Economics and Philosophy 1 (1):7-21 (1985)

Abstract
Economics as a science of human behavior has been grounded in a remarkably parsimonious postulate: that of the self-interested, isolated individual who chooses freely and rationally between alternative courses of action after computing their prospective costs and benefits. In recent decades, a group of economists has shown considerable industry and ingenuity in applying this way of interpreting the social world to a series of ostensibly noneconomic phenomena, from crime to the family, and from collective action to democracy. The “economic” or “rational-actor” approach has yielded some important insights, but its onward sweep has also revealed some of its intrinsic weaknesses. As a result, it has become possible to mount a critique which, ironically, can be carried all the way back to the heartland of the would-be conquering discipline. That the economic approach presents us with too simpleminded an account of even such fundamental economic processes as consumption and production is the basic thesis of the present paper.
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DOI 10.1017/S0266267100001863
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References found in this work BETA

Freedom of the Will and the Concept of a Person.Harry Frankfurt - 1971 - Journal of Philosophy 68 (1):5-20.
Nicomachean Ethics.Martin Aristotle & Ostwald - 1962 - Hackett Publishing Company.

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Citations of this work BETA

Where Did Economics Go Wrong? Modern Economics as a Flight From Reality.Peter J. Boettke - 1997 - Critical Review: A Journal of Politics and Society 11 (1):11-64.
The Case for a Multiple-Utility Conception.Amitai Etzioni - 1986 - Economics and Philosophy 2 (2):159.

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