A Note on Backhouse and Medema: On Walras’ Contribution to the Definition of Economics
In this paper, I argue that the insightful and rich collection of various definitions of economics provided by Backhouse and Medema (2009a,b) suffers from a major shortcoming: it misses Walras’ contributions on this topic. Borrowing from the authors’ taxonomy, I will show that Walras’ ‘synthetic method’ provides a particular interpretation that brings together ‘wealth-based,’ ‘scarcity-based,’ and ‘market-exchange based’ definitions of economics. Finally, I will argue that the ‘scarcity-based’ definition of economics originated with the Walrases (the father and son) rather than Robbins (1935). Walras pioneered the notion of scarcity as a subjective agent-based reality existing at an individual level.
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- Donald A. Walker, 1984. "Is Walras's Theory of General Equilibrium a Normative Scheme?," History of Political Economy, Duke University Press, vol. 16(3), pages 445-469, Fall.
- Manuel L. Costa, 1998. "General Equilibrium Analysis and the Theory of Markets," Books, Edward Elgar, number 1604, March.
- Roger E. Backhouse & Steve G. Medema, 2009. "Defining Economics: The Long Road to Acceptance of the Robbins Definition," Economica, London School of Economics and Political Science, vol. 76(s1), pages 805-820, October.
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