The rationality principle as a universal grammar of economic explanations
A universal grammar of economic explanations is characterized by the means-end rationality principle, which can be understood by drawing a conceptual distinction between its two facets: theoretical abstraction and empirical content. The former serves as a pure form of economic way of thinking and th...
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doaj-84e0cb0bd7ff4ba29f193cfe097d3deb2020-12-03T10:15:04ZdeuRosetti InternaţionalJournal of Philosophical Economics1843-22981844-82082020-11-01XIII25880The rationality principle as a universal grammar of economic explanationsCheng LI0 Institute of Economics, Chinese Academy of Social Sciences, Beijing (China) A universal grammar of economic explanations is characterized by the means-end rationality principle, which can be understood by drawing a conceptual distinction between its two facets: theoretical abstraction and empirical content. The former serves as a pure form of economic way of thinking and thus delimits the capacities of economists to perceive and understand the manifold human behaviour. The latter provides economists with objects of thought and renders the discipline empirically relevant. Given the implications of the two facets of rationality, the main task of economics as a descriptive science is to incorporate appropriate empirical content into the pure rational framework with the aim of better explaining and predicting human behaviour. As a prescriptive science, economic inquiry should draw on the persuasion and communication skills of its practitioners, thereby influencing the state of the economy through changing the means and ends of the decision makers in question. https://jpe.ro/pdf.php?id=8790 rationalityconstrained maximization frameworkepistemology |
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DOAJ |
language |
deu |
format |
Article |
sources |
DOAJ |
author |
Cheng LI |
spellingShingle |
Cheng LI The rationality principle as a universal grammar of economic explanations Journal of Philosophical Economics rationality constrained maximization framework epistemology |
author_facet |
Cheng LI |
author_sort |
Cheng LI |
title |
The rationality principle as a universal grammar of economic explanations |
title_short |
The rationality principle as a universal grammar of economic explanations |
title_full |
The rationality principle as a universal grammar of economic explanations |
title_fullStr |
The rationality principle as a universal grammar of economic explanations |
title_full_unstemmed |
The rationality principle as a universal grammar of economic explanations |
title_sort |
rationality principle as a universal grammar of economic explanations |
publisher |
Rosetti Internaţional |
series |
Journal of Philosophical Economics |
issn |
1843-2298 1844-8208 |
publishDate |
2020-11-01 |
description |
A universal grammar of economic explanations is characterized by the means-end rationality principle, which can be understood by drawing a conceptual distinction between its two facets: theoretical abstraction and empirical content. The former serves as a pure form of economic way of thinking and thus delimits the capacities of economists to perceive and understand the manifold human behaviour. The latter provides economists with objects of thought and renders the discipline empirically relevant. Given the implications of the two facets of rationality, the main task of economics as a descriptive science is to incorporate appropriate empirical content into the pure rational framework with the aim of better explaining and predicting human behaviour. As a prescriptive science, economic inquiry should draw on the persuasion and communication skills of its practitioners, thereby influencing the state of the economy through changing the means and ends of the decision makers in question. |
topic |
rationality constrained maximization framework epistemology |
url |
https://jpe.ro/pdf.php?id=8790
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work_keys_str_mv |
AT chengli therationalityprincipleasauniversalgrammarofeconomicexplanations AT chengli rationalityprincipleasauniversalgrammarofeconomicexplanations |
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1724401397760262144 |