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The theory of bounded reflexivity. A contribution to the debate between the Economics of Conventions and the Regulation Theory

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  • Franck BESSIS

Abstract

This article develops an action theory which explains the dynamics of rules. This theory emphasises two kinds of limitation. First, agents can only recognize the constructed dimension of rules under specific conditions. Second, agents question their beliefs without ever completely freeing themselves from these beliefs. This answer provides the framework to a general action theory potentially common to the Economics of Conventions and to the Regulation Theory. This theory deals with the orders of worth as well as balances of power. It reconciles rationally planned action with spontaneous adjustments as two moments of the same reversible process of rules' construction.

Suggested Citation

  • Franck BESSIS, 2008. "The theory of bounded reflexivity. A contribution to the debate between the Economics of Conventions and the Regulation Theory," Cahiers d’économie politique / Papers in Political Economy, L'Harmattan, issue 54, pages 27-56, Jan - Jun.
    • Handle: RePEc:cpo:journl:y:2008:i:54:p:27-56
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    More about this item

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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