It may be objected that in economics and decision theory these prob-
lems are overcome. But this contention is based on a misunderstanding.
In the theory of demand, for example, it is assumed that the consumer’s
preferences satisfy various postulates: they define a complete ordering
over the set of alternatives and exhibit the properties of convexity and
continuity, and the like. Given these assumptions, it can be shown that a
utility function exists which matches these preferences in the sense that
one alternative is chosen over another if and only if the value of the
function for the selected alternative is greater. This function characterizes
the individual’s choices, what he in fact prefers, granted that his prefer-
ences meet certain stipulations. It asserts nothing at all about how a
person arranges his decisions in such a coherent order to begin with, nor
clearly can it claim to be a first-person procedure of choice that someone
might reasonably follow, since it only records the outcome of his delib-
erations. At best the principles that economists have supposed the choices
of rational individuals to satisfy can be presented as guidelines for us to
consider when we make our decisions. But so understood, these criteria
are just the principles of rational choice (or their analogues) and we are
back once again with deliberative rationality.
27
It seems indisputable, then, that there is no dominant end the pursuit of
which accords with our considered judgments of value. The inclusive end
of realizing a rational plan of life is an entirely different thing. But the
failure of hedonism to provide a rational procedure of choice should
occasion no surprise. Wittgenstein showed that it is a mistake to postulate
certain special experiences to explain how we distinguish memories from
imaginings, beliefs from suppositions, and so on for other mental acts.
Similarly, it is antecedently unlikely that certain kinds of agreeable feel-
ing can define a unit of account the use of which explains the possibility
of rational deliberation. Neither pleasure nor any other determinate end
can play the role that the hedonist would assign it.
28
27. Thus to the objection that price theory must fail because it seeks to predict the unpredictable,
the decisions of persons with free will, Walras says: “Actually, we have never attempted to predict
decisions made under conditions of perfect freedom; we have only tried to express the effects of such
decisions in terms of mathematics. In our theory each trader may be assumed to determine his utility
or want curves as he pleases.”
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