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Of time, uncertainty, and policy-making : Lionel Robbins’ lost philosophy of political economy

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Listed:
  • Thiago Dumont Oliveira

    (University of Siena)

  • Carlos Eduardo Suprinyak

    (Cedeplar-UFMG)

Abstract

In the second edition of his methodological Essay, Lionel Robbins attributes a significant role to uncertainty, dynamics and the time element. Understanding the motives that led to these revisions may offer important clues to assess what happened to political economy ever since, and how far economics has diverged from Robbins’ agenda. Our main claim is that these topics appeared on the second edition of the Essay because Robbins saw them as fundamental if economics (as a science) were to achieve its goal of being a useful tool for political economy, following the English Classical economists’ distinction between science and art. His conception of science was thus tailored to his interests in political economy, rejecting attempts to mimic the methods of the natural sciences by preserving the human element that makes economics a social science.

Suggested Citation

  • 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.
    • Handle: RePEc:cdp:texdis:td580
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    File URL: https://www.cedeplar.ufmg.br/pesquisas/td/TD%20580.pdf
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    References listed on IDEAS

    as
    1. Masini, Fabio, 2009. "Economics And Political Economy In Lionel Robbins'S Writings," Journal of the History of Economic Thought, Cambridge University Press, vol. 31(4), pages 421-436, December.
    2. Setterfield, Mark, 1998. "History versus Equilibrium: Nicholas Kaldor on Historical Time and Economic Theory," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 22(5), pages 521-537, September.
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    4. 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.
    5. Nicola Giocoli, 2003. "Modeling Rational Agents," Books, Edward Elgar Publishing, number 2585.
    6. 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.
    7. Susan Howson, 2004. "The Origins of Lionel Robbins's Essay on the Nature and Significance of Economic Science," History of Political Economy, Duke University Press, vol. 36(3), pages 413-443, Fall.
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    More about this item

    Keywords

    Lionel Robbins; Political Economy; Uncertainty; Time; Methodology of Economics;
    All these keywords.

    JEL classification:

    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General

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