Alfred Schutz and George Shackle: Two Views of Choice

Roger Koppl ()

The Review of Austrian Economics, 2001, vol. 14, issue 2-3, 91 pages

Abstract: Within the Austrian school of economics, Ludwig Lachmann identified Alfred Schutz and George Shackle as master "subjectivists." Subjectivists trace aggregate economic phenomena back to the subjective thoughts and expectations of individuals. Schutz was a member of the "Mises Circle" of Austrian economists. Shackle was a student of the Austrian economist F. A. Hayek, but a follower of Hayek's great rival, John Maynard Keynes. Austrians respect both figures as important subjectivists who offered valuable accounts of the role of uncertainty in human action. The paper serves two purposes. First, it is a useful primer on the distinct theories of Schutz and Shackle. Second, it draws attention to the problem of change and novelty in the work of Schutz and Shackle. Schutz underemphasized the role of novelty in society. Shackle, by contrast, exaggerated the role of novelty in choice. A middle ground position is defended. Copyright 2001 by Kluwer Academic Publishers

Date: 2001
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