A Reconsideration of the Rationality Postulate: 'Right Hemisphere Thinking' in Economics

A bstract . The cardinal postulate of neoclassical economics is that individuals and entrepreneurs seek to maximize their unique positions in the world. Yet behind this postulate is an even more fundamental premise: that men are rational and can discern their own best interests. From Adam Smith on, it has been accepted that reasonable men act to maximize their own pecuniary advantage and in most economic models even the potential for irrationality is ignored. Nevertheless, it is becoming increasingly obvious from the research conclusions of other disciplines ( psychology, philosophy, political science, and sociology in particular) that the simplistic notion of " economic man ," posited so often in the economics literature, is more fancy than fact. There is an implicit recognition that the neoclassical assumptions may not be correct in the developing area of economic behaviorism. The economic behaviorists, however, adopt a more general definition of rationality, substituting what might be called a "modified rationality postulate" for the global rationality assumed in neoclassical theory. As a result, their conclusions do not differ greatly from those of the neoclassicists. Fortunately, ideas are now crystallizing in psychology which may enable us to shed light on decisions which previously would have had to be classified as non-rational, irrational, or unexplainable. Some of those ideas are explored.     

What some recent research tells us about planned giving (legacy marketing) in North America

• The transformation of fundraising from an ‘emerging profession’ to a ‘true profession’ is contingent on the continual development of a formal body of knowledge based on theory and research. To further that goal, this paper, written from a Canadian perspective, reviews current and recent research studies in both Canada and the USA, focusing specifically on the areas of legacy marketing and bequest gifts.
• The aim of this paper is two-fold: first, to bring forward ‘established knowledge’ in this relatively new and burgeoning area of fundraising; and second, to draw attention to areas where there is a knowledge gap, thereby laying the groundwork for further research and progress in this area.

Copyright © 2005 John Wiley & Sons, Ltd.     

The mature region building a practical model for the transition to the sustainable society

The demographic shift from the northeast to the “sunbelt” has resource implications that will span several decades. Early in the 21st century, today's “boom” regions will be significantly affected by declining petro-energy and an aging population and infrastructure. The northeast is now in an analogous situation.The transition to the sustainable society is unlikely to occur in the sunbelt while the boom is on, but the need for sustainability is immediate in the northeast. For the mature industrial states, economic survival is tied to the level of self-sufficiency they can achieve in the 1980s and 1990s. The efforts toward greater regional sustainability can offer practical models to regions yet to encounter cyclical decline. The transition to the sustainable society will be built on the aggregated efforts of regions to bring their unique circumstances into balance.New England is presented as the case study of a mature region, no longer growing, but embarking in measurable ways on a path toward regional sustainability. The model focuses on the recapture of resources that have traditionally sustained the region—the landscape, the 19th century settlement pattern, and the educational establishment.The inquiry is directed to practical efforts now being made by the private sector to readapt these traditional resources and increase New England's self-sufficiency. The paper will examine the significance of New England private sector endeavors, for effects on other regions, demonstration value and transferability, and conditions that merit continuing investigation as models for the transition to the sustainable society.