The Scottish Political Economy Tradition and Modern Economics

Abstract

The purpose of this article is to re‐examine the notion of a Scottish tradition in political economy in the light of recent developments in the methodology of economics. Consideration is given to the concept of tradition itself, which puts the focus on approach to theorising and the relationship between theory and reality rather than theoretical content. It is argued that the Scottish approach provided the foundations for much of modern political economy. Further, modern discussion of constructivism and critical realism can both be seen to have precedents in the Scottish tradition. Indeed the Scottish political economy tradition provides an exemplar of a constructive blending of the two strands.