Toward a Value Inclusive Theory of Economic Decision-Making : A 'New Science' Model

This paper explores one option for the development of a theoretical approach to economic decision-making that goes beyond the mechanical-mathematical models based on the assumptions of rational self-interest and utility maximization. The proposed model incorporates facts, values, relationships, cooperation, learning, and other factors into economic decision-making and applies to both the micro- and macroeconomic levels. While the model is descriptive in nature, it has predictive potential to establish a menu of alternative outcomes or “opportunity sets.” The goal of this discussion is to move the language of economic decision-making away from the mid-nineteenth century language of science toward the concepts associated with the complex systems approach of the new science