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The Theory of Choice and the Constancy of Economic Laws

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  • Nicholas Georgescu-Roegen

Abstract

Introduction, 125. — I. The theory of consumer's choice, 126. — II. Four qualifying postulates, 128. — III. The constancy of economic laws, 133. — IV. Determinateness of consumer equilibrium, 134. — V. Conclusion, 138.

Suggested Citation

  • Nicholas Georgescu-Roegen, 1950. "The Theory of Choice and the Constancy of Economic Laws," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 64(1), pages 125-138.
    • Handle: RePEc:oup:qjecon:v:64:y:1950:i:1:p:125-138.
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    File URL: http://hdl.handle.net/10.2307/1881962
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    Cited by:

    1. Mario Amendola & Jean Luc Gaffard, 2014. "Novelty,Hysteresis,and Growth," Documents de Travail de l'OFCE 2014-12, Observatoire Francais des Conjonctures Economiques (OFCE).
    2. List John A. & Millimet Daniel L, 2008. "The Market: Catalyst for Rationality and Filter of Irrationality," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 8(1), pages 1-55, November.
    3. Gowdy, John & O'Hara, Sabine, 1997. "Weak sustainability and viable technologies," Ecological Economics, Elsevier, vol. 22(3), pages 239-247, September.
    4. Stern, David I., 1997. "Limits to substitution and irreversibility in production and consumption: A neoclassical interpretation of ecological economics," Ecological Economics, Elsevier, vol. 21(3), pages 197-215, June.
    5. Jean-Luc Gaffard, 2022. "Instabilité et résilience des économies de marché: Essai sur l'économie du libéralisme social," GREDEG Working Papers 2022-33, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    6. Magrabi, Frances Marie, 1962. "A model of consumer choice," ISU General Staff Papers 196201010800003063, Iowa State University, Department of Economics.
    7. Donald Katzner, 1999. "Hysteresis and the Modeling of Economic Phenomena," Review of Political Economy, Taylor & Francis Journals, vol. 11(2), pages 171-181.
    8. MORARU Andreea Daniela & JUGANARU Ion-Danut, 2013. "Consumer Behaviour: Does History Matter," Revista Economica, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 65(1), pages 121-128.
    9. Mario Amendola & Jean-Luc Gaffard, 2014. "Novelty, Hysteresis, and Growth," SciencePo Working papers Main hal-01027426, HAL.
    10. Jean-Luc Gaffard, 2021. "La transition écologique : incertitude, irréversibilité et modèle institutionnel," GREDEG Working Papers 2021-04, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France, revised Feb 2021.
    11. Cerulli Giovanni, 2005. "Ottimizzazione versus Razionalità Procedurale: un'analisi del dibattito sulla natura della scelta razionale in economia," CESMEP Working Papers 200501, University of Turin.
    12. Andrea Maneschi, 2010. "Nicholas Georgescu-Roegen and the Mecca of the Economist," Chapters, in: Tiziano Raffaelli & Giacomo Becattini & Katia Caldari & Marco Dardi (ed.), The Impact of Alfred Marshall’s Ideas, chapter 25, Edward Elgar Publishing.
    13. D. Wade Hands, 2012. "The Rise and Fall of Walrasian Microeconomics: The Keynesian Effect," Chapters, in: Microfoundations Reconsidered, chapter 3, Edward Elgar Publishing.
    14. Quentin Couix, 2018. "From Methodology to Practice (and Back): Georgescu-Roegen's Philosophy of Economics and the Flow-Fund Model," Documents de travail du Centre d'Economie de la Sorbonne 18021, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    15. repec:hal:spmain:info:hdl:2441/2pguj421ms98or9o9plc5q0m62 is not listed on IDEAS
    16. Hans Albert, 2010. "The economic tradition and the constitution of science," Public Choice, Springer, vol. 144(3), pages 401-411, September.
    17. S. Abu Turab Rizvi, 2001. "Preference Formation and the Axioms of Choice," Review of Political Economy, Taylor & Francis Journals, vol. 13(2), pages 141-159.
    18. San Miguel, Fernando & Ryan, Mandy & Scott, Anthony, 2002. "Are preferences stable? The case of health care," Journal of Economic Behavior & Organization, Elsevier, vol. 48(1), pages 1-14, May.
    19. Hans Albert, 2006. "Die ökonomische Tradition und die Verfassung der Wissenschaft," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 7(s1), pages 113-131, May.
    20. Farrell, Katharine N. & Mayumi, Kozo, 2009. "Time horizons and electricity futures: An application of Nicholas Georgescu-Roegen's general theory of economic production," Energy, Elsevier, vol. 34(3), pages 301-307.

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