The Struggle over the Soul of Economics: Institutionalist and Neoclassical Economists in America between the Wars [NOOK Book]

Overview

This book provides a surprising answer to two puzzling questions that relate to the very "soul" of the professional study of economics in the late twentieth century. How did the discipline of economics come to be dominated by an approach that is heavily dependent on mathematically derived models? And what happened to other approaches to the discipline that were considered to be scientifically viable less than fifty years ago? Between the two world wars there were two well-accepted schools of thought in economics:...

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The Struggle over the Soul of Economics: Institutionalist and Neoclassical Economists in America between the Wars

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Overview

This book provides a surprising answer to two puzzling questions that relate to the very "soul" of the professional study of economics in the late twentieth century. How did the discipline of economics come to be dominated by an approach that is heavily dependent on mathematically derived models? And what happened to other approaches to the discipline that were considered to be scientifically viable less than fifty years ago? Between the two world wars there were two well-accepted schools of thought in economics: the "neoclassical," which emerged in the last third of the nineteenth century, and the "institutionalist," which started with the works of Veblen and Commons at the end of the same century. Although the contributions of the institutionalists are nearly forgotten now, Yuval Yonay shows that their legacy lingers in the study and practice of economics today. By reconsidering their impact and by analyzing the conflicts that arose between neoclassicists and institutionalists, Yonay brings to life a hidden chapter in the history of economics.

The author is a sociologist of science who brings a unique perspective to economic history. By utilizing the actor-network approach of Bruno Latour and Michel Callon, he arrives at a deeper understanding of the nature of the changes that took place in the practice of economics. His analysis also illuminates a broader set of issues concerning the nature of scientific practice and the forces behind changes in scientific knowledge.

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Product Details

  • ISBN-13: 9781400822522
  • Publisher: Princeton University Press
  • Publication date: 5/11/1998
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition description: Course Book
  • Pages: 304
  • File size: 388 KB

Table of Contents


Acknowledgments

1
Introduction: A Sociological Interpretation of the Modern History of Economics
3
2
The Neoclassical Era (1870-1914) from a Different Angle
29
3
Reconstructing the History of Institutionalism
49
4
The Struggle over the Meaning of Science
77
5
Bringing People and Institutions Back In: The Struggle over the Scope of Economics
100
6
The Free Market on Trial: The Struggle over the Gap between Reality and Theory
115
7
The Struggle over Social Relevance and the Place of Values
136
8
Evolution or Revolution? The Struggle over the History of the Discipline
163
9
Epilogue: The Fall of Institutionalism and the Rise of Modern Economics
184
10
Conclusions: The Evolution of Economic Analysis
196

Notes
223

Bibliography
251

Index
279
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