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Can Economics be Founded on ‘Indisputable Facts of Experience’? Lionel Robbins and the Pioneers of Neoclassical Economics

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  • ROBERT SUGDEN

Abstract

Robbins argues that the fundamental propositions of microeconomic theory are deductions from the assumption that individuals act on consistent preferences; this ‘indisputable fact of experience’ does not need to be validated in controlled experiments. While recognising that some neoclassical pioneers based the theory on psychological hedonism, Robbins claims that his own approach of ‘pure theory’ belongs to a parallel and sounder tradition exemplified by Menger and Wicksteed. This paper argues that Robbins' methodological defence of pure theory is incoherent, and that his claim to find an intellectual lineage in the works of Menger and Wicksteed overlooks important discontinuities.

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  • Robert Sugden, 2009. "Can Economics be Founded on ‘Indisputable Facts of Experience’? Lionel Robbins and the Pioneers of Neoclassical Economics," Economica, London School of Economics and Political Science, vol. 76(s1), pages 857-872, October.
    • Handle: RePEc:bla:econom:v:76:y:2009:i:s1:p:857-872
    DOI: 10.1111/j.1468-0335.2009.00793.x
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    References listed on IDEAS

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    1. Harro Maas, 2005. "Jevons, Mill And The Private Laboratory Of The Mind," Manchester School, University of Manchester, vol. 73(5), pages 620-649, September.
    2. Rubinstein, Ariel, 2001. "A theorist's view of experiments," European Economic Review, Elsevier, vol. 45(4-6), pages 615-628, May.
    3. Luigino Bruni, 2002. "Vilfredo Pareto and the Birth of Modern Microeconomics," Books, Edward Elgar Publishing, number 2238.
    4. Richard H. Thaler, 2008. "Mental Accounting and Consumer Choice," Marketing Science, INFORMS, vol. 27(1), pages 15-25, 01-02.
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    1. Thiago Dumont Oliveira & Carlos Eduardo Suprinyak, 2016. "Lionel Robbins’ first-step individualism and the prehistory of microfoundations," Textos para Discussão Cedeplar-UFMG 537, Cedeplar, Universidade Federal de Minas Gerais.
    2. Thiago Dumont Oliveira & Carlos Eduardo Suprinyak, 2016. "The economist quae political economist: Lionel Robbins and the economic adivisory council," Textos para Discussão Cedeplar-UFMG 535, Cedeplar, Universidade Federal de Minas Gerais.
    3. Thiago Dumont Oliveira & Carlos Eduardo Suprinyak, 2018. "Of time, uncertainty, and policy-making : Lionel Robbins’ lost philosophy of political economy," Textos para Discussão Cedeplar-UFMG 580, Cedeplar, Universidade Federal de Minas Gerais.
    4. Avner Offer, 2012. "Self-interest, Sympathy and the Invisible Hand : From Adam Smith to Market Liberalism," Economic Thought, World Economics Association, vol. 1(2), pages 1-1, December.
    5. Avner Offer, 2012. "Self-interest, Sympathy and the Invisible Hand : From Adam Smith to Market Liberalism," Economic Thought, World Economics Association, vol. 1(2), pages 1-1, December.

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