Economics used to be called political economy, and the loss of the
"political" tracks the ascendance of the idea of rational choice within
the discipline. Where does this idea of economic rationality - choosing
to maximize benefits and minimize costs - come from? What are the
consequences of its rise?
In this new book, Stephen Engelmann assesses these questions through a
consideration of the often-hidden links between choice and government,
ranging from the Benthamic utilitarianism that inspired modern economics
to the contemporary economic psychologists trying to nudge everyone to
choose more rationally. Multiple global crises are exposing how
deficient economic rationality is as a political theory, since a focus
on choice turns actors away from relations in the common. Political
economy once targeted aristocratic rule - heralding a politics and
ethics of egalitarian self-command and spurring democratic reform - but
economics allows domination and forecloses alternatives to it.
This accessible volume will be of interest to students and scholars of
politics and economics, and to general readers concerned about the
various ways that psychology and management have infiltrated our
politics.