Economics as Science A Critical History of Economic Thought .pdf
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provides a critical approach to the study of economic thought – from neoclassical economics, to Marxian economics, and to Keynesian economics –through the lens of science and the scientific method.It examines the collection of ideas that constitute the core of economic thought in the five basic fields of economics: growth theory, income distribution, macroeconomics, price theory and international trade. In each of these, the analysis is chronological, detailing the various events and developments that led scholars to inquire into the underlying mechanics of the phenomena in question. This is followed by a critical examination of the various scholarly contributions, including those of Nobel Prize laureates, in terms of their scientific merit. Each of the five core chapters begins with a listing of chapter objectives and ends with a summary, as well as discussion questions to encourage debate. Short excerpts from the key works are provided to allow the reader firsthand exposure to primary sources.Reinforcing the idea that economics is a scientific endeavor, Economics as Science: A Critical History of Economic Thought sets out to demonstrate the relevance of the tools and techniques students of conomics acquire during their studies in understanding economic henomena throughout the ages. It will be an invaluable resource for students of the history of economic thought and economics more generally.
  1 Introduction
2 Core Principles
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3 Growth Theory
4 Income Distribution
5acroeconomics
6 Price Theory
7 International Trade Theory
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8 Modern Economic Thought: ldeology or Science? A Summary
9 Nobels: Ideology or Science?
10 Directions for Future Research
11 History ofEconomic Thought: Fun Facts

2.1 Vision‑Augmented Value Chain 7
2.2 A Tool Taxonomy 13
2.3 EO Energy Productivity Measures 23
2.4 EO Organization Productivity Measures 24
2.5 The Industrial Exchange Sequence 33
3.1 Total Coal Consumption, Great Britain, 1755–1900 48
3.2 Total Power Consumption, Textiles, Great Britain, 1835–1903 49
3.3 Theories of the Industrial Revolution 61
3.4 Charles Babbage’s Sources of Advantages Arising from
Machinery and Manufactures 65
3.5 Installed Generating Capacity, Federal and Industrial
(000 kwhs), United States, 1902–1951 77
3.6 The Ford Motor Company, Assembly Process Productivity 83
3.7 The Ford Motor Company, Production Data, 1909–1916 84
3.8 Charles Cobb and Paul Douglas’ Estimates of the Difference
between Labor Productivity and Wages 90
3.9 KLEP Output Elasticities: US, German and Japanese Manufacturing 94
3.10 Output and Input Growth Rates: US, German and Japanese
Manufacturing 95
3.11 Productivity Growth: US, German and Japanese Manufacturing 97
3.12 Berndt and Wood’s (1975) KLEM Output Elasticities,
I3SLS Estimates of KLEM Translog Cost Function: US
Manufacturing, 1947–1971 99
3.13 Gullickson and Harper’s Estimates of Multifactor Productivity
1949–1983 100
3.14 Growth Theory: Timeline Summary 106