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“Decisions and Dynamics”: An Ad Hoc Exploration of Intellectual and Institutional History January 3, 2015

Posted by Will Thomas in Commentary Track, History of Economic Thought.
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Weintraub, MIT and American Economics

This post offers some background information on my new paper, “Decisions and Dynamics: Postwar Theoretical Problems and the MIT Style of Economics.”

The 2013 “MIT and the Transformation of American Economics” conference was one of those conferences where the invitation arrives years before the event. When I agreed to attend, I thought I would just offer a complement to the conference’s focus on MIT economics with a discussion of the early history of operations research at MIT, a subject I already knew a lot about.

What I didn’t realize until the run-up to the conference was that it was part of the annual series, which results in the publication of the annual supplementary volume to the journal History of Political Economy. I had already published pretty much all my material on MIT in my 2009 Science in Context article on Jay Forrester’s industrial dynamics, and in my 2012 Business History Review article on OR at MIT and Arthur D. Little. So, that scuppered my plans for an easy recycling job.

The obvious direction in which to go was to discuss the intellectual relationship between economics and operations research. The problem with this plan was that, while there are many interesting things to say about that relationship, the relationship at MIT was pretty thin throughout the 1950s, the period I’ve studied carefully. At this point I didn’t have the time to try and suss out any subsequent relationship (if it was even substantial) through the publications record, nor, being based in London at the time, did I have much chance to do new archival research.

What did seem like a good opportunity was to engage with the thinking of the only historian to publish on the relationship between OR and economics, Phil Mirowski.

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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.

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Neglected Connections between the Histories of Science and Economics, Pt. 2 March 9, 2011

Posted by Will Thomas in Uncategorized.
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Part 1 of this post argued that the historical relations between natural scientific and economic thought require additional attention.  It suggested that in the Enlightenment period both were subsumed within the epistemology of philosophical systems-building and the generic argumentative structure of “economy”.  Although David Hume’s theory of morals was not economics, per se, in a separate post I used his example to demonstrate how the argumentative construction of a social economy had to face similar intellectual problems as chemistry, botany, and (what was thought of as) physics.

Part 2 emphasizes the importance of logical or argumentative space in economic thought, as exemplified by — but by no means limited to — mathematical inquiry.  I want to argue that economics continued to adhere to the argumentative strategy of system-building familiar from 18th-century natural and political philosophy.  Meanwhile, though, most natural sciences took a separate path toward argumentative rigor applied to a tightly constrained space of argumentation, such as that defined by laboratory phenomena.  Political economists were deeply influenced by the natural sciences’ newly enhanced commitment to rigor, but interpreted that commitment in novel ways within the relatively unconstrained argumentative space of political economy.

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