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The fundamentally uncertain economic agent: Brian J. Loasby’s growth of knowledge approach to the psychology of human action

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  • Félix-Fernando Muñoz

    (Universidad Autónoma de Madrid)

Abstract

Economists’ conceptions about the “nature of the economic agent” are central to understanding their economic thinking, the phenomena that deserve their attention, the way they build models and theories—as well as the scope and relevance of those theories. Moreover, according to the “psychological” traits of the agent, the subsequent economic theory can accommodate (or not) certain economic phenomena. These claims certainly apply to Brian J. Loasby’s economics. The objective of this article is to survey and analyse Loasby’s reconstruction of economics based on the revision of the psychological foundations of economic agent. We show the influence that George A. Kelly, Adam Smith, Alfred Marshall, Friedrich Hayek and Herbert Simon (among others) play in his work. According to Loasby, concepts such as uncertainty, motivation, imagination, and connecting principles, are central to explaining the growth and organization of knowledge, complexity, and the evolution of economic systems.

Suggested Citation

  • Félix-Fernando Muñoz, 2024. "The fundamentally uncertain economic agent: Brian J. Loasby’s growth of knowledge approach to the psychology of human action," Mind & Society: Cognitive Studies in Economics and Social Sciences, Springer;Fondazione Rosselli, vol. 23(1), pages 163-192, December.
    • Handle: RePEc:spr:minsoc:v:23:y:2024:i:1:d:10.1007_s11299-024-00310-z
    DOI: 10.1007/s11299-024-00310-z
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    More about this item

    Keywords

    Uncertainty; Imagination; Personal constructs; Connecting principles; Evolution;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General

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