Incommensurability of Economic Paradigms: A case study of the monetary theories of Mises and Marx
AbstractInfluenced by postmodern philosophy, economists have held that substantive propositions made by rival schools of economics are parts of 'incommensurable paradigms'. The incommensurability thesis implies that one cannot cross evaluate or adjudicate between substantive propositions made within rival paradigms. This paper provides a framework to examine the tenets of the incommensurability thesis through a comparative case study of the rival monetary theories of Ludwig von Mises and Karl Marx. Section 1 presents the case for the incommensurability of economic paradigms as postmodernists and their predecessors assert. It defines three elements that constitute an economic paradigm— starting points, methodological procedures, and conceptual schemes. Sections 2, 3 and 4 examine whether the three paradigmatic elements in the monetary theories of Mises and Marx are incommensurable. Section 5 concludes by drawing implications for paradigm (in)commensurability.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Taylor and Francis Journals in its journal Review of Political Economy.
Volume (Year): 13 (2001)
Issue (Month): 2 ()
Contact details of provider:
Web page: http://taylorandfrancis.metapress.com/link.asp?target=journal&id=102233
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- McCloskey, Donald N, 1983. "The Rhetoric of Economics," Journal of Economic Literature, American Economic Association, vol. 21(2), pages 481-517, June.
- Tomass, Mark, 1998. "On the Relativist Fallacy of the Impossibility of Value Neutral Inquiry in Political Economy," Journal of the History of Economic Thought, Cambridge University Press, vol. 20(03), pages 279-298, September.
- Lavoie, Don, 1983. "Some Strengths in Marx's Disequilibrium Theory of Money," Cambridge Journal of Economics, Oxford University Press, vol. 7(1), pages 55-68, March.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael McNulty).
If references are entirely missing, you can add them using this form.