The concept of reason in economics: Smith and Sen versus neo-classicism
Abstract
Economics, for the most part, has adopted and promoted an instrumental and internalist view of reasons, grounding reasons in preferences. Exceptions have been few and far between, but they include, significantly, Adam Smith and Amartya Sen. Sen's idea of "counter-preferential choice," adumbrated in his brilliant article, "Rational Fools," has had almost zero influence in the profession, alas. Smith's differences with Hume on practical reason have been ignored (by economists at any rate). The idea that one can have an external reason, a reason to act counter to one's preferences, has had no purchase in our discipline.
Fields of Study & Subjects
Economic Theory and Institutions
Philosophical Ethics and Theory
Historical Economic and Legal Thought
Publication details
- Journal / source
- The Journal of Economics and Politics
- Volume
- 30
- Issue
- 1
- Publication date
- 13 January 2026
- Language
- EN