Pig Philosophy?

John Maloney

Chapter 12 in The Political Economy of Robert Lowe, 2005, pp 134-141 from Palgrave Macmillan

Abstract: Abstract Lowe’s definition of political economy was sure and simple. It was the science that traced the consequences of the desire for gain. Its strength lay in the soundness of its basic postulate, and was revealed by the success of laws passed in accordance with the deductions made from that postulate. Particularly impressive was the way that those unable to grasp political economy nonetheless came to believe in it through the results of such laws — though the results might take a while and their clear perception still longer. And, because political economy deduced exact conclusions from first principles, it not only knew when an exception was an exception, but was well placed to find out why. When the world in general, and the results of legislation in particular, diverged from the deductions of political economy, economists sought and invariably found explanations of why ceteris had failed to be paribus. Falsificationists’ problems begin at this point but Lowe, like Mill, was no falsificationist.

Keywords: Political Economy; Limited Liability; Moral Sentiment; Historical School; Clear Perception (search for similar items in EconPapers)
Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-50404-2_12

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DOI: 10.1057/9780230504042_12

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