EconPapers    
Economics at your fingertips  
 

The Two Movements in Economic Thought, 1700–2000: Empty Economic Boxes Revisited

McCloskey Deirdre Nansen ()
Additional contact information
McCloskey Deirdre Nansen: University of Illinois at Chicago, Chicago, IL, USA

Man and the Economy, 2018, vol. 5, issue 2, 20

Abstract: My theme is of a Rise and a Fall of understanding, coming from a failure to measure ones understanding. Down to 1848 the new field of political economy was gradually coming to understand the system of market-tested betterment (lamentably called by its enemies “capitalism”). After 1848, however, more and more of the economists, as they increasingly called themselves, came gradually to misunderstand it. Indeed, the political left and the middle came to treat the theories of exchange-tested betterment with angry contempt, such as Thorstein Veblen’s blast against English economics, with its allegedly necessary assumption of the «hedonistic conception of man… of a lightning calculator of pleasures and pains, who oscillates like a homogeneous globule of desire of happiness under the impulse of stimuli» (Veblen, Thorstein. 1898. “Why Is Economics Not an Evolutionary Science?,” Quarterly Journal of Economics 12(July): 373–397). “Imperfections” in the market took center stage in economics, and the understanding that had developed during the Rise was at best forgotten, or at worst condemned as “capitalist” propaganda, so obviously false that no actual measurement of its falsity need be offered.

Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
https://doi.org/10.1515/me-2018-0010 (text/html)
For access to full text, subscription to the journal or payment for the individual article is required.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bpj:maneco:v:5:y:2018:i:2:p:20:n:2

Ordering information: This journal article can be ordered from
https://www.degruyter.com/view/j/me

DOI: 10.1515/me-2018-0010

Access Statistics for this article

Man and the Economy is currently edited by Ning Wang

More articles in Man and the Economy from De Gruyter
Bibliographic data for series maintained by Peter Golla ().

 
Page updated 2021-06-12
Handle: RePEc:bpj:maneco:v:5:y:2018:i:2:p:20:n:2