Skip to main content Accessibility help

We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.

Close cookie message
×
Hostname: page-component-76fb5796d-45l2p Total loading time: 0 Render date: 2024-04-29T00:09:26.555Z Has data issue: false hasContentIssue false

20 - The Market as a Creative Process

Published online by Cambridge University Press:  05 June 2012

Daniel M. Hausman
By
James M. Buchanan  and
Viktor J. Vanberg
Daniel M. Hausman
Affiliation:
University of Wisconsin, Madison
Get access

Summary

James M. Buchanan (1919–) is Advisory General Director of the Center for the Study of Public Choice and Harris University Professor at George Mason University. He received his Ph.D. from the University of Chicago, and he is best known for his work in political economy. He was awarded the Nobel Prize for Economics in 1986 in recognition of his work analyzing economic and political decision making.

Viktor J. Vanberg (1943–) is Professor of Economics at George Mason University and coeditor of the journal Constitutional Political Economy. He received doctorates from the Technische Universität in Berlin and the University of Mannheim. His research focuses on the economics of institutions and on political economy.

Had Pyrrhus not fallen by a beldam's hand in Argos or Julius Caesar not been knifed to death? They are not to be thought away. Time has branded them and fettered they are lodged in the room of the infinite possibilities they have ousted. But can those have been possible, seeing that they never were? Or, was that only possible which came to pass?

James Joyce

Introduction

Contributions in modern theoretical physics and chemistry on the behavior of nonlinear systems, exemplified by Ilya Prigogine's work on the thermodynamics of open systems (Prigogine and Stengers, 1984), attract growing attention in economics (Anderson, Arrow, and Pines, 1988; Arthur, 1990; Baumol and Benhabib, 1989; Mirowski, 1990; Radzicki, 1990). Our purpose here is to relate the new orientation in the natural sciences to a particular nonorthodox strand of thought within economics.

Type
Chapter
Information
The Philosophy of Economics
An Anthology
 , pp. 378 - 398
Publisher: Cambridge University Press
Print publication year: 2007

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Allen, Peter M. 1985. “Towards a New Science of Complex Systems.” In The Science and Praxis of Complexity, by Aida, S.. Tokyo: The United Nations University, pp. 268–97.Google Scholar
Allen, Peter M. 1988. “Evolution, Innovation and Economics.” In Technical Change and Economic Theory, ed. Dosi, G., Freeman, C., Nelson, R., Silverberg, G., and Soete, L.. London: Pinter Publishers Ltd., pp. 95–119.Google Scholar
Anderson, Philip W., Kenneth, J. Arrow, and Pines, David (editors). 1988. The Economy as an Evolving Complex System. New York: Addison-Wesley.Google Scholar
Arthur, W. Brian. 1990. “Positive Feedbacks in the Economy.” Scientific American 262: 92–9.CrossRefGoogle Scholar
Barry, Norman. 1982. “The Tradition of Spontaneous Order.” The Literature of Liberty 5:7–58.Google Scholar
Baumol, William, and Benhabib, Stephen. 1989. “Chaos: Significance, Mechanism, and Economic Applications.” Journal of Economic Issues 3:77–106.Google Scholar
Buchanan, James M. 1969. Cost and Choice: An Inquiry in Economic Theory. Chicago: Markham Publishing Company.Google Scholar
Buchanan, James M. 1977. “Politics and Science.” In Freedom in Constitutional Contract, by Buchanan, J. M.. College Station: Texas A&M University Press, pp. 64–77.
Buchanan, James M.. 1982. “Order Defined in the Process of Its Emergence.” The Literature of Liberty 5:5.Google Scholar
Buchanan, James M. 1985. “The Potential for Tyranny in Politics as Science.” In Liberty, Market and State, by Buchanan, J. M.. New York: New York University Press, pp. 40–54.Google Scholar
Buchanan, James M. 1987. “L. S. E. Cost Theory in Retrospect.” In Economics: Between Predictive Science and Moral Philosophy, by Buchanan, J. M.. College Station: Texas A&M University Press, pp. 141–51.Google Scholar
Fehl, Ulrich. 1986. “Spontaneous Order and the Subjectivity of Expectations: A Contribution to the Lachman-O'Driscoll Problem.” In Subjectivism, Intelligibility, and Economic Understanding, ed. Kirzner, I. M.. New York: New York University Press, pp. 72–86.CrossRefGoogle Scholar
Hayek, Friedrich A. 1978. “Competition as a Discovery Procedure.” In New Studies in Philosophy, Politics, Economics, and the History of Ideas, by Hayek, F. A.. Chicago: The University of Chicago Press, pp. 179–90.CrossRefGoogle Scholar
Joyce, James. 1960. Ulysses. London: Bodley Head.Google Scholar
Kirzner, Israel M. 1985. Discovery and the Capitalist Process. Chicago: The University of Chicago Press.Google Scholar
Kirzner, Israel M.. 1989. Discovery, Capitalism, Distributive Justice. New York: Basil Blackwell.Google Scholar
Lachmann, Ludwig M. 1976. “From Mises to Shackle: An Essay on Austrian Economics and the Kaleidic Society.” Journal of Economic Literature 14:54–62.Google Scholar
Lachmann, Ludwig, M. 1977. “Professor Shackle on the Economic Significance of Time.” In Capital, Expectations, and the Market Process, by Lachmann, L. M.. Kansas City, MO: Sheed Andrews and McMeel, pp. 81–93.Google Scholar
Littlechild, Stephen C. 1979. “Comment: Radical Subjectivism or Radical Subversion.” In Time, Uncertainty and Disequilibrium: Exploration of Austrian Themes, ed. Rizzo, M.. Lexington, Mass.: Lexington Books, pp. 32–49.Google Scholar
Littlechild, Stephen C. 1983. “Subjectivism and Method in Economics.” In Beyond Positive Economics, ed. Wiseman, J.. London: Macmillan, pp. 38–49.CrossRefGoogle Scholar
Littlechild, Stephen C. 1986. “Three Types of Market Process.” In Economics as a Process – Essays in the New Institutional Economics, ed. Richard, N. Langlois. Cambridge: Cambridge University Press, pp. 27–39.Google Scholar
Mayr, Ernst. 1982. The Growth of Biological Thought: Diversity, Evolution, and Inheritance. Cambridge, Mass.: Harvard University Press.Google Scholar
Mirowski, Philip. 1990. “From Mandelbrot to Chaos in Economic Theory.” Southern Economic Journal 57:289–307.CrossRefGoogle Scholar
O'Driscoll, Gerald P., and Mario, J. Rizzo. 1985. The Economics of Time and Ignorance. New York: Basil Blackwell.Google Scholar
Polanyi, Michael. 1951. The Logic of Liberty. Chicago: The University of Chicago Press.Google Scholar
Popper, Karl R. 1957. The Poverty of Historicism. Boston: The Beacon Press.Google Scholar
Popper, Karl R.. 1982. The Open Universe: An Argument for Indeterminism. Totowa, N.J.: Rowan and Littlefield.Google Scholar
Prigogine, Ilya. 1985. “New Perspectives on Complexity.” In The Science and Praxis of Complexity, by Aida, S.., Tokyo: The United Nations University, pp. 107–18.Google Scholar
Prigogine, Ilya. 1986. “Science, Civilization and Democracy.” Futures 18:493–507.CrossRefGoogle Scholar
Prigogine, Ilya, and Stengers, Isabelle. 1984. Order out of Chaos: Man's New Dialogue with Nature. Toronto: Bantam Books.Google Scholar
Radzicki, Michael J. 1990. “Institutional Dynamics, Deterministic Chaos, and Self-organizing Systems.” Journal of Economic Issues 24:57–102.CrossRefGoogle Scholar
Shackle, G. L. S. 1979. Imagination and the Nature of Choice. Edinburgh: Edinburgh University Press.Google Scholar
Shackle, G. L. S. 1981. “Comments.” In Subjectivist Economics: The New Austrian School, by Shand, A. H.. Oxford: The Pica Press, pp. 59–67.Google Scholar
Shackle, G. L. S. 1983. “The Bounds of Unknowledge.” In Beyond Positive Economics, ed. Wiseman, J.. London: Macmillan, pp. 28–37.CrossRefGoogle Scholar
Tullock, Gordon (editor). 1983. The Simons' Syllabus, by Simons, Henry Calvert. Blacksburg: Virginia Polytechnic Institute and State University.Google Scholar
Vaughn, Karen I. 1990. “Profits, Alertness and Imagination” (review of I. M. Kirzner's Discovery, Capitalism, and Distributive Justice). Journal des Economistes et des Etudes Humaines 1:183–8.Google Scholar
Wicken, Jeffrey S. 1987. Evolution, Thermodynamics, and Information: Extending the Darwinian Paradigm. Oxford: Oxford University Press.Google Scholar
Wiseman, Jack. 1989. Cost, Choice, and Political Economy. Aldershot: Edward Elgar.Google Scholar
Wiseman, Jack. 1990. “Principles of Political Economy: An Outline Proposal, Illustrated by Application to Fiscal Federalism.” Constitutional Political Economy 1:101–27.CrossRefGoogle Scholar
Witt, Ulrich. 1985. “Coordination of Individual Economic Activities as an Evolving Process of Self-Organization.” Economie Appliquée 37:569–95.Google Scholar

Save book to Kindle

To save this book to your Kindle, first ensure coreplatform@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×