Collective Intentionality, Complex Economic Behavior, and Valuation

This paper argues that collective intentionality analysis provides a theoretical framework, complementary to traditional instrumental rationality analysis, that allows us to explain economic behavior as ‘complex.’ Economic behavior may be regarded as complex if it cannot be reduced to a single explanatory framework. Contemporary mainstream economics, in its reliance on instrumental rationality as the exclusive basis for explaining economic behavior, does not offer an account of economic behavior as complex. Coupling collective intentionality analysis with instrumental rationality analysis, however, makes such an account possible, since collective intentionality analysis arguably presupposes a distinct form of rationality, here labeled a deontological or principle-based rationality.