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.
General
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