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Cambridge Journal of Economics Advance Access originally published online on February 28, 2008
Cambridge Journal of Economics 2008 32(5):797-810; doi:10.1093/cje/ben006
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© The Author 2008. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Pragmatism and economics: William James' contribution

Jack Barbalet*

* University of Leicester, UK

Address for correspondence: Department of Sociology, University of Leicester, Leicester LE1 7RH, UK; email: jmb34{at}le.ac.uk

In addition to his treatment of habit, which is widely recognised as contributing to a theory of institutions, William James' discussion of choice and rationality, as well as self-interest, make significant contributions to areas of concern in modern economic theory. James' incisive and insightful analysis of these and related phenomena is achieved in part by including, together with instinct and habit, emotions as a key faculty of human psychology. Each of these themes is discussed in the present paper, and connected with aspects of relevant economic literature, in order to indicate the contribution of James' pragmatism to economic theory.

Key Words: Pragmatism • William James • Emotions • Habit • Choice • Rationality • Self-interest

JEL classifications: A12, B15, B25, B52

Manuscript received May 7, 2007; final version received December 6, 2007.


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