Talcott Parsons' voluntary theory of economic action and its criticisms

Talcott Parsons was not only a sociologist but also an original thinker who embraced a genuinely interdisciplinary approach. His pioneering work in sociology has been influential across numerous social science disciplines—including psychology, economics, and political science. In particular, his critiques of the long standing utilitarian paradigm within economics highlight the insufficiency of reductive accounts of the individual. According to Parsons, the individual cannot be reduced solely to a being motivated by material gain and pleasure; rather, she or he must be understood holistically, encompassing ethical commitments, moral sensibilities, tolerance, and states of well being. In this study, we first trace the biographical and intellectual stages that shaped Parsons's thought, then situate the individual within economic analysis from the perspective Parsons himself advocated. Central to our inquiry is the notion of "will" (volition), which we examine in depth through the lens of both Western and Eastern philosophical traditions. We then integrate this concept of will into modern economic theories, shifting the focus from merely describing existing phenomena to articulating normative ideals—thus illuminating how Parsons reconceptualizes volition in economic life. Finally, we engage with the criticisms that have been leveled against Parsons's theoretical framework, providing a multifaceted analysis of its boundaries and potentials. Throughout the thesis, we adopt a theoretical (conceptual) analysis grounded in a qualitative research paradigm. Our findings demonstrate that viewing the individual—as utilitarian thought does—solely as an economic agent is inadequate. By incorporating the individual's cultural background, environmental context, and characteristic traits, we uncover a more realistic and transformative perspective on contemporary economic and social challenges. Keywords: Talcott Parsons, utilitarianism, volition, interdisciplinarity, modern economics 2025, 169 pages