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The Plurality of Economic Classifications: Toward a New Strategy for Their Investigation

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  • Frasser, Cristian
  • Guzmán, Gabriel

Abstract

The standard strategy involves evaluating whether economic classifications meet criteria derived from a general theory of natural kinds. The first objective of this article is to show the implementation of this strategy by various relevant authors. We argue that the standard strategy has failed due to its lack of a greater sensitivity to the role played by human interests in the design of different types of natural kinds. The second objective is to outline a new strategy for investigating economic classifications. Our departure from the standard strategy can be described as a shift from assessing economic classifications based on general theories of natural kinds to examining specific cases with the aim of theorizing about their design and application. The cases of the cost-of-living index and race are used to succinctly discuss the objectivity of economic classifications and implications for the relationship between science and democracy.

Suggested Citation

  • Frasser, Cristian & Guzmán, Gabriel, 2024. "The Plurality of Economic Classifications: Toward a New Strategy for Their Investigation," MPRA Paper 121166, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:121166
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    File URL: https://mpra.ub.uni-muenchen.de/121166/1/MPRA_paper_121166.pdf
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    References listed on IDEAS

    as
    1. Rosenberg, Alexander, 1992. "Economics--Mathematical Politics or Science of Diminishing Returns?," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226727233, January.
    2. Smit, J. P. & Buekens, Filip & Du Plessis, Stan, 2016. "Cigarettes, dollars and bitcoins – an essay on the ontology of money," Journal of Institutional Economics, Cambridge University Press, vol. 12(2), pages 327-347, June.
    3. Thomas C. Leonard, 2016. "Illiberal Reformers: Race, Eugenics, and American Economics in the Progressive Era," Economics Books, Princeton University Press, edition 1, number 10572.
    4. Frasser, Cristian & Guzmán, Gabriel, 2020. "What do we call money? An appraisal of the money or non-money view," Journal of Institutional Economics, Cambridge University Press, vol. 16(1), pages 25-40, February.
    5. Francesco Guala, 2016. "Understanding Institutions: The Science and Philosophy of Living Together," Economics Books, Princeton University Press, edition 1, number 10742.
    6. Cristian Frasser & Gabriel Guzmán, 2023. "Definitions in economics: farewell to essentialism," Journal of Economic Methodology, Taylor & Francis Journals, vol. 30(3), pages 228-244, July.
    7. Smit, J. P. & Buekens, Filip & du Plessis, Stan, 2011. "What Is Money? An Alternative To Searle'S Institutional Facts," Economics and Philosophy, Cambridge University Press, vol. 27(1), pages 1-22, March.
    8. Guzmán, Gabriel & Frasser, Cristian, 2017. "Rules, Incentivization and the Ontology of Human Society," MPRA Paper 117908, University Library of Munich, Germany.
    9. Hodgson, Geoffrey M., 2019. "Taxonomic definitions in social science, with firms, markets and institutions as case studies," Journal of Institutional Economics, Cambridge University Press, vol. 15(2), pages 207-233, April.
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    More about this item

    Keywords

    natural kinds; economic classifications; essences; objectivity; science and democracy.;
    All these keywords.

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General

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