field theory of rational behavior and outcomes…

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