Economic Philosophy

Joan Robinson (1903-1983) was a renowned economist who challenged free-market capitalism and made significant contributions to international trade and development. In her book "Economic Philosophy," she argued that economics is a constant battle between science and ideology and criticized early economists for their metaphysical views on value. She also evaluated the Keynesian revolution's implications for developing economies and stressed the importance of combating the notion that only monetary values matter.

Format: Paperback / softback
Length: 140 pages
Publication date: 29 March 2021
Publisher: Taylor & Francis Ltd

Joan Robinson (1903-1983) stands as one of the most influential economists of the 20th century, renowned for her unwavering critique of free-market capitalism. During the post-war period, she played a significant role in the controversial 'Cambridge School of economics,' making substantial contributions to the field of international trade and development. In her book "Economic Philosophy," Robinson delves into the intricate relationship between economics as a scientific discipline and economics as an ideology. She argues that this constant battle is fundamental to economics and shapes its development. Through her vivid and lucid writing style, Robinson critically examines early economists such as Adam Smith and David Ricardo, as well as neoclassical economists like Alfred Marshall, Stanley Jevons, and Leon Walras. She challenges their views on value, highlighting that what they considered to be the sources of value, such as labor-time, marginal utility, or preferences, are not based on scientific principles but rather on metaphysical concepts. Robinson further reveals that it is often ideology, rather than science, that drives the rejection of economic theories. She also assesses the implications of the Keynesian revolution in economics, particularly regarding the applicability of Keynesian theories to developing economies. In her conclusion, Robinson offers a prophetic lesson that remains relevant in today's turbulent and unequal economy. She emphasizes that the economist's task is to challenge the notion that the only values that matter are those that can be quantified in monetary terms. This Routledge Classics edition includes a new foreword by Sheila Dow, providing further insight into Robinson's work and its enduring significance.

Weight: 202g
Dimension: 138 x 215 x 19 (mm)
ISBN-13: 9780367540876