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Alfred Schutz and George Shackle: Two Views of Choice

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  • Koppl, Roger

Abstract

Within the Austrian school of economics, Ludwig Lachmann identified Alfred Schutz and George Shackle as master "subjectivists." Subjectivists trace aggregate economic phenomena back to the subjective thoughts and expectations of individuals. Schutz was a member of the "Mises Circle" of Austrian economists. Shackle was a student of the Austrian economist F. A. Hayek, but a follower of Hayek's great rival, John Maynard Keynes. Austrians respect both figures as important subjectivists who offered valuable accounts of the role of uncertainty in human action. The paper serves two purposes. First, it is a useful primer on the distinct theories of Schutz and Shackle. Second, it draws attention to the problem of change and novelty in the work of Schutz and Shackle. Schutz underemphasized the role of novelty in society. Shackle, by contrast, exaggerated the role of novelty in choice. A middle ground position is defended. Copyright 2001 by Kluwer Academic Publishers

Suggested Citation

  • Koppl, Roger, 2001. "Alfred Schutz and George Shackle: Two Views of Choice," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 14(2-3), pages 181-191, September.
    • Handle: RePEc:kap:revaec:v:14:y:2001:i:2-3:p:181-91
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    Cited by:

    1. Marina Bianchi & Sergio Nisticò, 2018. "Shackle: an enquirer into choice," Working Papers 2018-03, Universita' di Cassino, Dipartimento di Economia e Giurisprudenza.
    2. Loïc Sauce, 2017. "Market process(es) and (un)knowledge," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 30(3), pages 305-321, September.
    3. John F. McVea & Nicholas Dew, 2022. "Unshackling Imagination: How Philosophical Pragmatism can Liberate Entrepreneurial Decision-Making," Journal of Business Ethics, Springer, vol. 181(2), pages 301-316, November.
    4. Mie Augier, 1999. "Some Notes on Alfred Schütz and the Austrian School of Economics: Review of Alfred Schütz's Collected Papers, Vol. IV. Edited by H. Wagner, G. Psathas and F. Kersten (1996)," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 11(1), pages 145-162, January.
    5. Koppl Roger, 2002. "What is Alertness?," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 12(1), pages 1-13, March.
    6. Richard Wagner, 2012. "Viennese kaleidics: Why it’s liberty more than policy that calms turbulence," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 25(4), pages 283-297, December.

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