The richness of early twentieth century economic thought remains to be fully appreciated by historians of ideas. Pigou, Wicksteed, Pareto and many others led a behavioral revolution. rooted in Smith and Jevons. Veblen’s best work was splendid, but it was less of an outlier than is usually thought. Duesenberry and Scitovsky drew directly on these earlier traditions. "Freakonomics" was common, albeit with lower-tech statistics. The notion of economics as household behavior dates from Aristotle and was never lost. Marshall was in reality an institutionalist. Experimental economics comes from William James and Edward Chamberlain. The real question is how so much got lost in the 1940s and onwards. Contemporary economics is oddly conservative, moving back to the 1900-1930 period in its emphases.
William James — brother of Henry James the novelist, and also claimed by psychologists as a founder?
Could one of your points be that we’ve sliced and diced up social sciences so much that we’ve lost a vision of the whole?
Old joke: Career academics often learn more and more about increasingly narrow areas, so they end up having comprehensive theories about nothing.
(I’m in applied work, not a university, so I’m learning less and less about more and more, and will soon know nothing about everything.)
The decline starts in 1947 as Tyler well knows.
[The real question is how so much got lost in the 1940s and onwards]
and the real answer is in Phil Mirowski’s two big books; it got tangled up in operations research via von Neumann and the RAND corporation.
It is just plain silly to bitch and whine about Samuelson. PAS is the
great pragmatist in American economics. McCloskey is barking up the wrong
tree in singling out PAS as the Great Satan.
Thanks for the correction…
Theblen is cooky. His Leisure Class work weakens capitalism and the independent spirit by overemphasizing the importance of inherited wealth. He seems to have no recognition of entrepreneurs or social mobility. His work is cheap sociology. He has little evidence for his basic claim that nearly all wealth is rooted in people who basically bonked others on the head and otherwise stole/cheated their way to riches and then passed it down through the generations. He is pathetically nostalgic for the small time craftsman of old. What is there in Veblen of value? He is a rambling amatuer sociologist with little to add to economics. His work can be an excuse for the “Man is keeping me down” kind of thinking that keeps people from really trying to improve themselves. Bad economics, bad influence, noth worth reading.
Sorry for the off topic query, but this is the closest thing I could find for my question.
I am currently involved with another blog, EvC Forum, where someone claims that the subject of economics has no empirical support and therefore “adds nothing to human knowledge.” I would like to whack him for that statement.
As a community college librarian, I have only taken macroeconomics and engineering economics, so am unfamiliar with any books or articles that would provide such evidence of empirical support (I did look but my expertise is not in this area).
Please help me in my quest to show this person wrong by either pointing me to the appropriate person, forum, resources, books, or articles
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