English historical school of economics
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The English historical school of economics, although not nearly as famous as its German counterpart, sought a return of inductive methods in economics, following the triumph of the deductive approach of David Ricardo in the early 19th century.[1] The school considered itself the intellectual heirs of past figures who had emphasized induction, such as Francis Bacon, and Adam Smith.[2] Included in this school are: William Whewell, Richard Jones, Thomas Edward Cliffe Leslie, Walter Bagehot, Thorold Rogers, Arnold Toynbee, and William Cunningham.[3] The economists that comprised the English historical school of economics were in general agreement on several ideas. They pursued an inductive approach to economics rather than the deductive approach taken by classical and neoclassical theorists. They recognized the need for careful statistical research. The school of economists rejected the basis for economic analysis as being the profit maximizing individual but believed that it was more reasonable to base analysis on the collective whole of altruistic individuals. [4] Historical economists of the nineteenth century also did not believe economic policy applied universially, as Ricardian and Marshallian followers did. Some influences of the english historical economists were James Stuart Mill, Auguste Comte, and Herbert Spencer. Another possible influence was a corresponding rise in historical jurists which were considered their "allies in the struggle against the dominace of the abstract theory." [5] Historical economists were often thrust on the defensive, for be attacked as too formal or as a rationalization of free-trade policy. [6]
[edit] Notes
[edit] References
- Spiegel, Henry William. 1991. The Growth of Economic Thought. Durham & London: Duke University Press. ISBN 0822309734
- Cliffe Leslie, T.E. 1870. "The Political Economy of Adam Smith." Fortnightly Review (London). 14:549-563.
- Goldman, Lawrence. The Business History Review, Vol. 63, No. 1, Entrepreneurs in Business History (Spring, 1989), pp. 223-225.
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