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Language Games and Economic Theory

In: Big Players and the Economic Theory of Expectations

Author

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  • Roger Koppl

    (Fairleigh Dickinson University)

Abstract

The theory of expectations developed in Chapter 6 integrates many elements. It relies heavily on Schutz and Hayek. To integrate those elements coherently, it is convenient to abandon the “neoclassical” model of rational maximizing in favor of a rule-following model. In the rule-following framework I will propose, however, neoclassical models reappear as important special cases. The version of rule-following I will propose was originally proposed by Koppl and Langlois (1994). Any social action is a skilled performance subject to the publicly known rules of some language game. (Compare Koppl and Langlois, 1994, pp. 81–82.) A “language game” is “a set of rules about how to talk, think, and act in different situations” (Koppl and Langlois, 1994, p. 82).

Suggested Citation

  • Roger Koppl, 2002. "Language Games and Economic Theory," Palgrave Macmillan Books, in: Big Players and the Economic Theory of Expectations, chapter 5, pages 73-95, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-62924-0_5
    DOI: 10.1057/9780230629240_5
    as

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