This collection of essays examines the methodological problems confronting economists in the face of two major developments in the second half of the twentieth century. The first is the vast increase in the number and variety of writings on the methodology or 'philosophy' of economics, especially from those intensively specialising in methodology. This has led to the virtual breakdown in communication between methodologists and mainstream economists, with methodology becoming increasingly isolated from mainstream economics. The second major development has been what Benjamin Ward first called 'the formalist revolution' which he, not unjustifiably, described as 'more important than the Keynesian Revolution'. Professor Hutchison attempts to contribute to serious methodological analysis of this 'revolution' and, at the same time, suggests how communication between mainstream economists and methodologists might be improved.

This volume collects some of Terence Hutchison's most significant contributions to the history of thought and to economic methodology. Reflecting the principle that an idea that offends no one is not worth entertaining, the essays range widely. It begins by questioning the value of the "classical revolution", especially David Ricardo's contribution to it. With further essays on Jevons, the first half of the book develops the view that "progress" in economics is by no means inevitable, especially where it shows a tendency to greater abstraction. The second part of the book focuses on economic methodology and develops some of the author's favourite themes. Prominent amongst these are the validity of "subjectivism" as a methodological position, and the related issue of the methodology of the Austrian school, in particular the conflicting views of Hayek and Mises, as well as the relationship between aims and methods in economics.

Terence Hutchison has made a unique contribution to debates in the history of economic thought and in economic methodology. The material collected here - much of which is appearing for the first time - includes some of the most significant and provocative parts of this contribution. Working from the principle that an idea that offends no one is not worth entertaining, the essays selected here offer a major reinterpretation of what has been called `the Smithian Revolution', and especially of Ricardo, plus a re-assessment of subjectivism and the methodology of the Austrian school.