A Return to Pragmatism
A Return to Pragmatism
Chapter 6 introduces Part III and begins with a discussion of the importance of pragmatism in formulating sound regulatory policies. In any complex society, policies must be formulated and implemented. Ideally, policies should be adopted that address identified problems. Chapter 6 discusses how social and economic problems fall into identifiable patterns. In some instances, market failures generate inefficiencies that can be corrected by government action. In other instances, social problems, such as suboptimal political and economic participation, can be enhanced by government when market behavior inhibits full participation. Pragmatism provides a method for determining which public policies and which government interventions into economic and social arenas can benefit society. Chapter 6 argues that pragmatism is a superior method for understanding government than economic analyses. Pragmatism looks to objective institutions, multiple disciplines, and positive and normative values to develop a policy process and a method of policy analysis that is superior to the rational choice approach.
Keywords: public choice, rational choice, pragmatism, cost-benefit analysis, policy analysis
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