IDEAS home Printed from https://ideas.repec.org/a/anp/econom/v10y2009i3665_682.html
   My bibliography  Save this article

History, Crucial Choices and Equilibrium

Author

Listed:
  • Rogerio P. Andrade

    (University of Campinas (Unicamp))

Abstract

This paper discusses alternative conceptions of time and scrutinises the ideas of crucial choice, determinism and equilibrium. The relevant notion is that of historical time, where time is seen as irreversible, flowing from the irrevocable past to an unknown future, like an arrow. This notion is consistent with the concept of fundamental uncertainty and is at odds with deterministic explanations of reality. The economy is an open, evolving process in which free will, Shacklean genuine choices, Schumpeterian innovative behaviours, and unpredictable, unintended consequences of human actions have an important role to play. Human imagination and crucial decisions preclude the full operation of rigid laws of necessity. In the light of these ideas, the paper also approaches a few suggestions of reconceptualisations of the notion of equilibrium which purport to render the concept more palatable

Suggested Citation

  • Rogerio P. Andrade, 2009. "History, Crucial Choices and Equilibrium," Economia, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics], vol. 10(3), pages 665-682.
    • Handle: RePEc:anp:econom:v:10:y:2009:i:3:665_682
    as

    Download full text from publisher

    File URL: http://www.anpec.org.br/revista/vol10/vol10n3p665_682.pdf
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    Historical Time; Crucial Choices; Shackle; Determinism; Equilibrium.;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:anp:econom:v:10:y:2009:i:3:665_682. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Rodrigo Zadra Armond (email available below). General contact details of provider: https://edirc.repec.org/data/anpecea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.