Disengaging liberalism from rationality

Sugden, Robert (2024) Disengaging liberalism from rationality. Social Research: An International Quarterly. ISSN 0037-783X (In Press)

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Abstract

From Adam Smith onwards, a liberal tradition of economics has described the market system as both wealth-creating and liberty-enhancing. Modern economics has formalized this description in ‘neoclassical’ models of markets populated by rational agents. However, there is growing evidence that individuals’ decisions often reveal inconsistent preferences. I review three influential books that present this evidence as a challenge to liberal justifications for the market. In response, I argue that individuals, whether neoclassically rational or not, can value the market as an institution that allows them to get whatever they want and are willing to pay for. This justificatory strategy illustrates how liberalism might benefit by disengaging itself from rationality.

Item Type:	Article
Uncontrolled Keywords:	liberalism,rationality,behavioural economics,phishing,economics, econometrics and finance(all),1*,social research international is a us journal which aims to engage the 'educated public' with scholarship on issues of public concern. i was invited to contribute to a special issue on 'liberalism under siege', with some very distinguished contributors. but this probably won't appeal to ref assessors. ,/dk/atira/pure/subjectarea/asjc/2000
Faculty \ School:	Faculty of Social Sciences > School of Economics
UEA Research Groups:	Faculty of Social Sciences > Research Centres > Centre for Behavioural and Experimental Social Sciences Faculty of Social Sciences > Research Centres > Centre for Competition Policy Faculty of Social Sciences > Research Groups > Behavioural Economics Faculty of Social Sciences > Research Groups > Economic Theory
Depositing User:	LivePure Connector
Date Deposited:	07 Aug 2024 10:30
Last Modified:	07 Aug 2024 10:30
URI:	https://ueaeprints.uea.ac.uk/id/eprint/96168
DOI:	issn:0037-783X

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