Intellectual Communities in the History of Economics Evelyn L

Total Page:16

File Type:pdf, Size:1020Kb

Intellectual Communities in the History of Economics Evelyn L Intellectual Communities in the History of Economics Evelyn L. Forget and Craufurd D. Goodwin Ever since its “golden age” (Goodwin 2008), the history of economics has, to a large extent, envisioned itself as a massive collective biography of writers. Notwithstanding our flirtation with various ideas drawn from other fields, this “man and his work” approach still dominates the prob- lems, methods, and sources of scholarship in the field (Augello and Guidi 2009; Dudenhefer 2009; Cardoso 2009; Faucci 2009). Dissatisfaction with that approach has led the authors of the essays in this issue of HOPE to ask whether we might look at intellectual creation from another angle and examine how economists embedded in various kinds of intellectual communities collectively create, promote, and disseminate their ideas. In many ways, this collection seems thirty years overdue. Our focus parallels the shift Michel Foucault created in Enlightenment studies when, in 1979, he challenged scholars to recognize that the very idea of “author- ship” begs analysis in social, political, and cultural context. As a conse- quence of that challenge, historians of the Enlightenment began to exam- ine the economics of printing and literary property, the institutions of Correspondence may be addressed to Evelyn L. Forget, Room S113, Community Health Sci- ences, Faculty of Medicine, University of Manitoba, 750 Bannatyne Avenue, Winnipeg, MB R3E 0W3, Canada (e-mail: [email protected]); or to Craufurd D. Goodwin, Box 90097, Department of Economics, Duke University, Durham, NC 27708-0097 (e-mail: craufurd [email protected]). We are grateful to the Duke Department of Economics for the opportu- nity to explore these issues in a minisymposium held at Duke in November 2008. We thank all of the participants for their generous comments and spirited debate. History of Political Economy 43:1 DOI 10.1215/00182702-2010-042 Copyright 2011 by Duke University Press Downloaded from http://read.dukeupress.edu/hope/article-pdf/43/1/1/429363/HOPE431_01Forget_Fpp.pdf by guest on 29 September 2021 2 History of Political Economy 43:1 (2011) censorship and patronage, and the development and evolution of new forms of associational life in the context of the Republic of Letters. Fou- cault’s little essay titled “What Is an Author?” distinguishes between “biog- raphy,” which is the social and historical analysis of a writer’s life, and the “author-function,” which determines the social value of a text. In particu- lar, Foucault argues that the Enlightenment was a key period when a lit- erary text aimed at a general readership (such as a play) first began to be seen as the unique expression of an individual author, while a text in a specialized field of knowledge, such as one of the sciences, was seen instead as a simple statement of truth in such a way that the author became less important than the various institutions that sanctioned and published the work. This distinction makes room in the creation and dissemination of scientific ideas for the collaboration of many individuals who adopt vari- ous and evolving roles in a variety of formal and informal institutions. The impact that Foucault’s essay has had on Enlightenment studies is a little surprising because the actual historical content of that essay has been challenged very effectively by Enlightenment scholars such as Roger Chartier (1994). Historians of science have similarly questioned Foucault’s claim, arguing that scientific writing was not validated by impersonal academies but that the truth-value of a text depended very much on the trust placed in a given author. The imprimatur of the acade- mies did not erase the significance of the author, but rather acknowledged that any author works in a social context. Nonetheless, Foucault’s essay was a very striking rhetorical tool that intentionally undermined Imman- uel Kant’s concept of individual “genius,” which, until then, dominated the way in which intellectual creation was conceived in Enlightenment studies (and, we argue, in the history of economics to this day). Section 1 below examines some of the seminal texts in the history of economics to trace the development of the singular focus in our discipline on the creativity of the gifted individual. Section 2 examines some of the analytical tools, borrowed from other fields, that contributors to this collection found useful in their attempts to more fully portray the collec- tive nature of intellectual creation. In the context of that examination, we juxtaposed two different visions of intellectual community: the “research school approach” borrowed from the history of science and associated with the names of J. B. Morrell and G. L. Geison, and the “collaborative circles approach” borrowed from social psychology and associated with the name of Michael P. Farrell. This juxtaposition yielded a set of distinct hypotheses about the nature of intellectual collaboration. Morrell and Gei- Downloaded from http://read.dukeupress.edu/hope/article-pdf/43/1/1/429363/HOPE431_01Forget_Fpp.pdf by guest on 29 September 2021 Forget and Goodwin / Intellectual Communities in Economics 3 son emphasize the role of a charismatic and institutionally powerful leader and the ability of that leader to access and control resources and commu- nications outlets. Farrell, by contrast, argues that innovation is likely to occur not in positions of power but rather at the fringes of a discipline, and emphasizes that the process of leadership is endogenous to group evo- lution and that different leaders emerge at different times to serve differ- ent needs. He notes that the interaction of group members is an exchange between equals rather than an interaction between a charismatic leader and dependent disciples. These two distinct visions are invoked by authors in this collection to describe very different kinds of communities, and one of the purposes of this collection is to gather together the analytical tools that have been used in other disciplines to analyze intellectual collabora- tion in order to determine whether there is any constancy in the ways that collaboration occurs or whether the nature of intellectual collaboration is simply an accident of time, place, and personality. 1. Inattention to Community in the History of Economic Thought The communities dealt with in this issue of HOPE stretch over more than two centuries and two continents, but the authors of the articles conclude that there is a good deal to be learned in the history of economic thought from close examination of the intellectual communities in which econo- mists have often been embedded through time. Some of these communi- ties have been described as “schools” associated with a commanding indi- vidual (e.g., Quesnay and the physiocrats). Others are identified with single universities more than single individuals (e.g., Chicago, Harvard, and Vir- ginia). Some of the communities examined here brought economists into close proximity with artists and intellectuals from other disciplines (e.g., the Vienna circle and Bloomsbury). Still others grew out of a commitment to a certain kind of policy that was widely controversial (e.g., economists in the Office of Economic Opportunity). What distinguishes a “commu- nity” from simply a random collection of individuals with whom econo- mists have interacted is its continuous existence over time and its distinc- tive identity, at least when viewed historically. It is our general hypothesis that these communities can be treated usefully as distinct phenomena when we try to understand the history of economic thought and may be approached using tools from other fields such as the history of science, geography, social psychology, and literary theory. Economists, we find, Downloaded from http://read.dukeupress.edu/hope/article-pdf/43/1/1/429363/HOPE431_01Forget_Fpp.pdf by guest on 29 September 2021 4 History of Political Economy 43:1 (2011) are like other people and are affected in complex ways by the social groups of which they are a part. Therefore some of their history must involve the study of these groups in addition to the experience of the individuals. Yet the fact remains that historians of economics until recently have paid remarkably little attention to intellectual communities. The work of Denis O’Brien (1975, 2004) on the classical economists, Malcolm Ruth- erford on the institutionalists, and Philip Mirowski on the economists at RAND stand out as exceptions, as do some major biographies; and a few collections of letters of economists demonstrate nicely their communal activities. But these are slim pickings. We reflect here on some of the pos- sible reasons for this paradox of inattention to “community” in the history of economics. Ironically, historians of economics were quick to appreciate progress in the history, sociology, and philosophy of science a half century ago, and in emulation they prepared studies using the work of Thomas Kuhn, Imre Lakatos, and other philosophers and historians of science. They grasped that there could be approaches to their subject other than the familiar bio- graphical narrative and textual exegesis. They knew about the studies of “big science” covering, in particular, the Manhattan Project and other war work. So why did they not follow these paths for economics? For the most part the history of economics has continued to be presented, espe- cially in textbooks, through the familiar “Lewis and Clark” model wherein lonely and intrepid explorers push out the research frontier, sometimes supported by followers and sometimes impeded by them, but insufficiently engaged with colleagues overall to warrant close attention to them as a community. Why so? Could it be that an explanation for this myopia can be discerned by examining the landmark contributions of our dis- tinguished forebears in what has been called elsewhere “the golden age of the history of economics” (Goodwin 2008)? Were models leaving aside community established perhaps at this earlier time to which later historians came readily to adhere? Seeking answers to these questions we turned to some canonical works from the golden age, roughly the second quarter of the twentieth century.
Recommended publications
  • HLA MYINT 105 Neoclassical Development Analysis: Its Strengths and Limitations 107 Comment Sir Alec Cairn Cross 137 Comment Gustav Ranis 144
    Public Disclosure Authorized pi9neers In Devero ment Public Disclosure Authorized Second Theodore W. Schultz Gottfried Haberler HlaMyint Arnold C. Harberger Ceiso Furtado Public Disclosure Authorized Gerald M. Meier, editor PUBLISHED FOR THE WORLD BANK OXFORD UNIVERSITY PRESS Public Disclosure Authorized Oxford University Press NEW YORK OXFORD LONDON GLASGOW TORONTO MELBOURNE WELLINGTON HONG KONG TOKYO KUALA LUMPUR SINGAPORE JAKARTA DELHI BOMBAY CALCUTTA MADRAS KARACHI NAIROBI DAR ES SALAAM CAPE TOWN © 1987 The International Bank for Reconstruction and Development / The World Bank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior permission of Oxford University Press. Manufactured in the United States of America. First printing January 1987 The World Bank does not accept responsibility for the views expressed herein, which are those of the authors and should not be attributed to the World Bank or to its affiliated organizations. Library of Congress Cataloging-in-Publication Data Pioneers in development. Second series. Includes index. 1. Economic development. I. Schultz, Theodore William, 1902­ II. Meier, Gerald M. HD74.P56 1987 338.9 86-23511 ISBN 0-19-520542-1 Contents Preface vii Introduction On Getting Policies Right Gerald M. Meier 3 Pioneers THEODORE W. SCHULTZ 15 Tensions between Economics and Politics in Dealing with Agriculture 17 Comment Nurul Islam 39 GOTTFRIED HABERLER 49 Liberal and Illiberal Development Policy 51 Comment Max Corden 84 Comment Ronald Findlay 92 HLA MYINT 105 Neoclassical Development Analysis: Its Strengths and Limitations 107 Comment Sir Alec Cairn cross 137 Comment Gustav Ranis 144 ARNOLD C.
    [Show full text]
  • 1. the Damnation of Economics
    Notes 1. The Damnation of Economics 1. One example of vice-regal patronage of anti-economics is Canada’s ‘Governor General’s Award for Non-Fiction’. In 1995 this honour was bestowed upon John Raulston Saul’s anti-economic polemic The Unconscious Civilization (published in 1996). A taste of Saul’s wisdom: ‘Over the last quarter-century economics has raised itself to the level of a scientific profession and more or less foisted a Nobel Prize in its own honour onto the Nobel committee thanks to annual financing from a bank. Yet over the same 25 years, economics has been spectacularly unsuc- cessful in its attempts to apply its models and theories to the reality of our civili- sation’ (Saul 1996, p. 4). See Pusey (1991) and Cox (1995) for examples of patronage of anti-economics by Research Councils and Broadcasting Corporations. 2. Another example of economists’ ‘stillness’: the economists of 1860 did not join the numerous editorial rebukes of Ruskin’s anti-economics tracts (Anthony, 1983). 3. The anti-economist is not to be contrasted with the economist. An economist (that is, a person with a specialist knowledge of economics) may be an anti- economist. The true obverse of anti-economist is ‘philo-economist’: someone who holds that economics is a boon. 4. One may think of economics as a disease (as the anti-economist does), or one may think of economics as diseased. Mark Blaug: ‘Modern economics is “sick” . To para- phrase the title of a popular British musical: “No Reality, Please. We’re Economists”’ (Blaug 1998, p.
    [Show full text]
  • GEORGE J. STIGLER Graduate School of Business, University of Chicago, 1101 East 58Th Street, Chicago, Ill
    THE PROCESS AND PROGRESS OF ECONOMICS Nobel Memorial Lecture, 8 December, 1982 by GEORGE J. STIGLER Graduate School of Business, University of Chicago, 1101 East 58th Street, Chicago, Ill. 60637, USA In the work on the economics of information which I began twenty some years ago, I started with an example: how does one find the seller of automobiles who is offering a given model at the lowest price? Does it pay to search more, the more frequently one purchases an automobile, and does it ever pay to search out a large number of potential sellers? The study of the search for trading partners and prices and qualities has now been deepened and widened by the work of scores of skilled economic theorists. I propose on this occasion to address the same kinds of questions to an entirely different market: the market for new ideas in economic science. Most economists enter this market in new ideas, let me emphasize, in order to obtain ideas and methods for the applications they are making of economics to the thousand problems with which they are occupied: these economists are not the suppliers of new ideas but only demanders. Their problem is comparable to that of the automobile buyer: to find a reliable vehicle. Indeed, they usually end up by buying a used, and therefore tested, idea. Those economists who seek to engage in research on the new ideas of the science - to refute or confirm or develop or displace them - are in a sense both buyers and sellers of new ideas. They seek to develop new ideas and persuade the science to accept them, but they also are following clues and promises and explorations in the current or preceding ideas of the science.
    [Show full text]
  • Glory Liu | Stanford University Writing Sample—Please Do Not Cite Or Circulate Without Permission Last Updated: June 2016
    Glory Liu | Stanford University Writing Sample—please do not cite or circulate without permission Last updated: June 2016 Abstract: This paper is an excerpt from my dissertation on the reception of Adam Smith in American political thought and intellectual history (table of contents on next page), and focuses on the historical and intellectual forces in the twentieth century that produced an image of Smith as the “father of economics.” I argue that the Chicago School of Economics is largely responsible for producing an image of Smith associated with the politics and economics of American neoliberalism, and that this image emerged out of competing discourses around the nature of economic science from the 1930s onward. In the early 1930s and 40s, figures such as Frank Knight and Jacob Viner crafted an image of Smith as the intellectual forbearer of neoclassical price theory, and an economic science that could be “useful for guiding conduct.” From the 1950s onward, the generation of economists that included Milton Friedman, George Stigler, and Ronald Coase constructed an image of Smith associated with a narrower definition of economic expertise—namely, empirical testing, prediction, and its application to public policy. The notions of self-interest and “the invisible hand” became central to their approach, and ultimately opened the doors for the heavy politicization of Smith’s ideas. 1 Glory Liu | Stanford University Writing Sample—please do not cite or circulate without permission Last updated: June 2016 “Inventing the Invisible Hand: Adam Smith and the Making of an American Creed” Table of Contents and Chapter Summaries Chapter 1: Who was Adam Smith? This is an introductory chapter that outlines the scope of the project, provides a brief biographical sketch of the life of Smith and his immediate reception in Great Britain, and surveys current Smith scholarship.
    [Show full text]
  • Economic Theory, Politics and the State in the Neoliberal Epoch
    Economic Theory, Politics and the State in the Neoliberal Epoch Stahl, Rune Møller Document Version Submitted manuscript Publication date: 2018 Citation for published version (APA): Stahl, R. M. (2018). Economic Theory, Politics and the State in the Neoliberal Epoch. Department of Political Science, University of Copenhagen. Ph.d.-serien Link to publication in CBS Research Portal General rights Copyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyright owners and it is a condition of accessing publications that users recognise and abide by the legal requirements associated with these rights. Take down policy If you believe that this document breaches copyright please contact us ([email protected]) providing details, and we will remove access to the work immediately and investigate your claim. Download date: 30. Sep. 2021 ECONOMIC THEORY, POLITICS AND THE STATE IN THE NEOLIBERAL EPOCH Rune Møller Stahl Department of Political Science Faculty of Social Sciences University of Copenhagen This thesis is submitted for the degree of Doctor of Philosophy January 2018 CONTENT Acknowledgements ..................................................................................................................................................... 3 Thesis Framework ............................................................................................................................... 5 Introduction ................................................................................................................................................................
    [Show full text]
  • James M. Buchanan Jr. [Ideological Profiles of the Economics Laureates] Niclas Berggren Econ Journal Watch 10(3), September 2013: 292-299
    James M. Buchanan Jr. [Ideological Profiles of the Economics Laureates] Niclas Berggren Econ Journal Watch 10(3), September 2013: 292-299 Abstract James M. Buchanan Jr. is among the 71 individuals who were awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel between 1969 and 2012. This ideological profile is part of the project called “The Ideological Migration of the Economics Laureates,” which fills the September 2013 issue of Econ Journal Watch. Keywords Classical liberalism, economists, Nobel Prize in economics, ideology, ideological migration, intellectual biography. JEL classification A11, A13, B2, B3 Link to this document http://econjwatch.org/file_download/718/BuchananIPEL.pdf ECON JOURNAL WATCH James M. Buchanan Jr. by Niclas Berggren6 James M. Buchanan (1919–2013) was born in rural Tennessee under rather simple circumstances: “It was a very poor life,” he says (Buchanan 2009, 91). Still, he ended up, in 1986, as a recipient of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. The Prize was awarded “for his development of the contractual and constitutional bases for the theory of economic and political decision-making.” Buchanan earned his Ph.D. in economics from the University of Chicago in 1948 and was thereafter a professor at the University of Tennessee, Florida State University, the University of Virginia, UCLA, Virginia Polytechnic Institute, and George Mason University. In spite of his academic accomplishments, Buchanan felt himself to be apart from an established elite—academic, intellectual or political—and he even regarded that elite with suspicion. The attitude can be connected to Buchanan’s ideological convictions and how these changed over the course of his lifetime.
    [Show full text]
  • David Ricardo. Life, Original Ideas and the Greek Translation of His Works
    DAVID RICARDO: LIFE, ORIGINAL IDEAS AND THE GREEK TRANSLATIONS OF HIS WORKS Manolis Spathis [email protected] David Ricardo was born in 1772 in London. His family was rich and his father was a banker. David Ricardo’s relations with his family were deeply hurt when he was baptized Christian while his family were Jewish. Before his 25th year of age, Ricardo already had the reputation of a millionaire and a great banker. After he had accumulate a satisfying fortune he was not interested in stock market that much. In his mid 20s he had a complete shift in his lifestyle, he dropped the stock market, bought a piece of land and got occupied educating himself. He studied math and physics, he even built a laboratory and collected stones. A couple later he had already been impressed and inspired by Adam Smith’s book An Inquiry into the Nature and Causes of the Wealth of Nations. This was a period of great turbulence and instability for the British economy due to the long-lasting war with France. This fact boosted the discussion over economics and caused a great deal of tensions between the people affected by the rapid devaluation of the banknotes and the skyrocketing of grain prices. In 1809, ten years after Ricardo’s initial decision to engage with economics, he published a brochure under the title On the High Price of Bullion, introducing a quantitative theory of money and suggesting the withdrawal of a certain amount of money in order to restore its value compared to gold.
    [Show full text]
  • The Increasingly Libertarian Milton Friedman: an Ideological Profile
    Discuss this article at Journaltalk: http://journaltalk.net/articles/5820 ECON JOURNAL WATCH 11(1) January 2014: 81-96 The Increasingly Libertarian Milton Friedman: An Ideological Profile Lanny Ebenstein1 LINK TO ABSTRACT That Milton Friedman (1912–2006) grew more consistently, even stridently, libertarian over the course of the last 50 years of his long life has been noticed by several writers. Among these is Brian Doherty (2012), who published a book review whose title I also use for the present article, simply because it says it best.2 The present article is written as something of a follow-up to Dan Hammond’s recent ideological profile of Friedman (Hammond 2013), which I find highly admirable as far as it goes, but which leaves off how Friedman continued to grow more libertarian during the last several decades of his life. The “first Chicago school” and Milton Friedman to the late 1940s Although there are no hard-and-fast definitions, classical liberalism favors free trade among nations and a presumption of liberty in domestic issues. It advo- cates limited and efficient government, and low taxes. It was and has generally remained anti-imperialist, anti-interventionist, and socially tolerant. Such was the larger view of Jacob Viner, Frank Knight, Henry Simons, and other economists at the University of Chicago from the middle 1920s to middle 1940s. It was apparent 1. University of California, Santa Barbara, CA 93106. 2. Doherty (2013) also speaks of Friedman’s “later, more libertarian years.” VOLUME 11, NUMBER 1, JANUARY 2014 81 EBENSTEIN in this period that the federal government increasingly involved itself in the economy, and during the Great Depression the Chicago economists were almost unanimous in calling for stimulative monetary and fiscal policies and relief pro- grams (Davis 1971).
    [Show full text]
  • Understanding Robert Lucas (1967-1981): His Influence and Influences
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Andrada, Alexandre F.S. Article Understanding Robert Lucas (1967-1981): his influence and influences EconomiA Provided in Cooperation with: The Brazilian Association of Postgraduate Programs in Economics (ANPEC), Rio de Janeiro Suggested Citation: Andrada, Alexandre F.S. (2017) : Understanding Robert Lucas (1967-1981): his influence and influences, EconomiA, ISSN 1517-7580, Elsevier, Amsterdam, Vol. 18, Iss. 2, pp. 212-228, http://dx.doi.org/10.1016/j.econ.2016.09.001 This Version is available at: http://hdl.handle.net/10419/179646 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. https://creativecommons.org/licenses/by-nc-nd/4.0/ www.econstor.eu HOSTED BY Available online at www.sciencedirect.com ScienceDirect EconomiA 18 (2017) 212–228 Understanding Robert Lucas (1967-1981): his influence ଝ and influences Alexandre F.S.
    [Show full text]
  • 2003-08 Meltzer's History of the Federal Reserve David Laidler
    Western University Scholarship@Western Department of Economics Research Reports Economics Working Papers Archive 2003 2003-08 Meltzer's History of the Federal Reserve David Laidler Follow this and additional works at: https://ir.lib.uwo.ca/economicsresrpt Part of the Economics Commons Citation of this paper: Laidler, David. "2003-08 Meltzer's History of the Federal Reserve." Department of Economics Research Reports, 2003-8. London, ON: Department of Economics, University of Western Ontario (2003). Meltzer=s History of the Federal Reserve A Review of A History of the Federal Reserve Volume 1: 1913-1951 by Allan H. Meltzer, with a Foreword by Alan Greenspan. Chicago, University of Chicago Press, 2003. pp. 800 + xiii, $75.00 by 1 David Laidler 1The author is Bank of Montreal Professor, in the Department of Economics at the University of Western Ontario. He gratefully acknowledges the Bank=s support of his work. John McMillan, Roger Sandilands and Richard Timberlake made helpful comments on an earlier draft. 1 I Allan Meltzer refers to his History of the Federal Reserve as a biography of an institution, and so it is, in the same way that Milton Friedman and Anna Schwartz=s Monetary History of the United States is the biography of a particular time series: both books deal with the Alife and times@ of their principal subject, with a strong emphasis on the Atimes@. This is the first of a projected two volume set, and covers the same period (roughly speaking) as chapters 5 - 11 of Friedman and Schwartz=s study. Because, however, Meltzer emphasises the economic ideas, institutional factors, and personalities that drove monetary policy over his period, while they stressed the effects of that policy on the behaviour of the money supply, and by that route on the economy, the two works are more complements than substitutes.
    [Show full text]
  • Revisiting a Definition Toward the Meaning of the New Political Economy
    International Journal of Innovation, Creativity and Change. www.ijicc.net Volume 10, Issue 10, 2020 The Meaning of Political Economy: Revisiting a Definition toward the Meaning of the New Political Economy Mohd Syakir Mohd Rosdia*, Richard Jacksonb, aCenter for Islamic Development Management Studies, 11800 Universiti Sains Malaysia, Penang, Malaysia, bNational Centre for Peace and Conflict Studies, University of Otago, New Zealand, Email: a*[email protected]/[email protected] The aim of this article is to examine the meaning of political economy. Although it is clearly defined, scholars throughout history have been challenged to distinguish the science of political economy and the sciences of economics and politics as separate disciplines. There are two problems. Firstly, we need to recognize accurately the scholars in political economy. Secondly, there has been a clash of ideas as many scholars built a framework of understanding in political economy. Many scholars mixed their ideas to build a specific framework of meaning of political economy. Some scholars approached political economy from an economic perspective, others from a political perspective. Based on a literature review and textual analysis, this paper will re-evaluate the meaning of political economy that recognises the need to focus on both the definition and the history of the field. It can be difficult to recognize the contribution of economic scholars such as Smith and Ricardo or political scholars such as Marx in the field of political economy. However, it has been established that they contributed to an ideology that developed the understanding of classical political economy. Adjusting for a political scholars’ perspective and economical scholars’ perspective, the pathway from the classical political economy into the new political economy is still to infer the meaning of political economy.
    [Show full text]
  • Institutional Economics
    INSTITUTIONAL ECONOMICS AT COLUMBIA UNIVERSITY Malcolm Rutherford University of Victoria (This Draft: March 2001) This paper draws on archival work using the James Bonbright Papers, J. M. Clark Papers, Joseph Dorfman Papers, Carter Goodrich Papers, Robert Hale Papers, and Wesley Mitchell Papers, all at the Rare Book and Manuscript Library, Columbia University, the Arthur F. Burns Papers at the Eisenhower Library, Abilene, Kansas, and the John R. Commons Papers at the State Historical Society of Wisconsin. My thanks to Lowell Harriss, Aaron Warner, Eli Ginzberg, Donald Dewey, Mark Perlman, Daniel Fusfeld, Mark Blaug, and Walter Neale for sharing their recollections of Columbia. Thanks also to my research assistant Cristobal Young. Any errors are my responsibility. This research has been supported by a Social Science and Humanities Research Council of Canada research grant (project # 410-99-0465). 1 1. Introduction In a number of recent papers I have attempted to outline the nature of the institutionalist movement in American economics in the interwar period (Rutherford 2000a, 2000b, 2000c). At that time institutionalism was a very significant part of American economics. In terms of research output and the production of graduate students, the main centers for institutionalism were the university of Chicago (until 1926 and the departure of J. M. Clark), the University of Wisconsin, the Robert Brookings Graduate School (which existed only briefly between 1923 and 1928), and, after the arrival of Wesley Mitchell in 1913, and J. M. Clark in 1926, Columbia University. Columbia University became the academic home of a large concentration of economists of institutionalist leaning, and other Schools and Departments in the University, particularly Business, Law, Sociology, and Philosophy, also contained many people of similar or related persuasion.
    [Show full text]