RE: Uncertainty

["Alan G. Isaac" <aisaac@xxxxxxxxxxxx>]

On Thu, 21 Dec 2000, John M. Legge wrote:
> For rhetorical purposes at least Schumpeter puts it better: future
> preferences change, not because of human irrationality, but because of
> innovation.

This just reflect a twisted (or at least for these
purposes, useless) notion of preferences.

> It is hard to imagine even Lucas saying with a straight face that people
> have an ordered set of preferences between the types of power plant on offer
> in cars in 2020.

Yet that remains the standard neoclassical formulation.
Odd but true.

Alan Isaac