Cognitive Theories and Economic Science
In: Stephen Turner and the Philosophy of the SocialSearch for other papers by Sam Whimster in
Current site
Google Scholar
PubMed
Purchase instant access (PDF download and unlimited online access):
Abstract
When economic models—here marginalist models of the Austrian school: Menger, Hayek, Lachmann and rational expectations—are superimposed on the standard theory of mind, a computing engine, we are able to distinguish between an evolutionary constant (goal-directed rationality) and additional rationality claims which on examination turn out to be loosely justified and extend to the ideological. Conversely, we can ask what parts of rationality explanations are exogenous to the mind and belong to the realm of culture and civilization. With the financialization of economic life, computing machines perform a large part of economic decision-making with the effect of hijacking the cognitive core of rationality and separating it from its civilizational surroundings. Economics as a discipline needs to reflect on the directions in which they drive their theories of rationality and whether these are compatible with human flourishing.