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Evaluating the historiography of the Great Depression: explanation or single-theory driven?

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  • Rick Szostak

Abstract

Following James Rule and Colin Clark, a single-theory-driven approach to scientific inquiry which focuses on testing particular theories can be distinguished from an explanation-driven approach which is open to all observations and whose results do not cease to have value with the passing of a particular theory. Several 'decision points' in the historiography of the Great Depression are examined and it is shown that the decisions made at each point reflect a single-theory-driven orientation. It is argued that the single-theory-driven approach likely characterizes other fields of Economics, and also that this paper's method of applying a 'test' to various decision points in the evolution of economic thought is of widespread utility. The likely cost of a single-theory-driven bias in terms of our collective understanding is discussed.

Suggested Citation

  • Rick Szostak, 2005. "Evaluating the historiography of the Great Depression: explanation or single-theory driven?," Journal of Economic Methodology, Taylor & Francis Journals, vol. 12(1), pages 35-61.
    • Handle: RePEc:taf:jecmet:v:12:y:2005:i:1:p:35-61
    DOI: 10.1080/1350178042000330896
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    References listed on IDEAS

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    1. Victor Zarnowitz, 1992. "Business Cycles: Theory, History, Indicators, and Forecasting," NBER Books, National Bureau of Economic Research, Inc, number zarn92-1.
    2. Brian Snowdon & Howard R. Vane, 1999. "Conversations with Leading Economists," Books, Edward Elgar Publishing, number 1607.
    3. Zarnowitz, Victor, 1992. "Business Cycles," National Bureau of Economic Research Books, University of Chicago Press, number 9780226978901, September.
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    1. Szostak, Rick, 2006. "Economic history as it is and should be: Toward an open, honest, methodologically flexible, theoretically diverse, interdisciplinary exploration of the causes and consequences of economic growth," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 35(4), pages 727-750, August.

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