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The Classical concept of economics..

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The Classical concept of economics..

Post by sujin007 on Wed Dec 05, 2012 4:03 pm

Modern investigations into classical economic thought are gradually providing us with a more coherent picture of the intellectual scenery in early nineteenth–century political economy.
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Re: The Classical concept of economics..

Post by sujin007 on Wed Dec 05, 2012 4:05 pm


Among the more important contributions in this direction is the final interment of the idea that there was ever a happy unanimity of opinion...

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Re: The Classical concept of economics..

Post by sujin007 on Wed Dec 05, 2012 4:06 pm

A generally accepted body of theory in the propagation of which the classical economists were a united band of enthusiastic missionaries.

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Re: The Classical concept of economics..

Post by sujin007 on Wed Dec 05, 2012 4:08 pm

Similarly the notion, once widespread, that the classical economists were as a body unconcerned with the methodological foundations of their work is rapidly disappearing from discussions of the subject.

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Re: The Classical concept of economics..

Post by sujin007 on Wed Dec 05, 2012 4:09 pm

It seems worthwhile to dispel the rather common impression that the classical economists were generally unconcerned with attaining and enunciating a precise definition of the subject of their inquries.

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Re: The Classical concept of economics..

Post by sujin007 on Wed Dec 05, 2012 4:11 pm

This is by no means the case. It is true that J. S. Mill, writing in 1836,22 felt obliged to apologize for the lack of a definition of political economy “framed on strictly logical principles,”

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Re: The Classical concept of economics..

Post by sujin007 on Wed Dec 05, 2012 4:13 pm

J.S Mill explain that the definition of any science “has almost invariably not preceded, but followed, the creation of the science itself.”

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Re: The Classical concept of economics..

Post by sujin007 on Wed Dec 05, 2012 4:14 pm

But many economists had already felt the need to delineate the boundaries of their inquiries. And while it is true that the classical economists were generally in broad agreement concerning what it was that they were talking about.

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Re: The Classical concept of economics..

Post by sujin007 on Wed Dec 05, 2012 4:16 pm

They were by no means agreed about how to demarcate this area of their in- vestigations or even how to conceive the unity and logical nature of their field.

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Re: The Classical concept of economics..

Post by sujin007 on Wed Dec 05, 2012 4:17 pm

The early economists, in fact, when offering definitions of their science, were often far more earnestly concerned with expressing its true essence and nature than were many of their successors.

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Re: The Classical concept of economics..

Post by sujin007 on Wed Dec 05, 2012 4:19 pm

Although the latter, as Mill asserted, may have been better equipped for this task, they had far less occasion to engage in it.

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Re: The Classical concept of economics..

Post by sujin007 on Wed Dec 05, 2012 4:21 pm

For the thinkers of the late eighteenth and early nineteenth centuries, there was a real need for a mode of definition that could justify the conception of a new and separate science.

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Re: The Classical concept of economics..

Post by sujin007 on Wed Dec 05, 2012 4:23 pm

While their definitions might only imperfectly indicate the actual character of their inquiries, they still had to demonstrate the peculiarity in subject matter or method of investigation that prevented economics from being subsumed under some wider, extant discipline.

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Re: The Classical concept of economics..

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