The Transition from Classical to Neo-Classical Economics : A Case of Scientific Revolution
(1975) , 31 pages
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- Abstract
- (en) The success of Thomas Kuhn's work "The structure of Scientific Revolution" in circles to which it was not initially addressed is particularly striking in the case of economics, In the last years, studies applying the Kuhnian framework to economic science have flourished, and no discussion about the history of economic theories takes place without at least a reference to Kuhn. Undoubtedly, his ideas have provided the basis for a fresh look at the sociological factors affecting the development of economic thought. This is developed by Benjamin Ward in the following way: "Economic science develops along a sharply constrained trajectory. The motive-force for development is the emergence of puzzles, which in turn is caused by the proposing of solutions to previous puzzles, and by transforming the issue of the time into the language of economic science. Constraints to the path of development come from the focusing devices, including the evolving tradition of acceptable stylized facts, the underlying worldview economists have in common, and the contraints imposed by power in the normal science social system and its environment. (Ward 1972, p. 31)." This article does not intend to criticize Ward's view, but to enhance it by focusing on those aspects to which Ward alludes when he speaks of constraints imposed by power in the environment. More specifically, two theses will be defended. First in the social sciences, the process of scientific construction necessarily includes a political dimension, which plays a pervasive role in the orientation of scientific activities, second, in a class society, the ruling class cannot be indifferent to the type of social science developing in the society in which it holds power. In an effort to illustrate these theses in the case of economic science, the factors which led to the transition from classical to neoclassical economics will be examined. The analysis will be structured in Kuhnian terms, but supplemented with the political connections, which will be outlined hereafter. We will argue that this transition exhibits the characteristics of a scientific revolution, in the Kuhnian sense, and we will defend the view that the occurrence of this revolution is fully understandable only if account is taken of its political dimension.
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De Vroey, M. (1975). The Transition from Classical to Neo-Classical Economics : A Case of Scientific Revolution (Working Papers Institut des sciences économiques 7502). https://hdl.handle.net/2078.5/275851