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Economics as a Science, Economics as a Vocation: A Weberian Examination of Robert Heilbroner's Philosophy of Economics

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  • Daniyal Khan

    (Graduate student at the Department of Economics, The New School for Social Research, New York, USA)

Abstract

In an attempt to re-envision economics, the paper analyses Robert Heilbroner's philosophy of economics through the lens of Max Weber's philosophy of science. Specifically, Heilbroner's position on vision, ideology and value-freedom is examined by contextualising it within a framework of Weberian science. Doing so leads to a better understanding of Heilbroner's seemingly contradictory statements about ideology as well as a re-interpretation of his position on the place of value-freedom (or a lack thereof) in economics. This inquiry also leads to a demonstration of (1) the relevance of Weber's work on methodology of science to contemporary issues in economics, and (2) the identification of a major shortcoming in Heilbroner's work. Overall, this leads to a clarification and reconstruction of Heilbroner's vision of economics as a science and as a vocation, which is seen to be a self-reflexive, reflective and dynamic process.

Suggested Citation

  • Daniyal Khan, 2014. "Economics as a Science, Economics as a Vocation: A Weberian Examination of Robert Heilbroner's Philosophy of Economics," Economic Thought, World Economics Association, vol. 3(1), pages 1-56, March.
    • Handle: RePEc:wea:econth:v:3:y:2014:i:1:p:56
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    File URL: http://et.worldeconomicsassociation.org/files/WEA-ET-3-1-Khan.pdf
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    References listed on IDEAS

    as
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    3. Robert L. Heilbroner, 1970. "On the Possibility of a Political Economics," Journal of Economic Issues, Taylor & Francis Journals, vol. 4(4), pages 1-22, December.
    4. Robert Heilbroner, 1993. "Was Schumpeter Right after All?," Journal of Economic Perspectives, American Economic Association, vol. 7(3), pages 87-96, Summer.
    5. Mark Blaug, 1998. "Disturbing Currents in Modern Economics," Challenge, Taylor & Francis Journals, vol. 41(3), pages 11-34, May.
    6. Mathew Forstater, 2004. "Visions and Scenarios: Heilbroner's Worldly Philosophy, Lowe's Political Economics, and the Methodology of Ecological Economics," Economics Working Paper Archive wp_413, Levy Economics Institute.
    7. Mark Blaug, 2001. "No History of Ideas, Please, We're Economists," Journal of Economic Perspectives, American Economic Association, vol. 15(1), pages 145-164, Winter.
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