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Economic essays (part one): toward a realistic concept of choice

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  • Frederic B. Jennings Jr.

    (Center for Ecological Economic and Ethical Education (CEEEE), Ipswich, Massachusetts (MA))

Abstract

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.

Suggested Citation

  • Frederic B. Jennings Jr., 2019. "Economic essays (part one): toward a realistic concept of choice," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 13(1), pages 65-105, November.
    • Handle: RePEc:bus:jphile:v:13:y:2019:i:1:n:4
    as

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    References listed on IDEAS

    as
    1. Frederic B. Jennings, 2015. "The Cultural and Health Implications of Economic Complementarity," Journal of Economic Issues, Taylor & Francis Journals, vol. 49(2), pages 591-599, April.
    2. L. A. Boland, 1978. "Time in Economics vs. Economics in Time: The 'Hayek Problem.'," Canadian Journal of Economics, Canadian Economics Association, vol. 11(2), pages 240-262, May.
    3. Frederic B. JENNINGS JR., 2016. "Planning horizons as an ordinal entropic measure of organization," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 10(1), pages 58-80, November.
    4. Frederic B. Jennings Jr., 2009. "Six choice metaphors and their social implications," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 2(2), pages 34-77, May.
    5. Drakopoulos, Stavros A., 2012. "The History Of Attitudes Towards Interdependent Preferences," Journal of the History of Economic Thought, Cambridge University Press, vol. 34(4), pages 541-557, December.
    6. Levin, Richard C & Weinberg, Daniel H, 1979. "Alternatives for Restructuring the Railroads: End-to-End or Parallel Mergers?," Economic Inquiry, Western Economic Association International, vol. 17(3), pages 371-388, July.
    7. Marris, Robin & Mueller, Dennis C, 1980. "The Corporation, Competition, and the Invisible Hand," Journal of Economic Literature, American Economic Association, vol. 18(1), pages 32-63, March.
    8. K. J. Arrow, 1971. "The Economic Implications of Learning by Doing," Palgrave Macmillan Books, in: F. H. Hahn (ed.), Readings in the Theory of Growth, chapter 11, pages 131-149, Palgrave Macmillan.
    9. Simon, Herbert A, 1979. "Rational Decision Making in Business Organizations," American Economic Review, American Economic Association, vol. 69(4), pages 493-513, September.
    10. Scitovsky, Tibor, 1980. "Can Capitalism Survive?-An Old Question in a New Setting," American Economic Review, American Economic Association, vol. 70(2), pages 1-9, May.
    11. Lawrence A. Boland, 1979. "Knowledge and the Role of Institutions in Economic Theory," Journal of Economic Issues, Taylor & Francis Journals, vol. 13(4), pages 957-972, December.
    12. Frederic B. Jennings Jr., 2012. "A theory of planning horizons (2): the foundation for an ethical economics," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 6(1), November.
    13. Geoffrey Heal (ed.), 1999. "The Economics of Increasing Returns," Books, Edward Elgar Publishing, number 1041.
    14. Frederic B. Jennings Jr., 2015. "The case for increasing returns I: ‘The Hicksian Getaway’ and ‘The Hirshleifer Rescue’," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 9(1), November.
    15. Frederic B. Jennings Jr., 2012. "A theory of planning horizons (1): market design in a post-neoclassical world," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 5(2), pages 5-37, May.
    16. Myrdal, Gunnar, 1978. "Political and Institutional Economics," Research Series, Economic and Social Research Institute (ESRI), number GLS11.
    17. Simon, Herbert A, 1978. "Rationality as Process and as Product of Thought," American Economic Review, American Economic Association, vol. 68(2), pages 1-16, May.
    18. Gunnar Myrdal, 1978. "Institutional Economics," Journal of Economic Issues, Taylor & Francis Journals, vol. 12(4), pages 771-783, December.
    19. Alfred S. Eichner, 1983. "Why Economics Is Not Yet a Science," Journal of Economic Issues, Taylor & Francis Journals, vol. 17(2), pages 507-520, June.
    20. H. Leibenstein, 1950. "Bandwagon, Snob, and Veblen Effects in the Theory of Consumers' Demand," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 64(2), pages 183-207.
    21. Frederic B. Jennings, 2005. "How Efficiency/Equity Tradeoffs Resolve through Horizon Effects," Journal of Economic Issues, Taylor & Francis Journals, vol. 39(2), pages 365-373, June.
    22. Nicholas Kaldor, 1975. "What is Wrong with Economic Theory," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 89(3), pages 347-357.
    23. H. B. Malmgren, 1961. "Information, Expectations and the Theory of the Firm," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 75(3), pages 399-421.
    24. Kaldor, Nicholas, 1972. "The Irrelevance of Equilibrium Economics," Economic Journal, Royal Economic Society, vol. 82(328), pages 1237-1255, December.
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    More about this item

    Keywords

    choice; cost; neoclassical; competition; ethics; planning horizons;
    All these keywords.

    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General

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