Jump to ContentJump to Main Navigation
Where Economics Went Wrong$
Users without a subscription are not able to see the full content.

David Colander and Craig Freedman

Print publication date: 2018

Print ISBN-13: 9780691179209

Published to Princeton Scholarship Online: May 2019

DOI: 10.23943/princeton/9780691179209.001.0001

Show Summary Details
Page of

PRINTED FROM PRINCETON SCHOLARSHIP ONLINE (www.princeton.universitypressscholarship.com). (c) Copyright Princeton University Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in PRSO for personal use.date: 28 May 2022

Sweet Science

Sweet Science

Engineering a New Approach to Economic Policy

Chapter:
(p.1) 1 Sweet Science
Source:
Where Economics Went Wrong
Author(s):

David Colander

Craig Freedman

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691179209.003.0001

This introductory chapter provides an overview of the methodological tradition that Classical Liberal economists embraced, which interpreted the science of economics narrowly and created a firewall between scientific pursuits and policy endeavors. This tradition is best found in the policy methodology of Classical Liberals such as John Stuart Mill and his followers. That methodology recognized the messiness of policy compared to the elegance of the theory underlying science. To deal with that messiness, the policy methodology needed a branch of economics that was free of scientific certainty. One way to handle that problem would be to accept that no part of economics was a science. The second way was to divide economics into different branches: a scientific branch concerned with agreed-upon empirical facts and logical implications of assumptions, in which normative values played as minimal a role as possible; and a policy branch in which values were seen as essential elements of the analysis.

Keywords:   Classical Liberals, liberal economists, economics, John Stuart Mill, policy, science, policy methodology

Princeton Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us.