Oon the History of Political Economy

THE HISTORICAL ROOTS OF HETERODOX ECONOMICS Bressanone/Brixen, 12–21 September 2005

LIST OF SUGGESTED READINGS

Anna Carabelli

Choose among these:

Carabelli A. 1988, On Keynes’s Method, Macmillan, London, chapter 9 Carabelli A. 1998, “Keynes on probability, uncertainty and tragic choices”, paper presented at the European Society for the History of Economic Thought, Marseille, 27 February-2 March 1997, now in Cahiers d’Economie Politique, 1998, vol. 30-31, pp. 187-222; republished in S. Nistico’ e D. Tosato (eds) (2002) Competing Economic Theories. Essays in memory of Giovanni Caravale, London, Routledge, pp. 249-79 Carabelli A. 2003 “Keynes: economics as a branch of probable logic”, in Jochen Runde and Sohei Mizuhara eds, The Philosophy of Keynes’s Economics, Routledge, London, pp. 216-26 Carabelli A. and De Vecchi N. 1999, “ ‘Where to draw the line?’ Hayek and Keynes on knowledge, ethics and economics”, paper presented at the European Society for the History of Economic Thought, Marseille, 27 February-2 March 1997, now in European Journal for the History of Economic Thought, 1999, 6, 2: 271-96 Carabelli A. and De Vecchi N. 2001, Hayek and Keynes: from a Common Critique of Economic Method to a Different Theory of Expectations, Review of Political Economy 13/3, 269-85

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Pierre Garrouste

The Austrian Economic Tradition

Boettke, P. (2002) “Information and Knowledge: Austrian Economics in Search of its Uniqueness” The Review of Austrian Economics, 15 (4): 263-274 Garrouste, P. (1994) “Carl Menger and Friedrich Hayek on institutions: continuity and discontinuities, Journal of the History of Economic Thought Menger, C. (1892) “On the Origin of Money”, Economic Journal, 2: 239-55. Parsons, S. (1990) “The Philosophical Roots of Modern Austrian Economics : Past Problems and Future Prospects”, History of Political Economy, 18 Rationality: a Puzzle for Economists

Conlisk, J. (1996) “Why Bounded Rationality?”, Journal of Economic Literature, 34, 2: 669-700. Kahneman, D. and Tversky, A. (1979) “Prospect Theory: An Analysis of Decision under Risk”, Econometrica, 47 (2): 263-292. Samuelson, L. (2004) “Modeling Knowledge in Economic Analysis," Journal of Economic Literature 57: 367-403

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Brian Loasby

For the first and third, one of my own pieces: either ‘ Cognitivism and innovation in economics’. Working paper 77, Dipartimento di Economia Politica, Universita degli studi di Milano- Bicocca or ‘Hayek's theory of the mind’. In R. Koppl (ed.) Evolutionary Psychology and Economic Theory: Advances in Austrian Economics, Volume 7 (Elsevier 2004), pp. 101-34. For the second, Tiziano Raffaelli, Marshall's Evolutionary Economics (Routledge 2003), Chapters 1 and 2. For the third Mark Casson, The Entrepreneur: an Economic Theory (Martin Robertson 1982 or Edward Elgar 2003), Chapter 1 (either edition) ' The significance of the entrepreneur' and either Chapter 19 (1982) or Chapter 14 (2003) 'Alternative theories of the entrepreneur'.

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Roberto Marchionatti

A. Carabelli (1988), ON KEYNES’S METHOD, London: Macmillan J. Coates (1997), “KEYNES, VAGUE KNOWLEDGE AND FUZZY LOGIC”, in G.C. Harcourt and P.A. Riach (eds), A ‘SECOND EDITION’ OF THE GENERAL THEORY, VOL. II, London: Routledge, 244-257 R. O’Donnell (1997), “KEYNES ON FORMALISM”, in G.C. Harcourt and P.A. Riach (eds), A ‘SECOND EDITION’ OF THE GENERAL THEORY, VOL. II, London: Routledge, 131-165 R. Marchionatti (1999), “ON KEYNES’ ANIMAL SPIRITS”, KYKLOS, 52, 427-445 R. Marchionatti (2001), “SRAFFA AND THE CRITICISM OF MARSHALL IN THE 1920s”, in T. Cozzi and R. Marchionatti, PIERO SRAFFA’S POLITICAL ECONOMY. A CENTENARY ESTIMATE, Routledge 2001, 43-80 R. Marchionatti (2002), “DEALING WITH COMPLEXITY: MARSHALL AND KEYNES ON THE NATURE OF ECONOMIC THINKING”, in R. Arena and M. Queré (eds), THE ECONOMICS OF ALFRED MARSHALL, London, Palgrave, 32-41 R. Marchionatti (2004), “WHAT DON’T ECONOMISTS KNOW NOW THAT MARSHALL KNEW A CENTURY AGO ? A NOTE ON MARSHALL’S ‘SOPHISTICATED INFORMALITY”, Journal of Post-Keynesian Economics, Spring 2004, 441-460

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Marcello Messori

1. J.A. Schumpeter, "The theory of economic development", ch. 3.: 2. M. Messori, “Credit and money in Schumpeter’s theory”, in Money, credit and the role of the state, edited by R. Arena e N. Salvadori, Ashgate, Aldershot, pp. 175- 200. 3. M. Messori, “Schumpeter’s analysis of the credit market”

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Jack Vromen

John Stuart Mill (1843), A System of Logic, Book III. Ch. 6. Donald T. Campbell (1974), ‘Downward Causation’ in Hierarchically Organised Biological Systems, in Francisco J. Ayala and Theodosius Dobzhansky (eds), Studies in the Philosophy of Biology, London: MacMillan, 179-186. John B. Davis (2003) The Theory of the Individual in Economics: Identity and Value, London: Routledge, chapter 6. Geoffrey M. Hodgson (2004), The Evolution of Institutional Economics: Agency, Structure and Darwinism in American Institutionalism, London: Routledge, chapter 2 (Agency and Structure).

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Ulrich Witt

*Lecture 1 The Schumpeterian Tradition*

(a) U. Witt, 2002, "How Evolutionary is Schumpeter's Theory of Economic Development ", Industry and Innovation, Vol 9, 7-22 (b) R.R. Nelson and S.G. Winter , 2002, "Evolutionary Theorizing in Economics", Journal of Economic Perspectives, Vol 16, 23-46.

*Lecture 2 Veblen, Hayek and the Naturalistic Interpretation* (a) U. Witt (1995), "Schumpeter vs. Hayek: Two Approaches to Evolutionary Economics", in: G. Meijer (ed.), New Perspectives on Austrian Economics, London: Routledge, 81 - 101. (b) G. Hodgson (2004), "The Darwinian Mind of Thorstein Veblen", Chapter 7 of G. Hodgson: The Evolution of Institutional Economics, London: Routledge, 143- 175.

*Lecture 3 The Fall and Revival of Naturalism in Utilitarianism in the 20th Century*

U.Witt, 2005, "From Sensory to Positivist Utilitarianism and Back – The Rehabilitation of Naturalistic Conjectures in the Theory of Demand ", Max Planck Institute of Economics, Jena, Papers on Economics and Evolution #0507

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