September 3, 2014

The Universal Logic of Economizing Action

Draft of Chapter 5 of 'Politics as a Peculiar Business'
  • Richard Wagner

    Distinguished Senior Fellow, F. A. Hayek Program for Advanced Study in Philosophy, Politics and Economics
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Find at SSRN.com. 

This is a preliminary draft of the fifth of what will be eight chapters in a book titled Politics as a Peculiar Business: Public Choice in a System of Entangled Political Economy. This chapter explains that economizing action provides a universal form for pursuing social theorizing in a substantive manner. People universally act to options they value most highly, but only a subset of those options has directly logical character. Much action has non-logical character, as illustrated by sentiments of various sorts, and yet such action is likewise has regularity about it and is subject to scientific examination.