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"The Nature and Significance of Economic Science" in Recent Discussion

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  • R. W. Souter

Abstract

I. Suffocation by analytical definition, 377. — II. Rationality and the Individualist Exchange Economy, 387. — III. Scientific Precision and "the" Stationary State, 391. — IV. Pseudo-Positivism and the doctrine of "the logical gap," 401. — V. The Mecca of twentieth century economics, 408. "… One day in looking over his books he discovered a remarkable law. For every item on the credit side an equal item appeared somewhere else on the debit side. ‘Ha!’ said the Bursar, ‘I have discovered one of the great laws controlling the college. It is a perfect and exact law of the real world. Credit must be called plus and debit minus; and so we have the law of conservation of £.s.d. This is the true way to find out things, and there is no limit to what may ultimately be discovered by this scientific method. I will pay no more heed to the superstitions held by some of the Fellows as to a beneficent spirit called the King or evil spirits called the University Commissioners. I have only to go on in this way and I shall succeed in understanding why prices are always going up.’" The Nature of the Physical World.

Suggested Citation

  • R. W. Souter, 1933. ""The Nature and Significance of Economic Science" in Recent Discussion," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 47(3), pages 377-413.
    • Handle: RePEc:oup:qjecon:v:47:y:1933:i:3:p:377-413.
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    Cited by:

    1. Thiago Dumont Oliveira & Carlos Eduardo Suprinyak, 2016. "Lionel Robbins’ first-step individualism and the prehistory of microfoundations," Textos para Discussão Cedeplar-UFMG 537, Cedeplar, Universidade Federal de Minas Gerais.
    2. D. Wade Hands, 2009. "Effective Tension in Robbins' Economic Methodology," Economica, London School of Economics and Political Science, vol. 76(s1), pages 831-844, October.
    3. Joan-Severo Chumbita, 2020. "Alfred Marshall, autor del siglo XX: desempleo involuntario, monopolio, amortización acelerada, competencia por nuevos productos e intervención estatal orientada a alcanzar el producto máximo," Ensayos de Economía 19130, Universidad Nacional de Colombia Sede Medellín.
    4. R. Koppl, 2006. "Austrian economics at the cutting edge," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 19(4), pages 231-241, December.
    5. Israel M. Kirzner, 2010. "The Meaning of "Economic Goodness": Critical comments on Klein and Briggeman," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 25(Spring 20), pages 55-85.
    6. Roger E. Backhouse & Steve G. Medema, 2009. "Defining Economics: The Long Road to Acceptance of the Robbins Definition," Economica, London School of Economics and Political Science, vol. 76(s1), pages 805-820, October.
    7. Koppl, Roger & Whitman, Douglas Glen, 2004. "Rational-choice hermeneutics," Journal of Economic Behavior & Organization, Elsevier, vol. 55(3), pages 295-317, November.
    8. Anthony M. Endres, 2010. "Marshallian Economics in New Zealand, c. 1890–1940," Chapters, in: Tiziano Raffaelli & Giacomo Becattini & Katia Caldari & Marco Dardi (ed.), The Impact of Alfred Marshall’s Ideas, chapter 8, Edward Elgar Publishing.

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