By Prof. Bernard Hodgson (auth.)
Economics as ethical Science investigates the matter of the moral neutrality of "mainstream" monetary thought in the context of the method of economics as a technology. opposed to the normal knowledge, the writer argues that there are critical ethical presuppositions to the idea, yet that economics might nonetheless count number as a systematic or rational type of inquiry. the elemental questions addressed - the moral implications of economics, its prestige as a systematic mode of theory-construction, and the relation among those elements - are completely basic ones for an realizing of up to date economics, the philosophy of the human sciences, and our present industry tradition. furthermore, the examine offers an intensive philosophical research of the severe concerns at stake from the inside, from the credible viewpoint of a selected, yet foundational monetary thought - the neoclassical thought of rational choice.
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In the first place, it is important to notice that the meaning of the description of the item of consumer behaviour to be explained, namely that of the "choice of a particular collection of commodities" carries certain significant implications. For the concept of the "choice" of an action does not refer to the action-event simpliciter, but to an action performed in a certain manner. And the qualifying phrase designates the fact that the action was performed deliberately, for a reason. If one chooses to purchase one commodity-bundle rather than other available ones, then there must be some grounds for the choice - otherwise, one hasn't "chosen" at all.
For, as outlined above, a consumer wants a commodity-bundle because he values the end of subjective satisfaction he believes its use will generate. Or, in other words, the consumer extrinsically values a commodity-bundle since its use leads to the subjective satisfaction which he intrinsically values. In short, then, we will simply say that a consumer values the commodity-bundle itself when he wants it. But what is the meaning of such a value-imputation? More precisely, under what conditions would we consider this imputation of valuing to John to be a correct one; or, in other words, what conditions would indicate that John does or does not subscribe, as claimed, to valuing X?
And the qualifying phrase designates the fact that the action was performed deliberately, for a reason. If one chooses to purchase one commodity-bundle rather than other available ones, then there must be some grounds for the choice - otherwise, one hasn't "chosen" at all.