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From Pareto to Bridgman: The Operational Turn of Samuelson, Sraffa and Leontief

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  • Luca Timponelli

    (Fondazione Luigi Einaudi onlus, Torino)

Abstract

This paper reconstructs the attempts to adopt an operational methodology by Samuelson, Sraffa and Leontief as a reaction against the perceived limits of the experimentalism of the Paretian school. While appreciating Pareto’s anti-deductivist position and his critique of any substantialist theory of value, these three authors are persuaded that his theory still relies upon the unverifiable assumptions of Jevonian and Walrasian theory. Despite the striking differences in their programs, it is shown that Samuelson, Sraffa and Leontief share the belief that only by recasting fundamental concepts of economics in an operational way, it becomes possible to ground theory on experience, and that their theories represent parallel outcomes of the same trend in the history of general equilibrium economics. Their attempt at redefining, respectively, behaviour, value and equilibrium are analyzed by focusing on their common source in the Paretian framework, on their shared criticism of unoperational notions and on their peculiarities. The feasibility of the operationalist program in economics, as well as its compatibility with general equilibrium is then assessed, also by bearing in mind its reception in physics and epistemology.

Suggested Citation

  • Luca Timponelli, 2021. "From Pareto to Bridgman: The Operational Turn of Samuelson, Sraffa and Leontief," Annals of the Fondazione Luigi Einaudi. An Interdisciplinary Journal of Economics, History and Political Science, Fondazione Luigi Einaudi, Torino (Italy), vol. 55(1), pages 303-328, June.
    • Handle: RePEc:fle:journl:v:55:y:2021:i:1:p:303-328
    DOI: 10.26331/1145
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    References listed on IDEAS

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    More about this item

    Keywords

    P. Samuelson; P. Sraffa; W. Leontief; Economic Methodology; Operationalism;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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