... it is "more accurate to think of objectivity as a direction in which understanding can travel" (Nagel 1979, p. 173). Article excerpt. Understanding Economic Man: Psychology, Rationality, and Values * By Steele, G. R. ... Understanding Economic Man: Psychology, Rationality, and Values * By Steele, G. R. Read preview. Understanding Economic Man Psychology, Rationality, and Values* By G. R. STEELE ABSTRACT. Understanding Economic Man Psychology, Rationality, and Values* ... the utilitarian concentration upon individual choice conflates preferences and values and the hedonistic calculus is inoperable in the presence of incommensurability. While the uniqueness of man rests in a highly developed self-consciousness, his rationality need not imply conscious reason. In restricting explanations of behavioral patterns to changes in prices, incomes, and other “economic ” variables, neoclassical analysis was destined to draw implausible conclusions. The deficiencies of economic science are examined against its historical development: the utilitarian concentration upon individual choice conflates preferences and values and the hedonis-tic calculus is inoperable in the presence of incommensurability.
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