How Economics Forgot History: The Problem of Historical Specificity in Social Science (Economics as Social Theory)

In arguably his most important book to date, 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 analyze different economic phenomena and systems and that historical context must be taken into account. Hodgson argues that the German Historical School was key in laying the foundations for the work of the pioneer institutional economists, who themselves are gaining currency today; and that the growing interest in this school of thought is contributing to a more complete understanding of socio-economic theory. Booknews A central problem in social science, according to Hodgson (business studies, U. of Hertfordshire, UK), is the problem of historical specificity. Succinctly, the problem arises because differences between different systems could be so important that the theories and concepts used to analyze them must also be substantially different. Criticizing the over-general postulates of mainstream economics, he relates the intellectual history of the German historical school of economics and describes their efforts to deal with the problem of historical specificity, focusing particularly on Karl Marx, Carl Menger, and Alfred Marshal. The eventual intellectual neglect of the problem is also described along with the parallel rise of a barren universality. Finally, the Hodgson moves away from the narrative to suggest ways in which the problem of historical specificity can be brought back into the study of economics and to promote some of his own theoretical moves towards understanding the problem. The book is distributed by Taylor & Francis. Annotation c. Book News, Inc., Portland, OR (booknews.com) Economics Today Has Been Widely Criticised As Being More Concerned With Mathematical Technique Than The Understanding And Explanation Of Real World Phenomena. However, One Hundred Years Ago, In Europe And America, Economics Was Fused With The Study Of History And Its Practitioners Emphasised The Importance Of The Understanding Of Specific Institutions. How Economics Forgot History Shows How The German Historical School Addressed A Key Problem In Social Science And Concerned Themselves With The Historical Specific Character Of Economic Phenomena And The Need To Make Economic Theory More Sensitive To The Historical And Geographical Variety Of Different Socio-economic Systems. Examining The Nature And Evolution Of The Problem Of Historical Specificity, It Shows How This Issue Was Tackled By Karl Marx, Gustav Schmoller, Carl Menger, Werner Sombart, Max Weber, Alfred Marshall, John Rogers Commons And Frank Knight. It Is Also Argued That Alongside Lionel Robbins, Leading Figures Such As John Maynard Keynes, Joseph Schumpeter And Talcott Parsons Also Helped To Divert The Social Sciences Away From This Problem.--book Jacket. Pt. I. Introduction. 1. The Limitations Of General Theory. 2. The Problem Of Historical Specificity -- Pt. Ii. The Nineteenth Century: The German Historical School And Its Impact. 3. Karl Marx And The Specificity Of The Capitalist System. 4. The Older Historical School In Germany. 5. The Historical School In The British Isles. 6. The Methodological Failure Of The Older Historical School. 7. Out Of Austria: Carl Menger And The Methodenstreit. 8. Alfred Marshall And The British Methodendiskurs. 9. The Responses Of The Younger Historical School In Germany -- Pt. Iii. The Twentieth Century: From American Institutionalism To The End Of History. 10. Thorstein Veblen And The Foundations Of Institutionalism. 11. Early American Institutionalism And The Problem Of Historical Specificity. 12. The Theoretical Manifesto Of John Commons. 13. Talcott Parsons And The Ascent Of Ahistorical Sociology. 14. Death And Counter-revolution At The London School Of Economics. 15. John Maynard Keynes And His Declaration Of A General Theory. 16. The Triumph Of Barren Universality. 17. Institution Blindness And The End Of History -- Pt. Iv. The Millennium: The Second Coming Of History? 18. Are There Universals In Social And Economic Theory? 19. Property, Culture, Habits And Institutions. 20. Exchange And Production: Property And Firms. 21. A Note On Social Formations And Levels Of Abstraction. 22. An Evolutionary Perspective On The Historical Problem. 23. Invention Is Helpless Without Tradition. Geoffrey M. Hodgson. Includes Bibliographical References (p. 356-402) And Index. "Economics today has been widely criticised as being more concerned with mathematical technique than the understanding and explanation of real world phenomena. However, one hundred years ago, in Europe and America, economics was fused with the study of history and its practitioners emphasised the importance of the understanding of specific institutions." "How Economics Forgot History shows how the German historical school addressed a key problem in social science and concerned themselves with the historical specific character of economic phenomena and the need to make economic theory more sensitive to the historical and geographical variety of different socio-economic systems. Examining the nature and evolution of the problem of historical specificity, it shows how this issue was tackled by Karl Marx, Gustav Schmoller, Carl Menger, Werner Sombart, Max Weber, Alfred Marshall, John Rogers Commons and Frank Knight. It is also argued that alongside Lionel Robbins, leading figures such as John Maynard Keynes, Joseph Schumpeter and Talcott Parsons also helped to divert the social sciences away from this problem."--Résumé de l'éditeur In arguably his most important book to date, 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 analyze different economic phenomena and systems and that historical context must be taken into account. Hodgson argues that the German Historical School was key in laying the foundations for the work of the pioneer institutional economists, who themselves are gaining currency today; and that the growing interest in this school of thought is contributing to a more complete understanding of socio-economic theory Hodgson studies the mid-nineteenth century school of economic theory which melded economics into historical and sociological study. He proposes that modern economic thought should once again take on social history as a meta-theory catalyst for explaining structural and institutional economic change History is important, partly because every complex organism, every human being and every society carries the baggage of its past.