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Pareto and Political Economy as a Science: Methodological Revolution and Analytical Advances in Economic Theory in the 1890s

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  • Marchionatti, Roberto
  • Gambino, Enrico

Abstract

It is argued that Joseph Schumpeter's widely accepted judgment that Pareto's work is 'completely rooted in Walras's system' constitutes a misreading of Pareto. In fact, already during the period 1892-1900, Pareto traces the methodological outlines of an economic science profoundly different from that of Walras. It is maintained that his methodological contribution represents an attempt to define the conditions for political economy to be a science. In this context, Pareto examines the theoretical premises of economic theories and questions the hypotheses of perfect foresight and rationality. The ordinalist hypothesis is also shown to be a consequence of these methodological reflections. Copyright 1997 by the University of Chicago.

Suggested Citation

  • Marchionatti, Roberto & Gambino, Enrico, 1997. "Pareto and Political Economy as a Science: Methodological Revolution and Analytical Advances in Economic Theory in the 1890s," Journal of Political Economy, University of Chicago Press, vol. 105(6), pages 1322-1348, December.
    • Handle: RePEc:ucp:jpolec:v:105:y:1997:i:6:p:1322-48
    DOI: 10.1086/516395
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    Cited by:

    1. Mario A. Cedrini & Roberto Marchionatti, 2017. "On the Theoretical and Practical Relevance of the Concept of Gift to the Development of a Non-imperialist Economics," Review of Radical Political Economics, Union for Radical Political Economics, vol. 49(4), pages 633-649, December.
    2. Marchionatti, Roberto & Mornati, Fiorenzo, 2014. "Economic Theories in Competition. A New Narrative of the Debate on General Economic Equilibrium Theory in the 1930s," CESMEP Working Papers 201404, University of Turin.
    3. Michael McLure, 2005. "Pareto on the History of Economic Thought as an Aspect of Experimental Economics," Economics Discussion / Working Papers 05-22, The University of Western Australia, Department of Economics.
    4. Paolo Silvestri, 2016. "Disputed (Disciplinary) Boundaries: Philosophy, Economics and Value Judgments," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 24(3), pages 187-221.
    5. Jimena Hurtado & Johanna Mick, 2011. "Utilitarianism and Economic Behavior. Looking for Benthamite Traces," Documentos CEDE 9251, Universidad de los Andes, Facultad de Economía, CEDE.
    6. Claire Baldin & Ludovic Ragni, 2015. "Théorie des élites parétienne et moment machiavélien comme principes explicatifs de la dynamique sociale : les limites de la méthode des approximations successives," GREDEG Working Papers 2015-19, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    7. Silvestri, Paolo, 2015. "Disputed (Disciplinary) Boundaries. Philosophy, Economics, Value Judgments," CESMEP Working Papers 201504, University of Turin.
    8. Michael McLure, 2004. "The Fiscal Sociology of Gino Borgatta," Economics Discussion / Working Papers 04-10, The University of Western Australia, Department of Economics.
    9. Roberto Marchionatti Author-Email: roberto.marchionatti@unito.it & Fiorenzo Mornati Author-Email: fiorenzo.mornati@unito.it, 2016. "Economic Theories in Competition A New Narrative of the Debate on the General Economic Equilibrium Theory in the 1930s," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 63(5), pages 503-523, December.
    10. McLure Michael, 2003. "Dualistic distinctions and the development of pareyo's general theories of economic and social equilibrium," CESMEP Working Papers 200302, University of Turin.
    11. Claire Baldin & Ludovic Ragni, 2014. "La rupture du moment machiavélien dans l’économie et la sociologie politique de Pareto : risque d’incohérence pour la méthode des approximations successives," Post-Print halshs-01241318, HAL.
    12. Senderski, Marcin, 2014. "Ecumenical foundations? On the coexistence of Austrian and neoclassical views on utility," MPRA Paper 67024, University Library of Munich, Germany.
    13. Mornati Fiorenzo, 2002. "L'économie pure de Pareto avant la théorie du choix: l'épistémologie et l'analytique de la théorie de l'utilité," CESMEP Working Papers 200211, University of Turin.
    14. Sousa, Tania & Domingos, Tiago, 2006. "Is neoclassical microeconomics formally valid? An approach based on an analogy with equilibrium thermodynamics," Ecological Economics, Elsevier, vol. 58(1), pages 160-169, June.
    15. Marchionatti, Roberto & Sella, Lisa, 2015. "Is Neo-Walrasian Macroeconomics a Dead End?," CESMEP Working Papers 201502, University of Turin.
    16. Ludovic Ragni, 2012. "What Vilfredo Pareto Brought to the Economics of Knowledge," Chapters, in: Richard Arena & Agnès Festré & Nathalie Lazaric (ed.), Handbook of Knowledge and Economics, chapter 2, Edward Elgar Publishing.
    17. Michael McLure, 2005. "Economics in Relation to Sociology: Dualisms and Vilfredo Pareto's Pluralistic Methodology," Economics Discussion / Working Papers 05-21, The University of Western Australia, Department of Economics.
    18. Claire Baldin & Ludovic Ragni, 2019. "Note sur quelques limites de la méthodologie de Pareto et ses interprétations," GREDEG Working Papers 2019-02, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    19. Luca Timponelli, 2021. "From Pareto to Bridgman: The Operational Turn of Samuelson, Sraffa and Leontief," Annals of the Fondazione Luigi Einaudi. An Interdisciplinary Journal of Economics, History and Political Science, Fondazione Luigi Einaudi, Torino (Italy), vol. 55(1), pages 303-328, June.
    20. Richard Arena & Ludovic Ragni, 2019. "Nature humaine et choix rationnel : Pareto contre Walras ?," GREDEG Working Papers 2019-06, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    21. Marchionatti Roberto, 2002. "What don't economists know now that Marshall knew a century ago?," CESMEP Working Papers 200202, University of Turin.

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