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From Political Economy to Economics: How Statistics, Graphs, and the State Forged Twentieth Century Economics

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  • Ricardo Alejandro Peña Pinzón

Abstract

The purpose of this essay is to present not only the entrance but also the effect Statistics had upon the consolidation of Economics and its further influence in state intervention. The traditional method of Political Economy in the late nineteenth century disregarded Statistics as a valid approach to acquire economic knowledge. This paradigm was changed, amongst others, by the American Wesley C. Mitchell and the Englishman William Stanley Jevons, who used graphs and statistics as part of the “economic toolset” for research for causal relationships. Furthermore, Statistics only entered state intervention and planning after mayor crises (the World Wars and the Great Depression) forced states to play an active role in the economy. This essay will focus on the experience of the United States and the United Kingdom on these matters.

Suggested Citation

  • Ricardo Alejandro Peña Pinzón, 2020. "From Political Economy to Economics: How Statistics, Graphs, and the State Forged Twentieth Century Economics," Econógrafos, Escuela de Economía 022720, Universidad Nacional de Colombia, FCE, CID.
    • Handle: RePEc:col:000176:022720
    DOI: 5735882
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    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Econometrics; Quantitative and Mathematical Studies
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • N01 - Economic History - - General - - - Development of the Discipline: Historiographical; Sources and Methods

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