The rationality principle as a universal grammar of economic explanations

A universal grammar of economic explanations is characterized by the means-end rationality principle, which can be understood by drawing a conceptual distinction between its two facets: theoretical abstraction and empirical content. The former serves as a pure form of economic way of thinking and th...

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Autor principal:	Cheng LI
Formato:	article
Lenguaje:	DE EN FR
Publicado:	Editura ASE Bucuresti 2020
Materias:	rationality constrained maximization framework epistemology Economics as a science HB71-74
Acceso en línea:	https://doaj.org/article/84e0cb0bd7ff4ba29f193cfe097d3deb
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spelling	oai:doaj.org-article:84e0cb0bd7ff4ba29f193cfe097d3deb2021-12-02T14:58:22ZThe rationality principle as a universal grammar of economic explanations1843-22981844-8208https://doaj.org/article/84e0cb0bd7ff4ba29f193cfe097d3deb2020-11-01T00:00:00Z https://jpe.ro/pdf.php?id=8790 https://doaj.org/toc/1843-2298https://doaj.org/toc/1844-8208A universal grammar of economic explanations is characterized by the means-end rationality principle, which can be understood by drawing a conceptual distinction between its two facets: theoretical abstraction and empirical content. The former serves as a pure form of economic way of thinking and thus delimits the capacities of economists to perceive and understand the manifold human behaviour. The latter provides economists with objects of thought and renders the discipline empirically relevant. Given the implications of the two facets of rationality, the main task of economics as a descriptive science is to incorporate appropriate empirical content into the pure rational framework with the aim of better explaining and predicting human behaviour. As a prescriptive science, economic inquiry should draw on the persuasion and communication skills of its practitioners, thereby influencing the state of the economy through changing the means and ends of the decision makers in question.Cheng LIEditura ASE Bucurestiarticlerationalityconstrained maximization frameworkepistemologyEconomics as a scienceHB71-74DEENFRJournal of Philosophical Economics, Vol XIII, Iss 2, Pp 58-80 (2020)
institution	DOAJ
collection	DOAJ
language	DE EN FR
topic	rationality constrained maximization framework epistemology Economics as a science HB71-74
spellingShingle	rationality constrained maximization framework epistemology Economics as a science HB71-74 Cheng LI The rationality principle as a universal grammar of economic explanations
description	A universal grammar of economic explanations is characterized by the means-end rationality principle, which can be understood by drawing a conceptual distinction between its two facets: theoretical abstraction and empirical content. The former serves as a pure form of economic way of thinking and thus delimits the capacities of economists to perceive and understand the manifold human behaviour. The latter provides economists with objects of thought and renders the discipline empirically relevant. Given the implications of the two facets of rationality, the main task of economics as a descriptive science is to incorporate appropriate empirical content into the pure rational framework with the aim of better explaining and predicting human behaviour. As a prescriptive science, economic inquiry should draw on the persuasion and communication skills of its practitioners, thereby influencing the state of the economy through changing the means and ends of the decision makers in question.
format	article
author	Cheng LI
author_facet	Cheng LI
author_sort	Cheng LI
title	The rationality principle as a universal grammar of economic explanations
title_short	The rationality principle as a universal grammar of economic explanations
title_full	The rationality principle as a universal grammar of economic explanations
title_fullStr	The rationality principle as a universal grammar of economic explanations
title_full_unstemmed	The rationality principle as a universal grammar of economic explanations
title_sort	rationality principle as a universal grammar of economic explanations
publisher	Editura ASE Bucuresti
publishDate	2020
url	https://doaj.org/article/84e0cb0bd7ff4ba29f193cfe097d3deb
work_keys_str_mv	AT chengli therationalityprincipleasauniversalgrammarofeconomicexplanations AT chengli rationalityprincipleasauniversalgrammarofeconomicexplanations
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The rationality principle as a universal grammar of economic explanations

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