This book concentrates upon how economic rationalities have been embedded into particular historical practices, cultures, and moral systems. Through multiple case-studies, situated in different historical contexts of the modern West, the book shows that the development of economic rationalities takes place in the meeting with other regimes of thought, values, and moral discourses. The book offers new and refreshing insights, ranging from the development of early economic thinking to economic aspects and concepts in the works of classical thinkers such as (...) Thomas Hobbes, John Locke and Karl Marx, to the role of economic reasoning in contemporary policies of art and health care. With economic rationalities as the read thread, the reader is offered a unique chance of historical self-awareness and recollection of how economic rationality became the powerful ideological and moral force that it is today. (shrink)

Research in the History of Economic Thought and Methodology (RHETM) is a journal/book series dedicated to an interdisciplinary approach to a broad range of topics related to the history and methodology of economics. Volumes are divided into four parts: a monothematic section dedicated to research articles focused on a particular issue in the journal’s core fields of interest, a section including research articles of a more general nature, a section of newly-discovered archival materials, and a section of (...) review essays on new works in the history and methodology of economics. Founded by Warren Samuels in 1982, Research in the History of Economic Thought and Methodology is one of the oldest publication outlets in the fields of economic methodology and the history of economic thought. (shrink)

The evolution of economic thought can be traced back from its beginnings in classical antiquity up to the present day. In this book, Professor Alessandro Roncaglia offers a clear, concise and updated version of his award-winning The Wealth of Ideas, studying the development of economic thought through perspectives and debates on the economy and society over time. With chapters on prominent economic theorists, including William Petty, Karl Marx, and John Maynard Keynes, as well as on other important figures and key (...) debates of each period, Roncaglia critically evaluates the foundations of the marginalist–neoclassical approach in comparison to the Classical–Keynes approach. A comprehensive guide to the history of economic thought, this book will be of value not only to undergraduate and postgraduate students studying economic thought, but also to any readers desiring to study how economics has evolved up to the present day. (shrink)

This book describes the history of economic thought, focusing on the development of economic theory from Adam Smith's 'Wealth of Nations' to the late twentieth century.

Under the impressive editorship of Warren Samuels et al, this book addresses the state of the history of economic thought today. An important contribution to the study of the history of economics, this eagerly-awaited book will develop an unsurprisingly large following.

The purpose of this paper is to clarify the nature of research methods in the history of economic thought. In reviewing the "techniques" which are involved in the discipline, four broader categories are identified: a) textual exegesis; b) "rational reconstructions"; c) "contextual analysis"; and d) "historical narrative". After examining these different styles of doing history of economic thought, the paper addresses the question of its appraisal, namely what is good history of economic thought. Moreover, it is argued (...) that there is a distinction to be made between doing economics and doing history of economic thought. The latter requires the greatest possible respect for contexts and texts, both published and unpublished; the former entails constructing a theoretical framework that is in some respects freer, not bound by derivation, from the authors. Finally, the paper draws upon Econlit records to assess what has been done in the subject in the last two decades in order to frame some considerations on how the past may impinge on the future. (shrink)

The name "School of Salamanca" refers to a group of theologians and natural law philosophers who taught in the University of Salamanca, following the inspiration of the great Thomist Francisco de Vitoria. It turns out that the Scholastics were not simply medieval, but began in the 13th century and expanded through the 16th and 17th centuries; and they developed some original theories about economics and international law.Why should a few men mainly interested in theology and ethics apply themselves in (...) analyzing issues so far from their worries? The answer leads us to a revision of the morality rules, due to the new problems in business ethics. Thus, for example, the appearance of inflation made them have doubts about the merchant's morality. In order to solve this and other problems, they began to analyze the new and suspicious economic activity. As a result of their observations about ethical issues they discovered some advanced theories for the history of economic thought, such as the early formulation of the quantity theory of money. (shrink)

This thought-provoking book discusses the concept of progress in economics and investigates whether any advance has been made in its different spheres of research. The authors look back at the history, successes and failures of their respective fields and thoroughly examine the notion of progress from an epistemological and methodological perspective. The idea of progress is particularly significant as the authors regard it as an essentially contested concept which can be defined in many ways – theoretically or empirically; (...) locally or globally; or as encouraging or impeding the existence of other research traditions. The authors discuss the idea that for progress to make any sense there must be an accumulation of knowledge built up over time rather than the replacement of ideas by each successive generation. Accordingly, they are not concerned with estimating the price of progress, reminiscing in the past, or assessing what has been lost. Instead they apply the complex mechanisms and machinery of the discipline to sub-fields such as normative economics, monetary economics, trade and location theory, Austrian economics and classical economics to critically assess whether progress has been made in these areas of research. -/- Bringing together authoritative and wide-ranging contributions by leading scholars, this book will challenge and engage those interested in philosophy, economic methodology and the history of economic thought. It will also appeal to economists in general who are interested in the advancement of their profession. (shrink)

In this chapter, we discuss social network analysis as a method for the history of economics. We argue that social network analysis is not primarily a method of data representation but foremost a method of discovery and confirmation. It is as such a promising method that should be added to the toolbox of the historian of economics. We furthermore argue that, to be meaningfully applied in history, social network analysis must be complemented with historical knowledge gained (...) by other means and often by more traditional, mostly qualitative, methods. It should therefore be viewed as a method that complements rather than replaces more established approaches in the history of economics. (shrink)

We present social network analysis as a complement to other methods in the history of economics. We first discuss why social network analysis is especially promising for the study of the history of recent economics. We then use an example of research using it to highlight some of its characteristics.

This paper argues that history of economics has a fruitful, underappreciated role to play in the development of economics, especially when understood as a policy science. This goes against the grain of the last half century during which economics, which has undergone a formal revolution, has distanced itself from its `literary' past and practices precisely with the aim to be a more successful policy science. The paper motivates the thesis by identifying and distinguishing four kinds of (...) reflexivity in economics. The main thesis of this paper is that because these forms of reflexivity are not eliminable, the history of economics must play a constitutive role in economics. An assumption that I clarify in this paper is that the history of economics ought to be part of the subject matter studied by economics when they are interested in policy science. Even if one does not accept the conclusion, the fourfold classification of reflexivity might hold independent interest. The paper is divided in two parts. First, by reflecting on the writings of George Stigler, Paul Samuelson, George and Milton Friedman, I offer a stylized historical introduction to and conceptualization of the themes of this paper. In particular, I identify various historically influential arguments and strategies that reduced the role of history of economics within the economics discipline. In it I also canvass six arguments that try to capture the cost to economics for sidelining the history of economics from within the discipline. A sub-text of the introduction is that for contingent reasons, post World War II economics evolved into a policy science. Second, by drawing on the work of Kenneth Boulding, in particular, George Soros, Thomas Merton, Gordon Tullock, I distinguish between four species of reflexivity. These are used to then strengthen the argument for the constitutive role of the history of economics within the economics profession. In particular, I argue that so-called Kuhn-losses are especially pernicious when faced with policy choices under so-called Knightian uncertainty. (shrink)

Mainstream views concerning the uselessness or usefulness of HET are illustrated. These rely on a hidden assumption: a 'cumulative view' according to which the provisional point of arrival of contemporary economics incorporates all previous contributions in an improved way. Critiques of positivism led philosophy of science to recognise the existence of different approaches – in economics, as in other sciences. Conceptualisation, recognised by Schumpeter as the first stage in economic theorising, is the stage in which the different visions (...) of the world underlying the different approaches, take shape – and are better recognised. In this, HET plays an essential role. As an illustration, the differences between the classical and marginalist conceptualisations of the economy are illustrated. Thus HET is essential in both undergraduate and graduate economic curricula, as a decisive help towards a better understanding and evaluation of formalised theories/models in the first case, and as an education to the philological method of research, essential in the first stage of theorising, in the case of graduate curricula. (shrink)

In this essay, I use a general argument about the evidential role of data in ongoing inquiry to show that it is fruitful for economic historians and historians of economics to collaborate more frequently. The shared aim of this collaboration should be to learn from past economic experience in order to improve the cutting edge of economic theory. Along the way, I attack a too rigorous distinction between the history of economics and economic history. By drawing (...) on the history of physics, I argue that the history of a discipline can be a source of important evidence in ongoing inquiry. My argument relies on the claim that it is a constitutive element of science that evidence is never discarded forever and is thus historical in nature. In the final section, I offer a case study by explaining a research proposal that turns on a long-running data-set Babylonian whole-sale prices of six commodities noted in pre-Hellenistic and Hellenistic times. To motivate my reading of this data-set, I critically discuss Aristotle's successful attempt to distinguish between astrology and political economy. (shrink)

A key issue in economic discourse today is the relation between economic behaviour and morality. Few would want to deny that human beings are in some sense moral or ethical creatures, but the devil is in the detail. Should we think of economic behaviour as an essentially amoral process – a process adequately characterised by a means-ends rationality – into which any number of subjective ethical concerns or orientations may be intruded to give a particular action its determinate moral content? (...) Or is it rather the case that our moral being runs deeper than this, in the sense that all of our behaviour – ‘economic’ or otherwise – is enabled or capacitated by a competence that is fundamentally ethical in character? With new analyses of the work of Hobbes and Smith, Dixon and Wilson offer a fresh approach to the debate surrounding economics and morality with a novel discussion of the self in economic theory. This book calls for a change in the way that the relation between economic behaviour and morality is understood – from an understanding of morality as a kind of preference that informs certain types of other-regarding behaviour, to an idea of morality as a competence that enables or, rather, conditions the possibility of all forms of human behaviour, other-regarding or not. Offering a new insight on homo economicus, this book will be of great interest to all those interested in the history of economics and of economic thought. (shrink)

This survey gives an overview of a set of selected articles published between 2016 and 2017 in the major journals that cover the history of economic thought. In surveying the literature, we focus on three major aspects – the scope, the sources, and the methods – with reference to which we discuss the novelties that we find in the recent literature on the history of economic thought.

Network analysis is increasingly appreciated as a methodology in the social sciences. In recent years, it is also receiving attention among historians of science. History of economics is no exception in that researchers have begun to use network analysis to study a variety of topics, including collaborations and interactions in scientific communities, the spread of economic theories within and across fields, or the formation of new specialties in the discipline of economics. Against this backdrop, a debate is (...) emerging about how network analysis can help address questions that are pertinent to the history of economics. With this paper, we want to push this debate one step forward by offering and discussing five reasons why network analysis should have a future in the history of economics. (shrink)

This is an edited collection of essays. The volume itself has no abstract.

This encyclopedia is the first of its kind in bringing together philosophy and the social sciences. It is not only about the philosophy of the social sciences but, going beyond that, it is also about the relationship between philosophy and the social sciences. The subject of this encyclopedia is purposefully multi- and inter-disciplinary. Knowledge boundaries are both delineated and crossed over. The goal is to convey a clear sense of how philosophy looks at the social sciences and to mark out (...) a detailed picture of how the two are interrelated: interwoven at certain times but also differentiated and contrasted at others. The Entries cover topics of central significance but also those that are both controversial and on the cutting-edge, underlining the unique mark of this Encyclopedia: the interrelationship between philosophy and the social sciences, especially as it is found in fresh ideas and unprecedented hybrid disciplinary areas. The Encyclopedia serves a further dual purpose: it contributes to the renewal of the philosophy of the social sciences and helps to promote novel modes of thinking about some of its classic problems. (shrink)

In this unprecedented study, Arild Sæther sheds new light both on Pufendorf's own life and work, as well as his influence on his contemporaries and on later scholars. This book explores Pufendorf's doctrines of political economy and his work on natural law, which was translated into several major European languages. Natural Law and the Origins of Political Economy considers the influence he had on the writings on political economy of John Locke, Charles Montesquieu, Jean-Jacques Rousseau, Francis Hutcheson and Adam Smith, (...) amongst others. If Smith can be called the father of modern economics, this book claims that Pufendorf can be called the grandfather. (shrink)

Network analysis is increasingly appreciated as a methodology in the social sciences. In recent years, it is also receiving attention among historians of science. History of economics is no exception in that researchers have begun to use network analysis to study a variety of topics, including collaborations and interactions in scientific communities, the spread of economic theories within and across fields, or the formation of new specialties in the discipline of economics. Against this backdrop, a debate is (...) emerging about how network analysis can help address questions that are pertinent to the history of economics. With this paper, we want to push this debate one step forward by offering and discussing five reasons why network analysis should have a future in the history of economics. (shrink)

First published in 1996. Routledge is an imprint of Taylor & Francis, an informa company.

The Wealth of Ideas, first published in 2005, traces the history of economic thought, from its prehistory to the present day. In this eloquently written, scientifically rigorous and well documented book, chapters on William Petty, Adam Smith, David Ricardo, Karl Marx, William Stanley Jevons, Carl Menger, Léon Walras, Alfred Marshall, John Maynard Keynes, Joseph Schumpeter and Piero Sraffa alternate with chapters on other important figures and on debates of the period. Economic thought is seen as developing between two opposite (...) poles: a subjective one, based on the ideas of scarcity and utility, and an objective one based on the notions of physical costs and surplus. Professor Roncaglia focuses on the different views of the economy and society and on their evolution over time and critically evaluates the foundations of the scarcity-utility approach in comparison with the Classical/Keynesian approach. (shrink)

Aleksandr Pushkin (1799-1837) occupies a special place in the development of Russian culture. He was at the same time a great poet, the reformer of Russian literary language, a historian and a political thinker. In the enormous mass of work devoted to Pushkin, a certain number of articles are concerned with his ideas on economics and the reflection of socio-economic problems in his writing. Until now, however, this theme has been studied in only a fragmentary way and less from (...) the point of view of the professional economist than from that of a literary historian. In an attempt to enlarge and complete the idea we may have of Pushkin's economic views, I propose also to show the importance the politico-economic thought of Western Europe had for his work. One person comes to the fore when we study the subject from this angle: Nikolai Turgenev, a Decembrist, one of the “masters” of the poet's youth, who played an important role in the rapprochement of Russian and Western European cultures. (shrink)

This paper analyzes the presence of Israel Kirzner in the History of Economic Thought and focusing on his professional engagement with other economists. His academic trajectory is contextualized on three milestones of the recent history of the Austrian School. The first one is the ending of the socialist economic calculation debate, when the Austrian was considered unconvincing due to the economics’ shift to a general equilibrium model of the economy; in the aftermath of the debate, Kirzner entered (...) at the New York University’s PhD program and was mentored by Ludwig von Mises. At this point, Kirzner started to develop his ideas on entrepreneurship and to aim an audience wider than his Austrian peers. The second is the Austrian Revival in the 1970s, in which the prestigious recovery stage of the Austrian School, thanks to Kirzner assuming a leadership role in the process. The third is in the 1980s, when a more consolidated Austrian School attempts to define itself, as Kirzner retains an Austrian vision founded on the synthesis between Mises and Hayek. It is concluded that Kirzner’s professional engagement was fundamental in the recovery of Austrian theory. He communicated Austrian ideas to a wider audience and synthetized Misesian and Hayekian proposals on the market process. These efforts allow us to recognize a Kirznerian view of the Austrian School, established with the traditional microeconomic theory, but including greater subjectivity on the interpretation of economic phenomena, becoming a more general, more realistic theory. (shrink)

This volume of essays studies the problem of transition in economics from a historical perspective. It uses historical ideas and theories in a modern context to examine economic thought. It aims to show that social and historical context are important when considering economic transitions.

The theory of social-property relations, or political Marxism, has argued that in contradistinction with pre-capitalist forms of exploitation, capitalism is characterised by the separation of the economic and the political, which makes surplus appropriation under this system uniquely driven by economic coercion. In spite of political Marxism’s various strengths, this article argues that the paradigm puts forward an ahistorical and sanitised conception of capitalism typical of bourgeois economics, which is an outcome of its formal-abstractionist approach to the concept of (...) the mode of production and the separation between theory and history that it operates. A more satisfactory solution to political Marxism’s inability to make sense of past and present forms of coercion and violence under capitalism can be found in Jairus Banaji’s emphasis on Marx’s historical – rather than formal – conception of the mode of production. (shrink)

Murray Rothbard's Austrian Perspective on the History of Economic Thought demonstrates his mastery of the literature. But his interpretation of the development of economics reflects, and is therefore severely limited by, his Austrian‐libertarian perspective. Indeed, Rothbard appropriates the history of economic thought principally to advance his perspective, as seen in his neglect of social control, his identification of his desired economic system with the natural order of things, and especially in his denigratory treatment of Adam Smith—at bottom (...) for not being an Austrian economist and a true libertarian. A partly informed, partly myopic and sometimes useful interpretation, this is the work of an ideologue. (shrink)

This is a slightly longer version of an entry prepared for the 2nd edition of The New Palgrave Dictionary of Economics, edited by Steven Durlauf and Lawrence Blume (Palgrave-Macmillan, forthcoming). Since the New Palgrave does not include acknowledgments, I should use this chance to thank Roger Backhouse, Philippe Fontaine, Daniel Kahneman, Kyu Sang Lee, Ivan Moscati, and Vernon Smith for their help and suggestions in preparing this paper.