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

Author

Listed:
  • John H. Finch

    (Department of Economics, University of Aberdeen, Scotland)

  • Robert McMaster

    (Department of Economics, University of Aberdeen, Scotland)

Abstract

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.

Suggested Citation

  • John H. Finch & Robert McMaster, 2005. "The paths of classical political economy and Walrasian economics through Bowles and Gintis’ rendering of post Walrasian economics," SCEME Working Papers: Advances in Economic Methodology 009/2005, SCEME.
  • Handle: RePEc:sti:wpaper:009/2005
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    More about this item

    Keywords

    contested-exchange; equilibrium; post-Walrasian; power; trust;

    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • P10 - Economic Systems - - Capitalist Systems - - - General

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