By A. Yuengert
In a different project, Andrew Yuengert explores and describes the bounds to the commercial version of the person, offering an alternate account of human selection, to which monetary versions will be in comparison.
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Contributor word: This Routledge Classics version features a new foreword via Jan Toporowski.
Publish yr word: First released in 1982
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Extra info for Approximating Prudence: Aristotelian Practical Wisdom and Economic Models of Choice
Although the optimization model can incorporate some kinds of uncertainty, dynamic considerations, and more complex objective functions, there are certain changes that it cannot accommodate and still remain an optimization model of choice. For example, incompleteness and intransitivity in the objective function change the nature of choice I S T H E R E A N Y T H I N G E C O N O M I C S C A N N O T D O? 19 in important ways. Moreover, the optimization model cannot easily address an inability on the part of humans to solve complicated optimization problems, to construct probability distributions in the face of pervasive uncertainty, or to reason in ways that are otherwise not amenable to the calculus of optimization.
A properly philosophical account attempts to survey the ground of human choice at one throw, to place within a comprehensive framework the various aspects that, while individually important, cannot be fully evaluated without reference to some larger whole. 4 The Aristotelian Philosophy of Action as a Background Account To help us organize our thoughts about which aspects of human choice optimization models successfully capture, what they miss, I S T H E R E A N Y T H I N G E C O N O M I C S C A N N O T D O?
5). Practical wisdom is the intellectual capacity by which a person “acts”—that is, by which a person deliberates about and achieves his or her goals. Because human beings have both reason and will, they can think about what their ends are, how to realize those ends in given circumstances, and order their actions toward those ends. Although not all of the actions of human beings are reasoned in this way (scratching, 38 A P P R OX I M AT I N G P R U D E N C E digesting, instinctual responses), when human beings reason about actions they will take, or reflect on and critique actions they have taken, they reason in light of their ends, the means available to them, and their capacity to act (Grisez 1969).
Approximating Prudence: Aristotelian Practical Wisdom and Economic Models of Choice by A. Yuengert