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The Romantic Economist

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  • Bronk,Richard

Abstract

Since economies are dynamic processes driven by creativity, social norms, and emotions as well as rational calculation, why do economists largely study them using static equilibrium models and narrow rationalistic assumptions? Economic activity is as much a function of imagination and social sentiments as of the rational optimisation of given preferences and goods. In this book, Richard Bronk argues that economists can best model and explain these creative and social aspects of markets by using new structuring assumptions and metaphors derived from the poetry and philosophy of the Romantics. By bridging the divide between literature and science, and between Romanticism and narrow forms of Rationalism, economists can access grounding assumptions, models, and research methods suitable for comprehending the creativity and social dimensions of economic activity. This is a guide to how economists and other social scientists can broaden their analytical repertoire to encompass the vital role of sentiments, language, and imagination.

Suggested Citation

  • Bronk,Richard, 2009. "The Romantic Economist," Cambridge Books, Cambridge University Press, number 9780521513845, October.
  • Handle: RePEc:cup:cbooks:9780521513845
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    Citations

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    Cited by:

    1. Beckert, Jens, 2011. "Imagined futures. Fictionality in economic action," MPIfG Discussion Paper 11/8, Max Planck Institute for the Study of Societies.
    2. James Copestake & Richard Williams, 2014. "Political-Economy Analysis, Aid Effectiveness and the Art of Development Management," Development Policy Review, Overseas Development Institute, vol. 32(1), pages 133-153, January.
    3. Bronk, Richard & Jacoby, Wade, 2016. "Uncertainty and the dangers of monocultures in regulation, analysis, and practice," MPIfG Discussion Paper 16/6, Max Planck Institute for the Study of Societies.
    4. JinHyo Joseph Yun & Xiaofei Zhao & KwangHo Jung & Tan Yigitcanlar, 2020. "The Culture for Open Innovation Dynamics," Sustainability, MDPI, vol. 12(12), pages 1-21, June.
    5. Daniel Leunbach & Truls Erikson & Max Rapp-Ricciardi, 2020. "Muddling through Akerlofian and Knightian uncertainty: The role of sociobehavioral integration, positive affective tone, and polychronicity," Journal of International Entrepreneurship, Springer, vol. 18(2), pages 145-164, June.
    6. Ryan Walter, 2018. "Book review: Craig Freedman, In Search of the Two-Handed Economist: Ideology, Methodology and Marketing in Economics," The Economic and Labour Relations Review, , vol. 29(3), pages 367-371, September.
    7. Beckert, Jens, 2012. "Capitalism as a system of contingent expectations: Toward a sociological microfoundation of political economy," MPIfG Discussion Paper 12/4, Max Planck Institute for the Study of Societies.
    8. Johnson, Samuel G. B., 2019. "Toward a cognitive science of markets: Economic agents as sense-makers," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 13, pages 1-29.
    9. Alessandro Balestrino, 2012. "Taxes, Status Goods, and Piracy," CESifo Working Paper Series 3704, CESifo.
    10. Bronk, Richard & Beckert, Jens, 2022. "The instability of preferences: Uncertain futures and the incommensurable and intersubjective nature of value(s)," MPIfG Discussion Paper 22/1, Max Planck Institute for the Study of Societies.
    11. Dewey, Matías, 2016. "Porous borders: The study of illegal markets from a sociological perspective," MPIfG Discussion Paper 16/2, Max Planck Institute for the Study of Societies.
    12. Angela Ambrosino & Magda Fontana & Anna Azzurra Gigante, 2018. "Shifting Boundaries In Economics: The Institutional Cognitive Strand And The Future Of Institutional Economics," Journal of Economic Surveys, Wiley Blackwell, vol. 32(3), pages 767-791, July.
    13. Deirdre Nansen McCloskey, 2013. "Why Economics cannot Explain the Modern World," The Economic Record, The Economic Society of Australia, vol. 89, pages 8-22, June.
    14. Groß Steffen W., 2010. "Warum sich Ökonomen (wieder) mit Philosophie beschäftigen sollten – und Philosophen (wieder) mit Ökonomie / Why Economists should be more interested in Philosophy (again) – and why Philosophers should," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 61(1), pages 75-94, January.
    15. Mario Le Glatin & Pascal Le Masson & Benoit Weil, 2018. "Can organisational ambidexterity kill innovation? A case for non-expected utility decision making," Post-Print hal-01808566, HAL.
    16. Beckert, Jens & Bronk, Richard, 2019. "Uncertain futures: Imaginaries, narratives, and calculative technologies," MPIfG Discussion Paper 19/10, Max Planck Institute for the Study of Societies.
    17. Lin, Wanlin & Lin, George C.S., 2023. "Strategizing actors and agents in the functioning of informal property Rights: The tragicomedy of the extralegal housing market in China," World Development, Elsevier, vol. 161(C).
    18. Ambrosino, Angela & Fontana, Magda & Gigante, Anna Azzurra, 2015. "Shifting Boundaries in Economics: the Institutional Cognitive Strand," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201544, University of Turin.
    19. Ötsch, Walter, 2016. "Imaginative Grundlagen bei Adam Smith: Aspekte von Bildlichkeit und ihrem Verlust in der Geschichte der Ökonomie," Working Paper Serie des Instituts für Ökonomie Ök-19, Hochschule für Gesellschaftsgestaltung (HfGG), Institut für Ökonomie.
    20. McCloskey, Deirdre Nansen, 2009. "Britain, China, and the Irrelevance of Stage Theories," MPRA Paper 18291, University Library of Munich, Germany.
    21. Stefano Spalletti, 2017. "Elementi di pensiero economico nello Stato commerciale chiuso di J. G. Fichte," Working Papers 49-2017, Macerata University, Department of Studies on Economic Development (DiSSE), revised Jun 2017.
    22. Holmes, Douglas R., 2019. "Markets are a function of language: Notes on a narrative economics," Economics Discussion Papers 2019-18, Kiel Institute for the World Economy (IfW Kiel).
    23. Bronk, Richard, 2013. "Hayek on the wisdom of prices: a reassessment," LSE Research Online Documents on Economics 50371, London School of Economics and Political Science, LSE Library.

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