Two rhetorical strategies of laissez-faire
AbstractTo understand the work of economic theorists it is often helpful to situate it in the context of the rhetorical strategy they were pursuing. Two ontologically distinct rhetorical strategies of laissez-faire may be distinguished by the way they articulate the individual interest with the general interest. A reductionist approach, exemplified by Friedman and Lucas, suggests that the properties and behaviour of an entity can be understood in terms of the properties and behaviour of the constituent lower-level components, taken in isolation. The contrary - holistic - stance, viewing the qualities of phenomena as products of the inter-relations between their component parts, is characteristic of Smith and Hayek. While the reductionist approach naturally issues in a laissez-faire policy prescription, the holistic account is more problematic. Reconciling a holistic ontology with a reductionist policy prescription requires the intercalation of a black box, such as an evolutionary process or the invisible hand of a deity.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Journal of Economic Methodology.
Volume (Year): 11 (2004)
Issue (Month): 3 ()
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- B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
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- Andy Denis, 2002. "Was Hayek a Panglossian Evolutionary Theorist? A Reply to Whitman," Constitutional Political Economy, Springer, vol. 13(3), pages 275-285, September.
- Denis, A., 2010. "A century of methodological individualism part 2: Mises and Hayek," Working Papers 10/03, Department of Economics, City University London.
- Denis, A., 2010. "A century of methodological individualism part 1: Schumpeter and Menger," Working Papers 10/02, Department of Economics, City University London.
- Denis, A., 2006. "The hypostatisation of the concept of equilibrium in neoclassical economics," Working Papers 06/02, Department of Economics, City University London.
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