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Rationality, behavior, institutional and economic change in Schumpeter

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  • Agnès Festré

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

  • Pierre Garrouste

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

Abstract

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.

Suggested Citation

  • Agnès Festré & Pierre Garrouste, 2008. "Rationality, behavior, institutional and economic change in Schumpeter," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00274163, HAL.
    • 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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    References listed on IDEAS

    as
    1. Richard Arena, 2012. "Economic rationality and the emergence of institutions: a Schumpeterian view," Post-Print halshs-00941347, HAL.
    2. Armen A. Alchian, 1950. "Uncertainty, Evolution, and Economic Theory," Journal of Political Economy, University of Chicago Press, vol. 58, pages 211-211.
    3. Shionoya,Yuichi, 1997. "Schumpeter and the Idea of Social Science," Cambridge Books, Cambridge University Press, number 9780521430340.
    4. 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.
    5. H. Peyton Young, 1996. "The Economics of Convention," Journal of Economic Perspectives, American Economic Association, vol. 10(2), pages 105-122, Spring.
    6. 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.
    7. 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.
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    Citations

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    Cited by:

    1. Festré, Agnès & Garrouste, Pierre, 2016. "Wieser As A Theorist Of Institutional Change," Journal of the History of Economic Thought, Cambridge University Press, vol. 38(04), pages 463-483, December.
    2. Massimo Egidi, 2017. "Schumpeter’s picture of economic and political institutions in the light of a cognitive approach to human behavior," Journal of Evolutionary Economics, Springer, vol. 27(1), pages 139-159, January.
    3. Philippe Aghion & Agnès Festré, 2017. "Schumpeterian growth theory, Schumpeter, and growth policy design," Journal of Evolutionary Economics, Springer, vol. 27(1), pages 25-42, January.
    4. Agnès Festré, 2012. "Carl Menger and Friedrich von Wieser on the Role of Knowledge and Beliefs in the Emergence and Evolution of Institutions," Chapters,in: Handbook of Knowledge and Economics, chapter 4 Edward Elgar Publishing.
    5. Bögenhold, Dieter & Michaelides, Panayotis G. & Papageorgiou, Theofanis, 2016. "Schumpeter, Veblen and Bourdieu on Institutions and the Formation of Habits," MPRA Paper 74585, University Library of Munich, Germany.
    6. Mário Graça Moura, 2017. "Schumpeter and the meanings of rationality," Journal of Evolutionary Economics, Springer, vol. 27(1), pages 115-138, January.
    7. Theofanis Papageorgiou & Ioannis Katselidis & Panayotis G. Michaelides, 2013. "Schumpeter, Commons, and Veblen on Institutions," American Journal of Economics and Sociology, Wiley Blackwell, vol. 72(5), pages 1232-1254, November.
    8. Mário Graça Moura, 2014. "Schumpeter and the meanings of rationality," FEP Working Papers 551, Universidade do Porto, Faculdade de Economia do Porto.
    9. Agnès Festré & Odile Lakomski-Laguerre & Stéphane Longuet, 2017. "Schumpeter and Schumpeterians on economic policy issues: re-reading Schumpeter through the lens of institutional and behavioral economics. An introduction to the special issue," Journal of Evolutionary Economics, Springer, vol. 27(1), pages 3-24, January.
    10. Christoph Heinzel, 2013. "Schumpeter and Georgescu-Roegen on the foundations of an evolutionary analysis," Cambridge Journal of Economics, Oxford University Press, vol. 37(2), pages 251-271.
    11. Agnès Festré, 2012. "Carl Menger and Friedrich von Wieser on the role of knowledge and beliefs," Post-Print halshs-00346478, HAL.
    12. Muriel Dal-Pont Legrand & Harald Hagemann, 2015. "Can Recessions be 'Productive'? Schumpeter and the Moderns," GREDEG Working Papers 2015-23, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), University of Nice Sophia Antipolis.

    More about this item

    Keywords

    Schumpeter; rationality; economic sociology; economic change; institutional change;

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • Z19 - Other Special Topics - - Cultural Economics - - - Other

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