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How Theory Came to English Classical Economics

journal contribution
posted on 2023-05-16, 10:17 authored by Coleman, WO
The confidently theoretical method of English classical economics is traced to the Enlightenment's struggle to resolve the disputes between rationalism and anti-rationalism which had dominated the 17th century. it is argued that, in an attempt to resolve these disputes, several Enlightenment authors, including David Hume and Dugald Stewart, sought to unite empiricism with the notion of law-like universe by arguing that economic laws are no more than general facts apparent from everyday life. This position, by denying that theory had any connection with the hypothetical, the instrumental or the abstract, blurred the distinction between theory and fact, and taught Classical economists to see their theorising as fact. This position thereby gave the Classical economists licence to pursue their theoretical speculations, free from any doubts or uncertainties about their theorising.

History

Publication title

Scottish Journal of Political Economy

Volume

43

Pagination

207-228

ISSN

0036-9292

Department/School

TSBE

Publisher

Blackwell Publ Ltd

Place of publication

108 Cowley Rd, Oxford, England, Oxon, Ox4 1Jf

Repository Status

  • Restricted

Socio-economic Objectives

Expanding knowledge in human society

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