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The End of the 19 th Century as the End of Political Economy and the Birth of Economics

The End of the 19 th Century as the End of Political Economy and the Birth of Economics. Peter Boettke Econ 881/Spring 2005 24 January. Classical Liberal Political Economy: Its Propositions, Method and Character. Propositions Self-regulation of the market economy Harmony of Interests

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The End of the 19 th Century as the End of Political Economy and the Birth of Economics

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  1. The End of the 19th Century as the End of Political Economy and the Birth of Economics Peter Boettke Econ 881/Spring 2005 24 January

  2. Classical Liberal Political Economy: Its Propositions, Method and Character • Propositions • Self-regulation of the market economy • Harmony of Interests • Method • Deductive Logic • Imaginary Constructions • Character • Blend of abstract reasoning with British empiricism

  3. The Heir Apparent to Adam Smith • J. B. Say • Supply and demand analysis • Thomas Malthus • Move away from value and toward “macroeconomic” perversity • David Ricardo • re-examination of Smith with an emphasis on the underlying resource constraint and technological possibilities that determine economic values

  4. Mill and the Embodiment of Classical Economics • All the problems of value theory have been completed. JS Mill 1848 • Ricardianism as the dominant paradigm • The presumption and limits of laissez faire • Doctrine of the harmony of interests reconsidered • Class conflict • Monopoly power • malcoordination

  5. Non-Ricardian Economics • English Language • Cattalactic school • Continental Economics • Older German Historical School • Marginal Revolution • Jevons,Walras, Menger • Wicksell • Wicksteed

  6. The Linguistic Importance of the Shift from Political Economy to Economics • The battle over the mantle of science • Science = disciplined study • Science = natural science • Model and measurement • Means/Ends • Pre-positivistic positive analysis • The Choice Between Free Floating Abstractions and Momentary Concretes

  7. The Early Austrian Contribution • Menger • Subjective utility and choice on the margin • Price formation and orders of production • Constructed and Spontaneous Institutions • Bohm-Bawerk • Critique of Marx on the basis of subjective theory of value • Capital and Interest • Economic Thought in Epochs • Wieser • Opportunity Cost • Natural Economy

  8. Vienna at the Turn of the Century • Clusters and Intellectual Moments • Philosophy and Mathematics • Red Vienna, 1900-1938 • Ideology • Socialism • Philosophy • Positivism • Science • Unity

  9. Interwar Austrian Economics • Menger (1921), Bohm-Bawerk (1914), Wieser (1926) • Mises’s Seminar • Bohm-Bawerk’s seminar • Mises, Bauer, Neurath • Mises’s students • Hayek, Machlup, Morgenstern, Haberler, etc. • Sennholz, Rothbard, Kirzner • Mises propositions • Economic Science is a priorism • Action axiom • Monetary calculation • Private property • Monetary theory of the trade cycle • Non-neutrality and intertemporal coordination • Harmony of Interests • Ricardo’s law of association

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