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The Black Box

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  • Wiseman, Jack

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 The dominant neoclassical paradigm will have been replaced by one which recognizes the central importance of unknowability and the need for an embracing logic of choice that treats all opportunity-cost decisions, whatever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.

Suggested Citation

  • Wiseman, Jack, 1991. "The Black Box," Economic Journal, Royal Economic Society, vol. 101(404), pages 149-155, January.
    • Handle: RePEc:ecj:econjl:v:101:y:1991:i:404:p:149-55
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    Cited by:

    1. Eirik G. Furubotn, 2014. "Entrepreneurial Judgment, Decision Procedure and the Inevitable Emergence of the Non-optimizing Firm in a Capitalist Economy," Metroeconomica, Wiley Blackwell, vol. 65(4), pages 548-570, November.
    2. Edward Fullbrook, 1998. "Shifting the mainstream: Lawson's impetusEconomics and Reality tony lawson routledge, 1997, 364 pp," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 26(4), pages 431-440, December.
    3. Kakarot-Handtke, Egmont, 2010. "Axiomatic Basics of e-Economics," MPRA Paper 24331, University Library of Munich, Germany.
    4. Furubotn, Eirik G., 2001. "The new institutional economics and the theory of the firm," Journal of Economic Behavior & Organization, Elsevier, vol. 45(2), pages 133-153, June.
    5. Robert H. Nelson, 2004. "Scholasticism versus Pietism: The Battle for the Soul of Economics," Econ Journal Watch, Econ Journal Watch, vol. 1(3), pages 473-497, December.

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