From Political Economy to Economics : Method, the Social and the Historical in the Evolution of Economic Theory.

Milonakis, Dimitris.
London : Taylor & Francis Group, 2008.
1 online resource (387 pages)
1st ed.
Economics As Social Theory Ser.
Economics As Social Theory Ser.

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Neoclassical school of economics -- History.
Economics -- History.
Electronic books.
Economics has become a monolithic science, variously described as formalistic and autistic with neoclassical orthodoxy reigning supreme. So argue Dimitris Milonakis and Ben Fine in this new major work of critical recollection. The authors show how economics was once rich, diverse, multidimensional and pluralistic, and unravel the processes that lead to orthodoxy's current predicament. The book details how political economy became economics through the desocialisation and the dehistoricisation of the dismal science, accompanied by the separation of economics from the other social sciences, especially economic history and sociology. It is argued that recent attempts from within economics to address the social and the historical have failed to acknowledge long standing debates amongst economists, historians and other social scientists. This has resulted in an impoverished historical and social content within mainstream economics. The book ranges over the shifting role of the historical and the social in economic theory, the shifting boundaries between the economic and the non-economic, all within a methodological context. Schools of thought and individuals, that have been neglected or marginalised, are treated in full, including classical political economy and Marx, the German and British historical schools, American institutionalism, Weber and Schumpeter and their programme of Socialökonomik, and the Austrian school. At the same time, developments within the mainstream tradition from marginalism through Marshall and Keynes to general equilibrium theory are also scrutinised, and the clashes between the various camps from the famous Methodenstreit to the fierce debates of the 1930s and beyond brought to the fore. The prime rationale underpinning this account drawn from the past is to put the case for political economy back on the agenda. This is done
by treating economics as a social science once again, rather than as a positive science, as has been the inclination since the time of Jevons and Walras. It involves transcending the boundaries of the social sciences, but in a particular way that is in exactly the opposite direction now being taken by "economics imperialism". Drawing on the rich traditions of the past, the reintroduction and full incorporation of the social and the historical into the main corpus of political economy will be possible in the future.
Front Cover
From Political Economy to Economics
Copyright Page
1. Introduction
1 General outline
2 Main themes
3 Main objectives
2. Smith, Ricardo and the first rupture in economic thought
1 Introduction
2 Classical political economy: general themes
3 Smith's dualisms, Ricardo's abstractions
4 The first methodological rupture
5 Concluding remarks
3. Mill's conciliation, Marx's transgression
1 Introduction
2 John Stuart Mill: consolidation and crisis
3 Karl Marx, dialectics and history
4 Concluding remarks
4. Political economy as history: Smith, Ricardo, Marx
1 Introduction
2 The invisible hand of history?
3 Ricardo with Smith as point of departure
4 The dialectics of value
5 Concluding remarks
5. Not by theory alone: German historismus
1 Introduction
2 The making of the German Historical School
3 Methodological foundations
4 Laws of development
5 History without theory?
6 Concluding remarks
6. Marginalism and the Methodenstreit
1 Introduction
2 Marginalism and the second schism in economic thought
3 Carl Menger and the Methodenstreit
4 The aftermath
5 Concluding remarks
7. The Marshallian heritage
1 Introduction
2 Setting the scene: dehomogenising marginalism
3 From soaring eagle …
4 … to vulgar vultures?
5 Concluding remarks
8. British historical economics and the birth of economic history
1 Introduction
2 British historicism: T.E. Cliffe Leslie
3 The birth of economic history
4 Concluding remarks
9. Thorstein Veblen: economics as a broad science
1 Introduction
2 Institutions, evolution and history
3 Veblen versus marginalism, Marx and the Historical School
4 Veblen's evolutionary scheme
5 Method and history in Veblen's work
6 Concluding remarks.
10. Commons, Mitchell, Ayres and the fin de siècle of American institutionalism
1 Introduction
2 Commons' compromises
3 Mitchell's empiricism
4 Ayres' Veblenian themes
5 Concluding remarks
11. In the slipstream of marginalism: Weber, Schumpeter and Sozialökonomik
1 Introduction
2 Constructing social economics or Sozialökonomik
3 From value neutrality and ideal types to methodological individualism
4 Constructing histoire raisonée: Sombart and Weber
5 Concluding remarks
12. Positivism and the separation of economics from sociology
1 Introduction
2 Twixt logical and non-logical: Pareto and the birth ofsociology
3 Lionel Robbins: squaring off the marginalist revolution
4 Souter's reaction
5 Introducing positivism: From Hutchison to Friedman
6 Talcott Parsons and the consolidation of sociology
7 Concluding remarks
13. From Menger to Hayek: the (re)making of the Austrian School
1 Introduction
2 Carl Menger and the slippage from marginalism
3 The formation of the Austrian School: Böhm-Bawerk and Wieser
4 Leaving marginalism behind: from Mises' praxeology …
5 … To Hayek's spontaneous orders
6 Concluding remarks
14. From Keynes to general equilibrium: short- and long-run revolutions in economic theory
1 Introduction
2 No micro without macro: the rise of Keynesianism
3 Keynes and the philosophical foundations of economics
4 General equilibrium or trooping the techniques
5 Paul Samuelson: synthesis versus revolution?
6 Concluding remarks
15. Beyond the formalist revolution
1 Introduction
2 From implosion of principle to explosion of application
3 Concluding remarks
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Local notes:
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2021. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
Fine, Ben.
Other format:
Print version: Milonakis, Dimitris From Political Economy to Economics