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It also examines their subsequent influence on the formation of the current methodological approach in orthodox economics. (2003) Economics invents the economy: mathematics, statistics, and models in the work of Irving Fisher and Wesley Mitchell, Theory and Society 32: 379-411. and Guala, F (2001) Vilfredo Pareto and the epistemological foundations of choice theory, History of Political Economy, 33: 21-49. (1875) The Character and Logical Method of Political Economy, London: Macmillan. (1993) Economic methodology: rationale, foundations, prospects, in U.
In particular, it discusses their influence on key components of current mainstream economics such as: extensive use of mathematics, aversion to methodological discourse and anti-psychologism. (2007) Edgeworth on the foundations of ethics and probability, The European Journal of the History of Economic Thought, 14 (1): 79-96 Backhouse, R. (1991) What is the critique of the mathematization of economics?
The scientific methodology of classical physics has been a constant influence in the development of orthodox economics. (1997) Origins and development of the trend towards value-free economics, Journal of the History of Economic Thought 19: 286-300.
Clear signs of this can be found in the works of many classical economists such as Smith, Say, Cairnes and Mill. Edgeworth, however, is the peak of the influence of classical physics to economics. (1994) Some implications of the new physics for economic methodology, South African Journal of Economics, 62(4): 198-209. The physics influence became more apparent with the emergence of marginalism. In Edgeworth’s Mathematical Psychics, the identification of maximum energy in physics with that of the maximum pleasure in economic calculus, is central in his thought. Fisher, the founder of marginalism in the US, promoted a classical physics based economic methodology. (1916) Tendencies in Economic Theory—Discussion”, The American Economic Review, vol.6, No.1: 62-169. (1991) The mathematization of economic theory, American Economic Review, 81(1): 1-7. (2002) Economic Methodology: An Inquiry, Oxford: Oxford University Press. (2012) Foundations for New Economic Thinking: a Collection of Essays, Basingstoke, Hampshire: Palgrave Macmillan. The close analogy of physics and economics concepts and the application of tools from hydrodynamics to economic theory, are basic characteristics of his work. Newman (eds), The New Palgrave: A Dictionary of Economics, vol. (1971)  Manual of Political Economy, (transl. (1996) Economics and psychology: lessons for our own day from the early Twentieth Century, Journal of Economic Literature, Vol. Cambridge, UK: Cambridge University Press Mirowski, P. (2010) Pareto, Pigou and Third-party Consumption: Divergent approaches to welfare theory with implications for the study of public finance, European Journal of the History of Economic Thought 17: 635-57 Mill, J. (1874) Essays on Some Unsettled Questions of Political Economy, London: Longmans, Green, Reader and Oyer. (1984) Physics and the ‘marginalist revolution’, Cambridge Journal of Economics, 8: 361-379. (1989) More heat than light: Economics as Social Physics, Physics as Nature’s Economics. (1803) Treatise on Political Economy, English edition, New York: A. (1969) The impact of positivism on economic thought, History of Political Economy, 1: 256-78. (1980 ed) Essays on Philosophical Subjects , edited by Wightman, W. But what was once an obscure “heterodox” branch of economics has now become a major topic of debate among Democrats and economists with astonishing speed. Alexandria Ocasio-Cortez (D-NY), who told Business Insider in January that MMT “absolutely” needs to be “a larger part of our conversation.” That was the most vocal mainstream support MMT had gotten, which for years had been championed by economists like Stephanie Kelton (a former adviser to Bernie Sanders), L.Randall Wray, Bill Mitchell (who coined the name Modern Monetary Theory), and Warren Mosler — as well as a growing number of economists at Wall Street institutions.