Politics as a Peculiar Business: The Universal Logic of Economizing Action

Abstract

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.

Keywords: economizing action; behavioral economics; logical vs. non-logical action; cost and choice; sentiments and reason; Vilfredo Pareto

JEL Classification: B31, B40, D10, D70