IDEAS home Printed from https://ideas.repec.org/a/wea/econth/v2y2013i2p46.html
   My bibliography  Save this article

Missing Links: Hume, Smith, Kant and Economic Methodology

Author

Listed:
  • Stuart Holland
  • Teresa Carla Oliveira

Abstract

This paper traces missing links in the history of economic thought. In outlining Hume's concept of 'the reflexive mind' it shows that this opened frontiers between philosophy and psychology which Bertrand Russell denied and which logical positivism in philosophy and positive economics displaced. It relates this to Hume's influence not only on Smith, but also on Schopenhauer and the later Wittgenstein, with parallels in Gestalt psychology and recent findings from neural research and cognitive psychology. It critiques Kant's reaction to Hume's claim that one may assume but cannot prove cause and effect and how Samuelson's Foundations of Economic Analysis has been Kantian but wrong in claims for axioms that are universal truths. It illustrates how Samuelson's presumption that language and mathematics are 'identical' was as mistaken as the logical atomism of Russell and the early Wittgenstein, relates this to Kleinian splitting, denial and projective identification and suggests that recovery of greater realism in economics needs to regain links with such philosophy and psychology.

Suggested Citation

  • Stuart Holland & Teresa Carla Oliveira, 2013. "Missing Links: Hume, Smith, Kant and Economic Methodology," Economic Thought, World Economics Association, vol. 2(2), pages 1-46, October.
  • Handle: RePEc:wea:econth:v:2:y:2013:i:2:p:46
    as

    Download full text from publisher

    File URL: http://et.worldeconomicsassociation.org/papers/missing-links-hume-smith-kant-and-economic-methodology/
    Download Restriction: no

    File URL: http://et.worldeconomicsassociation.org/files/WEA-ET-2-2-HollandOliveira.pdf
    Download Restriction: no

    References listed on IDEAS

    as
    1. Fama, Eugene F & French, Kenneth R, 1992. " The Cross-Section of Expected Stock Returns," Journal of Finance, American Finance Association, vol. 47(2), pages 427-465, June.
    2. Merton, Robert C, 1998. "Applications of Option-Pricing Theory: Twenty-Five Years Later," American Economic Review, American Economic Association, vol. 88(3), pages 323-349, June.
    3. Lucas, Robert E, Jr, 1996. "Nobel Lecture: Monetary Neutrality," Journal of Political Economy, University of Chicago Press, vol. 104(4), pages 661-682, August.
    4. George A. Akerlof, 2009. "How Human Psychology Drives the Economy and Why It Matters," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(5), pages 1175-1175.
    5. Robert C. Merton, 2005. "Theory of rational option pricing," World Scientific Book Chapters,in: Theory Of Valuation, chapter 8, pages 229-288 World Scientific Publishing Co. Pte. Ltd..
    6. Scholes, Myron S, 1998. "Derivatives in a Dynamic Environment," American Economic Review, American Economic Association, vol. 88(3), pages 350-370, June.
    7. Ricardo, David, 1821. "On the Principles of Political Economy and Taxation," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, edition 3, number ricardo1821.
    8. Paul A. Samuelson, 2004. "Where Ricardo and Mill Rebut and Confirm Arguments of Mainstream Economists Supporting Globalization," Journal of Economic Perspectives, American Economic Association, vol. 18(3), pages 135-146, Summer.
    9. Sheila C. Dow, 2002. "Interpretation: The Case of David Hume," History of Political Economy, Duke University Press, vol. 34(2), pages 399-420, Summer.
    10. Amartya Sen, 2003. "Sraffa, Wittgenstein, and Gramsci," Journal of Economic Literature, American Economic Association, vol. 41(4), pages 1240-1255, December.
    11. Sonali K. Shah & Kevin G. Corley, 2006. "Building Better Theory by Bridging the Quantitative-Qualitative Divide," Journal of Management Studies, Wiley Blackwell, vol. 43(8), pages 1821-1835, December.
    12. Teresa Carla Oliveira & Stuart Holland, 2012. "On the centrality of human value," Journal of Economic Methodology, Taylor & Francis Journals, vol. 19(2), pages 121-141, June.
    13. Carl Wennerlind, 2005. "David Hume's Monetary Theory Revisited: Was He Really a Quantity Theorist and an Inflationist?," Journal of Political Economy, University of Chicago Press, vol. 113(1), pages 223-252, February.
    14. Jevons, William Stanley, 1871. "The Theory of Political Economy," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number jevons1871.
    15. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January.
    16. Hume, David, 1758. "An Equiry Concerning Human Understanding," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number hume1758.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. repec:bus:jphile:v:11:y:2017:i:1:n:3 is not listed on IDEAS
    2. Hubert Gabrisch, 2015. "On the twin deficits hypothesis and the import intensity in transition countries," International Economics and Economic Policy, Springer, vol. 12(2), pages 205-220, June.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wea:econth:v:2:y:2013:i:2:p:46. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jake McMurchie). General contact details of provider: http://edirc.repec.org/data/worecea.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.