Abstract

The economic explanation of individual behaviour, even behaviour outside the traditional province of the market, projects a distinctively economic image on the minds of the agents involved. It suggests that, in regard to motivation and rationality, they conform to the profile of homo economicus. But this suggestion, by many lights, flies in the face of common sense; it conflicts with our ordinary assumptions about how we each feel and think in most situations, certainly most non-market situations, and about how that feeling and thought manifests itself in action. What, then, to conclude? That common sense is deeply in error on these matters? That, on the contrary, economics is in error—at least about non-market behaviour—and common sense sound? Or that some form of reconciliation is available between the two perspectives? This paper is an attempt to defend a conciliationist position.