Economic Rationality (What is Political Economy?) - Hardcover

Engelmann, Stephen G.

Hardcover

ISBN 10: 1509538100 ISBN 13: 9781509538102

Publisher: Polity, 2022

Synopsis

Economics used to be called political economy, and the loss of the “political” tracks the ascendance of the idea of rational choice within the discipline. Where does this idea of economic rationality – choosing to maximize benefits and minimize costs – come from? What are the consequences of its rise?

In this new book, Stephen Engelmann assesses these questions through a consideration of the often-hidden links between choice and government, ranging from the Benthamic utilitarianism that inspired modern economics to the contemporary economic psychologists trying to nudge everyone to choose more rationally. Multiple global crises are exposing how deficient economic rationality is as a political theory, since a focus on choice turns actors away from relations in the common. Political economy once targeted aristocratic rule – heralding a politics and ethics of egalitarian self-command and spurring democratic reform – but economics allows domination and forecloses alternatives to it.

This accessible volume will be of interest to students and scholars of politics and economics, and to general readers concerned about the various ways that psychology and management have infiltrated our politics.

About this title

About the Author

Stephen Engelmann is Associate Professor in the Department of Political Science at the University of Illinois at Chicago.

Edition details

• Publisher: Polity
• Publication date: 2022
• Language: English
• ISBN 10: 1509538100
• ISBN 13: 9781509538102
• Binding: Hardcover
• Edition number: 1
• Number of pages: 140