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: 24 May 2022

A Classical Garden of Liberal Economics

A Classical Garden of Liberal Economics

Policy versus Abstraction

(p.20) 2 A Classical Garden of Liberal Economics
Where Economics Went Wrong

David Colander

Craig Freedman

Princeton University Press

This chapter discusses the Classical Liberal methodology. In the Classical Liberal method, formal theory was something to be conscious of, to be kept in the back of one's mind as difficult policy issues were confronted. However, it was secondary to educated common sense, and the method required one to be clear about the judgments one was making in applying a particular model and in deciding which assumptions were reasonable and which were not. Applied policy economics had to explicitly deal with all such issues, which meant that no firm policy conclusion followed from scientific theory. In policy, science played only a supporting role. However, in what would increasingly become associated with the neoclassical method, that would change, and scientific theory would occupy center stage within the realm of policy thinking.

Keywords:   Classical Liberal methodology, formal theory, policy issues, educated common sense, policy economics, scientific theory

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.