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The “MIT and the Transformation of American Economics” Conference and Maturation in the the Historiography of Economic Thought December 29, 2014

Posted by Will Thomas in Commentary Track, History of Economic Thought.
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Paul Samuelson (1915–2009), doyen of MIT economics

Paul Samuelson (1915–2009), doyen of MIT economics

I have a new article out, “Decisions and Dynamics: Postwar Theoretical Problems and the MIT Style of Economics,” in the 2014 annual supplement to History of Political Economy on MIT and the Transformation of American Economics. Following tradition, I’ll talk a little bit about the thinking behind the article in a separate post. However, I would like to start with a few words about the 2013 conference that the supplement was based on.

In short, it was almost certainly the best conference I have attended. To understand why, it will be useful to understand the peculiarities of the development of the field of the history of economic thought (HET), and how it seems to be reaching a new state of maturity.

For some time now HET has been having something of an identity crisis. Traditionally strongly affiliated with economics departments, HET, even more so than economic history, has had problems maintaining its status within the economics profession. Concurrently, HET has moved away methodologically from exegesis on the economic canon (“What did Smith/Keynes mean when they wrote X?”), and more toward something people working in the history of science would be familiar and comfortable with.


OR, Management, and Economics: Historiographical Gains, Context, and Questions June 2, 2012

Posted by Will Thomas in Commentary Track, History of Economic Thought, Operations Research.
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A recent picture of Jay Forrester at the MIT Sloan Building (from his MIT web page)

This post continues my provision of supplementary commentary for my Business History Review article, “Operations Research vis-à-vis Management at Arthur D. Little and the Massachusetts Institute of Technology in the 1950s(Thomas 2012). In it, I look at a history split between this article and my 2009 article with Lambert Williams, “Epistemologies of Non-Forecasting Simulations, Part I: Industrial Dynamics and Management Pedagogy at MIT” (Thomas and Williams 2009).

When MIT established its new School of Industrial Management (SIM) in the early 1950s, the institute’s administrators sought a signature approach to the subject reflecting its strengths in science and engineering.  This search moved from operations research (OR) to Jay Forrester’s “industrial dynamics”.  In the end, neither approach became the distinguished approach to management that MIT sought, though SIM and OR would both become individually successful within the Institute.

The last part of this post puts this story in the context of the more successful effort of the Carnegie Institute of Technology to develop a high-profile program for its Graduate School of Industrial Administration, which was established around the same time.  Carnegie Tech’s approach to management had strong intellectual connections with academic economics — an intellectual model that soon attracted the field of OR into its orbit.  The equivalent intellectual and institutional movement at MIT was to be found in the ascendancy of its economics department.