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The "fact-value" distinction in economics: Three main times of a chequered history
[La distinction "fait/valeur" en théorie économique: trois temps fondamentaux d'une histoire mouvementée]

Author

Listed:
  • Claude Gamel

    (LEST - Laboratoire d'Economie et de Sociologie du Travail - AMU - Aix Marseille Université - CNRS - Centre National de la Recherche Scientifique)

Abstract

According to Putnam (2004, chapters 3 and 4), Sen's present-day works can illustrate his own thesis on facts and values as closely interwoven objects; he also thinks that Sen's works open a "second phase of classical economics" in which the fact-value distinction is abandoned. The reach of this thesis has to be evaluated in the long story which connects the economic theory to the very sensitive question of the value judgments. First of all, we have to summarize the oldest episodes (1); then the discussion continued throughout the XX° century within the closed field of normative economics, where the contributions of Robbins (1932), Arrow (1951) and Rawls (1971) are to be emphasized (2). In this prospect, by using the recent example of Sen's "capabilities approach", it seems that a different and selective treatment of value judgments remains indispensable to the fruitfulness of the whole economic theory (3).

Suggested Citation

  • Claude Gamel, 2009. "The "fact-value" distinction in economics: Three main times of a chequered history [La distinction "fait/valeur" en théorie économique: trois temps fondamentaux d'une histoire m," Post-Print halshs-02529894, HAL.
    • Handle: RePEc:hal:journl:halshs-02529894
    as

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