Abstract
Since the future is unknowable, it is more fruitful to speculate about the way economists will perceive the nature of their subject matter in 2090 than to predict the particular issues that will attract their concern. The dominant neoclassical paradigm will have been replaced by one which recognizes the central importance of unknowability and the need for an embracing logic of choice that treats all opportunity-cost decisions, whatever their context, in parity of significance with choice-through-markets. The black box is a thumbnail description of decision-making in the new environment, characterized by purposive behavior in the context of unknowledge. Copyright 1991 by Royal Economic Society.
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.
