The struggle over the soul of economics

Yuval P. Yonay

This book provides a surprising answer to two puzzling questions that relate to the very "soul" of the professional study of economics in the late twentieth century: How did the discipline of economics come to be dominated by an approach that is heavily dependent on mathematically derived models, and what happened to other approaches to the discipline that were considered to be scientifically viable less than fifty years ago? Between the two world wars there were two well-accepted schools of thought in economics: the "neoclassical," which emerged in the last third of the nineteenth century, and the "institutionalist," which started with the works of Veblen and Commons at the end of the same century. Although the contributions of the institutionalists are nearly forgotten now, Yuval Yonay shows that their legacy lingers in the study and practice of economics today. By reconsidering...

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