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Conscious choice and economic progress

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  • Randall G. Holcombe

    (Florida State University)

Abstract

Economic progress is the result of entrepreneurship that introduces new and improved products into markets, and uncovers more efficient production processes. Entrepreneurial activity takes place in an uncertain environment, and is the result of the conscious choices of entrepreneurs. Economic progress cannot occur without the conscious choices of individuals, both as entrepreneurs and as consumers. This paper compares the concept of conscious choice with the frequently-used concept of rational choice. The study of consciousness has been multidisciplinary, mostly within philosophy, biology, and psychology. Economics has had little to offer to the study of consciousness, and has taken little from that interdisciplinary area of inquiry. This paper offers economists an introduction to the study of conscious choice, and shows why conscious choice is essential to the creation of economic progress.

Suggested Citation

  • Randall G. Holcombe, 2025. "Conscious choice and economic progress," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 38(1), pages 1-13, March.
    • Handle: RePEc:kap:revaec:v:38:y:2025:i:1:d:10.1007_s11138-023-00632-0
    DOI: 10.1007/s11138-023-00632-0
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