Economic Rationality
Economic Rationality by Stephen G. Engelmann, published by Polity Press on November 30, 2022, is a thought-provoking exploration of the evolution of economic thought. This 140-page book examines the transition from political economy to the modern concept of economic rationality, which emphasizes maximizing benefits and minimizing costs. Engelmann delves into the historical and theoretical underpinnings of this shift, questioning the implications of prioritizing rational choice in economic discourse.
Readers will find a critical analysis of the connections between choice and governance, tracing influences from Benthamic utilitarianism to contemporary economic psychology. Engelmann argues that the focus on individual choice often neglects communal relationships, raising concerns about the limitations of economic rationality as a political theory. This edition is suitable for students and scholars in political science and economics, as well as general readers interested in the intersection of psychology, management, and politics.
Official synopsis Publisher
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.
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