Economics Dictionary of Arguments

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Rationality, philosophy: rationality is the ability of a being to consciously adapt to a situation due to the generalizations of his experiences. It can also be rational to want to learn something new. See also system, order, creativity, discoveries, evaluation, repetition.

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Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments.

 
Author Item Summary Meta data
Mause I 62
Rationality/Economy/Economic Theory/Political Economy: Economically oriented political science was confronted with problems because it initially assumed that the actors had complete information.
Problem: the empirical significance of this approach is limited, since due to the axiomatics (individuals act rationally) every action must necessarily provide the greatest benefit to an actor. (1)(2)
Solution: In the 1970s and 1980s - both in political science and in economics - the rigid axiomatic of rationality was therefore softened in favour of the idea of a "restricted, bounded rationality." (3) This takes into account the limited rationality and processing power of humans.


1. D. P. Green, I. Shapiro, Pathologies of rational-choice theory. A critique of applications in political science. New Haven 1994
2. J. S. Coleman,Th.J. Fararo (Eds) Rational-choice theory. Advocacy and critique. Newbury Park 1992.
3. Cf. Herbert A. Simon, Homo Rationalis. Die Vernunft im menschlichen Leben. Frankfurt a. M. 1993


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Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution.
The note [Author1]Vs[Author2] or [Author]Vs[term] is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition.
Political Economy
Mause I
Karsten Mause
Christian Müller
Klaus Schubert,
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018


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