The uses and abuses of economics

the long version

This volume collects together some of Terence Hutchison's most significant contributions to the history of thought and to economic methodology, several of which are appearing for the first time. Reflecting the principle that an idea that offends no one is not worth entertaining, the essays range widely. The volume begins by questioning the value of the 'classical revolution', especially David Ricardo's contribution to it. With further essays on Jevons, the first half of the book develops the view that 'progress' in economics is by no means inevitable, especially where it shows a tendency to greater abstraction. The second part of the book focuses on economic methodology and develops some of the author's favourite themes. Prominent amongst these are the validity of 'subjectivism' as a methodological position and the related issue of the methodology of the Austrian School, in particular the conflicting views of Hayek and Mises, as well as the relationship between aims and methods in economics.