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The paths of classical political economy and Walrasian economics through Bowles and Gintis’ rendering of post Walrasian economics

  • John H. Finch

    (Department of Economics, University of Aberdeen, Scotland)

  • Robert McMaster

    (Department of Economics, University of Aberdeen, Scotland)

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    Bowles and Gintis have, over the last twenty-five years, contributed to a Post Walrasian approach to economics drawing upon this in making policy recommendations concerning institutional design and the distribution of productive resources in society. We establish that Post Walrasian Economics is a broadly coherent system of thought, with two distinct phases, contested exchange and evolution, that Bowles and Gintis consider addresses what they term as Walras’ fiction, i.e., the Walrasian system only offers a relationship between ‘things’ as opposed to humans. Nevertheless, we argue that they perpetrate their own fiction through an inherently reductionist framework.

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    Paper provided by SCEME in its series SCEME Working Papers: Advances in Economic Methodology with number 009/2005.

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    Length: 34 pages
    Date of creation: Jan 2005
    Date of revision:
    Handle: RePEc:sti:wpaper:009/2005
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