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Pareto on the History of Economic Thought as an Aspect of Experimental Economics

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  • Michael McLure

    (Department of Economics, The University of Western Australia)

Abstract

The reasons for studying the history of economic thought are diverse. The extreme range of reasons include suggestions that research in this field is: a way of passing time on an intellectual curiosity; an investment in human capital which contributes to a more profound understanding of modern economic theory; an activity of historical interest only, totally devoid of concern with the purely scientific merits of theories; or a subject for sociologists intent on understanding the culture of science and how this has influenced the evolution of scientific knowledge. Interestingly, Pareto had a well developed idea of the scientific reasons for undertaking histories of economic thought, which he saw as an aspect of “experimental economics”. This paper investigates how, and why, Pareto incorporated the history of economic thought as a central element of experimental economics. His approach to the history of economics is shown to be historical, albeit in a limited sense, and non-historical, in the sense that it provided data for the development of experimental hypotheses and theory pertaining to the sociological part of the economic phenomenon.

Suggested Citation

  • Michael McLure, 2005. "Pareto on the History of Economic Thought as an Aspect of Experimental Economics," Economics Discussion / Working Papers 05-22, The University of Western Australia, Department of Economics.
    • Handle: RePEc:uwa:wpaper:05-22
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    References listed on IDEAS

    as
    1. Michael McLure, 2004. "Interpreting the History of Economics," Economics Discussion / Working Papers 04-09, The University of Western Australia, Department of Economics.
    2. Marchionatti, Roberto & Gambino, Enrico, 1997. "Pareto and Political Economy as a Science: Methodological Revolution and Analytical Advances in Economic Theory in the 1890s," Journal of Political Economy, University of Chicago Press, vol. 105(6), pages 1322-1348, December.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Exegesis; experimental economics; history of economic thought; Pareto;
    All these keywords.

    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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