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The subjectivist-contrarian position

Author

Listed:
  • Adam Martin

    (Texas Tech University)

Abstract

James Buchanan endorses a radical version of subjectivism at several points in his body of work. I distinguish two distinct criteria for subjectivism in Buchanan. First, Buchanan rejects the realism of preferences, arguing that they serve only as an analytical tool for understanding choice. Second, Buchanan adopts an Austrian perspective inspired by Kirzner and Shackle on the importance of creativity. In addition to reconstructing Buchanan’s subjectivism, I examine how it relates to more recent work in political philosophy, behavioral economics, and psychology in order to ascertain the value Buchanan’s radical approach might still hold.

Suggested Citation

  • Adam Martin, 2020. "The subjectivist-contrarian position," Public Choice, Springer, vol. 183(3), pages 479-494, June.
    • Handle: RePEc:kap:pubcho:v:183:y:2020:i:3:d:10.1007_s11127-020-00808-3
    DOI: 10.1007/s11127-020-00808-3
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    References listed on IDEAS

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    1. Tom Lane, 2015. "Discrimination in the laboratory: a meta-analysis," Discussion Papers 2015-03, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
    2. Buchanan, James M, 1987. "The Constitution of Economic Policy," American Economic Review, American Economic Association, vol. 77(3), pages 243-250, June.
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    4. Buchanan, James M. & Vanberg, Viktor J., 1991. "The Market as a Creative Process," Economics and Philosophy, Cambridge University Press, vol. 7(2), pages 167-186, October.
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    6. Buchanan, James M & Vanberg, Viktor J, 2002. "Constitutional Implications of Radical Subjectivism," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 15(2-3), pages 121-129, June.
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    10. Adam Martin, 2011. "Rational choice without closure: the microfoundations of virtuous cycles and vicious circles," Journal of Economic Methodology, Taylor & Francis Journals, vol. 18(4), pages 345-361, December.
    11. Oskar Lange, 1936. "On the Economic Theory of Socialism," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 4(1), pages 53-71.
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    Cited by:

    1. Nicolás Cachanosky & Edward J. Lopez, 2020. "Rediscovering Buchanan’s rediscovery: non-market exchange versus antiseptic allocation," Public Choice, Springer, vol. 183(3), pages 461-477, June.
    2. Daniel J. Smith, 2020. "James M. Buchanan centennial birthday academic conference: an introduction to the special issue," Public Choice, Springer, vol. 183(3), pages 223-226, June.

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    More about this item

    Keywords

    Behavioral economics; Contractarianism; Entrepreneurship; Subjectivism;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General

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