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Margaret Schabas on the Concept of Nature in Economic Thought June 6, 2011

Posted by Will Thomas in EWP Book Club, History of the Human Sciences.
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In my first post on the need for historical studies of the relationship between scientific and economic thought, I was greatly remiss in not discussing a scholar who has done a great deal to develop and organize work in exactly this area: Margaret Schabas of the UBC philosophy department.  Thankfully, a quick reference by Tiago Mata over at History of Economics Playground set me aright.  For a first pass through the existing literature, I’d like to take a look at her book, The Natural Origins of Economics (2005).

The book is a critical-intellectual history.  As an intellectual history, it sticks to an analysis of the published works of (mainly) canonical authors.  Where a straight intellectual history might recount the arguments that historical authors explicitly made, critical-intellectual histories draw out continuities and breaks over time in authors’ lines and methods of argumentation.  Like many intellectual historians, Schabas is mindful of detailed arguments in the secondary literature, and does a good job of acknowledging, consolidating, communicating, and building on the gains of that literature.

Schabas argues that where 18th-century philosophers of political economy understood their subject to connect deeply to nature and natural philosophy, economics began to explicitly frame itself as a science of peculiarly social phenomena following John Stuart Mill’s Principles of Political Economy (1848), the rise of the idea of “the economy” as an object of study, and the rise of neoclassical economics in the late-19th century.