Pantaleoni’s Legacy for Economic Ethics: Rethinking Self-Interest and Cooperation in Light of Cognitive Sciences

This chapter moves from Pantaleoni’s well-known endorsement of hedonism to pursue a critical inquiry into neoclassical economic theory, focusing on the limits of the mainstream notions of economic rationality and homo oeconomicus. In developing this critique, the chapter draws on Pantaleoni’s appraisal of the psychological dimension of economics and connects it to recent developments in the field of cognitive sciences, that highlight the importance of cooperation. Further elaborating on the ethical implications of this critique, the chapter proposes a redefinition of the notions of economic rationality and homo oeconomicus, developing insights coming from Amartya Sen’s capability approach.