T.M. Knox and the study of economic activity

Purpose - The purpose of this paper is to show how T.M. Knox sought to conceptualise economic activity in the context of his philosophical background and in relation to the analysis of the nature of economics offered by Lionel Robbins. Design/methodology/approach - The paper presents an historical account of the development of Knox's thought, an exposition of his position in relation to that of Robbins and an analysis of the concept of economic activity. Findings - The paper demonstrates the profound differences between an idealist conception of economics and a scientific conception of economics. It also shows the extent to which scientific conceptions are only one among a number of possible conceptions, and that they suffer from deep and perhaps unresolvable ambiguities. Originality/value - Lionel Robbins' work receives a certain amount of attention in the literature on the history of economic thought, whereas contemporary commentary by philosophers such as T.M. Knox is ignored by the histories of economic thought. This paper is unique in bringing the two together and in showing that the debate in the 1930s about the foundations of economics goes beyond the discussions and advocates typically associated with it.