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Between the Two World Wars: The Years of High Theory?

In: Economic Theory in the Twentieth Century, An Intellectual History—Volume II

Author

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  • Roberto Marchionatti

    (University of Turin)

Abstract

This short chapter summarizes the picture that emerges from the narrative of the evolution of economy theory in the twenty-five years between the two world wars and discusses the main interpretations of the period in the history of economics—that of G. L. S. Shackle of “the Years of High theory” and that of Schumpeter, in his History, who emphasizes the continuity with tradition and maintains that the theory of 1945 is superior to the theory of 1900 as regards techniques. Our interpretation, in a perspective closer to Schumpeter than Shackle, recognizes the presence of often interconnected elements of tradition and innovation, which involve the communities of economists emphasizing their nature of evolving interacting entities.

Suggested Citation

  • Roberto Marchionatti, 2021. "Between the Two World Wars: The Years of High Theory?," Springer Books, in: Economic Theory in the Twentieth Century, An Intellectual History—Volume II, chapter 0, pages 415-420, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-80987-4_8
    DOI: 10.1007/978-3-030-80987-4_8
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