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Shackle on choice, imagination and creativity: Hayekian foundations

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  • Paul Lewis

Abstract

This paper develops a response to some of the criticisms that have been made of G. L. S. Shackle’s analysis of human decision-making because of its reliance on a Cartesian account of the mind. It is argued that the basis for a response can be found in the work on theoretical psychology developed by Shackle’s fellow subjectivist, and one-time PhD supervisor, F. A. Hayek. In particular, the ideas advanced by Hayek in his 1952 book, The Sensory Order can be used to provide an account of the mind that avoids the shortcomings of Shackle’s Cartesianism whilst still doing justice to his emphasis on genuine choice, expectations and the role of creativity and the imagination in human decision-making.

Suggested Citation

  • Paul Lewis, 2017. "Shackle on choice, imagination and creativity: Hayekian foundations," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 41(1), pages 1-24.
    • Handle: RePEc:oup:cambje:v:41:y:2017:i:1:p:1-24.
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    File URL: http://hdl.handle.net/10.1093/cje/bew037
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    Citations

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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. Félix-Fernando Muñoz, 2024. "The fundamentally uncertain economic agent: Brian J. Loasby’s growth of knowledge approach to the psychology of human action," Mind & Society: Cognitive Studies in Economics and Social Sciences, Springer;Fondazione Rosselli, vol. 23(1), pages 163-192, December.
    3. Solomon Stein & Virgil Henry Storr, 2023. "The market as foreground: The ontological status of the market in market process theory," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 36(1), pages 1-21, March.
    4. Paul Lewis, 2021. "Entrepreneurship, novel combinations, capital regrouping, and the structure-agency relationship: an introduction to the special issue on innovation and Austrian economics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 34(1), pages 1-12, March.

    More about this item

    Keywords

    Shackle; Hayek; Subjectivism; Choice; Psychology; Emergence; Expectations; Uncertainty;
    All these keywords.

    JEL classification:

    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals
    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches

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