The economists of the English historical school 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 recognised the need for careful statistical research. They rejected the hypothesis of "the profit maximizing individual" or the "calculus of pleasure and pain" as the only basis for economic analysis and policy. They believed that it was more reasonable to base analysis on the collective whole of altruistic individuals.[4] Historical economists of the nineteenth century also rejected the view that economic policy prescriptions, however derived, would apply universally, without regard to place or time, as followers of the Ricardian and Marshallian schools did.
Alfred Marshall acknowledged the force of the historical school's views in his 1890 synthesis:
[T]he explanation of the past and the prediction of the future are not different operations, but the same worked in opposite directions, the one from effect to cause, the other from cause to effect. As Schmoller well says, to obtain "a knowledge of individual causes" we need "induction; the final conclusion of which is indeed nothing but the inversion of the Syllogism which is employed in deduction.... Induction and deduction rest on the same tendencies, the same beliefs, the same needs of our reason."[5]
Ashley, William J. 1897. "The Tory Origin of Free Trade Policy," Quarterly Journal of Economics, July 1897. McMaster, on line.
Ashton, T. S. 1948. The Industrial Revolution. Oxford, Oxford University Press.
Cliffe Leslie, T. E. 1870. "The Political Economy of Adam Smith." Fortnightly Review (London). 14:549–63. On line.
Goldman, Lawrence. 1989. "Entrepreneurs in Business History", The Business History Review, Vol. 63, No. 1, (Spring, 1989), pp. 223–25.
Marshall, Alfred (1920) [First published 1890]. "Appendix C: 'The scope and method of economics'". Principles of Economics (8th ed.). London: MacMillan & Co. OCLC 219845301.
Geoffrey Martin Hodgson, "Alfred Marshall and the British Methodendiskurs", How Economics Forgot History: The Problem of Historical Specificity in the Social Sciences, pp. 95–112. Routledge (2001) ISBN0-415-25716-6
Spiegel, Henry William (1991). The Growth of Economic Thought. Durham & London: Duke University Press. ISBN0-8223-0973-4
Rogers, Thorold. 1880. "Editor's Preface" to Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, 2 vols. (1869); revised edition (1880), pp. xxxiv et seq; on line at Osmania University, Digital Library of India, Internet Archive.
External linksedit
October 27, 2023
english, historical, school, economics, although, nearly, famous, german, counterpart, sought, return, inductive, methods, economics, following, triumph, deductive, approach, david, ricardo, early, 19th, century, school, considered, itself, intellectual, heirs. 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 emphasised empiricism and induction such as Francis Bacon and Adam Smith 2 3 Included in this school are William Whewell Richard Jones Thomas Edward Cliffe Leslie Walter Bagehot Thorold Rogers Arnold Toynbee William Cunningham and William Ashley 1 Contents 1 Concepts 2 Influences 3 References 4 Further reading 5 External linksConcepts editThe economists of the English historical school 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 recognised the need for careful statistical research They rejected the hypothesis of the profit maximizing individual or the calculus of pleasure and pain as the only basis for economic analysis and policy They believed that it was more reasonable to base analysis on the collective whole of altruistic individuals 4 Historical economists of the nineteenth century also rejected the view that economic policy prescriptions however derived would apply universally without regard to place or time as followers of the Ricardian and Marshallian schools did Alfred Marshall acknowledged the force of the historical school s views in his 1890 synthesis T he explanation of the past and the prediction of the future are not different operations but the same worked in opposite directions the one from effect to cause the other from cause to effect As Schmoller well says to obtain a knowledge of individual causes we need induction the final conclusion of which is indeed nothing but the inversion of the Syllogism which is employed in deduction Induction and deduction rest on the same tendencies the same beliefs the same needs of our reason 5 Influences editJohn Stuart Mill Auguste Comte and Herbert Spencer appear among the influences on the English historical economists The second half of Queen Victoria s reign saw the triumph of evolutionary concepts in the sciences geology biology and sociology and a transition from a coal and iron based manufacturing 6 economy to one based on communication urbanisation finance and empire The rise of the historical school of jurisprudence provided allies in the struggle against the dominance of the abstract theory 7 Historical economists viewed classical and neoclassical economics as too formal and as a rationalisation of free trade policies 1 in a colonial and imperial setting References edit a b c Spiegel 1991 Cliffe Leslie 1870 Thorold Rogers 1880 Goldman 1989 Marshall 1890 Ashton 1948 Spiegel 1991 Further reading editAshley William J 1897 The Tory Origin of Free Trade Policy Quarterly Journal of Economics July 1897 McMaster on line Ashton T S 1948 The Industrial Revolution Oxford Oxford University Press Cliffe Leslie T E 1870 The Political Economy of Adam Smith Fortnightly Review London 14 549 63 On line Goldman Lawrence 1989 Entrepreneurs in Business History The Business History Review Vol 63 No 1 Spring 1989 pp 223 25 Marshall Alfred 1920 First published 1890 Appendix C The scope and method of economics Principles of Economics 8th ed London MacMillan amp Co OCLC 219845301 Geoffrey Martin Hodgson Alfred Marshall and the British Methodendiskurs How Economics Forgot History The Problem of Historical Specificity in the Social Sciences pp 95 112 Routledge 2001 ISBN 0 415 25716 6 Spiegel Henry William 1991 The Growth of Economic Thought Durham amp London Duke University Press ISBN 0 8223 0973 4 Rogers Thorold 1880 Editor s Preface to Adam Smith An Inquiry into the Nature and Causes of the Wealth of Nations 2 vols 1869 revised edition 1880 pp xxxiv et seq on line at Osmania University Digital Library of India Internet Archive External links edit English Historical School New School Retrieved from https en wikipedia org w index php title English historical school of economics amp oldid 1163509372, wikipedia, wiki, book, books, library,
