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Practical Reason in the Practice of Economics

By

Julian Nida-Rümelin

Abstract

This paper aims at making fruitful for economic practise a special view on practical reason. This view is based on the assumption that the rationality of any choice or behavior is related to motivational patterns that orientate it. On the one hand, the most important theorem of choice theory, the Neumann-Morgesntern utility theorem should be preserved, while, on the other hand, consequentialism in the present mainstream view on economic rationality will be staunchly rejected.

Codes JEL: A12, B40, D60.


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