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From Political Economy to Economics - Method, the social and the historical in the evolution of economic theory (Hardcover)
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From Political Economy to Economics - Method, the social and the historical in the evolution of economic theory (Hardcover)
Series: Economics as Social Theory
Expected to ship within 10 - 15 working days
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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 Socialoekonomik, 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.
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