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Adolph Lowe's Paradigm Shift for a Scientific Economics: An Interpretive Perspective

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  • Richard X. Chase

Abstract

. The economist Adolph Lowe has developed a methodological alternative, designated Political Economics, for the development of economic theory and the application of economic policy. In totality his system—with a methodology he calls instrumental—makes up a unity that can be seen as a logically derived paradigm shift for economics as a scientific discipline. Under it, by a democratic political process, some desired end‐state is first consciously and systematically determined. Then economic means are instrumentally employed to bring about the economic and social behavior necessary to attain and maintain that end‐state. Available knowledge and tools are useful for this model; however, there is no question that the approach raises significant technical, political and philosophical issues. But these are overshadowed by Lowe's paradigmatic vision, and its corollary modular framework of Political Economics.

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  • Richard X. Chase, 1983. "Adolph Lowe's Paradigm Shift for a Scientific Economics: An Interpretive Perspective," American Journal of Economics and Sociology, Wiley Blackwell, vol. 42(2), pages 167-178, April.
    • Handle: RePEc:bla:ajecsc:v:42:y:1983:i:2:p:167-178
    DOI: 10.1111/j.1536-7150.1983.tb01703.x
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