Economics as a Multi-Paradigmatic Science: the ‘Best Kept Secret’ of Irrational Choice

Abstract

The article reexamines the prevailing perception of traditional economics as the science of rational choice among contemporary economists and sociologists, especially rational choice theorists. It proposes that conventional economics is not exclusively the theory of rational choice but also one of irrational choices in the economy. The article aims to contribute toward a fuller understanding and appreciation of classical and neoclassical economics, especially among sociologists, as composite rational choice-irrational choice theory and in that sense a multi- rather than single-paradigm science, thus no different from sociology and other social (and physical) sciences. This may be relevant or interesting to sociologists given that their rational choice colleagues, like economists, extol the “virtues" of conventional and modern economics as a single-paradigm, theoretically unified science around “rational choice” and criticize the “vices” of sociology as plagued by competing paradigms and theoretical disunity. The article supports many economic sociologists’ view or intuition of conventional economics as complex rational-irrational choice theory and multi-paradigm science, and disconfirms rational choice theorists’ interpretation and generalization of it as “rational choice theory” only and single-paradigm unified science.