The Making Of Neoclassical Economics

ROUTLEDGE REVIVALS The Making of Neoclassical Economics John F. Henry Routledge Revivals The Making of Neoclassical Economics First published in 1990, this unique explanation of the rise of neoclassical economics views social change as an engine promoting change in theory. It attempts to develop a theory of the origins, consolidation and rise to dominance of the neoclassical school of thought. In so doing, it addresses the contest between the labour and utility theories of value; both are placed in historical context, and reasons are offered for the relative success of each in particular historical periods. It is argued that the eventual dominance of neoclassicism, a theory based on the social changes then taking place, resulted not from its scientific superiority but from its non-social perspective which ignores the social order upon which it depends. The Making of Neoclassical Economics John F. Henry ROUTLEDGE Routledge Taylor & Francis Group First published in 1990 by Unwin Hyman This edition first published in 2011 by Routledge 2 Park Square, Milton Park, Abingdon, Oxon, OX14 4RN Simultaneously published in the USA and Canada by Routledge 270 Madison Avenue, New York, NY 10016 Routledge is an imprint of the Taylor & Francis Group, an informa business © 1990 John F. Henry All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers. Publisher’s Note The publisher has gone to great lengths to ensure the quality of this reprint but points out that some imperfections in the original copies may be apparent. Disclaimer The publisher has made every effort to trace copyright holders and welcomes correspondence from those they have been unable to contact. A Library of Congress record exists under ISBN: 0044456646 ISBN 13: 978-0-415-61861-8 (hbk) ISBN 13: 978-0-203-82875-5 (ebk) The making of neoclassical economics John F. Henry Department of Economics California State University, Sacramento Boston UNWIN HYMAN London Sydney Wellington © John F. Henry 1990 This book is copyright under the Berne Convention. No reproduction without permission. All rights reserved. Unwin Hyman Inc., 8 Winchester Place, Winchester, Mass. 01890, USA Published by the Academic Division of Unwin Hyman Ltd 15/17 Broadwick Street, London W1V 1FP, UK Allen & Unwin (Australia) Ltd, 8 Napier Street, North Sydney, NSW 2060, Australia Allen & Unwin (New Zealand) Ltd in association with the Port Nicholson Press Ltd, Compusales Building, 75 Ghuznee Street, Wellington 1, New Zealand First published in 1990 Library of Congress Cataloging in Publication Data Henry, John The making of neoclassical economics/John Henry. p. cm. Includes bibliographical references. ISBN 0-04-445664-6 1. Neoclassical school of economics. I. Title. HB98.2.H46 1990 330.15'7—dc20 89-70717 CIP British Library Cataloguing in Publication Data Henry, John F. The making of neoclassical economics. 1. Economics. Th