Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/324922 
Year of Publication: 
2022
Citation: 
[Journal:] Journal of Contextual Economics – Schmollers Jahrbuch [ISSN:] 2568-762X [Volume:] 142 [Issue:] 3 [Year:] 2022 [Pages:] 209-229
Publisher: 
Duncker & Humblot, Berlin
Abstract: 
This article was written for a Liberty Fund conference on "Liberty in Relation to Law and Macroeconomics." The paper works with recognition that the models we use are not neutral devices to see more clearly into reality because they also shade that reality in different ways. For instance, a model grounded on systemic equilibrium and aggregation will almost necessarily assign turbulence to market interaction and thereby place the calming of turbulence in the province of political action simply because there is no coherent alternative. By contrast, a model where turbulence is baked into the cake of human action will recognize that human action both creates and calms turbulence, and continually, and will also recognize that the continual shifting among coalitions that is a feature of democratic politics is even more likely to generate turbulence than to calm it, and with turbulence and calmness both being ordinary features of human society.
Subjects: 
Aggregation
Transactional Structure
Materialism and Idealism in Eco- nomics
Systems Theory and Maffeo Pantaleoni (1911)
Methodology of Scientific Re- search Programs
JEL: 
B22
D72
D85
P48
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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