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This article develops an account of a theory of rational choice based on the conception of rationality as a normatively justified correspondence between interests & choices. In this conception, rationality is best thought of as a property not of individual actions, but of a complex two-level phenomenon comprised of the social justification of behavioral norms & of the everyday choices made under these norms. Figures, References. [Reprinted by permission of Sage Publications Ltd., copyright 2006.]

Law is important – but not as important as many lawyers believe. Evidence from different countries demonstrates that businessmen rely more on social norms than on legal rights and duties. Sometimes law is even deliberately avoided. Social norms and informal practices can also be enforced through a variety of non-legal sanctions. Law is still relevant, especially in non-continuous relationships and so-called end-game situations. But legal norms are most relevant and efficient when they are well-aligned with social norms. ; Peer reviewed

Societies and groups attribute greater value to some behaviours and some judgments. These 'norms' are what is most important for understanding how behaviours and judgments are socially regulated. The approach presented examines in particular the social foundations of our judgments