On the relations between philosophy and economics

Abstract

For over two centuries since the first emergence of modern political economy, right down to the early decade of the 20th century, there were leading or important economists, who were also leading or important philosophers: Locke, Hume, Smith, J.S. Mill, Jevons, and Sidgwick and the Keynes's are a few obvious examples. The essential philosophical and methodological problems of the subject could be, and were, authoritatively addressed. And inspite of profound and lasting methodological disagreements, a relatively broad, workable, mainstream consensus, particularly in the Anglophone world, was more or less adequately maintained among the comparatively very small number cultivating the subject. The state of affairs has been profoundly shattered, roughly in the last two-thirds of this century.The huge increase in numbers has brought the rise of departmental barriers, accompanied by a narrow ‘professionalism’ among mainstream economists, which rejects philosophical and methodological clarity as outside their intellectual responsibilities. A second part of this paper will discuss what kinds of philosophical-methodological problems economists should address.