IDEAS home Printed from https://ideas.repec.org/a/taf/jecmet/v18y2011i4p345-361.html
   My bibliography  Save this article

Rational choice without closure: the microfoundations of virtuous cycles and vicious circles

Author

Listed:
  • Adam Martin

Abstract

Economic stories with a rational choice structure usually entail closure or equilibrium. This paper argues that Knightian uncertainty and Kirznerian alertness allow economists to construct plausible accounts of open-ended processes such as virtuous cycles and vicious circles without abandoning the centrality of instrumental rationality. The basic form of such stories is explored and two example cases are put forward.

Suggested Citation

  • 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.
    • Handle: RePEc:taf:jecmet:v:18:y:2011:i:4:p:345-361
    DOI: 10.1080/1350178X.2011.628044
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/1350178X.2011.628044
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/1350178X.2011.628044?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    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. Martin, Adam, 2012. "Discovering rhetoric: The ecology of enterprise in the Bourgeois Era," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 41(6), pages 757-762.
    2. Adam Martin, 2020. "The subjectivist-contrarian position," Public Choice, Springer, vol. 183(3), pages 479-494, June.
    3. William F. Shughart & Diana W. Thomas & Michael D. Thomas, 2020. "Institutional Change and the Importance of Understanding Shared Mental Models," Kyklos, Wiley Blackwell, vol. 73(3), pages 371-391, August.
    4. Shruti Rajagopalan, 2023. "Mises's dynamics of interventionism: Lessons from Indian agriculture," Southern Economic Journal, John Wiley & Sons, vol. 89(3), pages 657-679, January.

    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:taf:jecmet:v:18:y:2011:i:4:p:345-361. 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: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/RJEC20 .

    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.