Human Interests, Modes of Rationality and the Social Foundations of Economic Science

Abstract

Modern economics, because of its instrumental orientation and its adherence to positivistic canons of science, suffers from two pernicious illusions. The first is that the discipline fails to acknowledge its own participation in the determination of the ends to be sought. The task of positivistic economics, guided by instrumentalism, is seen as the search for efficient means for attaining ends which are externally given. Second, modern economics pretends that empirical testing, in combination with testing for logical consistency, can be counted upon for ensuring scientific progress. As a result of these illusions, modern economics has become preoccupied with the seemingly endless formalisation of an exceedingly narrow body of theory. Because mainstream economics lacks an adequate methodological foundation, it has not only substantially abdicated its function of providing public enlightenment, but it is too readily used as ideology.

Citation

Wisman, J.D. (1987), "Human Interests, Modes of Rationality and the Social Foundations of Economic Science", International Journal of Social Economics, Vol. 14 No. 7/8/9, pp. 88-98. https://doi.org/10.1108/eb014072