The concept of economic rationality is important for the historical evolution of Economics as a scientific discipline. The common idea about this concept -even between economists- is that it has a unique meaning which is universally accepted. This new volume argues that "economic rationality" is not not a universal concept with one single meaning, and that it in fact has different, if not conflicting, interpretations in the evolution of discourse on economics. In order to achieve this, the book traces the historical evolution of the concept of economic rationality from Adam Smith to the present, taking in thinkers from Mill to Friedman, and encompassing approaches from neoclassical to behavioural economics. The book charts this history in order to reveal important instances of conceptual transformation of the meaning of economic rationality. In doing so, it presents a uniquely detailed study of the historical change of the many faces of the homo oeconomicus .

Economics used to be called political economy, and the loss of the “political” tracks the ascendance of the idea of rational choice within the discipline. Where does this idea of economic rationality – choosing to maximize benefits and minimize costs – come from? What are the consequences of its rise? In this new book, Stephen Engelmann assesses these questions through a consideration of the often-hidden links between choice and government, ranging from the Benthamic utilitarianism that inspired modern economics to the contemporary economic psychologists trying to nudge everyone to choose more rationally. Multiple global crises are exposing how deficient economic rationality is as a political theory, since a focus on choice turns actors away from relations in the common. Political economy once targeted aristocratic rule – heralding a politics and ethics of egalitarian self-command and spurring democratic reform – but economics allows domination and forecloses alternatives to it. This accessible volume will be of interest to students and scholars of politics and economics, and to general readers concerned about the various ways that psychology and management have infiltrated our politics.

The theory of practical rationality does not belong to one academic discipline alone. There are quite divergent philosophical, economical, sociological, psychological and politological contributions. Sometimes the disciplinary boundaries impede theoretical progress. On the other hand it is an indication for the high complexity of the subject that so many divergent paradigms compete with one another, or - what is worse - live separately in a kind of splendid isolation. Decision theory in the broader sense, embracing the theory of games and collective choice theory, can help to understand practical reason in philosophical analysis. But there are interesting aspects which cannot be dealt with adequately within a decision-theoretic conceptual framework. To have both of these convictions justifies to neglect dis ciplinary boundaries and poses a problem for the orthodoxies of either sides. All the essays of this volume focus on the relation between economic rationality and practical reason and discuss different aspects of the same problem, i. e. a basic deficiency in the standard economic theory of practical rationality. But philosophical analysis would not be of much help if it just rejected the economic paradigm. It must rather help to integrate economic aspects into a broader view on practical reason.

First published in 1993. Routledge is an imprint of Taylor & Francis, an informa company.

Parsons argues that Weber's analysis is highly influenced by the Austrian School of Economics and the relationship between his critique of centrally planned economies and that of Mises. This book is a valuable contribution to Weberian literature.

There are many different forms of rationality. In current economic discourse the main focus is on instrumental rationality and optimizing, while organization scholars, behavioural economists and policy scientists focus more on bounded rationality and satisficing. The interplay with value rationality or expressive rationality is mainly discussed in philosophy and sociology, but never in an empirical way. This book shows that not one, but three different forms of rationality (subjective, social and instrumental) determine the final outcomes of strategic decisions executed by major organizations. Based on an argumentation analysis of six high-profile public debates, this book adds nuance to the concept of bounded rationality. The chapters show how it is socially constructed, and thus dependent on shared beliefs or knowledge, institutional context and personal interests. Three double case studies investigating the three rationalities illustrate how decision makers and stakeholders discuss the appropriateness of these rationalities for making decisions in different practice contexts. The first touches more on personal concerns, like wearing a niqab or looking at obscene art exposed in a public environment; the second investigates debates on improving the rights and position of specific minorities; and the third is based on the agreement on instrumental reasons for two kinds of investments, but the cost arguments are regarded less relevant when social norms or personal interests are violated. The Social Construction of Rationality is for those who study political economy, economic psychology and public policy, as well as economic theory and philosophy.

Spatial planning defines how men use one of the most important and scarce resources on Earth: land. Planners therefore play a key role in countering or deepening the current ecological crisis. To foster ecological transitions, planning scholars and practitioners need to be equipped with sound theories and practical tools. To this end, this book advocates a re-foundation of spatial planning under the paradigm of “ecological rationality”, based on the revaluation of early pioneers of ecological planning and mutual fertilization with different disciplines, including decision-making science, ecology, (eco)system theory, land use science and political ecology. The key principles of ecological rationality and its application to spatial planning are discussed and this conceptual framework is used to explain the main underlying drivers of ecological degradation and their spatial manifestations at the local level. Current policy instruments in the European context, which can be used to underpin ecological planning, such as Green Infrastructure and the Mapping and Assessment of Ecosystem Service (MAES) initiative, are also examined.

Rationality has long been a central topic in philosophy, crossing standard divisions and categories. 'The Oxford Handbook of Rationality' is a reference to the current state of play in this vital and interdisciplinary area of study.