1. Both the OPT and the CCCR have shaped my approach to patient care and coordination in the clinic setting. The OPT model, described as a third-generation nursing process model, has come about as an answer to the evolving nature of patient-centered nursing care. This...
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The process by which green plants and some other organisms use sunlight to synthesize nutrients from carbon dioxide and water. Photosynthesis in plants generally involves the green pigment chlorophyll and generates oxygen as a by-product. the process in which solar energy is trapped by chlorophyll...
The Wealth of Ideas_ A History of Economic Thought Requirements: TheWealthofIdeasAHistoryofEconomicThoughtAlessandroRoncaglia TheWealthofIdeasTheWealthofIdeastracesthehistoryofeconomicthought,fromitsprehistory(theBible,Classicalantiquity)tothepresentday.Inthiseloquentlywritten,scientiÞcallyrigorousandwell-documentedbook,chaptersonWilliamPetty,AdamSmith,DavidRicardo,KarlMarx,WilliamStanleyJevons,CarlMenger,L«eonWalras,AlfredMarshall,JohnMaynardKeynes,JosephSchumpeterandPieroSraffaalternatewithchaptersonotherimportantÞguresandondebatesoftheperiod.Economicthoughtisseenasdevelopingbetweentwooppositepoles:asubjectiveone,basedontheideasofscarcityandutility,andanobjec-tiveonebasedonthenotionsofphysicalcostsandsurplus.ProfessorRoncagliafocusesonthedifferentviewsoftheeconomyandsocietyandontheirevolutionovertimeandcriticallyevaluatesthefoundationsofthescarcityÐutilityapproachincomparisonwiththeClassical/Keynesianapproach.isProfessorofEconomicsintheDepart-mentofEconomicSciences,UniversityofRomeÔLaSapienzaÕ.HeisamemberoftheAccademiaNazionaledeiLinceiandeditorofBNLQuar-terlyReviewandMonetaeCredito.HisnumerouspublicationsincludePieroSraffa:HisLife,ThoughtandCulturalHeritage(2000)andtheItalianeditionofthisbook,Laricchezzadelleidee(2001)whichreceivedthe2003J«eromeAdolpheBlanquiAwardfromtheEuropeanSocietyfortheHistoryofEconomicThought. ContentsPrefacepageix1Thehistoryofeconomicthoughtanditsrole11.Introduction12.Thecumulativeview23.Thecompetitiveview54.Thestagesofeconomictheorising:conceptualisationandmodel-building115.Politicaleconomyandthehistoryofeconomicthought136.Whichhistoryofeconomicthought?142Theprehistoryofpoliticaleconomy181.Whywecallitprehistory182.Classicalantiquity233.Patristicthought284.TheScholastics315.Usuryandjustprice346.Bullionistsandmercantilists417.ThebirthofeconomicthoughtinItaly:AntonioSerra463WilliamPettyandtheoriginsofpoliticaleconomy531.Lifeandwritings532.Politicalarithmeticandthemethodofeconomicscience553.Nationalstateandeconomicsystem584.Commodityandmarket635.Surplus,distribution,prices694Frombodypolitictoeconomictables761.Thedebatesofthetime762.JohnLocke803.Themotivationsandconsequencesofhumanactions844.BernarddeMandeville875.RichardCantillon906.FranücoisQuesnayandthephysiocrats967.ThepoliticaleconomyoftheEnlightenment:Turgot1038.TheItalianEnlightenment:theAbb«eGaliani1079.TheScottishEnlightenment:FrancisHutchesonandDavidHume111v viContents5AdamSmith1151.Life1152.Method1183.Themoralprincipleofsympathy1214.Thewealthofnations1265.Valueandprices1346.Naturalpricesandmarketprices1397.Theoriginofthedivisionoflabour:SmithandPownall1458.Economicandpoliticalliberalism:SmithÕsfortune1496EconomicscienceatthetimeoftheFrenchRevolution1551.Theperfectibilityofhumansocieties,betweenutopiasandreforms1552.Malthusandthepopulationprinciple1583.ÔSayÕslawÕ1644.Under-consumptiontheories:Lauerdale,Malthus,Sismondi1675.Thedebateonthepoorlaws1696.Thedebateonthecolonies1727.BenthamÕsutilitarianism1747DavidRicardo1791.Lifeandworks1792.RicardoÕsdynamicvision1813.Fromthecornmodeltothelabourtheoryofvalue1864.Absolutevalueandexchangeablevalue:theinvariablestandardofvalue1915.Moneyandtaxation1966.Internationaltradeandthetheoryofcomparativecosts2017.Onmachinery:technologicalchangeandemployment2038TheÔRicardiansÕandthedeclineofRicardianism2071.TheforcesintheÞeld2072.RobertTorrens2093.SamuelBailey2154.ThomasDeQuincey2185.JohnRamseyMcCulloch2196.TheRicardiansocialistsandcooperativism2217.WilliamNassauSeniorandtheanti-Ricardianreaction2268.CharlesBabbage2309.JohnStuartMillandphilosophicalradicalism23310.Millonpoliticaleconomy2389KarlMarx2441.Introduction2442.Lifeandwritings2453.Thecritiqueofthedivisionoflabour:alienationandcommodityfetishism2494.Thecritiqueofcapitalismandexploitation2515.Accumulationandexpandedreproduction2566.Thelawsofmovementofcapitalism2617.Thetransformationoflabourvaluesintopricesofproduction263 Contentsvii8.Acriticalassessment2689.MarxismafterMarx27210Themarginalistrevolution:thesubjectivetheoryofvalue2781.TheÔmarginalistrevolutionÕ:anoverview2782.Theprecursors:equilibriumbetweenscarcityanddemand2813.WilliamStanleyJevons2854.TheJevonianrevolution2885.Realcostandopportunitycost2926.PhilipHenryWicksteedandFrancisYsidroEdgeworth29411TheAustrianschoolanditsneighbourhood2971.CarlMenger2972.TheÔMethodenstreitÕ3033.MaxWeber3064.EugenvonB¬ohm-Bawerk3085.KnutWicksellandtheSwedishschool3126.FriedrichvonHayek31512Generaleconomicequilibrium3221.Theinvisiblehandofthemarket3222.L«eonWalras3263.VilfredoParetoandtheLausanneschool3364.IrvingFisher3405.Thedebateonexistence,uniquenessandstabilityofequilibrium3426.Thesearchforanaxiomaticeconomics34513AlfredMarshall3501.Lifeandwritings3502.Thebackground3533.ThePrinciples3574.Economicsbecomesaprofession3665.Monetarytheory:fromtheoldtothenewCambridgeschool3686.MaffeoPantaleoni3707.MarshallismintheUnitedStates:fromJohnBatesClarktoJacobViner3728.ThornsteinVeblenandinstitutionalism3749.Welfareeconomics:ArthurCecilPigou37610.Imperfectcompetition37911.MarshallÕsheritageincontemporaryeconomicthought38214JohnMaynardKeynes3841.Lifeandwritings3842.Probabilityanduncertainty3883.TheTreatiseonmoney3914.FromtheTreatisetotheGeneraltheory3955.TheGeneraltheory3986.Defenceanddevelopment4077.Theasymmetriesofeconomicpolicyinanopeneconomyandinternationalinstitutions409 viiiContents8.MichalKalecki4119.ThenewCambridgeschool41315JosephSchumpeter4161.Life4162.Method4203.Fromstaticstodynamics:thecycle4224.Thebreakdownofcapitalism4285.Thepathofeconomicscience43116PieroSraffa4351.Firstwritings:moneyandbanking4352.FriendshipwithGramsci4383.CriticismofMarshalliantheory4404.ImperfectcompetitionandthecritiqueoftherepresentativeÞrm4435.Cambridge:WittgensteinandKeynes4456.ThecriticaleditionofRicardoÕswritings4507.Productionofcommoditiesbymeansofcommodities4528.Critiqueofthemarginalistapproach4579.TheSrafÞanschools46017Theageoffragmentation4681.Introduction4682.Themicroeconomicsofgeneraleconomicequilibrium4713.ThenewtheoriesoftheÞrm4744.Institutionsandeconomictheory4795.MacroeconomictheoryafterKeynes4806.Thetheoryofgrowth4887.Quantitativeresearch:thedevelopmentofeconometrics4918.Newanalyticaltechniques:theoryofrepeatedgames,theoryofstochasticprocesses,chaostheory4969.Interdisciplinaryproblemsandthefoundationsofeconomicscience:newtheoriesofrationality,ethicsandnewutilitarianism,growthandsustainabledevelopment,economicdemocracyandglobalisation50018Wherearewegoing?Some(verytentative)considerations5051.Howmanypathshaseconomicthoughtfollowed?5052.Thedivisionoflabouramongeconomists:canweforgeaheadalongdifferentpaths?5083.Whichofthevariouspathsshouldwebebettingon?511References515Indexofnames564Subjectindex575 PrefaceTheideaunderlyingthisworkisthatthehistoryofeconomicthoughtisessentialforunderstandingtheeconomy,whichconstitutesacentralaspectofhumansocieties.Confrontedwithcomplex,ever-changingreali-ties,thedifferentlinesofresearchdevelopedinthepastarerichinsugges-tionsforanyonetryingtointerpreteconomicphenomena,evenforthosetacklingquestionsofimmediaterelevance.Inthislattercase,indeed,thehistoryofeconomicthoughtnotonlyprovideshypothesesforinter-pretationoftheavailableinformation,butalsoteachescautiontowardsamechanicaluseofthemodelsdeducedfromthe(protempore)mainstreameconomictheory.Similarly,whenconfrontedwiththevarietyofdebatesoneconomicissues,agoodunderstandingoftheculturalrootsbothofthelineofreasoningchosenandofitsrivalsisinvaluableforavoidingadialogueofthedeaf.Infact,thecomfortingvisionofferedbythegreatmajorityofeco-nomicstextbooks,thatofageneralconsensusonÔeconomictruthsÕ,isÐatleastasfarasthefoundationsareconcernedÐfalse.Inordertounder-standthevarietyofapproacheswithineconomicdebate,itisnecessarytoreconstructthedifferentviewsthathavebeenproposed,developedandcriticisedovertimeaboutthewayeconomicsystemsfunction.Thisisnoeasytask.Theeconomicdebatedoesnotfollowalinearpath;rather,itresemblesatangledskein.Inattemptingtodisentangleit,wewillfocusontheconceptualfoun-dationsofthedifferenttheories.Oneoftheaspectsthatdistinguishesthisworkfromotherhistoriesofeconomicthoughtisitsrecognitionthatthemeaningofaconcept,eventhoughitmayretainthesamename,changeswhenwemovefromonetheorytoanother.Changesinanalyticstructureareconnectedtochangesinconceptualfoundations;alltoooftenthisfactisoverlooked.Inthiscontext,theSchumpeteriandistinctionbetweenhistoryofanal-ysisandhistoryofthoughtÐtheformerconcerninganalyticstructures,thelatterÔvisionsoftheworldÕÐprovesnotsomuchmisleadingaslargelyuseless.Equallyinappropriateisthesharpdichotomybetweenix xPrefaceÔrationalreconstructionsÕandÔhistoricalreconstructionsÕofthehistoryofeconomicthought.ItishardtoseewhyreconstructingthelogicalstructureofaneconomistÕsideasshouldclashwithrespectinghisorherviews.Indeed,intheÞeldofthehistoryofthought,asinanalogousÞelds,thecriterionofphilologicalexactnessisthemainelementdifferentiatingscientiÞcfromnon-scientiÞcresearch.ThelimitsofthepresentworkhencedependnotsomuchonaprioriÞdelitytoaspeciÞclineofinterpretationasontheinevitablelimitationsÐofability,cultureandtimeÐofitsauthor.Forinstance,Ihavenotcon-sideredthecontributionsofEasternculturaltraditions,andverylittlespaceÐasinglechapterÐisgiventothetwentycenturiesconstitutingtheprehistoryofmoderneconomicscience.OfcourseWesterneconomictheoryisdeeplyrootedinclassicalthoughtÐbothGreekandRomanÐandthankstothemediationofamedievalculturewhichisricherandmorecomplexthaniscommonlyperceived.Thus,thedecisiontotreatsuchalongandimportantperiodoftimeinjustafewpagesisobvi-ouslycontroversial.However,insowideaÞeld,choicesofthiskindareunavoidable.Naturallytheresultspresentedinthepagesthatfolloware,notwithstandingeffortsatsystematicexposition,clearlyprovisional,andcommentsandcriticismswillbehelpfulforfutureresearch.Ourjourneybeginswithachapteronmethodologicalissues.Itisnotintendedasasurveyof,oranintroductionto,theepistemologicaldebate.WewillonlytrytoshowthelimitsoftheÔcumulativeviewÕ,andtheimpor-tanceofstudyingtheconceptualfoundationsofdifferenttheoreticalapproaches.Thefollowingthreechaptersaredevotedtopre-Smithianeconomicthought.Chapter2concernstheprehistoryofeconomicscience,fromclassicalantiquitytomercantilism.Chapter3isdevotedtoWilliamPettyandhispoliticalarithmetic:acrucialepisodeofourscience,withrespectbothtomethodandtotheformationofasystemofconceptsforrep-resentingeconomicreality.Focusinguponanindividualoraparticulargroupofthinkers,hereasinotherchapters,willillustrateaphaseintheevolutionofeconomicthoughtandalineofresearch,lookingbackandlookingon,toprecursorsandfollowers.Betweentheendoftheseventeenthcenturyandthemiddleoftheeigh-teenth(asweshallseeinchapter4)differentlinesofresearchintersect.Althoughinterestingcontributionsfromthestrictlyanalyticalpointwererelativelyscarceinthisperiod,weshallnoteitsimportanceforthecloserrelationsbetweeneconomicandothersocialsciencescharacterisingit.Theproblemofhowhumansocietiesareorganisedandwhatmotiva-tionsdeterminehumanactionsÐpassionsandinterests,inparticularself-interestÐaswellasthedesiredorinvoluntaryoutcomesofsuch Prefacexiactions,areinthisperiodatthecentreoflivelydebateattheintersectionbetweeneconomics,politicsandmoralscience.AlreadyinthisÞrststagetwodistinctviewsareapparent:adichotomywhich,togetherwithitslimits,willbecomeclearerasourstoryunfolds.Ontheonehand,theeconomyisseenascentredonthecounter-positionbetweensupplyanddemandinthemarket:wemaycallthistheÔarcÕview,analogoustotheelectricalarc,inwhichthetwopolesÐdemandandsupplyÐdeterminethesparkoftheexchange,andhencetheequilibrium.Inthisviewthenotionofequilibriumiscentral.Ontheotherhand,wehavetheideathattheeconomicsystemdevelopsthoughsuccessivecyclesofproduction,exchangeandconsumption:aÔspiralÕview,sincethesecyclesarenotimmutable,butconstitutestagesinaprocessofgrowthanddevelopment.Recapitulationandanoriginalreformulationofsuchdebatesispro-videdbyAdamSmithÕswritings,whichweshallconsiderinchapter5:thedelicatebalancebetweenself-interestandtheÔethicsofsympathyÕistheothersideofthedivisionoflabouranditsresults.ThedebateontypicallySmithianthemesofeconomicandsocialprogressisillustratedinchapter6.TheFrenchRevolutionandtheTerrorconstitutethebackgroundtotheconfrontationbetweensupportersoftheideaofperfectibilityofhumansocieties,andthosewhoconsiderinter-ferenceinthemechanismsregulatingeconomyandsocietyuseless,ifnotdangerous.Wethusarrivewithchapter7atDavidRicardo,theÞrstauthorwecancreditwitharobustanalyticalstructure,systematicallydevelopedonthefoundationofSmithianconcepts.Ricardostandsoutamongotherprotagonistsofanextremelyrichphaseofeconomicdebate,althoughTorrens,Bailey,DeQuincey,McCulloch,JamesandJohnStuartMill,BabbageandtheÔRicardiansocialistsÕareautonomouspersonalitieswithleadingrolestoplayintheirownright;theyarediscussedinchapter8.Inchapter9weconsiderKarlMarx,inparticularthoseaspectsofhisthoughtthataredirectlyrelevantfromtheviewpointofpoliticaleconomy.Thegoldenageoftheclassicalschoolruns,moreorless,fromSmithtoRicardo.Theturningpoint,traditionallylocatedaround1870andtermedtheÔmarginalistrevolutionÕ,returnsustotheÔarcÕviewofthecounter-positionbetweendemandandsupplyinthemarket.Althoughlongpresentintheeconomicdebate,theviewnowassumesamorematureformthanksbothtotherobustanalyticstructureofthesubjectivethe-oryofvalueandthegreaterconsistencyoftheconceptualpicture.Thecentralproblemofeconomicscienceisnolongeroneofexplainingthefunctioningofamarketsocietybasedonthedivisionoflabour,butoneofinterpretingthechoicesofarationalagentintheirinteractions,throughthemarket,withotherindividualswhofollowsimilarrulesofbehaviour. xiiPrefaceThemaincharacteristicsofthisturnandthelongpathpreparatorytoitarediscussedinchapter10.Inaddition,thisandthetwosubse-quentchaptersillustratethethreemainstreamsintowhichthemarginalistapproachistraditionallysubdivided:JevonsÕsEnglish,MengerÕsAustrianand,Þnally,WalrasÕs(generalequilibrium)Frenchapproach.Anecu-menicalattemptatsynthesisbetweentheclassicalandthemarginalistapproachesmarksAlfredMarshallÕswork.Thisattempt,anditslimits,arediscussedinchapter13.Marginalismisstrictlyconnectedtoasubjectiveviewofvalue,witharadicaltransformationofutilitarianism,whichoriginallyconsti-tutedthefoundationforaconsequentialistethic.JevonsÕsutilitarian-ismreduceshomooeconomicustoacomputingmachinethatmaximisesamono-dimensionalmagnitude:itisonthisverythinfoundation,asweshallsee,thatthesubjectivetheoryofvaluebuildsitsanalyticalcastle.ThecaseofMarshallisquiteinteresting,sinceitshowshowdifÞcultitistoconnectcoherentlyacomplexandßexiblevisionoftheworldtoananalyticstructureconstrainedbythecanonsoftheconceptofequi-librium.SomethingsimilarhappensinthecaseoftheAustrianschool,aswellasinthethoughtofSchumpeter,whosetheoryisillustratedinchapter15.Wecanthusunderstandthecontrastingevaluationsformu-latedovertimeonseveralleadingÞgures(exaltedordespiseddependingonthepointofviewfromwhichtheyarejudged),takingaccountoftherichnessanddepthoftheirconceptualrepresentationofreality,ortheweaknessesandrigidityoftheiranalyticstructure.TheproblemoftherelationshipbetweenconceptualfoundationsandanalyticstructuretakesdifferentformsinJohnMaynardKeynesandPieroSraffa,whosecontributionsarediscussedinchapters14and16.Keyneshopedtomakehisthesesacceptable,revolutionaryastheywere,toscholarstrainedwithinthemarginalisttradition.However,hisconcil-iatorymannergeneratedglaringdistortionsofhisthought,whichbecamesterilisedinthecanonicalversionoftheÔneo-classicalsynthesisÕ.Sraffa,ontheotherhand,formulatedhisanalysisinsuchawayastorenderpos-sibleitsusebothinaconstructiveway,withinaclassicalperspective,andforthepurposeofcriticism,withinthemarginalistapproach.However,thismadeitmoredifÞculttoreconstructthemethodandconceptualfoundationsofhiscontribution,againopeningthewaytoanumberofmisunderstandings.Finally,mainlyonthebasisofKeynesÕsandSraffaÕscontributions,andtakingintoaccountrecentdevelopmentsillustratedinchapter17,chapter18presentssometentativeandprovisionalreßectionsontheprospectforeconomicscience. PrefacexiiiThebynowsomewhatremoteoriginofthisworkwasacourseoflecturesonEconomicphilosophiesgivenin1978atRutgersUniversity.IhadalreadydoneresearchonTorrens,SraffaandPetty(Roncaglia1972,1975,1977)andIdeludedmyselfthatIwouldbeabletowriteabookofthiskindonthebasisofmylecturenotesinarelativelybriefspanoftime.InthefollowingyearsIgavecoursesoflecturesinthehistoryofeconomicthoughtonvariousoccasions:attheUniversityofParisX(Nanterre),attheFacultyofStatisticsandthedoctoratecoursesinEconomicSciencesoftheUniversityofRome(LaSapienza),andattheInstituteSantÕAnnaofPisa.IhavealsotakenpartintherealisationofanItalianTVseries,ThePinFactory:twenty-seveninstalmentsonthemajorprotagonistsofthehistoryofeconomicthought.Theseexperiencesplayedanessentialpartintheendeavourtomakemyexpositioneverclearerandmoresystematic.TheresearchworkbeneÞtedovertheyearsfromMIURÕs(theItalianMinistryforUniversitiesandResearch)researchgrants.Itwasalsogreatlyhelpedbyremarksandsuggestionsreceivedatanumberofseminarsandconferences,andonthepapersthatIhaveovertimepublishedonissuesinthehistoryofeconomicthought.Manycolleaguesandfriendshavebeenofgreathelp;IwishtorecallheretheinitialstimulusofferedbyPieroSraffaandPaoloSylosLabini,andtheusefulsuggestionsofGiacomoBecattini,MarcellaCorsi,FrancoDonzelli,GeoffHarcourt,MarcoLippi,CristinaMarcuzzo,NerioNaldi,CosimoPerrotta,GinoRoncaglia,MarioTonveronachi,LuisaValenteandRobertoVilletti,whoreaddraftsofsomeofthechapters.SilviaBrandolinprovidedprecioushelpwiththeediting.TheEnglisheditionembodiessomenewmaterialandanumberofminorchanges,promptedbycommentsandsuggestionsofGiuseppePriviteraandotherreadersofthe(bynow)twoItalianeditionsandoffouranonymousreferees.ThanksarealsoduetoGrahamSells(andtoMarkWaltersforchapters12,13and17)forhelpinimprovingmybastardEnglishstyle,andtoAnnieLovett,PatriciaMauriceandJoNorthfortheirkindnessandpatiencewhileseeingthisbookthroughthepress.ObviouslytheresponsibilityforremainingerrorsÐunavoidableinaworkofthiskindÐismine.Iwillbegratefultoreaderswhopointsucherrorsouttome([email protected]).NoticeBibliographicalreferenceswillfollowthecustomarysystem:nameofauthor,dateofthework.Thelatterwillbetheoriginaldateofpublication(withtheexceptionofauthorsofantiquity),whilethepagereferencewillbetotheeditionoftheworkusedhere,i.e.thelastnotinbracketsofthe xivPrefaceeditionscitedinthebibliography.WhenthisisnotanEnglishedition,thetranslationofthepassagesquotedismine.Insomecasesofposthumouspublications,theyearinwhichtheworkwaswrittenisindicatedbetweensquarebrackets.Whenreferringtootherpartsofthisworkthenumberofthechapterandsectionwillfollowthesign,butthechapternumberwillbeomittedwhenreferringtoasectionwithinthesamechapter. 1ThehistoryofeconomicthoughtanditsroleTounderstandtheothers:thisisthehistorianÕsaim.ItisnoteasytohaveamoredifÞculttask.ItisdifÞculttohaveamoreinterestingone.(Kula1958,p.234)1.IntroductionThethesisadvancedinthischapteristhatthehistoryofeconomicthoughtisessentialforanyoneinterestedinunderstandinghoweconomieswork.Thuseconomists,preciselyasproducersandusersofeconomictheo-ries,shouldstudyandpractisethehistoryofeconomicthought.Whileillustratingthisthesis,wewillexaminesomequestionsofmethodthat,apartfromtheirintrinsicinterest,mayhelpinunderstandingourlineofreasoninginthisbook.Ourthesisisopposedtotheapproachnowprevailing.Mostcontempo-raryeconomists,especiallyinAnglo-Saxoncountries,areconvincedthatlookingbackmayperhapsbeofsomeuseintrainingyoungeconomists,butisnotnecessaryfortheprogressofresearch,whichratherrequiresworkonthetheoreticalfrontier.Inthenextsectionwewillconsiderthefoundationsofthisapproach,alsoknownasÔthecumulativeviewÕofthedevelopmentofeconomicthought.Weshallseehow,eveninthisapparentlyhostilecontext,acrucialrolehasbeenclaimedforthehistoryofeconomicthought.Thecumulativeviewhasbeenopposedbyotherideasonthepathpur-suedbyscientiÞcresearch.Insection3wetakealookatthethesesontheexistenceofdiscontinuities(KuhnÕsÔscientiÞcrevolutionsÕ)orcom-petitionamongdifferentÔscientiÞcresearchprogrammesÕ(Lakatos).Asweshallsee,theypointtotheexistenceofdifferentviewsoftheworld,andhenceofdifferentwaysofconceivinganddeÞningtheproblemstobesubjectedtotheoreticalenquiry.Insection4wewillrecallthedistinction,proposedbySchumpeter,betweentwodifferentstagesintheworkprocessoftheeconomictheorist:1 2TheWealthofIdeasÞrst,thestageofconstructionofasystemofconceptstorepresenttheeconomyand,second,thestageofconstructionofmodels.Insection5,wethengoontoseehowthisdistinctionpointstoanimportant,butgenerallyoverlooked,roleforthehistoryofeconomicthoughtwithintheveryÞeldofeconomictheory,asawaytoinvestigatetheconceptualfoundationsofdifferenttheories.Allthisconstitutesthebackgroundfordiscussing,insection6,thekindofhistoryofeconomicthoughtwhichismostrelevantfortheformationofeconomictheories.Obviously,thisisnottodenythatthereisintrinsicinterestinresearchintothehistoryofideas:farfromit!Norwillweconsiderissuessuchastheautonomyofthehistoryofeconomicthoughtorwhether,inthedivisionofintellectualwork,historiansofeconomicthoughtshouldbeconsideredclosertotheeconomistsortotheeconomichistorians.ThepointwewishtomakeisthateconomistswhorefusetogetinvolvedinthestudyofthehistoryofeconomicthoughtandtohavesomeresearchexperienceinthisÞeldareseverelyhandicappedintheirowntheoreticalwork.2.ThecumulativeviewAccordingtothecumulativeview,thehistoryofeconomicthoughtdis-playsaprogressiverisetoeverhigherlevelsofunderstandingofeco-nomicreality.TheprovisionalpointofarrivaloftodayÕseconomistsÐcontemporaryeconomictheoryÐincorporatesallpreviouscontributions.Thecumulativeviewisconnectedtopositivism.1MorespeciÞcally,themostwidespreadversionofthecumulativeviewdrawsonasim-pliÞedversionoflogicalpositivism,theso-calledÔreceivedviewÕ,whichfoundaconsiderablefollowingasfromthe1920s.Inanutshell,theideawasthatscientistsworkbyapplyingthemethodsoflogicalanalysistotherawmaterialprovidedbyempiricalexperience.Toevaluatetheirresults,objectivecriteriaforacceptanceorrejectioncanbeestablished.More1AnillustriousandcharacteristicallyradicalexampleofthispositionisrepresentedbyPantaleoni1898.Accordingtohim,thehistoryofthoughtmustbeÔhistoryofeconomictruthsÕ(ibid.,p.217):Ôitsonlypurpose[...
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