Origins and Development of the Trend Toward Value-Free Economics

Abstract

The idea of value-free economics is an old methodological issue. It has given rise to one of the most important controversies in the history of economic thought. The discussion was important because it had to do with the scientific nature of economics. One can still find a significant number of methodological works (e.g. Coddington 1972, Gordon 1977, Samuels 1977, Sugden 1981, Colander 1994) which echo this old controversy. Most economists today, though, would agree that the claim of an economic theory free from values is essential in establishing the scientific nature of the discipline. A positive, value-free economics, in the sense of not relying on any particular set of value judgments or on any philosophical or psychological framework, is generally seen as the ideal. This approach has crucially influenced important branches of economics such as microeconomic theory. The current established position was a product of a historical process which played a significant role in the formation of the body of economic theory. Furthermore, the idea of what is value-free economics has changed since its first introduction as a scientific ideal. The nature of this change is also important for understanding the present conception of the scientific character of economics.