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Bringing the Social Back into Economies: Progress or Reductionism?

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  • Fine, B.
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    Abstract

    Section 2 of this paper suggests that economics has long sought to colonise other social sciences. It has, however, only achived limites success because of its alien methods and its need to take the social as given. Section 3 argues that there is now a newer version of economic imperialism drawing upon the new microfoundation principles associated with information imperfections. In view of rational response to market imperfections, these purport to be able to explain the social whether the latter be non-economic or collective forms of behaviour. Section 4 presents illustrations of the way in which imperialism is bringing the social back into its analysis, drawing in broad brush rather than detail upon the new economic sociology, the new institutional economics, the new economic history, the new development economics, and the all-embracing notion of social capital.

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    Bibliographic Info

    Paper provided by The University of Melbourne in its series Department of Economics - Working Papers Series with number 731.

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    Length: 20 pages
    Date of creation: 2000
    Date of revision:
    Handle: RePEc:mlb:wpaper:731

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    Keywords: SOCIETY ; SOCIALISM ; ECONOMIC THEORY;

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    1. Ingham, Geoffrey, 1996. "Some Recent Changes in the Relationship between Economics and Sociology," Cambridge Journal of Economics, Oxford University Press, vol. 20(2), pages 243-75, March.
    2. Naomi R. Lamoreaux & Daniel M. G. Raff & Peter Temin, 1999. "Learning by Doing in Markets, Firms, and Countries," NBER Books, National Bureau of Economic Research, Inc, number lamo99-1.
    3. Naomi R. Lamoreaux & Daniel M.G. Raff, 1995. "Coordination and Information: Historical Perspectives on the Organization of Enterprise," NBER Books, National Bureau of Economic Research, Inc, number lamo95-1.
    4. Stiglitz, Joseph E, 1989. "Markets, Market Failures, and Development," American Economic Review, American Economic Association, vol. 79(2), pages 197-203, May.
    5. Robert Gibbons, 1997. "An Introduction to Applicable Game Theory," NBER Technical Working Papers 0199, National Bureau of Economic Research, Inc.
    6. Peter Temin, 1991. "Inside the Business Enterprise: Historical Perspectives on the Use of Information," NBER Books, National Bureau of Economic Research, Inc, number temi91-1.
    7. Joseph E. Stiglitz, 1996. "Whither Socialism?," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262691825, December.
    8. Edward P. Lazear, 2000. "Economic Imperialism," The Quarterly Journal of Economics, MIT Press, vol. 115(1), pages 99-146, February.
    9. Frank Hahn & Robert Solow, 1997. "A Critical Essay on Modern Macroeconomic Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 026258154x, December.
    10. North, D-C, 1997. "The Process of Economic Change," Research Paper 128, World Institute for Development Economics Research.
    11. Nicholas Crafts, 2000. "Development history," Economic History Working Papers 22384, London School of Economics and Political Science, Department of Economic History.
    12. Naomi R. Lamoreaux & Daniel Raff, 1995. "Introduction: History and Theory in Search of One Another," NBER Chapters, in: Coordination and Information: Historical Perspectives on the Organization of Enterprise, pages 1-10 National Bureau of Economic Research, Inc.
    13. Hirshleifer, Jack, 1985. "The Expanding Domain of Economics," American Economic Review, American Economic Association, vol. 75(6), pages 53-68, December.
    14. Arrow, Kenneth J, 1994. "Methodological Individualism and Social Knowledge," American Economic Review, American Economic Association, vol. 84(2), pages 1-9, May.
    15. J. Stiglitz, 1998. "More Instruments and Broader Goals: Moving toward the PostWashington Consensus," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 8.
    16. Dixon, R., 1999. "The Origin of the Term "Dismal Science" to Describe Economics," Department of Economics - Working Papers Series 715, The University of Melbourne.
    17. Krugman, Paul, 1998. "Two Cheers for Formalism," Economic Journal, Royal Economic Society, vol. 108(451), pages 1829-36, November.
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