3 LIMITATIONS OF TRADITIONAL ECONOMICS

Transcription

1 Notes 2 THE MAN AND HIS VISION 1. Current Biography, 1975, p Heilbroner has used this term in a number of places. The best explanations of its meaning would be included in interviews in Business Week (September 30, 1972) and Psychology Today (February 1975). 3. Paul Sweezy was Heilbroner's 'section man' in his sophomore year. Sweezy would become one of America's leading Marxist economists. Heilbroner says that Sweezy interested him 'enormously in the social overtones of economics' (Van Dyne 1978, 4). 4. After the death of his wife Bea in 1982, Lowe soon returned to the northern city of Wolfenbiittel to live near his daughter. 5. See the preface of the 1986 edition of The Worldly Philosophers for the complete story. 6. See Sidney Hook's review in Commentary. 7. It can be argued that books he wrote in the 1970s addressed questions of a Marxist style. Most were inquires on the economic and social order, or looked at the consequences of a social order. 8. See Chapter 3 for a more comprehensive treatment of Heilbroner's hermeneutic approach to economics. 3 LIMITATIONS OF TRADITIONAL ECONOMICS 1. See Robbins 1949, Chapter This essay originally appeared in The New York Review of Books (December 5, 1968) and later, in a slightly different form, in Between Capitalism and Socialism (1970) under the title 'Marxism and the Economic Establishment'. 3. The role of expectations is only a small part of Lowe's model. 4. See the opening pages of Behind The Veil of Economics: Essays in the Worldly Philosophy. 5. Mumpsimus is a term employed by Joan Robinson which means 'persistence in a belief one knows to be mistaken'. Heilbroner is convinced she unearthed this in an English crossword (Heilbroner 1973, 136). 4 THE METHODOLOGY OF WORDLY PHILOSOPHY I. I am using 'ism' to refer to the taxonomic label associated with the doctrine of a given social order. 2. See Keynes's 'The Council of Four,' Paris, 1919, in Essays in Biography. 99

2 100 Notes 3. There are several heterodox schools who are currently using methods which would be completely compatible with the worldly philosophy approach. Institutionalists, post-keynesians and neo-marxists would fall into this category. 4. Leonardo believed that 'the mirror is our master'. He believed mirrors should be used to achieve an expanded visual fidelity in painting. 5. This is not to imply that Heilbroner writes in the methodological individualist tradition. To be sure he does not. He is, however, sensitive to the fundamentals of human behaviour when formulating his analysis. 6. This is again the influence of Heilbroner's mentor Adolph Lowe. 7. Affect is a rather ambiguous term which is universally accepted as referring to the psychological capacity for identification, trust, sympathy and love. Heilbroner expands this defmition in the first chapter of Behind the Veil. 8. Human element, sociopolitical element and economic element. 5 THE STRUCTURE OF CAPITALISM 1. See Lester Thurow's 1996 book The Future of Capitalism: How Today's Economic Forces Shape Tomorrow's World. New York: Morrow. 2. See Joseph Schumpeter, Theory of Economic Development. 3. This implicitly excludes worker cooperatives and similar worker-owned businesses. 4. Macro-order as demonstrated by Adolph Lowe in On Economic Knowledge. 5. It is more likely that the success of books like The Future as History and Human Prospect has given Heilbroner a reputation of social guru. 6. See Chapter 2. 6 A VIEW TO THE FUTURE 1. It is no coincidence that 1974 also marked the publication of his An Inquiry Into the Human Prospect. 2. Heilbroner discusses transformational technologies but not transformational growth. For a more detailed description of transformational growth see the work of Edward J. Nell. I have listed several of the seminal works in the bibliography. 3. This is only one aspect of the much larger issue of income distribution. 7 A FINAL APPRAISAL 1. This is not 'instrumental' in the Lowe context. This instrumental refers to the tradition established by Dewey.

3 The Economic Writings of Robert Heilbroner BOOKS The Worldly Philosophers: The Lives, Times and Ideas of the Great Economic Thinkers, 6th edn. New York: Touchstone The Quest for Wealth. New York: Simon.& Schuster The Future as History: The Historic Currents of Our Time and the Direction in Which They are Taking America. New York: Harper & Row. Rpt Harper Torchbooks, The Making of Economic Society. Englewood Cliffs, NJ: Prentice Hall The World of Economics. American Library Association (pamphlet) The Great Ascent: The Struggle for Economic Development in Our Time. New York: Harper & Row A Primer on Government Spending. New York: Random House The Limits of American Capitalism. New York: W. W. Norton Understanding Macroeconomics. Englewood Cliffs, NJ: Prentice Hall Automation in the Perspective of Long-Term Technological Change. US Department of Labor, (pamphlet) Understanding Microeconomics. Englewood Cliffs, NJ: Prentice Hall The Economic Problem. Englewood Cliffs, NJ: Prentice-Hall Economic Means and Social Ends. Englewood Cliffs, NJ: Prentice Hall (ed.) Between Capitalism and Socialism: Essays in Political Economics. New York: Vintage Economic Relevance: A Second Look. Pacific Palisades, California: Goodyear In the Name of Profit. New York: Doubleday An Inquiry into the Human Prospect. New York: W. W. Norton Corporate Social Policy: Selections from Business and Society Review. Reading Massachusetts: Addison-Wesley Business Civilization in Decline. New York: W. W. Norton The Economic Transformation of America. New York: Harcourt Brace Jovanovich Beyond Boom and Crash. New York: W. W. Norton Marxism: For and Against. New York: W. W. Norton Five Economic Challenges. Englewood Cliffs, NJ: Prentice-Hall Economics Explained. New York: Touchstone (with Lester Thurow). 101

4 102 The Economic Writings of Robert Heilbroner The Act of Work. Library of Congress, Washington The Nature and Logic of Capitalism. New York: W. W. Norton The Essential Adam Smith. New York: W. W. Norton Behind the Veil of Economics. New York: W. W. Norton The Debt and Deficit: False Alarms, Real Possibilities. New York: W. W. Norton st Century Capitalism. New York: W. W. Norton Visions of the Future: The Distant Past, Yesterday, Today, Tomorrow. New York: Oxford University Press The Crisis of Vision in Modern Economic Thought. Cambridge: Cambridge University Press Teachings From The Worldly Philosophy. New York: W. W. Norton. CHAPTERS IN BOOKS 'The American Poor', Man and Modern Society, K. De Schweinetz and K. W. Thompson (eds), New York: Holt 'Communicating Economic Research: As a Writer Sees It', Report on the Conference on Comm~micating Economic Research. Hanover, New Hampshire: Amos Tuck School 'The Impact of Technology: The Historic Debate', Automation and Technological Change. (American Assembly), Englewood Cliffs, NJ: Prentice-Hall 'The View from the Top: Reflections on a Changing Business Ideology', The Business Establishment, E. Cheit (ed.), New York: Wiley 'Which Goals for the Future?', Manpower Policies for Youth, National Committee on Employment of Youth, E. Cohen and L. Kapp (eds), New York: Columbia University Press 'Counter-revolutionary America', A Dissenter's Guide to Foreign Policy, Irving Howe (ed.), New York: Praeger 'The Eye of the Needle', Moral Man and Economic Enterprise, Evanston, Illinois: Northwestern University Press 'On the Limited Relevance of Economics', Capitalism Today, Daniel Bell and Irving Kristol (eds), New York: Basic Books 'The Roots of Neglect in the United States', is Law Dead?, E. V. Rostow (ed.), New York: Simon & Schuster 'Do Machines Make History', Technology and Culture, M. Kranzberg and W. H. Davenport (eds), New York: Schocken Books. Reprinted in Technological Determinism Revisited 'Adam Smith', Encyclopedia Britannica 'The Paradox of Progress: Decline and Decay in the Wealth of Nations', Essays on Adam Smith, A. S. Skinner and T. Wilson (eds), New York: Oxford 'Was Schumpeter Right?', Schumpeter's Vision, A. Heertje (ed.), New York: Praeger.

5 The Economic Writings of Robert Heilbroner Forth. Forth. 'What is Socialism', Beyond the Welfare State, Irving Howe (ed.), New York: Schocken Books. 'John D. Rockefeller', Historical Viewpoints, John Garraty (ed.), New York: Harper & Row. 'Capitalism as Gestalt: A Contrast of Visions', Free Market Conservatism, Edward Nell (ed.), London: George Allen & Unwin. 'The Nature and Logic of Capitalism According to Adam Smith', Beschiiftigung, Verteilung und Konjunktur, Festschrift fiir Adolph Lowe, Bremen: Universitiit Bremen. 'Economics and Political Economy: Marx, Keynes and Schumpeter', Marx, Schumpeter and Keynes: A Centenary Celebration of dissent, Suzanne Helbum and David Bramhall (eds), Armonk, NY: M. E. Sharpe. 'Realities and Appearances in Capitalism', Corporations and the Common Good, Robert B. Dickie and Leroy S. Rouner (eds), Notre Dame, Ind.: University of Notre Dame Press. 'Wealth', The New Palgrave, John Eatwell, Murray Milgate and Peter Newman (eds), New York and London: Macmillan. 'Capitalism', The New Palgrave, John Eatwell, Murray Milgate and Peter Newman (eds), New York and London: Macmillan. 'Rhetoric and Ideology', The Consequences of Economic Rhetoric, A. Klamer, D. McCloskey and R. Solow (eds), New York: Cambridge University Press. 'Economics as Ideology', Economics as Discourse, Warren Samuels (ed.), Boston: Kluwer. 'The Future of Capitalism', Sea-Changes: American Foreign Policy in a World Transformed, Nicolas X. Rizopoulos (ed.), New York: Council on Foreign Relations Press. 'Economic Systems', Encyclopedia Britannica. 'Socialism', The Fortune Encyclopedia of Economics, in David Henderson (ed.), New York: Warner Books. 'Technological Determinism Revisited', in Merrit Roe Smith (ed.), MIT Press, forthcoming. 'The Economic View of Progress', in The Idea of Progress Revisited, Leo Marx and Bruce Mazlish (eds) forthcoming. ARTICLES 'Saving and Investment: Dynamic Aspects', American Economic Review. December 'The American Poor', Harper's Magazine. June 1950, pp 'Labour Unrest in the British Nationalized Sector', Social Research. March 'Epitaph for the Steel Master', American Heritage. August 'The Revolution of Economic Development', American Scholar. Autumn.

6 104 The Economic Writings of Robert Heilbroner 'Transcendental Capitalism', The New York Review of Books. Vol. I, No.2, 'Innocence Abroad.' Commentary. February 'The Share-the-Tax Plan', The New York Times Sunday Magazine. December 27, 'A Marxist America', The New York Review of Books. May 26, 'Is Economic Theory Possible?', Social Research. Summer 'Capitalism Without Tears', The New York Review of Books. June 29, 'Who's Running This Show?', The New York Review of Books. January 4, 'Rhetoric and Reality in the Struggle Between Business and the State', Social Research. Autumn 'Making a Rational Foreign Policy Now', Harper's Magazine. September 'Futurology', The New York Review of Books. September 26, 'Putting Marx to Work', The New York Review of Books. December 5, 'Marxism: For and Against', The New York Review of Books. June 5, 'Reflections on the Future of Socialism', Commentary. November 'On the Limits of Economic Prediction', Diogenes. Aprill 'Ecological Armageddon', The New York Review of Books. April23, 'On the Limited Relevance of Economics', Public Interest. Fall 'On the Possibility of a Political Economics', Journal of Economic Issues. December 'The Multinational Corporation and the Nation State', The New York Review of Books. February 11, 'A Radical View of Socialism', Social Research. Spring 'Ecological "Balance" and the "Stationary" State' (with Jack Allentuck), Land Economics. August 'Growth and Survival', Foreign Affairs. October 'The Paradox of Progress: Decline and Decay in the Wealth of Nations', Journal of the History of Ideas. Aprill 'Economic Problems of a Post-Industrial Society', Dissent. Spring 'Economics as a "Value Free" Science', Social Research. Spring 'The Clouded Crystal Ball', American Economic Review. May 'Marxism, Psychoanalysis and the Problem of a Unified Theory of Behavior', Social Research. Autumn 'What is the Human Prospect', The New York Review of Books. January 24, 'Homage to Adam Smith', Challenge. March-Aprill976.

7 The Economic Writings of Robert Heilbroner 'Boom and Crash', The New Yorker. August 28, 'Middle Class Myths: Middle Class Realities', Atlantic. October 'Inescapable Marx', The New York Review of Books. June 29, 'Modem Economics as a Chapter in the History of Economic Thought', History of Political Economy. Vol. 11, No.2, 1979; also included in Mark Blaug (ed.) The Historiography of Economics. Aldershot: Edward Elgar, 'Inflationary Capitalism', The New Yorker. October 8, 'The Inflation in Your Future', The New York Review of Books. May 1, 'Adolph Lowe', Journal of Economic Issues. June 'The Demand for the Supply Side', The New York Review of Books. June 11, 'The Socialization of the Individual in Adam Smith', History of Political Economy. Vol.50, No.2, 'The Problem of Value in the Constitution of Economic Thought', Social Research. Summer 'Economic Prospects', The New Yorker. August 29, 1983 (first prize, Gerald R. Loeb Awards for Distinguished Financial and Business Journalism) 'Economics and Political Economy: Marx, Keynes and Schumpeter', Journal of Economic Issues. September 'The State and Capitalism: How They Interact and Move Apart', Dissent. Fa 'Fundamental Economic Concepts- Another Perspective', Journal of Economic Education. Spring 'Perceptions and Misperceptions: How Economists and the Public See Economics- and Each Other', Journal of Economic and Monetary Affairs, Middlebury VT., International Institute for Economic Advancement. July 'Hard Times', The New Yorker. September 14, 1987 (first prize, Gerald R. Loeb Awards) 'The Coming Meltdown of Traditional Capitalism', Ethics and International Affairs. Vol. 2, 'Vision and Ideology', Dissent. Spring 'How I Learned to Love the Deficit' The New York Times. September 4, 'Is America Falling Behind: An Interview of Paul Kennedy', American Heritage. September/October 'The Triumph of Capitalism', The New Yorker. January 23, 'All Rich Nations Need Their Debt', The Nation. January 23, 'Abolishing the Deficit', Challenge, May/June 'Examining Stein's Proposals', Challenge. July/August 'A Tune-Up For the Market', The New York Times Magazine. September 24, 'The Great Question', American Heritage. December, 1989.

8 106 The Economic Writings of Robert Hei/broner 'Rereading the Affiuent Society', Journal of Economic Issues. June 'Seize the Day', The New York Review of Books. February 15, 'Rethinking the Past, Rehoping the Future', Social Research. Fall 'After Communism', The New Yorker. September 10, 'The World After Communism', Dissent. Fa 'Analysis and Vision in the History of Modem Economic Thought', Journal of Economic Literature. September 'Was the Right Right All Along', Harper's Magazine. January 'Economics as Universal Science', Social Research. Summer 'Economic Predictions', The New Yorker. July 8, 'Rough Roads to Capitalism', The New York Times. September 15, 'Thoughts on the Triumph of Capitalism', The American Prospect. Fall 'Lifting the Silent Depression', The New York Review of Books. October 23, 'From Sweden to Socialism', Dissent. Winter 'The Deficit', Nation. January 27, 'The Myth of a Savings Shortage', The American Prospect. Spring 'How to Restore U.S. Economic Momentum', Institutional Investor. May 'The Deficit: A Way Out', The New York Review of Books. October 22, 'An Economy in Deep Trouble', Dissent. Fail 'History's Lessons', Social Research. Winter 'Is a Worldly Philosophy Still Possible? Adolph Lowe as Analyst and Visionary', Review of Social Economy. Winter 'We Have the Vision to Get U.S. Moving', Los Angeles Times. May 15, 'Create Two Budgets', The New York Times. June 10, 'Anti-Depression Economics', Atlantic Monthly. April 'The Case for Hope: Clinton's 100 Days and Beyond', The Nation. May 10, 'Was Schumpeter Right After All?', Journal of Economic Perspectives. Summer 'Does Socialism Have a Future?', The Nation. September 27, 'Vision in Economic Thought', Journal of Economic Issues. June 1994 (receipt of the Veblen-Commons Award) INTERVIEWS/PROFILES (PARTIAL LISTING) Hearings before the Subcommittee on the Environment, House of Representatives, June 4, Serial No , pp National Energy Conservation Act of 1974.

9 The Economic Writings of Robert Heilbroner Saturday Review of Literature, April2, American Historical Review, July New York Herald Tribune Books, August 19, The New York Times Book Review, October 28, Contemporary Authors, rev. edn, vols New York Post, February 21, Business Week, September 30, Bill Moyers' Journal, WNETinterview, April23, Science, August 16, Who's Who in America, New Republic, March 30, Time, April Psychology Today, February Current Biography, H. H. Wilson Co., June US News and World Report, March 8, Chronicle of Higher Education, October 16, Public Opinion, April/May The New York Times Book Review, Apri113, Commentary, July Contemporary Authors New Revision Series, 4, Challenge, October/November Heertje, Arnold. The U.S.A. in the World Economy. (San Francisco: Freeman, Cooper & Co., 1984, pp ti Contemporary Authors. New Revision Series, Volume 21, Okroi, Loren J. Galbraith, Harrington, Heilbroner: Economics and Dissent in an Age of Optimism. Princeton, NJ: Princeton University Press, Who's Who in America New Perspectives Quarterly, 'The Triumph of Capitalism', Fall World Authors, , H. H. Wilson Co., 1991, pp Forbes Magazine, May 27, A Biographical Dictionary of Dissenting Economists, eds Phillip Arestis and Malcolm Sawyer. Cheltenham: Edward Elgar, New Perspective Quarterly, 'The Rest of the World (ROW): Off the Track', Spring REVIEWS (PARTIAL LISTING) 'Review of History of Economic Analysis, by Joseph Schumpeter.' The Nation, April17, 'Review of The Politics of Hysteria, edited by Edmund Stillman and William Pfaff.' The New York Review of Books, February 20, 'Review of The Meaning of the 20th Century, by Kenneth Boulding.' Book Week, January 17, 'Review of Pentagon Capitalism, by Seymour Melman.' New York Review, July 23, 1970.

10 The Economic Writings of Robert Heilbroner 'Review of Politics and the Stages of Growth, by W. W. Rostow.' The New York Times Book Review, August 1, 'Review of Alienation: Marx's Conception of Man in Capitalist Society by Bertell Oilman and Alienation and Economics by Walter Weisskopf.' The New York Review of Books, March 9, 'Review of "Radical Economics: A Review Essay"'. American Political Science Review, September 'Review of Reflections in the Causes of Human Misery, by Barrington Moore.' The New York Review of Books, October 5, 'Review of America and the World Political Economy, by David P. Calleo and Benjamin Rowland.' The New York Review of Books, November 29, 'Review of Labor and Monopoly Capital, by Harry Braverman.' The New York Review of Books, January 23, 'Review of "Kenneth Boulding, Collected Papers: A Review Article"' Journal of Economic Issues, March 'Review of Politics and Markets, by Charles E. Lindblom.' The New York Times Book Review, February 19, 'Review of Free to Choose: A Personal Statement, by Milton and Rose Friedman.' The New York Review of Books, April 17, 'Review of A Guide to Post Keynesian Economics, by Alfred Eichner.' The New York Review of Books, April17, 'Review of Essays in Trespassing and Shifting Involvements, by Albert Hirschman.' The New York Review of Books, June 24, 'Review of The Economics of Feasible Socialism, by Alec Nove.' Dissent, Fall1983. 'Review of The Second Industrial Divide, by Michael Piore and Charles Sabel.' The New York Times Book Review, January 6, 'Review of Economics: An Alternative Text, by Guy Routh.' Journal of Economic Literature, American Economic Association, March 'Review of The Rhetoric of Economics, by Donald N. McCloskey.' The New York Review of Books, April24, 'Review of John Maynard Keynes, Vol. 1, by Robert Skidelsky.' The New York Times Book Review, May 11, 'Review of At the Dawn of Tyranny, by Eli Sagan.' Monthly Review, September 'Review of Economics in Perspective, by John Kenneth Galbraith.' The New York Review of Books, November 5, 'Review of The New Palgrave: A Dictionary of Economics, edited by John Eatwell, Peter Newman and Murray Milgate.' The New York Review of Books, March 3, 'Review of The Fatal Conceit, by Friedrich Hayek,' The Nation, April1989. 'Review of Governing a $5 Trillion Dollar Economy, by Herbert Stein.' Challenge, Aug/Sept 'Review of Socialism, Past and Future, by Michael Harrington.' Dissent, Fall 1989.

11 The Economic Writings of Robert Heilbroner 'Review of The Privatization Decision, by John Donahue.' The New York Times Book Review, December 17, 'Review of Scale and Scope: The Dynamics of Industrial Capitalism, by Alfred Chandler.' The New York Review of Books, October 11, 'Review of The End of Laissez-Faire: National Purpose and the Global Economy After the Cold War, by Robert Kuttner.' Dissent, Summer 1991.

12 Bibliography Appleby, Joyce Oldham Economic Thought and Ideology in Seventeenth Century England. Princeton NJ: Princeton University Press. Ayres, C. E [1962]. The Theory of Economic Progress: A Study of the Fundamentals of Economic Development and Cultural Change, 2nd edn. New York: Schocken Books. Blaug, Mark [1992]. The Methodology of Economics: Or How Economists Explain. Cambridge: Cambridge University Press Great Economists Since Keynes: An Introduction to the Lives & Works of One Hundred Modern Economists. Cambridge: Cambridge University Press The Methodology of Economics: Or How Economists Explain. 2nd edn. Cambridge: Cambridge University Press. Campbell, Colin 'Economic Historian Robert Heilbroner Tells Why the World He Enjoys is Finished.' Psychology Today. February Canterbery, E. Ray The Making of Economics. Belmont Calif.: Wadsworth Publishing Company The Literate Economist: A Brief History of Economics. New York: Harper Collins College Publishers. Galbraith, John Kenneth The New Industrial State, 4th edn. New York: New American Library. Gardner, Helen, Horst de Ia Croix and Richard G. Tansey Art Through the Ages. 6th edn. New York: Harcourt Brace Jovanovich. Gay, Peter Freud for Historians. Oxford: Oxford University Press. Giddens, Anthony 'Hermeneutics and Social Theory', in Gary Shapiro and Alan Sica (eds), Hermeneutics: Questions and Prospects. Amherst Mass.: The University of Massachusetts Press. Hamilton, Walton H 'The Institutional Approach to Economic Theory', American Economic Review. March Heilbroner, Robert L 'Saving and Investment: Dynamic Aspects', American Economic Review. December 'The American Poor', Harper's Magazine. June [1953] The Worldly Philosophers: The Lives, Times and Ideas of The Great Economic Thinkers. 6th edn. New York: Simon & Schuster The Quest For Wealth. New York: Simon & Schuster. --. [1959] The Future as History: The Historic Currents of Our Time and the Direction in Which They are Taking America. New York: Harper & Row [1993] The Making of Economic Society. 9th edn. Englewood Cliffs, NJ: Prentice-Hall a. The Great Ascent: The Struggle for Economic Development in Our Time. New York: Harper & Row b. The World of Economics. American Library Association The Limits of American Capitalism. New York: W. W. Norton 'Is Economic Theory Possible?' Social Research. Summer. Ill

13 112 Bibliography 'Putting Marx to Work', The New York Review of Books. December 5, a. Between Capitalism and Socialism: Essays in Political Economics. New York: Vintage b. 'On the Limited Relevance of Economics', Public Interest. Fall c. 'On the Possibility of a Political Economics', Journal of Economic Issues. December 'Interview', Business Week. September 30, 'Economics as a "Value Free" Scieni:e', Social Research. Spring. --. [1974a)l991. An Inquiry Into the Human Prospect: Looked at Again for the 1990s. New York: W. W. Norton b. 'The Clouded Crystal Ball', American Economic Review. May 'Marxism, Psychoanalysis and the Problem of Unified Theory of Behavior', Social Research. Autumn Marxism: For and Against. New York: W. W. Norton 'Capitalism as Gestalt: A Contrast of Visions', in Free Market Conservatism, Edward Nell (ed.), London: George Allen & Unwin a. The Nature and Logic of Capitalism. New York: W. W. Norton b. 'The State and Capitalism: How They Interact and Move Apart', Dissent. Fall The Essential Adam Smith. New York: W. W. Norton 'Fundamental Economic Concepts- Another Perspective', Journal of Economic Education. Spring a. Behind the Veil of Economics: Essays in the Worldly Philosophy. New York: W. W. Norton b. 'Capitalism', in The New Palgrave, John Eatwell, Murray Milgate and Peter Newman, (eds), New York and London: Macmillan c. 'Wealth', in The New Palgrave, John Eatwell, Murray Milgate and Peter Newman (eds), New York and London: Macmillan d. 'The Coming Meltdown of Traditional Capitalism', Ethics and International Affairs. VoL 'The Triumph of Capitalism" The New Yorker. January 23, Foreword to Rethinking The Future: The Correspondence Between Geoffrey Vickers and Adolph Lowe, edited by Jeanne Vickers. New Brunswick NJ: Transaction Publishers a. 'Robert L. Heilbroner', in Philip Arestis and Malcolm Sawyer (eds), A Biographical Dictionary of Dissenting Economists. Aldershot: Edward Elgar b. 'Is a Worldly Philosophy Still Possible? Adolph Lowe as Analyst and Visionary', Review of Social Economy. Winter a. 21st Century Capitalism. New York: W. W. Norton b. 'Anti-Depression Economics' Atlantic Monthly. April, 'Vision in Economic Thought', Journal of Economic Issues, June Visions of the Future: The Distant Past, Yesterday, Today, Tomorrow. New York: Oxford University Press Teachings From The Worldly Philosophy. New York: W. W. Norton.

14 Bibliography 113 Heilbroner, Robert L. and Peter L. Bernstein A Primer on Government Spending. New York: Random House The Debt and Deficit: False Alarms, Real Possibilities. New York: W. W. Norton. Heilbroner, Robert L. and William Milberg The Crisis of Vision in Modern Economic Thought. Cambridge: Cambridge University Press. Hirsch, E. D. Jr Cultural Literacy: What Every American Needs to Know. New York: Vantage Books. Keynes, John Maynard The General Theory of Employment, Interest and Money. New York: Harcourt, Brace & World Essays in Biography. London: Rupert Hart-Davis. Lange, Oscar and Fred Taylor On the Economic Theory of Socialism. New York: McGraw-Hill. Lowe, Adolph Economics and Sociology: A Plea for Co-operation in the Social Sciences. London: George Allen & Unwin [1977]. On Economic Knowledge: Toward a Science of Political Economics. White Plains New York: M. E. Sharpe 'Toward A Science of Political Economics', in Robert L. Heilbroner (ed.), Economic Means and Social Ends. Englewood Cliffs, NJ: Prentice Hall. Mirowski, Philip More Heat Than Light. New York: Cambridge University Press. Nell Edward Prosperity and Public Spending: Transformational Growth and The Role of Government. Boston: Unwin Hyman a. 'Transformational Growth and Learning: Developing Craft Technology Into Scientific Mass Production', in R. Thompson (ed.), Learning and Technological Change. New York: StMartin's Press b. 'Introduction: History and Vision in Economics', in Economics as Worldly Philosophy: Essays in Honor of Robert L. Heilbroner, edited by Ron Blackwell, Jaspal Chatha and Edward J. Nell. New York: St Martin's Press. Nell, Edward J. and Thomas F. Phillips 'Transformational Growth and The Business Cycle.' Eastern Economic Journal. Vol. 21, No.2. Spring Okroi, Loren J Galbraith, Harrington, Heilbroner: Economists and Dissent in an Age of Optimism. Princeton NJ: Princeton University Press. Polanyi, Karl The Great Transformation: The Political and Economic Origins of Our Time. Boston: Beacon Press 'Aristotle Discovers the Economy', in Geo. Dalton (ed.), Primitive, Archaic, and Modern Economies: Essays by Karl Polanyi. Garden City New York: Doubleday. Robbins, Lionel. [1932] An Essay on the Nature and Significance of Economic Science. 2nd edn. London: Macmillan. Sahlins, Marshall Stone Age Economics. Aldine, New York: Hawthorne. Schumpeter, Joseph Capitalism, Socialism and Democracy. New York: Harper & Row History of Economic Analysis. Oxford: Oxford University Press Theory of Economic Development. Cambridge Mass.: Harvard University Press.

15 114 Bibliography Shapiro, Gary and Alan Sica 'Introduction', in Gary Shapiro and Alan Sica (eds), Hermeneutics: Questions and Prospects. Amherst Mass.: The University of Massachusetts Press. Sheinbaum, Stanley and Nathan Gardels 'The Triumph of Capitalism', New Perspective Quarterly. Fall Smith, Adam An Inquiry Into The Causes and Wealth of Nations. New York: Random House. Stanfield, J. Ron 'Phenomena and epiphenomenon in Economics', Economics, Power and Culture: Essays in the Development of Radical Institutionalism. London: Macmillan Press. Thurow, Lester The Future of Capitalism: How Today 's Economic Forces Shape Tomorrow's World. New York: Morrow. Van Dyne, Larry 'Robert Heilbroner on the Doom of Capitalism', The Chronicle Review. October 16, Veblen, Thorstein 'Why Economics is not a Science,' The Quarterly Journal of Economics. Vol. xii, July Vickers, Jeanne Rethinking The Future: The Correspondence Between Geoffrey Vickers and Adolph Lowe. New Brunswick NJ: Transaction Publishers. Wachterhauser, Brice R 'Introduction: History and Language in Understanding', in Brice Wachterhauser (ed.), Hermeneutics and Modern Philosophy. Albany New York: State University of New York Press.

16 Index A Primer on Government Spending 14, 15, 101 affect 22, 41, 53, 65 Airbus 71, 87 Allen, Fredrick Lewis 12, 103, 112, 113 American Economic Association 1, 35, 104 American Economic Review 9, 40, 111, 112 American Pragmatists 23 Appleby, Joyce Oldham 67, 111 Arstis, Philip 44, 107, 112 Ayres, C. E. 91, 94, 111 Behind the Veil 19, 34, 47, 102, 112 belief system 19, 33 Berkeley, University 13, 14 Bernstein, Peter 14, 15, 113 Between Capitalism and Socialism 15, 101, 112 Blackwell, Ron 37, 113 Blaug, ~ark 9, 23,49, 105,111 burgher class 59 Campbell, Colin 8, 111 Canterbery, E. Ray 26, 41, 111 Capital 15 capital 15, 18, 30, 35, 49, 60, 62-7, 69-72,80,83,84,86-9,108 Ceasar 63 Cognitive act 34 commodification 64 commodity 15, 55, 56, 68, 93 conservative 1, 6-8, 13, 15-17, 34, 39, 60, 66, 71-6 control 17, 32, 52, 68; 71, 83, 84, 90, 92 Croix, Horst de Ia 111 cultural 4, 19, 28, 34, 42, 43, 60--2, 65, 66, 89, 92, 111 Cultural Literacy 113 Dalton, Geo. 113 dialectic 16, 55, 75 distant past 83, 84, 94, 102, 112 drive to accumulate 4, 18, 49, 60--4, 67, 69, 72,80,84, 86 Eatwell, John 103, 108, 112 ecological 17, 90, 104 economic man 25-7, 35 economics as a veil 32 epiphenomenon 2, 33, 91, 114 future related understanding 79, 80, 97 Galbraith, John Kennenth 9, 93, 107, 108, 111, 113 Gardels, Nathan 18, 19, 114 Gardner, Helen 47 Gay, Peter 54, 111 gestalt, capitalism as a 18, 51, 73, 76, 103, 112 Giddens, Anthony 51, Ill Gordon, David 15 Great Depression 7, 8 Hamilton, Walton 92, 111 Hansen, Alvin 9, 95 Harper's 10, 12, 111 Harvard 8-10, 88, 113 hegemony 15, 25 hermeneutics 2, 3, 49-52, 54, 83, 94, 111,114 hermeneutic method 49 Hirsch, E. D. 34, 113 historical epochs 22 historical time 23, 31, 74, 94 holistic 1-3, 30, 54, 92, 93, 96 homo economicus 25, 26 Hymer, Stephen 15 Hypothetico-deductive see methodology 3, 49, 50, 76, 77 ideology 3, 6, 20, 21, 33-5, 39, 50, 51, 102, 103, 105,

17 116 Index Inquiry Into the Human Prospect 17, 101, 112 institutional 4, 7, 11, 18, 25, 28, 30, 41, 44, 45, 47, 51, 56, 57, 62, 79, 80,82,85,89,90,92,97, 106, Ill institutional economics 92 institutionalism 19, 37, 114 institutionalist 4, 43, 91-5, 97 Kennedy, John F. 15, 105 Keynes, John Maynard 9, 38, 41, 42, 95, 103, 105, 108, Ill, 113 Keynesian 9, 19, 97, 108 Kissinger, Henry 13 koan 66 Lange, Oscar 68, 113 Leontief, Wassily 10 Locke, John 41 logic 2, 4, 6, 17, 18, 23, 39, 43, 47, 48,60-2,70, 79,86,91, 102,103, 112 Lowe, Adolph 3, 10, 11, 13, 28-31, 36, 45, 50, 68, 76, 77, 91, 92, 95-7, 103, 105, 106, Lucas, Robert E. 34 Mably, Abbe 23 Machiavelli 70 Malthus, Thomas 7, 38, 95 Marshall, Alfred 41, 42, 95, 113 Marx, Karl 1, 7, 11, 15-17,20, 23, 38, 39,41,42,54,75,83,93,95, 103-5, 112 Communist Manifesto 15 Marxian 16 Marxism: For and Against 15, 17, 101, 104, 112 Marxist 4, 15-17, 54, 64, 97, 104 Mason, Edward 10 material provisioning 37, 56, 69, 83, 92 materialist view of history 16, 54 methodology 3, 23, 26, 28, 36, 37, 49-51, 57, 60, 75, 76, 83, 93, 94, Ill 'Methodology of Worldly Philosophy, The' 3, 36, 37, 57 Milberg, William 19, 37, 44, 51, 113 Milgate, Murray 103, 108, 112 Mirowski, Philip 24, 113 M-C-M' 63, 64, 88 nature 2, 3, 6, 8, 12, 17, 18, 22, 28, 31-3, 36,39,41,44,47-9,51,56, 60-2,64,65,67,69, 73, 75, 76, 79, 80,82,84,86, 88,90-2,95, 96, 102, 103, 112, 113 Nell, Edward 15, 37, 47, 48, 103, 112, 113 neoclassical 3, 12, 15, 19-30, 32, 36-8,59, 74,82, 85,96 neoclassical economics see traditional economics 21, 24, 25, 27 New Perspective Quarterly 18, 107, 114 New School For Social Research 10, 11, 14, 15, 19, 47, 95 Newman, Peter 103, 108, 112 Newtonian 41 Nobel Prize 23 Norman Thomas Chair of Economics 15 Okroi, Loren J. 7, 107, 113 On Economic Knowledge 28, 113 order 2-5, 16-19, 22, 25, 26, 28, 30, 31, 33, 36, 37, 39, 41, 43, 45, 47, 49, 52, 55, 62, 65, 68, 69, 71, 73, 75-7,82,86,87,89-94,96,97 Palgrave, The New 18, 103, 108, 112 Ph.D. 13, 14 Phillips, Thomas 113 Polanyi, Karl 52, 96, 113 political economy 1, 21, 30, 39, 95, 97, 103, 105, 108 power 2, 4, 13, 22-5, 30, 31, 33, 38, 42, 47, 49, 52, 55, 60, 62, 63, 66, 68-72, 79, 86, 87, 89, 92, 93, 97, 114 psychoanalysis 53, 54, 104, 112 psychological 6, 12, Psychology Today 7, 107, Ill

18 Index 117 Questfor Wealth 12, 101, 111 radical 4, 6, 7, 11, 13, 15-17, 60, 72-6, 104, 114 reductionist theory see neoclassical economics 1, 5, 12 regime, capitalism as a 2, 13, 18, 51, 60, 61, 65, 83, 92 Robbins, Lionel 22, 113 Robinson Crusoe 35, 96 Rockefeller, Nelson 13, 103 Rome 37, 59, 63, 83 Sahlins, Marshall 113 Sawyer, Malcolm 107, 112 Schumpeter, Joseph 3, 9, 19, 34, 38, 83, 88, 95, 102, 103, 105-7, 113 Shaikh, Anwar 15 Sica, Alan 50, 114 Smith, Adam 1, 3, 7, 11, 26, 38-42, 83, 95, 102-5, 109, 112, 114 social matrix 37, 38 socioanalysis 38, 52, 54, 55 sociopolitical 1, 49 Stanfield, James Ronald 33, 114 Statistical Abstract 31 surplus value 15 Sweezy, Paul 3, 9; 95 Tansey, Richard G. 111 Taylor, Fred 68, 113 The Crisis of Vision in Modern Economic Thought 1 02 The Debt and the Deficit 15 The Decline and Fall of the Roman Empire 12 The Future as History 12, 13, 17, 4 7, 80, 101, 111 The Great Transformation 32, 96, 113 The Journal of Economic Perspectives 1 The Making of Economic Society 14, 47, 101, 111 The Nature and Logic of Capitalism 17, 18, 102, 103, 112 The New Yorker 18, 105, 106, 112 The Sun 8 The Worldly Philosophers 5, 8, 11-13, 15, 38-41,45-7,49, 79, 82, 94, 95, 101, 111 Theories of Surplus Value 15 Thurow, Lester 101, 114 today 5, 7,9, 14,40,41,43-5, 54, 60, 83, 85, 86, 92 tomorrow 86 traditional economics 21, 28, 48, 82 transformational 80, 87, 88, 113 Van Dyne, Larry 10, 13, 14, 114 Veblen-Commons Award 11, 106 Veblen, Thorstein 11, 27, 38, 91, 94, 95, 106, 114 Vickers, Geoffrey 11, 112, 114 Vickers, Jeanne 114 Vienna Circle 23 Vision 1-3, 5, 6, 19-21, 34, 35, 40, 41, 46-9, 51, 53, 62, 72, 79, 92, 102, 105, 106, 113 Wachterhauser, Brice R. 50, 114 Williams, John E. 9 Worldly Philosophy 3, 19, 36, 37, 39, 41, 43-5, 47, 48, 55, 57, 82, 83, 96, 102, 106, 112, 113 yesterday 83-6