IDEAS home Printed from https://ideas.repec.org/p/uto/cesmep/200201.html
   My bibliography  Save this paper

Dealing with complexity Marshall and Keynes on the nature of economic thinking

Author

Abstract

In their conception and practice of economics, Alfred Marshall and John Maynard Keynes have been increasingly regarded as old-fashioned economists. According to a widely shared opinion in mainstream economics, they adopted loose definitions and generic concepts; they did not make extensive use of mathematics as ‘an engine of inquiry’; they were unsystematic in their discussion; they did not support their opinions by means of systematic statistical analysis. All of this stands in sharp contrast with the conception of economics largely prevailing after the Second World War, which is based on deductive models, consistent with standard economic principles and highly dosed with mathematics, which have to be econometrically tested and applied to reality in order to achieve general results able to hold for all times and institutional contexts.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Marchionatti Roberto, 2002. "Dealing with complexity Marshall and Keynes on the nature of economic thinking," CESMEP Working Papers 200201, University of Turin.
    • Handle: RePEc:uto:cesmep:200201
    as

    Download full text from publisher

    File URL: http://www.cesmep.unito.it/WP/1_WP_Cesmep.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. R. M. O’Donnell, 1989. "Keynes: Philosophy, Economics and Politics," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-07027-5, December.
    2. Joan Robinson, 1979. "The Generalisation of the General Theory and other Essays," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-1-349-16188-1, December.
    3. Brian J. Loasby, 1989. "The Mind and Method of the Economist," Books, Edward Elgar Publishing, number 288.
    4. Stephen Pratten, 1998. "Marshall on Tendencies, Equilibrium, and the Statical Method," History of Political Economy, Duke University Press, vol. 30(1), pages 121-163, Spring.
    5. repec:bla:kyklos:v:52:y:1999:i:3:p:415-39 is not listed on IDEAS
    6. Joan Robinson, 1979. "The Generalisation of the General Theory," Palgrave Macmillan Books, in: The Generalisation of the General Theory and other Essays, edition 0, pages 1-76, Palgrave Macmillan.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Mario A. Cedrini & Roberto Marchionatti, 2017. "On the Theoretical and Practical Relevance of the Concept of Gift to the Development of a Non-imperialist Economics," Review of Radical Political Economics, Union for Radical Political Economics, vol. 49(4), pages 633-649, December.
    2. Roberto Marchionatti, 2010. "J. M. Keynes, thinker of economic complexity," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 18(2), pages 115-146.
    3. Magda Fontana, 2014. "Pluralism(s) in economics: lessons from complexity and innovation. A review paper," Journal of Evolutionary Economics, Springer, vol. 24(1), pages 189-204, January.
    4. Anna Carabelli & Mario Cedrini, 2010. "Keynes and the Complexity of International Economic Relations in the Aftermath of World War I," Journal of Economic Issues, Taylor & Francis Journals, vol. 44(4), pages 1009-1028.
    5. Cassata, Francesco & Marchionatti, Roberto, 2011. "A transdisciplinary perspective on economic complexity. Marshall's problem revisited," Journal of Economic Behavior & Organization, Elsevier, vol. 80(1), pages 122-136.
    6. Pinto, Hugo, 2011. "The role of econometrics in economic science: An essay about the monopolization of economic methodology by econometric methods," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 40(4), pages 436-443, August.
    7. Pinto, Hugo, 2009. "A Economia em Ebulição: Integrando o Plural e a Moral numa Ciência Económica Satisfatória [Economics in Turmoil: Integrating Moral and Plural in a Satisfactory Economic Science]," MPRA Paper 18718, University Library of Munich, Germany.
    8. Marchionatti, Roberto, 2012. "The economists and the primitive societies," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 41(5), pages 529-540.
    9. Garrone Giovanna & Marchionatti Roberto, 2007. "Keynes, statistics and econometrics," CESMEP Working Papers 200703, University of Turin.
    10. Fontana Magda, 2008. "The complexity approach to economics : a Paradigm shift," CESMEP Working Papers 200801, University of Turin.
    11. Garrone Giovanna & Marchionatti Roberto, 2007. "The appropriate style of economic discourse. Keynes on Economics and Econometrics," CESMEP Working Papers 200702, University of Turin.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mpabe Bodjongo, Mathieu Juliot, 2012. "Infrastructures institutionnelles et développement financier en zone CEMAC [Institutional infrastructures and financial development in zone CEMAC]," MPRA Paper 37824, University Library of Munich, Germany.
    2. Efe Can KILINÇ & Cafer Necat BERBEROĞLU, 2019. "The Relationship Between Saving, Profit Rates and Business CyclesAbstract:There are different approaches of economics schools on the sources, causes and determinants of business cycles. These approach," Sosyoekonomi Journal, Sosyoekonomi Society.
    3. Tapia, Jose, 2015. "Profits encourage investment, investment dampens profits, government spending does not prime the pump — A DAG investigation of business-cycle dynamics," MPRA Paper 64698, University Library of Munich, Germany.
    4. Bianchi, Benedetta, 2018. "Structural credit ratios," ESRB Working Paper Series 85, European Systemic Risk Board.
    5. Halil D. Kaya, 2021. "The Impact Of The 2008 Global Crisis On The Depth Of The Financial System," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 5, pages 5-18, October.
    6. Wu, Yingjia & Cao, Nannan & Muda, Iskandar & Rady, Ahmed & Abduvaxitovna, Shamansurova Zilola, 2024. "Financial development and natural resource nexus: Evaluating the importance of mineral in BRICS economies," Resources Policy, Elsevier, vol. 89(C).
    7. Alessandro Giovannini & Maurizio Iacopetta & Raoul Minetti, 2013. "Financial Markets, Banks, and Growth : Disentangling the links," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(5), pages 105-147.
    8. Isabel Sainz-Fernandez & Begoña Torre-Olmo & Carlos López-Gutiérrez & Sergio Sanfilippo-Azofra, 2018. "Development of the Financial Sector and Growth of Microfinance Institutions: The Moderating Effect of Economic Growth," Sustainability, MDPI, vol. 10(11), pages 1-16, October.
    9. Greg Hannsgen, 2014. "Fiscal Policy, Chartal Money, Mark-up Dynamics and Unemployment Insurance in a Model of Growth and Distribution," Metroeconomica, Wiley Blackwell, vol. 65(3), pages 487-523, July.
    10. Victoria Chick, 2013. "The future is open: on open-system theorising in economics," Chapters, in: Jesper Jespersen & Mogens Ove Madsen (ed.), Teaching Post Keynesian Economics, chapter 3, pages 56-72, Edward Elgar Publishing.
    11. Fatima Zahra Bendriouch & Harit Satt & Mohamed M hamdi, 2020. "Do Islamic Banks Contribute to Economic Growth? Evidence from the GCC Countries," International Journal of Economics and Financial Issues, Econjournals, vol. 10(5), pages 352-360.
    12. Fernando Zarzosa Valdivia & Maximiliano Micheli, 2020. "The random forest path of real exchange rate misalignments. The Argentinean case," Asociación Argentina de Economía Política: Working Papers 4429, Asociación Argentina de Economía Política.
    13. Halil D. Kaya, 2021. "The Impact Of The 2008 Global Crisis On The Efficiency Of The Financial System," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 5, pages 86-97, October.
    14. Ichiro Takahashi, 2021. "An Artificial Wicksell—Keynes Macroeconomy," Springer Books, Springer, number 978-981-16-6839-5, July.
    15. Omar F. Hamouda, 2012. "The General Theory: Seventy-Five Years Later," Chapters, in: Thomas Cate (ed.), Keynes’s General Theory, chapter 12, Edward Elgar Publishing.
    16. Massimo Pivetti, 2019. "On Interest as a Monetary Phenomenon and the ‘Best’ Interest-rate Policy," Bulletin of Political Economy, Bulletin of Political Economy, vol. 13(2), pages 167-187, December.
    17. Massimo Pivetti, 2007. "Distribution, Inflation and Policy Analysis," Review of Political Economy, Taylor & Francis Journals, vol. 19(2), pages 243-247.
    18. Claudia Heller, 2003. "Technical progress in Joan Robinson's view: an attempt at systematisation and formalisation," Review of Political Economy, Taylor & Francis Journals, vol. 15(4), pages 521-544.
    19. Greg Hannsgen, 2012. "Fiscal Policy, Unemployment Insurance, and Financial Crises in a Model of Growth and Distribution," Economics Working Paper Archive wp_723, Levy Economics Institute.
    20. Ichiro Takahashi, 2021. "Market Mechanism: Stabilizing or Destabilizing?," Springer Books, in: An Artificial Wicksell—Keynes Macroeconomy, chapter 0, pages 1-20, Springer.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:uto:cesmep:200201. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Piero Cavaleri or Marina Grazioli (email available below). General contact details of provider: https://edirc.repec.org/data/cmtorit.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.