Economic rationality

In the standard neoclassical economic theory, individuals are following a utilitarian ethical norm and are making decisions as if they are economically rational. 

The economic man (homo economicus) is an economically rational individual, meaning that actions are performed based on the following principles (preferences) ... 

At no time since it was set up was CdF Chimie master of its destiny, subject as it was to political pressures rather than economic rationality. Constantly in the red despite a number of worthwhile activities, it received the final blow when the untoward decision was taken in 1978 to build, on borrowed money, a one-billion-franc petrochemical site in Dunkirk in the framework of Societe Copenor set up in joint venture with the Emirate of Qatar. 

Many ecological problems that arise in the crude oil industry were already discussed in chapter one of this book. Thus, the objective of this chapter is to show that in order to develop an appropriate technology for crude oil treatment, not only are economically rational decisions required, but also ecologically acceptable decisions are needed. Nowadays it has been very important to change the worldview on environmental issues, such that everyone understands that our environment is a very sensitive system that must be protected. 

A holistic lifecycle approach therefore aims to support or find solutions that are technically feasible, ecologically and socially defensible, and economically rational. A definition of the overall optimum must always take into account the interactions between ecology, economy, and technology. Ecological optimization must not, for instance, be purchased at the cost of failing to satisfy minimum technical specifications or designing a project that cannot be financed as a whole. 

To determine the impact of potential use of LNG, the LCC technique is used. This is the holistic analysis of the total cost of ownership (TCO) of an asset from its initial acquisition to its end of life disposal. It is typically used to determine the most economically rational option between competing alternatives that cannot be split based on technical appropriateness. 

Braithwaite, J. Grabosky, P. 1985, Occupational Safety and Health Enforcement in Australia, Canberra Australian Institute of Criminology Brennan, G. 1993, Economic rationalism what does economics really say in S, King P. Lloyd (eds) Economic Rationalism Dead End or Way Forward (pp. 2-11), Sydney Allen Unwin Brooks, A. 1987, Flaws of a committee-based participatory system . Journal of Occupational Health and Safety, vol. 3, no. 3, pp. 224-30... 

Powning, J. 1992, From right to know to right to take action , Proceedings of Futuresafe 92, Adelaide National Safety Council of Australia Pusey, M. 1991, Economic Rationalism in Canberra, Melbourne Cambridge University Press... 

Chapter 13 provides some concluding comments, reiterates the importance of regulations and their enforcement, and returns briefly to the issue of economic rationalism. 

The reaction of acetylene in a glow discharge in a specially constructed reaction tube yields vinylacetylene, diacetylene, benzene, phenylacetylene, styrene, and indene as the major volatile products. The formation of these products can be most economically rationalized by assuming that the dimerization of acetylene to cyclobutadiene is the first reaction step. 

While the proponents of small government and economic rationalism are in power and increasing proportions of social decision-making, together with basic infrastructure in telecommunications. 

An important feature of the draft regulations is that it challenges the dominant and politically correct way of thinking, i.e. the utility basis of economic rationality and reasoning (Hovden, 1998b), adding ... 

Dealing with safety at the design level is a more economical approach in the long run, as opposed to development economies that lead to less safe and less profitable systems. The industry should move towards the economic rationalization of task specification and final validation, while improving the control level of risks inherent to these new systems. We must find a path that can address economic constraints while preserving the current safety levels. 

It can be imagined that the shift in policy that is required by the process of technical progress and growing intolerance of the remaining risks is difficult on the one hand there are greater benefits and better objective safety, and on the other hand there are rare but serious accidents that result in an over-reaction from public opinion which has the potential to sweep away politicians and sometimes the industry itself with a eomplete lack of technical and economic rationality (industries flee to other countries, jobs are lost and confidence is lost in public figures who do not really have any control over the system). 

Taylor seems to have assumed that men were economically rational, motivated by economic gain and rational when deciding how to pursue it hedonistic, seeking pleasure and avoiding pain and primarily self-interested. He saw labour as the main potential source of increased efficiency, with activity measurement as the main tool for improvement. His methods were to analyse all tasks in detail to use time studies on their component parts to analyse associated routines, such as stock control and office work to select and train first-class men to do a fair day s work in the one best way to monitor results and to make any necessary adjustments. (A first-class bricklayer, by the way, was not expected to have the same intellect as, say, a first-class mining engineer). 

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