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Rationality and the language of decision making: Bringing language into the foreground in economic theory

Mark S. Peacock (Social Science Division, York University, Toronto, Canada)

International Journal of Social Economics

ISSN: 0306-8293

Article publication date: 1 September 2006

995

Abstract

Purpose

The purpose is to show the importance of language in economic activity and encourage economists to pay more attention to language than hitherto.

Design/methodology/approach

The paper examines John Searle's work and consider its implications for economic theory. It discusses Searle's “background” and its role in the explanation of intentional phenomena. It analyses the implications of the background for the notion of rule‐following and illustrates the role the background plays in decision making by examining conversation‐analytical studies of decisions involving responses to invitations.

Findings

Searle offers a novel interpretation of rules which contrasts to that found in economic theory. The decisions I examine manifest a “preference structure” independent of the preferences of individuals. These can be called “background preferences”. Personal and background preference rankings can conflict with each other. This leads to a possible interpretation of the phenomenon “weakness of will”. The paper concludes with remarks on why language is a neglected phenomenon in economic theory.

Originality/value

Searle's work is slowly coming to the attention of a few economists. However, most contributions to the debate so far are at a very general level and do not tackle concrete issues of economic theory. By looking empirically at decision making, this paper shows the relevance of Searle to an issue at the heart of economic theory.

Keywords

Citation

Peacock, M.S. (2006), "Rationality and the language of decision making: Bringing language into the foreground in economic theory", International Journal of Social Economics, Vol. 33 No. 9, pp. 604-614. https://doi.org/10.1108/03068290610683404

Publisher

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Emerald Group Publishing Limited

Copyright © 2006, Emerald Group Publishing Limited

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