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.
|Date of creation:||Apr 2012|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://mpra.ub.uni-muenchen.de
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- 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.
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:42673. 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: (Ekkehart Schlicht)
If references are entirely missing, you can add them using this form.