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The Economic Postulate of Rationality: Some Methodological Views

Runo Axelsson
The Swedish Journal of Economics
Vol. 75, No. 3 (Sep., 1973), pp. 289-295
Published by: Wiley on behalf of The Scandinavian Journal of Economics
DOI: 10.2307/3438875
Stable URL: http://www.jstor.org/stable/3438875
Page Count: 7
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The Economic Postulate of Rationality: Some Methodological Views
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Abstract

The criticism of the rationality postulate of economic theory that has been put forth by the administration theorists within the "Carnegie Tech" school and the countercriticism coming from economic theorists, are based on different methodological premises. The administration theorists are mainly concerned to meet the criterion of empirical relevance in economic theory, whereas the economic theorists put the emphasis on theoretical relevance. However, their one-sided demands tend to become ends in themselves, and it may therefore be assumed that both standpoints entail risk of suboptimizations which disfavour the explanatory and predictive ability of economic theory.

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