How Economics Forgot History: The Problem of Specificity in Social Science (Economics As Social Theory)
Average customer rating: 3 out of 5 stars
  • Excellent Treatment of Historical Ideas in Economics
  • Another example of the Antinomian Fallacy
How Economics Forgot History: The Problem of Specificity in Social Science (Economics As Social Theory)
G. Hodgson
Manufacturer: Routledge
ProductGroup: Book
Binding: Paperback

Economic HistoryEconomic History | Economics | Business & Investing | Subjects | Books
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ASIN: 0415257174

Book Description

In How Economics Forgot History, Hodgson calls into question the tendency of economic method to try and explain all economic phenomena by using the same catch-all theories and dealing in universal truths. He argues that you need different theories to analyse different economic phenomena and systems and that historical context must be taken into account.

Customer Reviews:

5 out of 5 stars Excellent Treatment of Historical Ideas in Economics.......2005-01-24

This is a very good historical overview of economic thinkers of the 19th and 20th century. The author appears to believe that modern neoclassical economics has veered into a hopeless cul-de-sac of elaborate mathematical formulations. The underlying theory concerning human behavior in the "market" is a vast over-simplification--without reference to historical specificity and human institutions. The traditional underlying philosophical assumptions of neo-classicist thought about "economic man" appear to be extraordinarily naive.

The author, however, is not calling for the total overthrow of all neoclassical thought. Rather, its integration into a fuller, more realistic, and accurate accounting of what is involved in "economics"--defined as human provisioning activities. He also wants a more scientifically based economics to more carefully consider the legacy of German historicism and American "old" institutionalism. And to integrate those historical insights into a more effective body of economic thought. He would also glean that which is valuable from the work of Karl Marx as well.

The author is not a purely empiricist economic historian that has no use for theory of any sort. Far from it. He elaborates in a very systemic fashion precisely what is necessary to compose a logically coherent system of economic thought. No truly meaningful economic work can really be done without reference to overlying theory--in the author's view. He also makes the point that any meaningful systemic thought about the human condition has to make reference to some metaphysical assumptions. It's impossible--in his eyes--to create a system of thought that stands entirely on its own deductive logic. Ultimately, all writers make appeals to their readers' own experiences or beliefs. I thought his powers of reasoning were quite impressive and saw no evidence of fallacious reasoning in his arguments.

I was introduced to the works of Thorstein Veblen as a young college student over 30 years ago. It's nice to see some restoration of his reputation. Veblen made the wealthy of his era--and their toadys--very uncomfortable with his iconoclasm. He was, however, a brilliant American original and is--even with the shortcomings the author points out--extremely worthy of resurrecting.

Hodgson's breadth of learning is quite impressive. I would wholeheartedly recommend buying the book except for the price. Hopefully, it will deflate to a more reasonable level.



1 out of 5 stars Another example of the Antinomian Fallacy.......2004-07-21

Hodgson(H)bases his entire argument on a version of the Antinomian fallacy(see D H Fischer's Historian's Fallacies,1970,Harper and Row,pp.94-97).This fallacy infects all of H's work on the interface between macroeconomics and institutions.Briefly,the antinomian fallacy argues that all events in history are unique.All inductive generalizations are false.It is impossible to learn from experience.Thus,no general theories are possible in the social sciences or liberal arts since institutions are constantly evolving over time during each specific historical period.H's version of the antinomian fallacy is that all periods of history are unique(specific).Period replaces event.This type of fallacious argument is endemic among "Cambridge Keynesians"(Joan Robinson,G L S Shackle,Tony Lawson,Geoffrey Hodgson,Victoria Chick,etc.)and American Post Keynesians(P. Davidson,D.Vickers,etc.).H incorrectly claims that Keynes's correct analysis showing that,due to technological change,advance and innovation over time,the study of the determinates of fixed investment in long lived ,physical ,durable capital goods is not homogeneous over time means that"...Keynes is inconsistent since this implies that economic theory must be related to historically specific material."(Hodgson,p.223)This simply does not follow,which explains why Keynes correctly ignored the historicists and institutionalists when it came time to write his General Theory in 1936.This is because the problem of investing in costly, fixed ,industry specific capital(factories,plant and equipment,etc.),which is irreversible and irrevocable once it is in place,has been a major decision problem since the dawn of history.The threat of technological obsolescence to the presently existing stock of capital by future innovations has occurred in the past and present and will occur in the future.Of course,there will be similarities and dissimilarities in different periods of history.Keynes has a general theory that explains why the private capital stock in every period of history will be suboptimal.It is suboptimal because investment is suboptimal in the private sector due to the uncertainty,ambiguity(D. Ellsberg's term)or lack of evidential weight(Keynes's term)of a sufficient amount of information upon which to plan such projects over a multiperiod future.This insufficiency then leads to involuntary unemployment.Of course,all this is far beyond the intellectual grasp of H.A similar conclusion applies to V.Chick,who H approvingly cites:"Chick's argument underlines the fact that the General Theory was not,in truth,a general theory(since) it applied to a historically specific set of capitalistic institutions".(p.224).Chick's fallacious statement is a very good example of the antinomian fallacy .
How Economics Forgot History: The Problem of Historical Specificity in Social Science. (Book Reviews).(Book Review): An article from: Journal of Economic Issues
Average customer rating: Not rated
    How Economics Forgot History: The Problem of Historical Specificity in Social Science. (Book Reviews).(Book Review): An article from: Journal of Economic Issues
    Doog Brown
    Manufacturer: Thomson Gale
    ProductGroup: Book
    Binding: Digital

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    ASIN: B0008DAZX6
    Release Date: 2006-02-13

    Book Description

    This digital document is an article from Journal of Economic Issues, published by Thomson Gale on March 1, 2003. The length of the article is 1630 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

    Citation Details
    Title: How Economics Forgot History: The Problem of Historical Specificity in Social Science. (Book Reviews).(Book Review)
    Author: Doog Brown
    Publication: Journal of Economic Issues (Magazine/Journal)
    Date: March 1, 2003
    Publisher: Thomson Gale
    Volume: 37 Issue: 1 Page: 211(4)

    Article Type: Book Review

    Distributed by Thomson Gale
    How Economics Forgot History: The Problem of Specificity in Social Science
    Average customer rating: Not rated
      How Economics Forgot History: The Problem of Specificity in Social Science
      Geoffrey Martin Hodgson
      Manufacturer: Taylor & Francis, Inc.
      ProductGroup: Book
      Binding: Hardcover
      ASIN: B000MBT080

      A History of the Precious Metals from the Earliest Times to the Present
      Average customer rating: Not rated
        A History of the Precious Metals from the Earliest Times to the Present
        Alexander Del Mar
        Manufacturer: Adamant Media Corporation
        ProductGroup: Book
        Binding: Paperback

        HistoryHistory | Subjects | Books | Africa | Americas | Ancient | Arctic & Antarctica | Asia | Audiobooks | Australia & Oceania | Europe | Gay & Lesbian | Historical Study | Large Print | Middle East | Military | Military Science | Russia | United States | World
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        ASIN: 1402173024
        Release Date: 2001-04-28

        Product Description

        This Elibron Classics book is a facsimile reprint of a 1902 edition by the Cambridge Encyclopedia Company, New York.
        History of the Precious Metals from the Earliest Times to the Present
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          History of the Precious Metals from the Earliest Times to the Present
          Alex Del Mar
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          ASIN: B000NOXFXW
          A History of the Precious Metals from the Earliest Times to the Present
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            A History of the Precious Metals from the Earliest Times to the Present
            Alex Del Mar
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            Money & Monetary PolicyMoney & Monetary Policy | Economics | Business & Investing | Subjects | Books
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            ASIN: 1432623494

            Book Description

            1902. Alexander Del Mar, political economist, historian and author, wrote several books on money in the late 19th century including this comprehensive volume on the history of precious metals.
            A History of the Precious Metals from the Earliest Times to the Present
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              A History of the Precious Metals from the Earliest Times to the Present

              Manufacturer: George Bell and Sons
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              Binding: Hardcover
              ASIN: B000DZCS02
              A History of the Precious Metals from the Earliest Times to the Present.
              Average customer rating: Not rated
                A History of the Precious Metals from the Earliest Times to the Present.
                Alex. DEL MAR
                Manufacturer: Cambridge Encyclopedia Co.
                ProductGroup: Book
                Binding: Unknown Binding
                ASIN: B0000EFNNH
                A history of the precious metals, from the earliest periods to the present time;: With directions for testing their purity, and statements of their comparative ... concerning the mineral wealth of California
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                  Customer Reviews:

                  5 out of 5 stars Excellent on-ramp for VB devs to move to .NET.......2002-11-08

                  If you are a seasoned Visual Basic developer with no familiarity with .NET, C#, or Web services, this book will get you where you need to go with a minimum of theoretical explanations and examples that are straightforward and to the point. It provides a quick overview of key concepts and then plunges into practical instruction that brings VB 6 experts up to the latest rev. You don't have to learn a new language to take advantage of .NET services. I work with Deon and have worked with Eric, and they not only have the understanding but the technical chops to back up what they are saying here. Buy the book, don't wait for the movie.

                  5 out of 5 stars Web Services for VB Folks--it's about time!.......2002-06-26

                  If you are like me, you may have thought that the only good Web service support for ASP.NET was offered through C#. The three guys who wrote this book show that this just isn't true.

                  The book doesn't spend too much time on the protocols-- instead it explains how to use them from VB. If you need to understand the SOAP and WSDL real deeply, get a different book like Seely's SOAP book from PH-PTR. This book is about writing Web services, nothing more or less. The chapter on SOAP, WSDL, and UDDI is nothing other than an overview. Hey, you've been warned.

                  5 out of 5 stars Great coverage for VB.NET devs.......2002-06-19

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                  Small Business Management: A Planning Approach
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                    Small Business Management: A Planning Approach
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                    Release Date: 2004-10-09

                    Book Description

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                    Building Your Business Plan: A Step-By-Step Approach
                    Average customer rating: 5 out of 5 stars
                    • His earlier book was good on planning.
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                    The first book to take the reader step by step through the writing of an effective business plan. Covers the establishment of a charter with a suggested plan outline designed for the most effective presentation. Topics are highlighted by way of a case study in which a start-up company develops a business plan. The competitive environment surrounding the company and its primary competitor are taken into account as it shows readers how to develop a one-, three-, or five-year plan.

                    Customer Reviews:

                    5 out of 5 stars His earlier book was good on planning........2003-06-10

                    This review refers to McLaughlin's superb earlier edition The Entrepreneur's Guide To Building A Better Business Plan.

                    More than a guide to developing a business plan I found this book provided practical input to planning a business in general. Unlike many texts dealing with this subject, this book has the practical tone of someone who had done it before. McLaughlin asks good questions and makes many suggestions with regard to addressing business strategy and tactical issues. He gets right into the detail of planning with an extensive chapter on writing department plans. Another chapter discusses partnering as a potential new business strategy. The book includes case studies, and discusses some particular examples of both business success and failure.

                    McLaughlin is an engineer who was involved in the early days of the disk drive industry, and is one of the founders of the disk drive industry's trade association. He later became an industry analyst and published a weekly newsletter on the industry. The book evolved out of work done in writing his doctoral thesis.

                    Though many of the sources are now dated, the book includes a bibliography useful to business planning including sources on market research, writing business plans, and reading financial statements.

                    I would recommend this book to anyone planning a new business or overhauling an existing business or division. Too bad the book is no longer in print, however I found that my local public library had copies.
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                    Customer Reviews:

                    1 out of 5 stars Book content doesn't worth its value.......2005-07-06

                    This book has very little useful information. It only brieftly mention practices in running a small business. Reader need to do their own research or refer to other book to get full scope of information. For example: under the consumer protection topic, the book mention that government has a federal trade commission to protect consumers from unfair businesses practices. It then list two website links for regulations information. The book doesn't worth its value. It is overprice for the contents it offer to reader. Try to avoid purchasing this book as you can!
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                    5 out of 5 stars EXCELLENT TEXTBOOK!!!!.......2005-11-07

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                    5 out of 5 stars Most informative book in 8 years of business college.......1996-10-15

                    This book fully explains how to start a real entrepreneurial venture and make it a success! The author is the best expert in the field. I was introduced to this book through an instructor who had made this book required reading for a credit class. Instead of wasting hundreds of dollars on some seminar to start a small business, purchase and use this book to discover how much success you can achieve by thinking "outside" of the box. Launch a venture that can give real financial support to you and your employees. Who knows, you may be the next Bill Gates just needing some basic tools to start. Here are those tools. .......... Michael Taylor .......... V.P. Students in Free Enterprise ..........University of North Florid
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                    ENHANCING GLOBAL COMPETITIVENESS OF SMALL AND MID-SIZED FIRMS: A RAPID ASSESSMENT METHODOLOGY APPROACH.: An article from: Advances in Competitiveness Research
                    Average customer rating: Not rated
                      ENHANCING GLOBAL COMPETITIVENESS OF SMALL AND MID-SIZED FIRMS: A RAPID ASSESSMENT METHODOLOGY APPROACH.: An article from: Advances in Competitiveness Research
                      Andrew J. Czuchry , and Mahmoud M. Yasin
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                      Binding: Digital

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                      Release Date: 2005-07-28

                      Book Description

                      This digital document is an article from Advances in Competitiveness Research, published by American Society for Competitiveness on January 1, 2001. The length of the article is 3158 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

                      Citation Details
                      Title: ENHANCING GLOBAL COMPETITIVENESS OF SMALL AND MID-SIZED FIRMS: A RAPID ASSESSMENT METHODOLOGY APPROACH.
                      Author: Andrew J. Czuchry
                      Publication: Advances in Competitiveness Research (Refereed)
                      Date: January 1, 2001
                      Publisher: American Society for Competitiveness
                      Volume: 9 Issue: 1 Page: 87

                      Distributed by Thomson Gale
                      The Entrepreneur's Guide to Building a Better Business Plan: A Step-By-Step Approach (Wiley Small Business Edition)
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                        The Entrepreneur's Guide to Building a Better Business Plan: A Step-By-Step Approach (Wiley Small Business Edition)
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                        Manufacturer: John Wiley & Sons Inc
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                        ASIN: 0471552135
                        A PC-based approach to promotion mix analysis and planning for small retailers. (personal computer): An article from: Journal of Small Business Management
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                          A PC-based approach to promotion mix analysis and planning for small retailers. (personal computer): An article from: Journal of Small Business Management
                          Arthur Allaway , J. Barry Mason , and Thomas D. Moore
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                          ASIN: B0008MEXB2
                          Release Date: 2005-07-28

                          Book Description

                          This digital document is an article from Journal of Small Business Management, published by International Council of Small Business on July 1, 1988. The length of the article is 3617 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

                          Citation Details
                          Title: A PC-based approach to promotion mix analysis and planning for small retailers. (personal computer)
                          Author: Arthur Allaway
                          Publication: Journal of Small Business Management (Refereed)
                          Date: July 1, 1988
                          Publisher: International Council of Small Business
                          Volume: v26 Issue: n3 Page: p14(8)

                          Distributed by Thomson Gale
                          Small Business Management: A Planning Approach
                          Average customer rating: Not rated
                            Small Business Management: A Planning Approach
                            Larry D. Redinbaugh
                            Manufacturer: West Group
                            ProductGroup: Book
                            Binding: Hardcover

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                            ASIN: 0829903070

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