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Uncertainty, Conventional Behavior, and Economic Sociology

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  • Jörg Bibow
  • Paul Lewis
  • Jochen Runde

Abstract

This paper addresses the problem of the conceptualization of social structure and its relationship to human agency in economic sociology. The background is provided by John Maynard Keynes's writings on uncertainty and conventional behavior on the stock market, and the analysis consists of a comparison of the social ontologies of the French Intersubjectivist School and the Economics as Social Theory Project in the light of these observations. The theoretical argument is illustrated with concrete examples from a prominent study of the stock market boom of the 1990s.

Suggested Citation

  • Jörg Bibow & Paul Lewis & Jochen Runde, 2005. "Uncertainty, Conventional Behavior, and Economic Sociology," American Journal of Economics and Sociology, Wiley Blackwell, vol. 64(2), pages 507-532, April.
    • Handle: RePEc:bla:ajecsc:v:64:y:2005:i:2:p:507-532
    DOI: 10.1111/j.1536-7150.2005.00377.x
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    References listed on IDEAS

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    1. Miller, Edward M, 1977. "Risk, Uncertainty, and Divergence of Opinion," Journal of Finance, American Finance Association, vol. 32(4), pages 1151-1168, September.
    2. Lawson, Tony, 1985. "Uncertainty and Economic Analysis," Economic Journal, Royal Economic Society, vol. 95(380), pages 909-927, December.
    3. Runde, Jochen, 1998. "Assessing Causal Economic Explanations," Oxford Economic Papers, Oxford University Press, vol. 50(2), pages 151-172, April.
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    Cited by:

    1. Michelle Baddeley, 2017. "Keynes’ psychology and behavioural macroeconomics: Theory and policy," The Economic and Labour Relations Review, , vol. 28(2), pages 177-196, June.
    2. James Lee Caton, 2019. "Creativity in a theory of entrepreneurship," Journal of Entrepreneurship and Public Policy, Emerald Group Publishing Limited, vol. 8(4), pages 442-469, September.
    3. Paul Lewis, 2008. "Solving the “Lachmann Problem”: Orientation, Individualism, and the Causal Explanation of Socioeconomic Order," American Journal of Economics and Sociology, Wiley Blackwell, vol. 67(5), pages 827-857, November.
    4. Moss, Laurence, 2008. "A comment on economics and sociology," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 9(3), pages 25-26.
    5. Bruno Jetin, 2003. "How can a Currency Transaction Tax Stabilize Foreign Exchange Markets?," Post-Print halshs-03211712, HAL.
    6. Hans D. G. Hyun, 2023. "A financial frontier model with bankers' susceptibility under uncertainty," Metroeconomica, Wiley Blackwell, vol. 74(1), pages 94-118, February.
    7. Paul Lewis, 2008. "Uncertainty, power and trust," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 21(2), pages 183-198, September.

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