Review article
https://doi.org/10.1080/1331677X.2020.1761854
The death of Political Economy: A retrospective overview of economic thought
Soumitra Sharma
Abstract
In following pages, the author attempts to present his thesis that
the traditional social science of Political Economy is vrtually dead
for long. He contends that fairly developed science had existed
since 2500 BC in Mesopotamia, Egypt, China and India. The illfated
demise of the science began in the early 17th century, and
was partly accomplished in the third quarter of 19th century, that
too with the rise of the Austrian School, when Carl Menger and
his followers, launched their attack (against their predecessors –
the Classists, Marx and the Socialists) by introducing the utility
theory and the concept of marginalism, thereby developing an
alternative school of economic thought. Nevertheless, the final
blow was struck by Alfred Marshall, who by completely ignoring
the contents of the old science, invented an entirely new conceptual
web of microeconomics that made the science an ultimate
victim. Tutored under Marshall, J. M. Keynes, by launching his theory
of employment, interest and money, also took part in the episode.
The science of political economy was dead by the end of
the 1930s.
Keywords
Political economy; economic thought; political philosophy; economic governance
Hrčak ID:
254503
URI
Publication date:
9.2.2021.
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