Abstract
Andrew M. Yuengert's Approximating prudence: Aristotelian practical wisdom and economic models of choice. Palgrave Macmillan, 2012, 246 pp.
Highlights
APPROXIMATING PRUDENCE / BOOK REVIEW traditional economic optimization model is insufficient to solve complicated decision problems in the face of pervasive uncertainty, and argues for the need to incorporate a form of reasoning other than the instrumental
A minor point to note in chapter 4 is that Yuengert adopts a specific interpretation of Aristotle’s concept of eudaimonia
The ‘inclusive view’ of eudaimonia promoted by John Lloyd Ackrill (1980) and adopted by Yuengert holds that eudaimonia is an inclusive end composed or VOLUME 6, ISSUE 1, SPRING 2013
Summary
APPROXIMATING PRUDENCE / BOOK REVIEW traditional economic optimization model is insufficient to solve complicated decision problems in the face of pervasive uncertainty, and argues for the need to incorporate a form of reasoning other than the instrumental. A minor point to note in chapter 4 is that Yuengert adopts a specific interpretation of Aristotle’s concept of eudaimonia (a word often defectively translated as ‘happiness’). These two versions of eudaimonia are compatible, especially when considering them in the wider context of Aristotle’s thought: there are some people called to practical life and others called to theoretical life, and there might be different stages in life which call for one or the other.
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