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Ethos and formalism in economics: The rational choice theory

Abstract:

This paper develops several epistemological aspects of the standard Rational Choice Theory (hereafter RCT). The introduction presents some essential criteria of the RCT in a social and scientific context, where the RCT stands on an artificial formalization to support its validity. Then, the core elements of the RCT are briefly outlined. Subsequently, a historical perspective of the Western scientific tradition is given, in which the RCT locates, linking deeply to the idealist and rationalist epistemology. A critical review of the bounded rationality opposed to the TER and some elements of study in psychology applied to economics that contradict the assumptions of substantive rationality are also included. Finally, a review is made on the ambition of the RCT to be separated from any ethics, given his presumption of scientificity, turning herself into a powerful ethos in the field of economics, and hence, of politics.