This book brings together key players in the current debate on positive and normative science and philosophy and value judgements in economics. Both editors have engaged in these debates throughout their careers from its early foundations; Putnam as a doctorial student of Hans Reichenbach at UCLA and Walsh a junior member of Lord Robbinsâe(tm)s department at the London School of Economics, both in the early 1950s. This book collects recent contributions from Martha Nussbaum and Harvey Gram, as well as a (...) new chapter from the editors. (shrink)

This monograph is a critical assessment of the foundations of microeconomic theory, rationality, welfare resource allocation and capital reproduction. It examines the various concepts of rationality that have been constructed by 20th-century economists.

The present note will be concerned only with Sir Partha Dasgupta's recent article in this journal (Dasgupta 2005). What is more, it will concentrate on those parts of the article which contain a serious misreading of Hilary Putnam's position on the entanglement of facts, theories and values. These philosophical matters can perhaps be clarified for economist readers (they should require no clarification for philosophers) by considering, to begin with, Dasgupta's interpretation of the Bergson–Samuelson position. What (Bergson) Burk (1938) and Samuelson (...) (1947) were doing, according to Dasgupta, was to establish ‘the ethical foundations of the subject. . .over five decades ago’ (Dasgupta 2005: 221–2).2 Thus a major theme of the article is heard at once: economics is supposedly based on sound ethical foundations, and these can be traced (it is supposed) to specific work written long ago, and hence needing no augmentation. These ethical foundations, it is claimed, ‘are now regarded to be a settled matter’ (2005: 222). (shrink)

The axiom of comparability has been a fundamental part of mathematical choice theory from its beginnings. This axiom was a natural first assumption for a theory of choice originally constructed to explain decision making where other assumptions such as continuous divisibility of choice spaces could legitimately also be made. Once the generality of application of formal choice theory becomes apparent, it also becomes apparent that both continuity assumptions and the axiom of comparability may be unduly restrictive and lead to the (...) neglect of decision situations which are important and which can be handled on a modified axiom set. These considerations bear on the philosophical analysis of the concept of rational decision. (shrink)