Schumpeter and the meanings of rationality

Mário Graça Moura ()
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Mário Graça Moura: Universidade do Porto, Faculdade de Economia

FEP Working Papers from Universidade do Porto, Faculdade de Economia do Porto

Abstract: This paper discusses various meanings of rationality distinguished by Schumpeter – as well as related concepts like rationalisation – and connects them with widely remarked tensions or dilemmas in his substantive works. The well-known contrast between Schumpeter’s commitment to equilibrium economics and his heterodox, evolutionary vision is analysed on the basis of the notions of ‘rationality of the observer’ and ‘rationality in the observed’, developed in his article on 'The Meaning of Rationality in the Social Sciences'. Schumpeter’s thesis of the obsolescence of the entrepreneurial function is also scrutinised, by investigating the coherence between his conceptions of rationality and of rationalisation. This topic is in turn connected with Schumpeter’s assessment of the socialist calculation debate.

Keywords: Schumpeter; methodology; ontology; rationality (search for similar items in EconPapers)
JEL-codes: B3 B4 (search for similar items in EconPapers)
Pages: 35 pages
Date: 2014-11
New Economics Papers: this item is included in nep-ent, nep-hme and nep-hpe
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Persistent link: https://EconPapers.repec.org/RePEc:por:fepwps:551

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