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What should economists do?: A historical perspective

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  • Alain Marciano

    (University of Turin, Turin, Italy; Distinguished Affiliated Fellow, F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics, and Senior Fellow, Karl Mittermaier Centre for Philosophy of Economics, University of Johannesburg)

Abstract

The purpose of this paper is to present “What Should Economists Do?”, an article written by James Buchanan and published in 1964, in an historical perspective. We put forward an important point, namely the opposition with Ludwig von Mises, and Buchanan’s attempt at differentiating his approach from Mises. Instead of in addition to Robbins, that he nominally targeted, Buchanan was actually criticizing Mises. Buchanan thus defined economics in a very specific way, as a science that studies exchange but only when it results from a desire (or a propensity) to exchange.

Suggested Citation

  • Alain Marciano, 2024. "What should economists do?: A historical perspective," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 37(3), pages 237-254, September.
    • Handle: RePEc:kap:revaec:v:37:y:2024:i:3:d:10.1007_s11138-024-00656-0
    DOI: 10.1007/s11138-024-00656-0
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    References listed on IDEAS

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    1. Jean-Baptiste Fleury & Alain Marciano, 2018. "The Making of a Constitutionalist: James Buchanan on Education," Post-Print hal-01835036, HAL.
    2. Jean-Baptiste Fleury & Alain Marciano, 2018. "The Sound of Silence: A Review Essay of Nancy MacLean's Democracy in Chains: The Deep History of the Radical Right's Stealth Plan for America," Journal of Economic Literature, American Economic Association, vol. 56(4), pages 1492-1537, December.
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    4. Peter Boettke & John Kroencke, 2020. "The real purpose of the program: a case study in James M. Buchanan’s efforts at academic entrepreneurship to “save the books” in economics," Public Choice, Springer, vol. 183(3), pages 227-245, June.
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    12. Roger E. Backhouse & Steve G. Medema, 2009. "Defining Economics: The Long Road to Acceptance of the Robbins Definition," Economica, London School of Economics and Political Science, vol. 76(s1), pages 805-820, October.
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    More about this item

    Keywords

    Buchanan; Choice; Exchange; Logic of choice; Praxeology; Catallactics; Smith; Robbins; Mises;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian

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