Rationality, morality and Economic Coordination: The Contours of Interaction

The article represents an overview of general tendencies in interaction between the notions of rationality and morality, and their influence on the foundations of economic coordination. Firstly, two main directions of evolution of rationality model are considered: the theory of perspectives of D. Kahneman and A. Tverski (the empirical restriction) and economic imperialism of G. Becker (the conceptual widening), the role of the modern institutionalism being emphasized. The theoretical evolution of economic rationality had mainly instrumental character and didn’t change its ethical core – the central idea of welfare in economic motivation. In this regard, the two main ways of integration of rationality and morality in modern discussion are considered: conceptions of “multiple preferences” (1) and “moral obligations” (2). The first conception assumes the existence of stable beliefs or “meta-preferences”, which range ordinal desires or preferences. According to the second approach, a distinction of a qualitative nature is drawn between rational behavior, motivated by personal benefit or “sympathy”, and exclusively moral behavior, underlain by “obligation”. An approach according to which a distinction between rational and moral arguments is drawn, directly determines the principles of economic coordination, including the foundations of social justice. Among the latter, there are two ethical grounds – mutual benefit, based on the “sympathy” principle, and impartiality, grounded on the “obligation of power”. These conceptions imply the corresponding types of economic coordination: market-evolutional (focused on effectiveness) and constructivist (focused on redistribution)