RATIONALITY IN ECONOMICS: ALTERNATIVE PERSPECTIVES
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1 RATIONALITY IN ECONOMICS: ALTERNATIVE PERSPECTIVES
2 RECENT ECONOMIC THOUGHT SERIES Editors: Warren J. Samuels Michigan State University East Lansing, Michigan, USA William Darity, Jr. University of North Carolina Chapel Hill, North Carolina, USA Other books in the series: Magnusson, Lars: EVOLUTIONARY AND NEO-SCHUMPETERIAN APPROACHES TO ECONOMICS Reisman, D.: ECONOMIC THOUGHT AND POLITICAL THEORY Burley, P. and Foster, J.: ECONOMICS AND THERMODYNAMICS: NEW PERSPECTIVES ON ECONOMIC ANALYSIS Brennan, H.G. and Waterman, A.C.: ECONOMICS AND RELIGION: ARE THEY DISTINCT? Klein, Philip A.: THE ROLE OF ECONOMIC THEORY Semmler, Willi.: BUSINESS CYCLES: THEORY AND EMPIRICS Little, Daniel: ON THE RELIABILITY OF ECONOMIC MODELS: ESSA YS IN THE PHILOSOPHY OF ECONOMICS Weimer, David L.: INSTITUTIONAL DESIGN Davis, John B.: THE STATE OF THE INTERPRETATION OF KEYNES Wells, Paul: POST-KEYNESIAN ECONOMIC THEORY Hoover, Kevin D.: MACROECONOMETRICS: DEVELOPMENTS, TENSIONS AND PROSPECTS Kendrick, John W.: THE NEW SYSTEMS OF NATURAL ACCOUNTS Groenewegen, John: TRANSACTION COST ECONOMICS AND BEYOND King, J.E.: AN AL TERNA TIVE MACROECONOMIC THEORY Schofield, Norman: COLLECTIVE DECISION-MAKING: SOCIAL CHOICE AND POLITICAL ECONOMY Menchik, Paul L.: HOUSEHOLD AND FAMILY ECONOMICS Gupta, Kanhaya L.: EXPERIENCES WITH FINANCIAL LIBERALIZATION Cohen, Avi J., Hagemann, Harald, and Smithin, John: MONEY FINANCIAL INSTITUTIONS AND MACROECONOMICS Mason, P.L. and Williams, R.M.: RACE, MARKETS, AND SOCIAL OUTCOMES Gupta, Satya Dev: THE POLITICAL ECONOMY OF GLOBALIZATION Fisher, R.C.: INTERGOVERNMENTAL FISCAL RELATIONS Mariussen, A. and Wheelock, J.: HOUSEHOLDS, WORK AND ECONOMIC CHANGE: A COMPARATIVE INSTITUTIONAL PERSPECTIVE Gupta, Satya Dev: GLOBALIZATION, GROWTH AND SUST AINABILITY Gupta, Satya Dev: DYNAMICS OF GLOBALIZATION AND DEVELOPMENT Medema, Steven G.: COASEAN ECONOMICS: LAW AND ECONOMICS AND THE NEW INSTITUTIONAL ECONOMICS Peoples, James: REGULATORY REFORM AND LABOR MARKETS
3 RATIONALITY IN ECONOMICS: ALTERNATIVE PERSPECTIVES Edited by University of Manitoba 1iIt.. " Springer Science+Business Media, LLC
4 Library of Congress Cataloging-in-Publication Data Rationality in economics : alternative perspectives / edited by Ken Dennis. p. cm. -- (Recent economic thought series : 62) Includes bibliographical references and index. ISBN ISBN (ebook) DOI / Rational choice theory. I. Dennis, Kenneth G. 11. Series. HB846.8.R '.OI--dc elp Copyright 1998 Springer Science+Business Media New York Originally published by Kluwer Academic Publishers in 1998 Softcover reprint of the hardcover 1st edition 1998 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher, Springer Science+Business Media, LLC. Printed on acid{ree paper.
5 CONTENTS INTRODUCTION... 1 Rationalisation in Economics: Theory, Methodology and Action... 5 Sheila C. Dow 2 Rationality: A Global Concept Irwin Lipnowski 3 The Logic of Rationality: Modal and Defeasible Roger McCain 4 Rule-Following, Expertise and Rationality: A New Behavioral Economics? Richard N. Langlois 5 Rationality: A Journey Through the Semantic Bog Rationales for Rationality... III Paul Krugman 7 Sunk Costs, Water over the Dam, and Other Liquid Parables Alexander J. Field 8 The Need for Stimulating Action Tibor Scitovsky INDEX
6 CONTRIBUTING AUTHORS University of Manitoba Winnipeg, MB, Canada R3T 2N2 Sheila C. Dow University of Stirling Stirling, United Kingdom FK9 4LA Alexander J. Field Santa Clara University Santa Clara, CA Paul Krugman Massachusetts 1nstitute of Technology Cambridge, MA Richard N. Langlois University of Connecticut Storrs, CT Irwin Lipnowski University of Manitoba Winnipeg, MB, Canada R3T 2N2 Roger A. McCain Drexel University Philadelphia, PA Tibor Scitovsky Emeritus Professor of Economics Stanford University Stanford, CA
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