Monday, March 11, 2013

Mathew Forstater — Economics and Sociology: The Contributions of Adolph Lowe

While the focus here has been on Lowe's deconstruction of the laws of supply and demand, Economics and Sociology contains much, much more. It represents an early and almost completely unknown exposition of the principle of cumulative causation; an important critique of the long-period method; a novel interpretation of the history of economic thought that would inspire [his student Robert] Heilbroner's Worldly Philosophers; arguments for interdisciplinary social science way ahead of its time; prescient insights on matters that today would fall under the headings of ecological economics and cultural studies; a theory of the business cycle rooted in structural and technological change; and more. As the fields of Economic Sociology, Sociological Economics, and Economics and Sociology all attract renewed interest, it will be worthwhile to make this work, along with Lowe's other contributions, part of the required reading.
Economics and Sociology: The Contributions of Adolph Lowe
Mathew Forstater
 | Professor of Economics, University of Missouri - Kansas City

More reasons why neoclassical assumptions are non-representational, so that neoclassical models do not fit the facts.

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