Economic essays : toward a realistic concept of choice

These essays were originally drafted 30 years ago between 1988 and 1990, and then they were filed away and rediscovered just this year. They represented an attempt to offer a simple and unadorned version of fundamental issues in economics pertaining to our urgent need for a realistic concept of choi...

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Published inThe Journal of Philosophical Economics Vol. 13; no. 1; pp. 65 - 105
Main Author Jennings, Frederic B., Jr
Format Journal Article
LanguageEnglish
Published Bucharest Editura Rosetti International 01.10.2019
Journal of Philosophical Economics
Subjects
Book publishing
Boulding, Kenneth E
Competition
Cooperation
Economic behavior
Economics
Economists
Entrepreneurs
Essays
Ethics
Externality
Interdependence
Kelly, Machine Gun
Metaphor
Neighborhoods
Opportunity costs
Planning
Plant location
Profits
Realism (Literature)
New York
United Kingdom
United States
Massachusetts
Illinois
Germany
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Summary:These essays were originally drafted 30 years ago between 1988 and 1990, and then they were filed away and rediscovered just this year. They represented an attempt to offer a simple and unadorned version of fundamental issues in economics pertaining to our urgent need for a realistic concept of choice on which to found our constructions. The first essay introduces the notion of opportunity cost' and our use of caeteris paribus in the process of partial analysis. The second essay offers two metaphors for economic behavior: the neighborhood store' where virtually all neoclassical choice occurs; and the chessboard' that opens three issues simply ignored in orthodox settings. The third essay addresses the problem of interdependence, since choice in this setting confronts our range of awareness as bounded where outcomes spread forever with externalities everywhere, ruling out additivity. Keywords: choice, cost, neoclassical, competition, ethics, planning horizons
ISSN:1843-2298
1844-8208