IDEAS home Printed from https://ideas.repec.org/a/ecj/econjl/v101y1991i404p149-55.html
   My bibliography  Save this article

The Black Box

Author

Listed:
  • Wiseman, Jack

Abstract

Since the future is unknowable, it is more fruitful to speculate about the way economists will perceive the nature of their subject matter in 2090 than to predict the particular issues that will attract their concern. The dominant neoclassical paradigm will have been replaced by one which recognizes the central importance of unknowability and the need for an embracing logic of choice that treats all opportunity-cost decisions, whatever their context, in parity of significance with choice-through-markets. The "black box" is a thumbnail description of decision-making in the new environment, characterized by purposive behavior in the context of "unknowledge." Copyright 1991 by Royal Economic Society.

Suggested Citation

  • Wiseman, Jack, 1991. "The Black Box," Economic Journal, Royal Economic Society, vol. 101(404), pages 149-155, January.
  • Handle: RePEc:ecj:econjl:v:101:y:1991:i:404:p:149-55
    as

    Download full text from publisher

    File URL: http://links.jstor.org/sici?sici=0013-0133%28199101%29101%3A404%3C149%3ATBB%3E2.0.CO%3B2-L&origin=bc
    File Function: full text
    Download Restriction: Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Eirik G. Furubotn, 2014. "Entrepreneurial Judgment, Decision Procedure and the Inevitable Emergence of the Non-optimizing Firm in a Capitalist Economy," Metroeconomica, Wiley Blackwell, vol. 65(4), pages 548-570, November.
    2. Edward Fullbrook, 1998. "Shifting the mainstream: Lawson's impetusEconomics and Reality tony lawson routledge, 1997, 364 pp," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 26(4), pages 431-440, December.
    3. Kakarot-Handtke, Egmont, 2010. "Axiomatic Basics of e-Economics," MPRA Paper 24331, University Library of Munich, Germany.
    4. Furubotn, Eirik G., 2001. "The new institutional economics and the theory of the firm," Journal of Economic Behavior & Organization, Elsevier, vol. 45(2), pages 133-153, June.
    5. Robert H. Nelson, 2004. "Scholasticism versus Pietism: The Battle for the Soul of Economics," Econ Journal Watch, Econ Journal Watch, vol. 1(3), pages 473-497, December.

    More about this item

    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:ecj:econjl:v:101:y:1991:i:404:p:149-55. 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: Wiley-Blackwell Digital Licensing or Christopher F. Baum (email available below). General contact details of provider: https://edirc.repec.org/data/resssea.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.