Record Details

Rationality and capitalist schooling

Journal of Economic and Social Thought

View Archive Info
 
 
Field Value
 
Title Rationality and capitalist schooling
 
Creator LAMBERT, Thomas;

Economics Dept.

College of Business

University of Louisville

Louisville, KY  40292
 
Subject Behavioral economics; Capitalist schooling; Monopoly capital; Rationality; Rational choice.
B51; I24.
 
Description Abstract. In the field of philosophy of mind, the concepts of rational behavior, rational choice theory, and instrumental rationality (the “practical reasoning” version of rationality) are important in trying to make statements and conclusions about human thinking and behavior in general. Rational choice theory is also considered a normative but not a descriptive or positive theory.  Much of economic theory is based on the principle that economic agents usually or always behave rationally in maximizing the benefits and/or minimizing the costs of their decisions.  Developments in behavioral economics over the last several decades have begun to question this principle with much of the questioning about rationality and rational behavior centering on whether individuals can correctly and adequately assess probabilities and risk/reward.  The inability to correctly assess risk/reward limits rational behavior and can yield sub-optimal outcomes for economic agents.  This exploratory paper examines the linkages between schooling in a capitalist society and limits on rationality in a monopoly capital economic system.Keywords. Behavioral economics, Capitalist schooling, Monopoly capital, Rationality, Rational choice.JEL. B51, I24.
 
Publisher Journal of Economic and Social Thought
Journal of Economic and Social Thought
 
Contributor —
 
Date 2019-12-30
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
—
 
Format application/pdf
 
Identifier http://www.kspjournals.org/index.php/JEST/article/view/1975
10.1453/jest.v6i4.1975
 
Source Journal of Economic and Social Thought; Vol 6, No 4 (2019): December; 218-233
Journal of Economic and Social Thought; Vol 6, No 4 (2019): December; 218-233
2149-0422
 
Language eng
 
Relation http://www.kspjournals.org/index.php/JEST/article/view/1975/2013
 
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http://creativecommons.org/licenses/by-nc/4.0