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Rationality, behavior, institutional and economic change in Schumpeter

Listed author(s):
  • Agnès Festré

    ()

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis - CNRS - Centre National de la Recherche Scientifique)

  • Pierre Garrouste

    ()

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

In 1940 Schumpeter wrote a paper entitled: "The Meaning of Rationality in the Social Sciences", which was intended to one of the meetings of a seminar including Talcott Parsons, Wassilly Léontief, Paul Sweezy and other Harvard scholars, that he took the initiative to start. In this paper Schumpeter develops thoroughly his own conception of rationality in economics. First, this paper is interesting in itself because it is based on a sophisticated methodological analysis. Schumpeter indeed interestingly anticipates some important debates concerning the problem of rationality and behavior in economics and presents arguments that make his ideas very topical. Second Schumpeter's conception of rationality is linked to his methodological background (both individualistic and holistic), which is rooted in his economic sociology and explains the relationships he stresses between individual behavior and collective entities. In this contribution we present the arguments developed by Schumpeter in his 1940 paper and analyze the reason why his notion of rationality can be seen as a key component of his conception of economic and institutional change.

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File URL: https://halshs.archives-ouvertes.fr/halshs-00274163/document
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Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00274163.

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Date of creation: Dec 2008
Publication status: Published in Journal of Economic Methodology, Taylor & Francis (Routledge), 2008, 15 (4), pp.365-390. <10.1080/13501780802507222>
Handle: RePEc:hal:cesptp:halshs-00274163
DOI: 10.1080/13501780802507222
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00274163
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  1. Enrico Santarelli & Enzo Pesciarelli, 1990. "The Emergence of a Vision: The Development of Schumpeter's Theory of Entrepreneurship," History of Political Economy, Duke University Press, vol. 22(4), pages 677-696, Winter.
  2. Richard Arena & Agnès Festré, 2006. "Knowledge and Beliefs in Economics: The Case of the Austrian Tradition," Chapters, in: Knowledge, Beliefs and Economics, chapter 3 Edward Elgar Publishing.
  3. Shionoya,Yuichi, 1997. "Schumpeter and the Idea of Social Science," Cambridge Books, Cambridge University Press, number 9780521430340, December.
  4. Richard Arena, 2012. "Economic rationality and the emergence of institutions: a Schumpeterian view," Post-Print halshs-00941347, HAL.
  5. H. Peyton Young, 1996. "The Economics of Convention," Journal of Economic Perspectives, American Economic Association, vol. 10(2), pages 105-122, Spring.
  6. Armen A. Alchian, 1950. "Uncertainty, Evolution, and Economic Theory," Journal of Political Economy, University of Chicago Press, vol. 58, pages 211-211.
  7. Powell, Walter W, 1996. "Weber and Schumpeter: Turbulent Lives, Ideas Never at Rest," Industrial and Corporate Change, Oxford University Press, vol. 5(3), pages 917-924.
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