In Great Economists before Keynes, a chronological guide is included for readers wishing to trace the development of economic thought from early mercantilist writings to the pivotal work of John Maynard Keynes. Each article briefly discusses the life and enduring contributions of economists such as Adam Smith, Alfred Marshall, David Ricardo, and Leon Walras. Wherever possible, portraits accompany the text. Mark Blaug is Emeritus Professor of the Economics of Education at the University of London Institute of Education, and (...) Consultant Professor at the University of Buckingham. He is the author of numerous articles and books in the field of economics and economic history, including Economic Theory in Retrospect, an established classic in the field. (shrink)

This book is an examination of the nature of economic explanation. The opening chapters introduce current thinking in the philosophy of science and review the literature on methodology. Professor Blaug then turns to the troublesome question of the logical status of welfare economics, giving the reader an understanding of the outstanding issues in the methodology of economics. This is followed by a series of case studies of leading economic controversies, which shows how controversies in economics may be illuminated by (...) paying attention to questions of methodology. A final chapter draws the strands together and gives the author's view of what is wrong with modern economics. This book is a revised and updated edition of a classic work on the methodology of economics, in which Professor Blaug develops his discussion of the latest developments in macroeconomics, general equilibrium theory and international trade theory. A new section on the rationality postulate is also added. (shrink)

Papers produced for a conference of economists, economic methodologists and historians of economics, convened to reflect on the question of whether MSRP - the methodology of scientific research programmes - has proved useful in the light of 20 years' experience.

This is a history of economic thought from Adam Smith to John Maynard Keynes - but it is a history with a difference. Firstly, it is a history of economic theory, not of economic doctrines, that is, it is consistently focused on theoretical analysis, undiluted by entertaining historical digressions or biological colouring. Secondly, it includes detailed Reader's Guides to nine of the major texts of economics, namely the works of Smith, Ricardo, Mill, Marx, Marshall, Wickstead, Wicksell, Walras and Keynes, in (...) the effort to encourage students to become acquainted at first hand with the writings of all the great economists. This fifth edition, first published in 1997, adds new Reader's Guides to Walras's Elements of Pure Economics and Keynes' General Theory to the previous seven Reader's Guides of other great books in economics. There are significant and major additions to six chapters. (shrink)

The central argument of this interesting paper is that Popper appears to be inconsistent: on the one hand, he preaches methodological monism-scientific method in the social sciences is identical to scientific method in the natural sciences-and on the other hand he advocates “situational analysis” as the unique method of the social sciences. Situational analysis is nothing but our old neoclassical friend, the rationality principle-individual maximizing behavior subject to constraints-and thus, Popper seems to be saying, neoclassical economics is the only valid (...) kind of social science. (shrink)

Aristotle has rightly been called a 'universal genius'. Whilst his work in economics was not fundamental, it has nevertheless attracted an enormous literature. This is particularly true of some passages in his 'Politics' on the 'Natural' and 'Unnatural' modes of acquiring wealth and some pages in his 'Nicomachean Ethics' on the question of justice in exchange. Aristotle's views on the practice of usury and the doctrine of 'just price' have been heatedly debated from the Middle Ages to the present day.

David Hume is best known for his work on political philosophy. However, he wrote a series of essays on money, population and international trade which must rank among the major economic writings of the 18th century. Certainly they influenced Adam Smith and have a sparkling quality that still makes them worth reading today. His statement of the so-called 'specie-flow mechanism' constituted his answer to the mercantilist concern with the maintenance of a chronic surplus in the balance of payments. He also (...) put forward what is now known as the 'theory of creeping inflation' and advocated the notion that political freedom flows from economic freedom. James Steuart was a British mercantilist, the last in a long line stretching back to the 16th century. He advocated the entire armoury of mercantilist policies: the regulation of foreign trade to induce an inflow of gold, the promotion of industry by inducing cheap raw material imports, protective duties on imported manufactured goods, encouragement of exports, particularly finished goods because they are labour-intensive, control of the size of population by emigration and immigration to keep wages low, all capped by a denial of Hume's argument that an inflow of gold will only raise prices and thus drive gold abroad. (shrink)

F. A. Hayek's contributions to a variety of disciplines were decisively influenced by his career as an economist, running from early work in capital theory and business cycles to the economics of socialism and neo‐Austrian theories of competition. After reviewing his battle with Keynesian economics, this essay examines the socialist calculation debate, which altered Hayek's views of the central task of economics and led to a definite but disguised break with the views of Ludwig von Mises; and discusses the issue (...) of what, if anything, economics can predict, an area Hayek never thoroughly explored. An air of uncertainty therefore continues to hang over many of his fundamental ideas. (shrink)

Whether or not we reject the Marxist schema there is little doubt that Marx was a great economist. The three volumes of Capital, contain some pieces of remarkable economic analysis from which modern economists can still learn; however difficult he is to read, there are moments when, like Ricardo and Walras, he can revel in the abstract power of economic reasoning.

THE RHETORIC OF ECONOMICS by Donald N. McCloskey Madison, Wis.: University of Wisconsin Press, 1985; 229 pp., $21.50.

Thomas Aquinas is generally acknowledged to be the greatest theologian of the Middle Ages and his masterpiece, 'Summa Theologica', provides a complete and authoritative statement of medieval economic thought that has remained the official Catholic view right up to the present time. St Thomas had a decisive influence on economic thought in at least three broad areas: the theory of private property, the theory of the just price and the doctrine of usury. St Thomas's great contribution to economic thought, as (...) to theology, moral philosophy, and politics, lies in his emphasis on ratiocination on the Greek ideal of accepting nothing unless good reasons can be given for it. (shrink)

This volume presents critical writings on the work of the later mercantilists. Sir Josiah Child was elected a governor of the East India Company in 1681. His reputation as an economist rests on his book 'A New Discourse of Trade' published in 1693. His work stimulated a wide range of discussion of such topics as interest rates, population, wage policy, poor relief and colonization. Despite many liberal elements in his thinking, he was a typical Mercantilist in his preference for administrative (...) solutions to economic problems. John Locke, best known for his work on political philosophy, made a major contribution to the debate on the rate of interest in his essay 'Some Considerations of the Consequences of the Lowering of Interest and Raising the Value of Money' (1692). The central theme of that pamphlet was that the rate of interest, being the price for the hire of money, is determined by the demand for and supply of money, which Parliament is powerless to affect. Locke's other major contribution to economic thought was the so called labour theory of private property contained in the 'Two Treaties on Government' (1690), a classic in the history of political philosophy. (shrink)

Pierre le Pesant Boisguilbert was considered by Marx as one of the founders of classical political economy. His writings contain a large number of concepts and ideas that reappear in the writings of Quesnay, Cantillon and Adam Smith. George Berkeley - a major figure in the history of philosophical idealism - was the author of 'The Querist', a treatise on the nature of Irish under-development and cures for Irish poverty. Baron de Montesquieu - one of the great 18th century polymaths (...) - is author of the masterpiece 'The Spirit of the Laws' (1748) which, while ostensibly a treatise on law, is actually a study of political organization, types of government, national character and the determining ethos of different societies. It enjoyed enormous success in the 18th century and was almost certainly read and studied by Adam Smith. Ferdinando Galiani was a leading critic of physiocracy and a major 18th century proponent of the subjective theory of value. In 1751 he published 'Della Moneta' which contains some notable chapters on monetary theory, and some brilliant pages on the utility theory of value. James Anderson was a Scottish farmer and a prolific author of tracts on the agricultural development of Scotland and the outstanding policy issues of the last quarter of the 18th century. Dugald Stewart was author of 'Account of the Life and Writings of Adam Smith LLD' (1793) which is one of the earliest, extended commentaries on the works of Adam Smith by one who knew him well. (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)

This paper discusses how Mark Blaug reversed his thinking about the historiography of economics, abandoning 'rational' for 'historical' reconstruction, and using an economics of scientific knowledge argument against Paul Samuelson and others that rational reconstructions of past ideas and theories in the "marketplace of ideas" were Pareto inefficient. Blaug's positive argument for historical reconstruction was built on the concept of "lost content" and his rejection of the end-state view of competition in favor of a process view. He (...) used these ideas to emphasize path dependency in the development of economic thinking, thereby advancing an evolutionary view of economics that has connections to a Lakatosian understanding of economic methodology. The paper argues that Blaug was essentially successful in criticizing the standard rational reconstructionist view of the history of economic thought in economics, and that this is borne out by the nature of the change in recent economics. (shrink)

Mark Blaug’s normative methodology of economics is an attempt to articulate certain intuitions about how economic science could be improved by making it more “realistic”. I discuss two such articulations, one in terms of falsificationist principles, the other in terms of an alleged trade-off between relevance and mathematical rigour. My conclusion is that Blaug’s methodology is itself unrealistic, both descriptively and normatively. His (well intended) methodological prescriptions for the improvement of economics are not based on a systematic, (...) consistent, descriptively adequate, and normatively viable account. I suggest that Blaug’s intuitions can be developed into a more realistic account by incorporating the analysis of two further topics: economic modelling and the institutions of academic research. (shrink)

Abstract: This paper examines Mark Blaug's position on the normative character of Paretian welfare economics: in general, and specifically with respect to his debate with Pieter Hennipman over this question during the 1990s. The paper also clarifies some of the confusions that emerged within the context of this debate, and closes by providing some additional arguments supporting Blaug's position that he himself did not provide.

Over time, Mark Blaug became increasingly sceptical of the merits of the approach to the history of economics that we find in his magnum opus, Economic theory in retrospect, first published in 1962, and increasingly leaned to favour 'historical' over 'rational' reconstructions. In this essay, I discuss Blaug's shifting historiographical position, and the changing terms of historiographical debate. I do so against the background of Blaug's personal life history and the increasingly beleaguered position the history of (...) economic thought found itself in after the Second World War. I argue that Blaug never resolved the tensions between historical and rational reconstructions, partly because he never fleshed out a viable notion of historical reconstruction. I trace Blaug's difficulty in doing so to his firm conviction that the history of economics should speak to economists, a conviction clearly present in his 2001 essay: "No history of ideas, please, we're economists". (shrink)

Mark Blaug and I agree that if there is a realist interpretation of economic behavior to be discerned in Friedman, it is to be found not in Friedman's belief that the profit motive overrides other possible motives, but in his belief that a selection mechanism is working in competitive markets. Our joint sympathy for evolutionary economics is largely based on a conviction that the conception of competition as a dynamic evolutionary process is rather plausible. We disagree, however, on (...) two issues: first, how important the evolutionary conception was for Friedman's overall argument; and, second, whether we can learn something about the real world from rigorous formal analytical models. In this article, I explain and argue for my position on these two issues, and use Nelson and Winter's theory of evolutionary economics to support an illustrate my argument. (shrink)

Mark Jago presents an original philosophical account of meaningful thought: in particular, how it is meaningful to think about things that are impossible. We think about impossible things all the time. We can think about alchemists trying to turn base metal to gold, and about unfortunate mathematicians trying to square the circle. We may ponder whether God exists; and philosophers frequently debate whether properties, numbers, sets, moral and aesthetic qualities, and qualia exist. In many philosophical or mathematical debates, when (...) one side of the argument gets things wrong, it necessarily gets them wrong. As we consider both sides of one of these philosophical arguments, we will at some point think about something that’s impossible. Yet most philosophical accounts of meaning and content hold that we can’t meaningfully think or reason about the impossible. -/- In The Impossible, Jago argues that we often gain new information, new beliefs, and, sometimes, fresh knowledge through logic, mathematics, and philosophy. That is why logic, mathematics, and philosophy are useful. We therefore require accounts of knowledge and belief, of information and content, and of meaning which allow space for the impossible. Jago’s aim in this book is to provide such accounts. He gives a detailed analysis of the concept of hyperintensionality, whereby logically equivalent contents may be distinct, and develops a theory in terms of possible and impossible worlds. Along the way, he provides a theory of what those worlds are and how they feature in our analysis of normative epistemic concepts: knowledge, belief, information, and content. (shrink)

Nondescriptivist views in many areas of philosophy have long been associated with the commitment that in contrast to other domains of discourse, there are no propositions in their particular domain. For example, the ‘no truth conditions’ theory of conditionals1 is understood as the view that conditionals don’t express propositions, noncognitivist expressivism in metaethics is understood as advocating the view that there are not really moral propositions,2 and expressivism about epistemic modals is thought of as the view that there is no (...) such thing as the proposition that Jack might be at home, over and above the proposition that Jack is at home.3 Of course, it is nearly always acknowledged that advocates of a nondescriptivist theory need not deny that there are conditional, moral, or modal propositions ‘at the end of the day’ – for if they also endorse a deflationary reading of talk about propositions, as famously advocated by Simon Blackburn, then they can employ such deflationary talk just as much as the rest of us. They just don’t appeal to propositions to do any of the work in their theories. Rather, they ‘earn the right’ to talk about propositions.4 It is the aim of this paper to upset this way of thinking about the proper attitude of nondescriptivists toward propositions, and to advocate a more constructive and in some ways more radical alternative on behalf of the nondescriptivist. I will begin by introducing and developing a set of problems that are faced by any nondescriptivist theory which tries to do without propositions. All of these problems are easily solved by any view which postulates propositions across the board, but none of them are solved by merely deflationary talk about propositions – their most promising solutions require propositions to do real theoretical work, and therefore the problems themselves remind us of and illustrate some of the important reasons why it is worth positing propositions in the first place.. (shrink)

Gaining information can be modelled as a narrowing of epistemic space . Intuitively, becoming informed that such-and-such is the case rules out certain scenarios or would-be possibilities. Chalmers’s account of epistemic space treats it as a space of a priori possibility and so has trouble in dealing with the information which we intuitively feel can be gained from logical inference. I propose a more inclusive notion of epistemic space, based on Priest’s notion of open worlds yet which contains only those (...) epistemic scenarios which are not obviously impossible. Whether something is obvious is not always a determinate matter and so the resulting picture is of an epistemic space with fuzzy boundaries. (shrink)

I discuss three ways of responding to the logical omniscience problems faced by traditional ‘possible worlds’ epistemic logics. Two of these responses were put forward by Hintikka and the third by Cresswell; all three have been influential in the literature on epistemic logic. I show that both of Hintikka's responses fail and present some problems for Cresswell’s. Although Cresswell's approach can be amended to avoid certain unpalatable consequences, the resulting formal framework collapses to a sentential model of knowledge, which defenders (...) of the ‘possible worlds’ approach are frequently critical of. (shrink)

We argue that the interaction of biased media coverage and widespread employment of the recognition heuristic can produce epistemic injustices. First, we explain the recognition heuristic as studied by Gerd Gigerenzer and colleagues, highlighting how some of its components are largely external to, and outside the control of, the cognitive agent. We then connect the recognition heuristic with recent work on the hypotheses of embedded, extended, and scaffolded cognition, arguing that the recognition heuristic is best understood as an instance of (...) scaffolded cognition. In section three, we consider the double-edged sword of cognitive scaffolding. On the one hand, scaffolds can reduce the internal processing demands on cognitive agents while increasing their access to information. On the other hand, the use of scaffolding leaves cognitive agents increasingly vulnerable to forming false beliefs or failing to form beliefs at all about particular topics. With respect to the recognition heuristic, agents rely on third parties (such as the media) to report not just what’s true but also what’s important or valuable. This makes cognitive agents relying on these third parties vulnerable to two erroneous influences: 1) because they don’t recognize something, it isn’t important or valuable, and 2) because they do recognize something, it is important or valuable. Call the latter the Kardashian Inference and the former the Darfur Inference. In section four, we use Fricker’s (2007) concept of epistemic injustice to characterize the nature and harm of these false inferences, with special emphasis on the Darfur Inference. In section five, we use data-mining and an empirical study to show how Gigerenzer’s population estimation task is liable to produce Darfur Inferences. We conclude with some speculative remarks on more important Darfur Inferences, and how to avoid them by scaffolding better. One primary way to accomplish this it to shift the burden of embodying the virtue of epistemic justice from the hearer or consumer of media to the media themselves. (shrink)

This book offers a systematic framework for thinking about the relationship between language and technology and an argument for interweaving thinking about technology with thinking about language. The main claim of philosophy of technology—that technologies are not mere tools and artefacts not mere things, but crucially and significantly shape what we perceive, do, and are—is re-thought in a way that accounts for the role of language in human technological experiences and practices. Engaging with work by Wittgenstein, Heidegger, McLuhan, Searle, Ihde, (...) Latour, Ricoeur, and many others, the author critically responds to, and constructs a synthesis of, three "extreme", idealtype, untenable positions: only humans speak and neither language nor technologies speak, only language speaks and neither humans nor technologies speak, and only technology speaks and neither humans nor language speak. The construction of this synthesis goes hand in hand with a narrative about subjects and objects that become entangled and constitute one another. Using Words and Things thus draws in central discussions from other subdisciplines in philosophy, such as philosophy of language, epistemology, and metaphysics, to offer an original theory of the relationship between language and technology centered on use, performance, and narrative, and taking a transcendental turn. (shrink)

In this paper, I describe some of what I take to be the more interesting features of friendship, then explore the extent to which other virtues can be reconstructed as sharing those features. I use trustworthiness as my example throughout, but I think that other virtues such as generosity & gratitude, pride & respect, and the producer’s & consumer’s sense of humor can also be analyzed with this model. The aim of the paper is not to demonstrate that all moral (...) virtues are exactly like friendship in all important respects, but rather to articulate a fruitful model in which to explore the virtues. Section 2 explores the relational nature of friendship, drawing on Aristotle’s discussion of friendship in the Nicomachean Ethics. Section 3 catalogues four motivations for taking seriously the friendship model of virtue. Section 4 applies the friendship model in depth to the virtue of trustworthiness. (shrink)

During multiple testing, researchers often adjust their alpha level to control the familywise error rate for a statistical inference about a joint union alternative hypothesis (e.g., “H1,1 or H1,2”). However, in some cases, they do not make this inference. Instead, they make separate inferences about each of the individual hypotheses that comprise the joint hypothesis (e.g., H1,1 and H1,2). For example, a researcher might use a Bonferroni correction to adjust their alpha level from the conventional level of 0.050 to 0.025 (...) when testing H1,1 and H1,2, find a significant result for H1,1 (p < 0.025) and not for H1,2 (p > .0.025), and so claim support for H1,1 and not for H1,2. However, these separate individual inferences do not require an alpha adjustment. Only a statistical inference about the union alternative hypothesis “H1,1 or H1,2” requires an alpha adjustment because it is based on “at least one” significant result among the two tests, and so it refers to the familywise error rate. Hence, an inconsistent correction occurs when a researcher corrects their alpha level during multiple testing but does not make an inference about a union alternative hypothesis. In the present article, I discuss this inconsistent correction problem, including its reduction in statistical power for tests of individual hypotheses and its potential causes vis-à-vis error rate confusions and the alpha adjustment ritual. I also provide three illustrations of inconsistent corrections from recent psychology studies. I conclude that inconsistent corrections represent a symptom of statisticism, and I call for a more nuanced inference-based approach to multiple testing corrections. (shrink)

Particularists in ethics emphasize that the normative is holistic, and invite us to infer with them that it therefore defies generalization. This has been supposed to present an obstacle to traditional moral theorizing, to have striking implications for moral epistemology and moral deliberation, and to rule out reductive theories of the normative, making it a bold and important thesis across the areas of normative theory, moral epistemology, moral psychology, and normative metaphysics. Though particularists emphasize the importance of the holism of (...) the normative, however, it is not something that they have been able to explain. In this paper I’ll show how to use a small number of simple and, I’ll argue, independently compelling assumptions in order to both predict and explain the holistic features of the normative with respect to the non-normative. The basic idea of the paper is simple. It is that normative claims are holistic because they are general, rather than because they defy generalization. (shrink)