Constructivist and Ecological Rationality in Economics †

Constructivist and Ecological Rationality in Economics † By VERNON L. SMITH* When we leave our closet, and engage in the common affairs of life, (reason’s) conclusions seem to vanish, like the phantoms of the night on the appearance of the morning; and ’tis difficult for us to retain even that conviction, which we had attained with difficulty ... (David Hume, 1739, 1985, p. 507). ... we must constantly adjust our lives, our thoughts and our emotions, in order to live simultaneously within different kinds of orders according to different rules. If we were to apply the unmodified, uncurbed rules (of caring intervention to do †This article is a revised version of the lecture Vernon L. Smith delivered in Stockholm, Sweden, on December 8, 2002, when he received the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. The article is copyright © The Nobel Foundation 2002 and is published here with the permission of the Nobel Foundation. The title was suggested to the author in the paper by Joel Norman, “Two Visual Systems and Two Theories of Perception: An Attempt to Reconcile the Constructivist and Ecological Approaches” (Behavioral and Brain Sciences, 2002). After finishing this paper I found that my use http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png American Economic Review American Economic Association

Constructivist and Ecological Rationality in Economics †

American Economic Review, Volume 93 (3) – Jun 1, 2003

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Publisher
American Economic Association
Copyright
Copyright © 2003 by the American Economic Association
Subject
Articles
ISSN
0002-8282
DOI
10.1257/000282803322156954
Publisher site
See Article on Publisher Site

Abstract

By VERNON L. SMITH* When we leave our closet, and engage in the common affairs of life, (reason’s) conclusions seem to vanish, like the phantoms of the night on the appearance of the morning; and ’tis difficult for us to retain even that conviction, which we had attained with difficulty ... (David Hume, 1739, 1985, p. 507). ... we must constantly adjust our lives, our thoughts and our emotions, in order to live simultaneously within different kinds of orders according to different rules. If we were to apply the unmodified, uncurbed rules (of caring intervention to do †This article is a revised version of the lecture Vernon L. Smith delivered in Stockholm, Sweden, on December 8, 2002, when he received the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. The article is copyright © The Nobel Foundation 2002 and is published here with the permission of the Nobel Foundation. The title was suggested to the author in the paper by Joel Norman, “Two Visual Systems and Two Theories of Perception: An Attempt to Reconcile the Constructivist and Ecological Approaches” (Behavioral and Brain Sciences, 2002). After finishing this paper I found that my use

Journal

American Economic ReviewAmerican Economic Association

Published: Jun 1, 2003

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