Table Of ContentSubjectivism and Objectivism in the
History of Economic Thought
This book investigates the tensions between subjectivism and objectivism in the
history of economics. The book looks at the works of Adam Smith, Carl Menger,
Léon Walras, William Stanley Jevons, Oskar Morgenstern, Ludwig Mises, Piero
Sraffa, and so on. The book highlights the diverse subjective and objective ele-
ments of their economic theories and suggests a reframing of methodology to
better address the core problems of the theories.
Contributors of the volume are leading members of the Japan Society of
History of Economic Thought who have provided a comprehensive overview on
the economics methodology and the related problems. Hence, this book will be
an invaluable asset to not only those who are interested in the history of eco-
nomic thought, but also to scholars who are concerned with the methodological
problems of economic science.
Yukihiro Ikeda is a historian of economic thought. He is currently with the
faculty of economics of Keio University, Japan. He has been researching the
Austrian School of Economics, with special attention to Carl Menger and Frie-
drich Hayek, for more than twenty-fi ve years. He is also interested in research of
the historical development of German economics and the introduction of the
German Historical School of Japan.
Kiichiro Yagi, currently the Vice President of Setsunan University, Osaka,
taught theory of political economy and history of economics over two decades in
the Graduate School of Economics, Kyoto University. He served as Chairperson
or President of several academic associations in his research fields, including
the Japan Society for the History of Economics, the Japan Association for
Evolutionary Economics, and the Japan Society of Political Economy.
Routledge studies in the history of economics
1 Economics as Literature 8 The History of Game Theory,
Willie Henderson Vol. 1
From the beginnings to 1945
2 Socialism and Marginalism in Robert W. Dimand and
Economics 1870–1930 Mary Ann Dimand
Edited by Ian Steedman
9 The Economics of W. S. Jevons
3 Hayek’s Political Economy Sandra Peart
The socio- economics of order
Steve Fleetwood 10 Gandhi’s Economic Thought
Ajit K. Dasgupta
4 On the Origins of Classical
Economics 11 Equilibrium and Economic
Distribution and value from Theory
William Petty to Adam Smith Edited by Giovanni Caravale
Tony Aspromourgos
12 Austrian Economics in Debate
5 The Economics of Joan Edited by Willem Keizer,
Robinson Bert Tieben and Rudy van Zijp
Edited by
Maria Cristina Marcuzzo, 13 Ancient Economic Thought
Luigi Pasinetti and Edited by B.B. Price
Alesandro Roncaglia
14 The Political Economy of
6 The Evolutionist Economics of Social Credit and Guild
Léon Walras Socialism
Albert Jolink Frances Hutchinson and
Brian Burkitt
7 Keynes and the ‘Classics’
A study in language, 15 Economic Careers
epistemology and mistaken Economics and economists in
identities Britain 1930–1970
Michel Verdon Keith Tribe
16 Understanding ‘Classical’ 25 Marx’s Concept of Money
Economics The god of commodities
Studies in the long-p eriod theory Anitra Nelson
Heinz Kurz and Neri Salvadori
26 The Economics of James
17 History of Environmental Steuart
Economic Thought Edited by Ramón Tortajada
E. Kula
27 The Development of
18 Economic Thought in Economics in Europe since
Communist and Post- 1945
Communist Europe Edited by A.W. Bob Coats
Edited by Hans- Jürgen Wagener
28 The Canon in the History of
19 Studies in the History of Economics
French Political Economy Critical essays
From Bodin to Walras Edited by Michalis Psalidopoulos
Edited by Gilbert Faccarello
29 Money and Growth
20 The Economics of John Rae Selected papers of Allyn Abbott
Edited by O.F. Hamouda, C. Lee Young
and D. Mair Edited by Perry G. Mehrling and
Roger J. Sandilands
21 Keynes and the Neoclassical
Synthesis 30 The Social Economics of
Einsteinian versus Newtonian Jean- Baptiste Say
macroeconomics Markets and virtue
Teodoro Dario Togati Evelyn L. Forget
22 Historical Perspectives on 31 The Foundations of
Macroeconomics Laissez- Faire
Sixty years after the ‘General The economics of
Theory’ Pierre de Boisguilbert
Edited by Philippe Fontaine and Gilbert Faccarello
Albert Jolink
32 John Ruskin’s Political
23 The Founding of Institutional Economy
Economics Willie Henderson
The leisure class and sovereignty
Edited by Warren J. Samuels 33 Contributions to the History of
Economic Thought
24 Evolution of Austrian Essays in honour of
Economics R. D. C. Black
From Menger to Lachmann Edited by Antoin E. Murphy and
Sandye Gloria Renee Prendergast
34 Towards an Unknown Marx 42 Piero Sraffa’s Political
A commentary on the Economy
manuscripts of 1861–63 A centenary estimate
Enrique Dussel Edited by Terenzio Cozzi and
Roberto Marchionatti
35 Economics and
Interdisciplinary Exchange 43 The Contribution of Joseph
Edited by Guido Erreygers Schumpeter to Economics
Economic development and
36 Economics as the Art of institutional change
Thought Richard Arena and
Essays in memory of Cecile Dangel
G. L. S. Shackle
Edited by Stephen F. Frowen and 44 On the Development of
Peter Earl Long- run Neo- Classical Theory
Tom Kompas
37 The Decline of Ricardian
Economics 45 F. A. Hayek as a Political
Politics and economics in post- Economist
Ricardian theory Economic analysis and values
Susan Pashkoff Edited by Jack Birner,
Pierre Garrouste and
38 Piero Sraffa Thierry Aimar
His life, thought and cultural
heritage 46 Pareto, Economics and Society
Alessandro Roncaglia The mechanical analogy
Michael McLure
39 Equilibrium and
Disequilibrium in Economic 47 The Cambridge Controversies
Theory in Capital Theory
The Marshall–Walras divide A study in the logic of theory
Michel de Vroey development
Jack Birner
40 The German Historical
School 48 Economics Broadly Considered
The historical and ethical Essays in honour of
approach to economics Warren J. Samuels
Edited by Yuichi Shionoya Edited by Steven G. Medema,
Jeff Biddle and John B. Davis
41 Reflections on the Classical
Canon in Economics 49 Physicians and Political
Essays in honour of Economy
Samuel Hollander Six studies of the work of
Edited by Sandra Peart and doctor- economists
Evelyn Forget Edited by Peter Groenewegen
50 The Spread of Political 57 Classics and Moderns in
Economy and the Economics, Volume I
Professionalisation of Essays on nineteenth and
Economists twentieth century economic
Economic societies in Europe, thought
America and Japan in the Peter Groenewegen
nineteenth century
Massimo Augello and 58 Classics and Moderns in
Marco Guidi Economics, Volume II
Essays on nineteenth and
51 Historians of Economics and twentieth century economic
Economic Thought thought
The construction of disciplinary Peter Groenewegen
memory
Steven G. Medema and Warren J.
59 Marshall’s Evolutionary
Samuels
Economics
Tiziano Raffaelli
52 Competing Economic Theories
Essays in memory of
60 Money, Time and Rationality
Giovanni Caravale
in Max Weber
Sergio Nisticò and
Austrian connections
Domenico Tosato
Stephen D. Parsons
53 Economic Thought and Policy
61 Classical Macroeconomics
in Less Developed Europe
Some modern variations and
The nineteenth century
distortions
Edited by
James C.W. Ahiakpor
Michalis Psalidopoulos and
Maria- Eugenia Almedia Mata
62 The Historical School of
Economics in England and
54 Family Fictions and Family
Japan
Facts
Tamotsu Nishizawa
Harriet Martineau,
Adolphe Quetelet and the
population question in England 63 Classical Economics and
1798–1859 Modern Theory
Brian Cooper Studies in long-p eriod analysis
Heinz D. Kurz and
55 Eighteenth- Century Economics Neri Salvadori
Peter Groenewegen
64 A Bibliography of Female
56 The Rise of Political Economy Economic Thought to 1940
in the Scottish Enlightenment Kirsten K. Madden,
Edited by Tatsuya Sakamoto and Janet A. Sietz and
Hideo Tanaka Michele Pujol
65 Economics, Economists and 73 Knut Wicksell on Poverty
Expectations No place is too exalted
From microfoundations to Knut Wicksell
macroeconomics
Warren Young, Robert Leeson 74 Economists in Cambridge
and William Darity Jnr. A study through their
correspondence 1907–1946
66 The Political Economy of Edited by M.C. Marcuzzo and
Public Finance in Britain, A. Rosselli
1767–1873
Takuo Dome 75 The Experiment in the History
of Economics
67 Essays in the History of Edited by Philippe Fontaine and
Economics Robert Leonard
Warren J. Samuels,
76 At the Origins of Mathematical
Willie Henderson,
Economics
Kirk D. Johnson and
The economics of A. N. Isnard
Marianne Johnson
(1748–1803)
Richard van den Berg
68 History and Political Economy
Essays in honour of
77 Money and Exchange
P. D. Groenewegen
Folktales and reality
Edited by Tony Aspromourgos
Sasan Fayazmanesh
and John Lodewijks
78 Economic Development and
69 The Tradition of Free Trade
Social Change
Lars Magnusson
Historical roots and modern
perspectives
70 Evolution of the Market
George Stathakis and
Process
Gianni Vaggi
Austrian and Swedish economics
Edited by Michel Bellet, 79 Ethical Codes and Income
Sandye Gloria- Palermo and Distribution
Abdallah Zouache A study of John Bates Clark and
Thorstein Veblen
71 Consumption as an Investment Guglielmo Forges Davanzati
The fear of goods from Hesiod to
Adam Smith 80 Evaluating Adam Smith
Cosimo Perrotta Creating the wealth of nations
Willie Henderson
72 Jean- Baptiste Say and the
Classical Canon in Economics 81 Civil Happiness
The British connection in French Economics and human flourishing
classicism in historical perspective
Samuel Hollander Luigino Bruni
82 New Voices on Adam Smith 91 Keynes’s Vision
Edited by Leonidas Montes and Why the great depression did not
Eric Schliesser return
John Philip Jones
83 Making Chicago Price Theory
Milton Friedman–George Stigler 92 Monetary Theory in Retrospect
correspondence, 1945–1957 The selected essays of
Edited by J. Daniel Hammond Filippo Cesarano
and Claire H. Hammond Filippo Cesarano
84 William Stanley Jevons and the
93 Keynes’s Theoretical
Cutting Edge of Economics
Development
Bert Mosselmans
From the tract to the general
85 A History of Econometrics in theory
France Toshiaki Hirai
From nature to models
Philippe Le Gall 94 Leading Contemporary
Economists
86 Money and Markets Economics at the cutting edge
A doctrinal approach Edited by Steven Pressman
Edited by Alberto Giacomin and
Maria Cristina Marcuzzo 95 The Science of Wealth
Adam Smith and the framing of
87 Considerations on the political economy
Fundamental Principles of Tony Aspromourgos
Pure Political Economy
Vilfredo Pareto (edited by 96 Capital, Time and Transitional
Roberto Marchionatti and Dynamics
Fiorenzo Mornati) Edited by Harald Hagemann and
Roberto Scazzieri
88 The Years of High
Econometrics
97 New Essays on Pareto’s
A short history of the generation
Economic Theory
that reinvented economics
Edited by Luigino Bruni and
Francisco Louçã
Aldo Montesano
89 David Hume’s Political
Economy 98 Frank Knight and the Chicago
Edited by Carl Wennerlind and School in American Economics
Margaret Schabas Ross B. Emmett
90 Interpreting Classical 99 A History of Economic Theory
Economics Essays in honour of
Studies in long-p eriod analysis Takashi Negishi
Heinz D. Kurz and Edited by Aiko Ikeo and
Neri Salvadori Heinz D. Kurz
100 Open Economics 108 Political Economy, Public Policy
Economics in relation to other and Monetary Economics
disciplines Ludwig von Mises and the
Edited by Richard Arena, Austrian tradition
Sheila Dow and Matthias Klaes Richard M. Ebeling
101 Rosa Luxemburg and the 109 Keynes and the British
Critique of Political Economy Humanist Tradition
Edited by Riccardo Bellofiore The moral purpose of the market
David R. Andrews
102 Problems and Methods of
Econometrics 110 Political Economy and
The Poincaré lectures of Industrialism
Ragnar Frisch 1933 Banks in Saint- Simonian
Edited by Olav Bjerkholt and economic thought
Ariane Dupont- Keiffer Gilles Jacoud
103 Criticisms of Classical Political 111 Studies in Social Economics
Economy By Leon Walras (translated
Menger, Austrian economics and by Jan van Daal and
the German historical school Donald Walker)
Gilles Campagnolo
112 The Making of the Classical
104 A History of Entrepreneurship Theory of Economic Growth
Robert F. Hébert and By Anthony Brewer
Albert N. Link
113 The Origins of David Hume’s
105 Keynes on Monetary Policy, Economics
Finance and Uncertainty By Willie Henderson
Liquidity preference theory and
the global financial crisis 114 Production, Distribution and
Jorg Bibow Trade
Edited by Adriano Birolo,
106 Kalecki’s Principle of Duncan Foley, Heinz D. Kurz,
Increasing Risk and Keynesian Bertram Schefold and
Economics Ian Steedman
Tracy Mott
115 The Essential Writings of
107 Economic Theory and Thorstein Veblen
Economic Thought Edited by Charles Camic and
Essays in honour of Ian Geoffrey Hodgson
Steedman
John Vint, J. Stanley Metcalfe, 116 Adam Smith and the Economy
Heinz D. Kurz, Neri Salvadori of the Passions
and Paul Samuelson By Jan Horst Keppler
117 The Analysis of Linear 127 Stalin’s Economist
Economic Systems The economic contributions of
Father Maurice Potron’s Jenö Varga
pioneering works André Mommen
Translated by Christian Bidard
and Guido Erreygers 128 E.E. Slutsky as Economist and
Mathematician
118 A Dynamic Approach to Crossing the limits of knowledge
Economic Theory: Frisch Vincent Barnett
Edited by Olav Bjerkholt and
Duo Qin 129 Keynes, Sraffa, and the
Criticism of Neoclassical
119 Henry A. Abbati: Keynes’ Theory
Forgotten Precursor Essays in honour of Heinz Kurz
Serena Di Gaspare Neri Salvadori and
Christian Gehrke
120 Generations of Economists
130 Crises and Cycles in Economic
David Collard
Dictionaries and
Encyclopaedias
121 Hayek, Mill and the Liberal
Edited by Daniele Bensomi
Tradition
Edited by Andrew Farrant
131 General Equilibrium Analysis:
A Century After Walras
122 Marshall, Marshallians and
Edited by Pascal Bridel
Industrial Economics
Edited by Tiziano Raffaelli
132 Sraffa and Modern Economics,
Volume I
123 Austrian and German
Edited by Roberto Ciccone,
Economic Thought
Christian Gehrke and
Kiichiro Yagi
Gary Mongiovi
124 The Evolution of Economic 133 Sraffa and Modern Economics,
Theory Volume II
Edited by Volker Caspari Edited by Roberto Ciccone,
Christian Gehrke and
125 Thomas Tooke and the Gary Mongiovi
Monetary Thought of Classical
Economics 134 The Minor Marshallians and
Matthew Smith Alfred Marshall: An Evaluation
Peter Groenewegen
126 Political Economy and
Liberalism in France 135 Fighting Market Failure
The contributions of Collected essays in the Cambridge
Frédéric Bastiat tradition of economics
Robert Leroux Maria Cristina Marcuzzo
