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A Biased View of Rationality As a Brake to Progress in Economics

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Abstract

Efficiency and equity in economics always seem to be at odds. In terms of ultimate truth a dichotomy of this sort has little meaning because the use of a strategic rationality in the standard textbooks has privileged efficiency to the detriment of equality. In my estimation, this is a biased use of the concept implying that economic criteria are far from that of other social sciences. In this way, an incorrect alternative is presented: being scientific (economics) or being normative-political (other social sciences). Society does not maintain a unique equilibrium: Many different languages can live together and engage in communication with each other. Approaching the relation between efficiency and equity in economics as such can enrich the dialogue among sciences.

Jesús M. Zaratiegui, "A Biased View of Rationality As a Brake to Progress in Economics," Journal of Markets & Morality 6, no. 1 (Spring 2003): 201-209


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