Abstract
Karl Polanyi's contributions to social theory are widely recognized among the generality of social sciences. In the fields of economic anthropology, historical and economic sociology, and economic history, Polanyi's work, in particular The Great Transformation, is considered classic.1 In this article I want to explore the relevance of Polanyi's contributions to economics in general and to the issue of endogeneity of human preferences in particular. Following Bowles 1998, we understand preferences as reasons for behavior or attributes of individuals that (along with their beliefs and capacities) account for the actions they take in a given situation. This is a broad concept of preference that goes beyond tastes to include different types of motives and values-Amartya Sen's (1977) commitments and Albert Hirschman's (1985) meta-preferences. We take preferences to be endogenous in the sense that they are at least partially formed and molded by institutions. According to Geoffrey Hodgson (1988), this issue of endogenous preferences constitutes a Rubicon Line that divides neoclassical economics and even some of its critics from an institutionalist approach.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
