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Retrospectives
the Definition
On
of Economics
E. Backhouse
Roger
221-233
(jpersky@uic.edu).
Introduction
Economists
of economics
from contemporary
textbooks:
Economics
of society as a whole
Economics
desires,
given
the decision-making
social
mechanisms,
customs,
political
2006a, p. 4).
University
(r. e. backhouse@bham.
of
Colorado
ac. uk)
and
Denver,
Denver,
Colorado.
(steven. medema@ucdenver.
Their
addresses
edu).
This content downloaded from 201.221.123.37 on Fri, 19 Feb 2016 17:57:31 UTC
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are
222
is
Economies
the
of
study
how
scarce
its
manages
society
resources
[Economics
businesses,
and
governments,
societies
entire
as
make
they
that individuals,
with
cope
scarcity
Thus,
nation
the
is apparently
the
process,
study
of
the
of
study
effects
of
the
the
economy,
scarcity,
the
of
study
science
of
coordi
the
and
choice,
the
otherwise
but
classes
concern
little
to
practicing
economists.
Another
possible
gave
of
series
reflected
this
spirit
economic
problems,
in his
statement:
oft-quoted
suggesting
thereby
a broader
be encompassed
than could
discipline
of
examples
"Economics
is what
economists
do."
(We have been unable to find this statement inViner's publications, but a remark
(1941, p. 1), a student of Viner's in 1932-3, suggests that it
by Kenneth Boulding
arose
in conversation.)
that
more
are
actions
to convey
as
what
the methods
doing
of
definition
see
analysis,
As
of economics
definitions.
economists
economics.
than
important
definitions of economics
as
legitimate
and
approach,
economic
the
classical
has
also
growth.
economists,
The
techniques
also
for economic
analysis,
consider
they
that
believe
appropriate
for
problems
we
However,
of economics
Greek
and Human
political
writer
Xenophon
economy
had
was
Behavior
about
invented
national
the
term
wealth
"economics"
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and
223
in the fourth century BCE, using it to refer to the art of household management,
of the word "economy" that is still active today. Adding
the word
a sense that this problem could be extended to the level of
reflected
"political"
a meaning
twomillennia
nations. Some
of
branch
the
later,Adam
or
of a statesman
science
Smith described
and
legislator,"
his
economy as "a
political
into theNature
Inquiry
and
Causes of theWealth ofNations (1776 [1976], p. 428) explained the relative fortunes
of different countries, as well as the policies thatmight "enrich both the people and
the
sovereign."
In
the
nineteenth
early
this wealth-based
century,
was
definition
in
sharpened
several ways. As Britain's industrial revolution unfolded and the outlines of indus
trial capitalism began to emerge, economics began to reach beyond the issue of
the more
with
wealth,
increasing
broad-based
emphasis
being
narrower
of wealth."
consumption
and
distribution,
production,
in scope
found
than
The
analysis
Jean
of
study
econ
political
of the nineteenth
in the
in
captured
as the "science"
Baptiste Say's (1803) definition of political economy
of Smith,
who
after
all was
once
as
a new
creating
the generation
and
science
separate
of
saw themselves
(1817)
economy.
political
to be defined
economy
the
of
phenomena
society
as
arise
from
the
combined
for
of mankind
operations
definitions
these
motives
of wealth
the accumulation
view,
were
tied
to a
depended
as outside of
political
specific
on
subject
certain
matter?wealth.
laws
that were
to be
known
true, like the law of diminishing returns and the "population principle"?that
population would multiply faster than food supply. Even though these laws were
known
to be
true,
they
were
to be
regarded
as
only
statements
of
tendencies,
for
what Mill
from
these
known
premises,
historical
although
investigation
was
needed
to estab
example,
ifwealth
not wealth,
was made
is the fundamental
up
of
value,
exchangeable
phenomenon.
This
then
perhaps
insight implied
exchange,
that political
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224
economy was concerned with the interaction of individuals within a larger social
context. Richard Whately
(1832) went so far as to propose renaming the subject
science
"catallactics"?the
of
Wealth-based
exchanges.
of
definitions
the
subject
the
more
focusing
of
activities
practical
on
Carl Menger
accumulation.
for
the motivation
human
that
view
economic
as a
(1871
the
change
of how
and
pleasure
This
pain."
on
focus
towards
the
the
to understand
economic
a welfare
of
In
utility?both
This
criterion.
perspective
as "a calculus of
of economics
as
whether
utility,
Stanley
influenced by
phenomena.
in terms
as a welfare
to
references
focus was
by explanation
and
part
is "related to
as William
such
of definitional
marked
later
of wealth
concept
eschewed
Menger
economists,
(1871
on
than
While
some
are made
choices
is reflected injevons's
men."
needed
was
fore
economy
this change
was
to the
economizing,
psychology
theory,
description
more
behavior
economizing
even
of the nineteenth
economics
came
element
individualistic
or
judgment
frame
work for thinking about choices, suggested a move toward individualism and away
from the emphasis on wealth that had dominated classical thinking. Indeed, even
those, such as Henry Sidgwick (1901), who held to the older wealth-based defini
tion of the subject, often used utility-related concepts of well-being rather than
material
in
wealth
sense.
its traditional
are
to the definition
the background
changes
famous by Alfred Marshall. In what became
These
of economics
made
the dominant
[1920],
(1890
is a study of mankind
in the ordinary
Economy or Economics
business of life; it examines that part of individual and social action which is
most closely connected with the attainment and with the use of the material
Political
the
. . .Thus
of wellbeing.
requisites
and
other,
more
important
it is on
the one
of
side,
part
side
the
study
study
of wealth;
and
on
of man.
This definition was a significant shift, forMarshall was claiming that economics was
a "study of man." Not only did Marshall study individuals' actions, but he
primarily
also
attached
environments
faced
people
to
importance
more
clearly
the way
and
the
economics
at
the
human
choices
character
evolved
they made,
center
of
the
approach
of
to
in response
considerations
the
generally
and
others
in
the
administration
of
resources.
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Marshall's
marks
also
definition
time
when
the word
economy"
225
was
"economics"
dis
placing "political
(1901 [1934], pp. 1-2) argued that, as decisions
no such thing as the national household),
the term "political economy" was
being
not use the new term "econom
not appropriate?although
did
Wicksell apparently
ics," either. Wicksteed
practice
tion
Alfred
the main
Marshall,
were
of an
whether
of resources,
(1910, p.
who
of economists,
"the
examining
of
supporter
general
principles
a household,
individual,
the
term
a business,
or a State."
this
"economics,"
of administra
For
of
renaming
the
a
subject was part of establishing economics as professional, scientific field, which
meant distancing it from direct political involvement and an ideological commit
ment
to laissez-faire
that had
become
associated
of some
in the minds
with
the
term
economy."
"political
the most
Perhaps
currently
definition
accepted
of
stems
economics
as
behavior
human
was
claimed
ends
very much
minority
scarce
and
means
between
relationship
at
view
the
which
than sum
Of
the
various
textbooks
offering definitions of the subject in the first three decades of the century, only
latter of whom identi
Fetter (1915) and Fairchild, Furniss, and Buck (1926)?the
fied "the insatiability of man and the niggardliness of nature"
(p. 8) as the
foundation
of economics?came
The Robbins
and for being
economics
from
sufficiently
other
social
sciences.
But
it was
also
said
to be
overly
narrow in that itwas too heavily tilted toward theory and left little, ifany, room for
and
history,
analysis,
empirical
institutions?and
it
wrote
essentially
ethics
out
of
economics.
The
to accept
textbooks of the 1920s and 1930s confirm that economists were reluctant
the Robbins
England, Marshall's
States,
one
could
find
definition
definition
leading
and Medema,
In
(Backhouse
forthcoming).
remained as dominant as his text. In the United
texts
arguing
that
economics
was
about
"the wealth
activities ofMan"
required
a broad movement
emphasizing empirical work and
heyday of Institutionalism,
about
A typical institutionalist
theories
individuals.
of
abstract
maximizing
skeptical
a
is found in
textbook by the Harvard
labor economist
definition of economics
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226
Sumner
process
Slichter
by
men
which
get
as
but
process,
logical
. . . economics
living
of
complex
studies
human
industry,
and
practices
is industry, the
not
as
techno
This
relationships."
work
quantitative
of Economic
Bureau
income
wealth,
Research;
and
distribution,
and
Gardner
Means's
the
analysis
cycle
of
at
the National
the
corporation
different
somewhat
perspective.
Organization, which along with Marshall's Principleswas the foundation of Chicago price
theory from the 1920s, said (p. 4) that economics "deals with the social organization of
economic
the
via
activity"
or under
system
price
free
considered
Knight
enterprise.
the
definitions given byMarshall and Robbins too broad, and even "useless and mislead
a fairly narrow scope in the
ing," arguing that economizing behavior has
larger
action.
of
human
Indeed, Knight thought in the 1920s (!) that economists
spectrum
tended to apply the concept of rationality to far too broad a range of activities.
Robbins's
ior
Yet,
that had
while
the
accompanied
of
development
made
definitions
scarcity
their
marginalist
occasional
individual behav
microeconomic
analysis.
in new
appearance
textbooks
after Robbins's
published
remained
dominant,
the
toward
scarcity
definition
when
they
were
revised.
literature in economics
by
who
economists
definition
questioned
in the journal
the
direction
in which
economics
was
moving.
Within
activities."
workaday
World
During
War
II reflects
the war,
many
an
economics
economists
that was
had
becoming
worked
narrower
alongside
and more
scientists
and
technical.
engineers,
solving urgent practical problems (including logistics and military tactics and strategy).
The Cold War continued thisprocess, with much work on game theory and operations
research being sponsored by the U.S. Navy and the Air Force, the latter often being
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227
mathematical
the axiomatic
methods?including
more
much
approach?were
deals
with
of
questions
of wealth.
distribution
individual behavior
given
emphasis
of
his
with
on
of
the
the national
on
focused
the
resonated
the production
social
level
rather
economy.
are
the
social
level:
be
scarce
administering
the war-time
two decades
latter,
still defined
can
economics
or
of using
problem
at
choice
scarce,
as a
are
that wants
as
resources
Camp
economics
"Recalling
defined
on
and
Depression
Some
and
than
is not surprising,
the Great
Economics,
statement that
"For Whom?"
emphasizing
was
focus
memories
resources
and
concerned
edition
and
very much
subject
first
"How?"
(individual
the end of this 600-page
administering
bell McConnell's
unlimited
"What?"
and definitions
Samuelson's
all-too-fresh
still
on
the
In
Paul Samuelson
economics
too.
definitions,
scarcity-based
Robbins-style
science
the social
( the means
of produc
Samuelson's
By
producing).'"
in
edition
1976,
was
he
however,
an
offering
expansive definition of the subject based upon his original three questions, and
dealing explicitly with both individual and social choices (Samuelson and Temin,
is the study of how people
or without
with
have
alternative
consumption,
It
the
analyzes
to
uses,
or
now
costs
and
the
future,
in different
interpreted
through
process
Even
economics.
than
overt.
There
stage,
and
either
choice
can
that
be
need
For
may
persons
often
that
Positive
for
society.
allocation."
the
But
the Robbins
creates
scarcity
on
makes
are
the
in
put
result
of
not
scarcity
and
necessary
individual
contemporary
rather
rationality
allocation
choice
of
links were
definition
resource
the process
prices
bounded
these
between
relationship
currency
advocate
altogether.
that
turn,
focus
in
is common
maximization,
rationality
fact
could
them
groups
resource
of
that
distribute
and
consider
example,
rationality
in
need
rational.
and
patterns
improving
of economics
question
the
economics
be
no
scarcity,
However,
that
of
of
idea
various
among
resources
productive
commodities
ways.
rational
critics
the
rejecting
problem.
of
employ
of
benefits
definition
The Robbins
scarce
various
produce
in
been
to
of money,
choice,
scarcity,
so
always
at
center
distribution
does
nor
and
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not
that
from
imply
such
this
228
comes
the
of markets
analysis
are
development
about
can
macroeconomics
and
other
the
overcoming
be
seen
as
about
allocation
problem
avoiding
with
rational-choice
mechanisms.
of
scarcity,
the waste
of
and
Growth
even
and
scarce
Keynesian
resources.
But
has been?done
underpinnings.
The
"An
where
problems,"
science
"the
economics
calling
of
economic
how
particular
exists
problem
solves
society
its economic
scarce means
whenever
are
to
used
of human
causes
that
In
behavior.
this
argument,
utility
is no
maximization
more
than
(1942, p. 12, emphasis added) took matters a step further than Friedman when he
to scarcity, defining economics as "the study of the principles
wedded maximization
the
governing
of
allocation
economics
study
scarce
resources
among
ends
competing
the
when
of maximization
under
constraints
was
also
at
the
center
of
Paul
Samuelson's
from utilitymaximization
subject to a budget constraint and the various
limitations that itposed as a theory of choice. Rationality is a more encompassing
distanced
than maximization?for
notion
facing
does
principals
the
concept
and
agents.
of
rational
example,
Game
theory
expectations.
it also
extends
makes
strong
Rational
to the
demands
preferences
analysis
on
in
of situations
as
rationality,
this view
were
to be self-interested?though
they could be?but
simply complete
see
also
and transitive (Giocoli, 2003;
Arrow's comments inAmadae, 2003, p. 230).
The larger point to be taken here, though, is that this approach
reflected an
not assumed
to be defended
markets
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229
approach
used
preferences,
I see
it." This
definition
of economics,
of course,
is a far more
narrowly
and specifically drawn definition than one seen in Robbins, while at the same time
being completely consistent with Robbins. Itmakes economics an approach rather
than a subject matter, and it is extremely specific about the nature of the individual
choice process and the type of social interaction that economic
also
an
facilitated
of
expansion
the
as
behavior
scope
economic
analysis involves. It
analysis.
of Economics
as "the science which
Robbins
When
human
of
between
relationship
ends
scarce
and
means
studies
which
have
alternative uses," he noted immediately the rather radical implications for the
scope of the science, insisting that as long as there are opportunity costs imposed
there
by scarcity,
are
in some
Becker,
"no
on
limitations
at
remarks
unpublished
the
of Economic
subject-matter
Science"
session
the
marking
75th
(p.
led Gary
anniversary
of the boundaries
The expansion
to choice?when
economists
to think
began
as
of economics
the
analysis
of
individual or collective decision making. Some of the early moves toward expand
ing the boundaries of economics?for
example, Becker's (1957) work on discrim
(1958, 1962) work on human
not
far
different
from
from
approach
as outcomes
concerns.
traditional
economists'
previous
work
by
capital acquisition?were
this
However,
treating
phenomena
took
literature
as
components
or
Anthony Downs (1957), William Riker (1962), and others was the use of a choice
theoretic framework. It was not until well into the 1960s that economists moved
decidedly outside the subject's traditional boundaries, with work such as Becker's
(1968) analysis of crime and punishment. Against a legal tradition that saw crimi
nals
as
Becker
consistent
While
unreasonable
that
assumed
and
stable
the boundaries
violators
of
criminals
were
preferences,
were
reasonable
society's
in
expanding,
making
light
of
however,
rational
their
norms
and
career
choices
opportunity
the
approach
sets
to
conventions,
or
based
constraints.
"doing
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econom
on
230
ics,"
was
ironically,
to
proaches
the
to economics
broader
institutions,
move
The
narrowing.
of
conceptions
as
the
of philosophy
and
rationality,
of choice
analysis
had
various
nonmathematical
ap
subject.
framework:
"the
of
study
the
allocation
scarce
of
means
to
com
satisfy
peting ends." In 1976, though, Becker (1976, p. 4) felt compelled to point out that
most economists find the generality of this definition
embarrassing and qualify it
"to
most
exclude
nonmarket
behavior."
What
nonmarket
from
their
own
Becker
distinguished
and
others
students)
work.
general
of
to a
to all
economics
areas
in which
are made.
choices
Buchanan
sciences
(Medema,
For
1994).
both
Buchanan
and
Coase,
econom
then,
ics is defined
Much
based
on a
unifying concept
just inmaking occupational
the voting booth, in marriage,
economics
economics
in a different direction:
of
choice,
rational
tent.
For
example,
and
and
behavioral
it has
a
experimental
often
broad
pushes
questioned
range
economics
of work
whether
shows
choices
that
are
people's
work
on a
in
of
boundaries
hypothesis
rational
or
choices
consis
over
an
of economic
tion of economics,
the Robbins
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defini
231
Conclusion
Modern
subject.
economists
a
At
time
when
econometrics,
analysis,
are
economists
laboratory
and
experiments,
definition
as
subjects
tackling
crime, and
auctions,
to a homogeneous
do not subscribe
as
diverse
of their
growth,
historical
real
and
studies,
they are debating the explanatory roles of rationality and behavioral norms,
is likely to be inadequate.
concise
definition of economics
any
This lack of agreement on a definition does not necessarily pose a problem for
when
works
views
by methodological
to repeat
definitions:
do.
economists
emanating
the comment
the way
However,
from
the definition
Becker's
doing.
perspectives
definition
reflects
of economics
clearly
current
work
in the
see
the
modern
can
also
reflect
move
and
can
even
works"
claimed
on
This
is what
is more
evolved
approach
in our
introduction
analysis,
reflect their
contents
if the actual
of
2006b).
the direction
influence
is a statement
formal
by
in which
their
Robbins
practice.
with
which
want
authors
(1935,
economics.
of what
economics
has
subject?even
(Colander,
definitions
subject
italics added)
his
not
sources,
considerations
various
p.
xv,
of the best
the Marshallians
and
the Institutionalists, the dominant forces in the profession at the time, would not
have agreed. In other words, Robbins's definition reflected the way he believed
economics shouldbe done. James Buchanan
(1964, p. 214), for one, believed that
the Robbins definition did influence the practice of economics rather than simply
summing itup: "Only since The Nature and Significance ofEconomic Science," he said,
"have economists so exclusively devoted their energies to the problems raised by
scarcity, broadly
decisions."
Whether
considered,
or
not
and
economists
conscious
of
it
happening,
of allocative
adhering
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to
it is
232
References
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