Work detail

Own interest nad rational behaviour

Author: Bc. Kristýna Kuchyňová
Year: 2008 - summer
Leaders: prof. Ing. Lubomír Mlčoch CSc.
Consultants:
Work type: Bachelors
Language: Czech
Pages: 74
Awards and prizes:
Link:
Abstract: Own interest and rational behaviour
This paper deals with synthesis of ethics and economics. We take ideas and theories from The Theory of Moral Sentiments by Adam Smith and try to explain them and explore in more detail. We mainly focus on description of humans with conscience, own goals, and virtues acquired during the process of socialisation. The whole society consists of people of that kind and that´s why we should focus on them.
Economy needs certain level of ethics in the society to work well. The cooperation represents part of our everyday economic activities without limiting ourselves strictly to the self-interest, but including tributes to the charity etc.
Human rationality is bounded, expensive and needs to be cared of and kept vital. Every human is multidimensional, we differ in preferences and in the acquired level of rationality. Moreover, the rationality is not all that matters. Emotions are involved in our decison making and deserve special attention. Rationality and following strictly our self-interest do not lead to the optimal outcome.
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