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The Neglected Institutionalism Of Schumpeter's And Knight's Views Of Rationality, J. Patrick Raines, Clarence R. Jung Jr.
The Neglected Institutionalism Of Schumpeter's And Knight's Views Of Rationality, J. Patrick Raines, Clarence R. Jung Jr.
Robins School of Business White Paper Series, 1980-2022
The concept of rationality is both the origination point and the Achilles' heel of the study of human behavior in economics. The rationalist view of human nature is arguably the most pressing issue facing contemporary economics. Fields of knowledge other than economics have developed alternative theories of human activity to the neoclassical's pure economic man. They include Abraham Maslow's hierarchy of needs, Kenneth Boulding's "grants economy," and John Rawls' original position doctrine. Within economics, the Institutionalists have been the leading critics of the assumption that behavior in the economic sphere is rationally directed.
A consensus view of rationality does not …