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The Incommensurability of Keynes's and Walrasian Economics and the Unsuccessful Escape from Old Ideas

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  • Arne Heise

    (Hamburg University, Germany)

Abstract

The Cambridge Journal of Economics witnessed an important debate between Mark Pernecky and Paul Wojick on the one side and Rod Thomas on the other about the usefulness of Thomas Kuhn's sociology and philosophy of science in explaining why Keynes's revolutionary ideas exposed in the General Theory have been 'lost in translation'. This brief note is an attempt to reconcile Pernecky and Wojick's claim that Keynes's new economics of the General Theory and Walrasian General Equilibrium are incommensurable paradigms in a Kuhnian understanding and Thomas's critique that – if they were incommensurable – Pernecki and Wojick's appraisal of Keynes's paradigm as a better approximation to the 'real world' than Walsrasian General Equilibrium is inconsistent within that very Kuhnian framework.

Suggested Citation

  • Arne Heise, 2022. "The Incommensurability of Keynes's and Walrasian Economics and the Unsuccessful Escape from Old Ideas," Economic Thought, World Economics Association, vol. 10(2), pages 12-19, February.
    • Handle: RePEc:wea:econth:v:10:y:2022:i:2:p:12
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    References listed on IDEAS

    as
    1. Heise, Arne, 2020. "Minimum wages and the resilience of neoclassical labour market economics: Some preliminary evidence from Germany," ZÖSS-Discussion Papers 77, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).
    2. Rod Thomas, 0. "Keynes, Kuhn and the sociology of knowledge: a comment on Pernecky and Wojick," Cambridge Journal of Economics, Oxford University Press, vol. 44(6), pages 1415-1424.
    3. Mark Pernecky & Paul Wojick, 2019. "The problematic nature and consequences of the effort to force Keynes into the conceptual cul-de-sac of Walrasian economics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 43(3), pages 769-783.
    4. Paul Davidson, 2005. "Responses to Lavoie, King, and Dow on what Post Keynesianism is and who is a Post Keynesian," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 27(3), pages 393-408.
    5. Rod Thomas, 2020. "Keynes, Kuhn and the sociology of knowledge: a comment on Pernecky and Wojick," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 44(6), pages 1415-1424.
    6. Ron Stanfield, 1974. "Kuhnian Scientific Revolutions and the Keynesian Revolution," Journal of Economic Issues, Taylor & Francis Journals, vol. 8(1), pages 97-109, March.
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