Taking Moral Motivations into Consideration: An Internalist Point of View

Abstract

Economic theory has of late begun to include moral and social factors into the analysis of human behaviour. A key factor in this process of integration is the role of motivations. This role is discussed in the field of moral philosophy through the opposition of internalism and externalism. The first part of the present article deals with this issue. Economic theory, insofar as standard developments are concerned, does not take the internalist point of view seriously into account. This is illustrated in the second section through the discussion of models which integrate the sense of guilt. We then conclude on the weaknesses of these models. The internalist position is defended in the third part. We highlight the effects that such a position could have on economic reasoning. Amongst these effects, special importance is given to demonstrate that rationality regarding economic calculation is subordinate to individual responsibility.

JEL classification: B40.