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Working Backwards: Instrumental analysis as a policy discovery procedure

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  • Mathew Forstater

Abstract

Following up on suggestions of Adolph Lowe, the paper draws on the work of Peirce, Polya and Michael Polanyi to elaborate the notion of Lowe's instrumental analysis as a policy discovery procedure. It is argued that such an interpretation of Lowe's instrumentalism may contribute to the formulation of effective practical policies. It is also argued in the paper that this interpretation throws light on some issues concerning markets and planning that relate to the debate on socialist calculation that has been revived in the name of the 'knowledge problem' by contemporary Austrian economists. In particular, it is argued that Lowe's Instrumentalism brings to the fore the role of discovery and creativity-which are central to Austrian conceptions of entrepreneurial activity in the market-in policy formulation. In this sense Lowe's work may be seen as an antecedent to more recent work in planning that critiques-and promotes nonessentialist alternatives to-optimal or rational planning.

Suggested Citation

  • Mathew Forstater, 1999. "Working Backwards: Instrumental analysis as a policy discovery procedure," Review of Political Economy, Taylor & Francis Journals, vol. 11(1), pages 5-18.
    • Handle: RePEc:taf:revpoe:v:11:y:1999:i:1:p:5-18
    DOI: 10.1080/095382599107147
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    References listed on IDEAS

    as
    1. Philip Arestis & Malcolm Sawyer, 1992. "A Biographical Dictionary of Dissenting Economists," Books, Edward Elgar Publishing, number 20.
    2. Will Lissner, 1981. "Adolph Lowe's Methodological Alternative for Economic Research and Policy," American Journal of Economics and Sociology, Wiley Blackwell, vol. 40(3), pages 277-286, July.
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    Cited by:

    1. M Forstater, 2005. "In Memoriam: Robert L Heilbrone- the continuing relevance of the Worldly Philosophy," Economic Issues Journal Articles, Economic Issues, vol. 10(1), pages 59-66, March.
    2. Forstater, Mathew, 2004. "Visions and scenarios: Heilbroner's worldly philosophy, Lowe's political economics, and the methodology of ecological economics," Ecological Economics, Elsevier, vol. 51(1-2), pages 17-30, November.
    3. Mathew Forstater, 2004. "Visions and Scenarios: Heilbroner's Worldly Philosophy, Lowe's Political Economics, and the Methodology of Ecological Economics," Economics Working Paper Archive wp_413, Levy Economics Institute.
    4. Mathew Forstater, 2004. "Visions and Scenarios: Heilbroner's Worldly Philosophy, Lowe's Political Economics, and the Methodology of Ecological Economics," Method and Hist of Econ Thought 0411002, University Library of Munich, Germany.
    5. Jerry Courvisanos, 2009. "Regional Innovation for Sustainable Development: An Australian Perspective," Journal of Innovation Economics, De Boeck Université, vol. 0(1), pages 119-143.

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