Pragmatism about values and the valuable: commentary on 'A pragmatic view on values in economics'

This article explores the place of values in economic theory and practical decision-making and policy. I argue that Arjo Klamer's pragmatism does not sufficiently distinguish what is valued from what is valuable, and does not sufficiently attend to the experimental inquiry needed to move from the former to the latter. I outline a more robust pragmatism, explaining how it avoids: treating values in isolation from facts; rendering claims about values subjective; and, identifying what is preferred or chosen or valued with what is preferable or worthy of choice or valuable. From this perspective, I explain the severely limited value of rational choice theory, and describe its practical problems and the need for a more self-critical, pragmatic treatment of values in economics.