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Uncertainty, Conventional Behavior, and Economic Sociology

Author

Listed:
  • Jörg Bibow

    (Levy Econ & Inst Univ of Hamburg)

  • Paul Lewis

    (Newnham College, Univ of Cambridge)

  • Jochen Runde

    (Univ of Cambridge)

Abstract

This paper addresses the problem of the conceptualization of social structure and its relationship to human agency in economic sociology. The background is provided by John Maynard Keynes's observations on the effects of uncertainty and conventional behavior on the stock market; the analysis consists of a comparison of the social ontologies of the French Intersubjectivist School and the Economics as Social Theory Project in the light of these observations. The theoretical argument is followed by concrete examples drawn from a prominent recent study of the stock market boom of the 1990s.

Suggested Citation

  • Jörg Bibow & Paul Lewis & Jochen Runde, 2001. "Uncertainty, Conventional Behavior, and Economic Sociology," Macroeconomics 0110001, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpma:0110001
    Note: Type of Document - Adobe Acrobat PDF; prepared on IBM PC; to print on PostScript; pages: 32; figures: included
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/mac/papers/0110/0110001.pdf
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    References listed on IDEAS

    as
    1. Lawson, Tony, 1985. "Uncertainty and Economic Analysis," Economic Journal, Royal Economic Society, vol. 95(380), pages 909-927, December.
    2. Runde, Jochen, 1998. "Assessing Causal Economic Explanations," Oxford Economic Papers, Oxford University Press, vol. 50(2), pages 151-172, April.
    3. Miller, Edward M, 1977. "Risk, Uncertainty, and Divergence of Opinion," Journal of Finance, American Finance Association, vol. 32(4), pages 1151-1168, September.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Moss, Laurence, 2008. "A comment on economics and sociology," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 9(3), pages 25-26.
    2. Paul Lewis, 2008. "Solving the “Lachmann Problem”: Orientation, Individualism, and the Causal Explanation of Socioeconomic Order," American Journal of Economics and Sociology, Wiley Blackwell, vol. 67(5), pages 827-857, November.
    3. Bruno Jetin, 2003. "How can a Currency Transaction Tax Stabilize Foreign Exchange Markets?," Post-Print halshs-03211712, HAL.
    4. Michelle Baddeley, 2017. "Keynes’ psychology and behavioural macroeconomics: Theory and policy," The Economic and Labour Relations Review, , vol. 28(2), pages 177-196, June.
    5. Paul Lewis, 2008. "Uncertainty, power and trust," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 21(2), pages 183-198, September.
    6. Hans D. G. Hyun, 2023. "A financial frontier model with bankers' susceptibility under uncertainty," Metroeconomica, Wiley Blackwell, vol. 74(1), pages 94-118, February.
    7. James Lee Caton, 2019. "Creativity in a theory of entrepreneurship," Journal of Entrepreneurship and Public Policy, Emerald Group Publishing Limited, vol. 8(4), pages 442-469, September.

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    JEL classification:

    • E - Macroeconomics and Monetary Economics

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