The role of first principles in economics is examined through the lens of dominant methodological approaches of the classical and neoclassical periods. First principles are most clearly displayed in pure deductive systems. The tension between first principles as the basis for deductivist...

The purpose of this chapter is to link Ronald Coase's methodological approach to what he ‘learned' when he was at the London School of Economics (LSE) from Edwin Cannan and Arnold Plant. The main lesson Coase taught us and insisted upon was that economics should not be too ‘abstract' and...

In England as elsewhere, policy makers are trying to reduce the pressure on costs due to rising hospital admissions by encouraging GPs to refer fewer patients to hospital specialists. This could have an impact on elective treatment levels, particularly procedures for conditions which are not...

This paper analyzes the strategic role played by British classical political economy in constructing new technologies of power. Michel Foucault drew attention to a change that political economists promoted concerning the role of the state, which has been overlooked by historians of economic...

When Adam Smith – author of Wealth of Nations (1776) and Theory of Moral Sentiments (1759) – was elected Professor of Logic at Glasgow in 1751, he joined a benefit “scheme” that was unique for its time, although quite common in the 21st century. The scheme offered participants a choice...

Though contemporaries, Adam Smith and Sir James Steuart are commonly portrayed as men belonging to different eras. Whereas Smith went down in history both as founder of Classical Political Economy and patron of economic liberalism, Steuart became known as the last, outdated advocate of...

The quality of J. Robinson's short book, On Re-reading Marx, is so poor that it calls into question her capability to do research independent from the constant help, supervision and aid of Richard Kahn. The three essays, in fact, demonstrate and reflect her own actual ability to do economic...

An enduring myth accepted by all Orthodox and heterodox economists is that it was Richard Kahn who discovered and originated the concept of the multiplier. Kahn then supposedly showed Keynes how the multiplier concept could be specified mathematically so as to provide hard support for Keynes's...