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The paths of classical political economy and Walrasian economics through Bowles and Gintis’ rendering of post Walrasian economics

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Author Info
John H. Finch (Department of Economics, University of Aberdeen, Scotland)
Robert McMaster (Department of Economics, University of Aberdeen, Scotland)
Abstract

Bowles and Gintis have, over the last twenty-five years, contributed to a Post Walrasian approach to economics drawing upon this in making policy recommendations concerning institutional design and the distribution of productive resources in society. We establish that Post Walrasian Economics is a broadly coherent system of thought, with two distinct phases, contested exchange and evolution, that Bowles and Gintis consider addresses what they term as Walras’ fiction, i.e., the Walrasian system only offers a relationship between ‘things’ as opposed to humans. Nevertheless, we argue that they perpetrate their own fiction through an inherently reductionist framework.

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File URL: http://www.sceme.org.uk/wps/SCEME009_FinchMcMaster_2005.pdf
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Paper provided by SCEME in its series SCEME Working Papers: Advances in Economic Methodology with number 009/2005.

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Length: 34 pages
Date of creation: Jan 2005
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Handle: RePEc:sti:wpaper:009/2005

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Related research
Keywords: contested-exchange; equilibrium; post-Walrasian; power; trust;

Find related papers by JEL classification:
B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
P10 - Economic Systems - - Capitalist Systems - - - General

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    Other versions:
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    Other versions:
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