ESSAYS IN THE HISTORY OF HETERODOX POLITICAL ECONOMY

ESSAYS IN THE HISTORY OF HETERODOX POLITICAL ECONOMY

Also by Warren J. Samuels and published by Palgrave Macmillan ESSAYS IN THE HISTORY OF MAINSTREAM POLITICAL ECONOMY ESSAYS ON THE ECONOMIC ROLE OF GOVERNMENT Volume 1: Fundamentals Volume 2: Applications ESSAYS ON THE METHODOLOGY AND DISCOURSE OF ECONOMICS

Essays in the History of Heterodox Political Economy Warren J. Samue1s Professor of Economics Michigan State University M MACMILLAN

Warren J. Samuels 1992 Softcover reprint ofthe hardcover 1st edition 1992 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London W1P 9HE. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. First published 1992 by THE MACMILLAN PRESS LTD Houndrnills, Basingstoke, Hampshire RG21 2XS and London Companies and representatives throughout the world ISBN 978-1-349-12265-3 ISBN 978-1-349-12263-9 (ebook) DOI 10.1007/978-1-349-12263-9 A catalogue record for this book is available from the British Library

To those under whom I studied the his tory of economic thought: Brooks Johnson, George J. Malanos, Gerald Franklin, Grover A. J. Noetzel, James S. Early, Martin Bronfenbrenner, Martin Glaeser, Eugene Rotwein, Hans Gerth

Contents Acknowledgements Introduction ix The Scope of Economics Historically Considered 2 The History of Economic Thought as Intellectual History 37 3 The State, Law, and Economic Organization 56 4 A Centenary Reconsideration of Bellamy 's Looking Backward 95 5 Thorstein Veblen, Heterodox Economist, in Retrospect 116 6 The Firing of E. A. Ross from Stanford University: Injustice Compounded by Deception? 123 7 Edwin E. Witte's Concept of the Role of Govemment in the Economy 133 8 The Economy as a System of Power and Its Legal Bases: The Legal Economics of Robert Lee Hale 155 9 Legal Realism and the Burden of Symbolism: The Correspondence of Thurman Arnold 277 10 Galbraith on Economics as a System of Professional Belief 293 11 Gardiner C. Means's Institutional and post-keynesian Economics (with Steven G. Medema) 308 12 In Praise of Joan Robinson: Economics as Social Control 340 Name Index 349 Subject Index 350 8 Vll

Acknowledgements The author and publishers wish to thank the following publishers, editors and co-authors for pennission to reprint material: 'The Scope of Economics Historically Considered', Land Economics, vol. 48 (1972), August 1972 by the Regents of the University of Wisconsin System pp. 248-268; and 'Edwin E. Witte's Concept of the Role of Government in the Economy', Land Economics, vol. 43 (1967), May, by the Regents of the University of Wisconsin System, pp. 131-47, used by pennission of the University of Wisconsin Press. 'The History of Economic Thought as Intellectual History', History 0/ Political Economy, vol. 6 (1974), Fall, by pennission of Duke University Press. 'The State, Law, and Economic Organization', Research in Law and Sociology, vol. 2 (1979), pp. 65-99, by pennission of JAI Press Inc.. 'A Centenary Reconsideration of Bellamy' s Looking Backward',American Journal 0/ Economics and Sociology, vol. 43 (1984), April, pp. 129-48 by pennission of the American Journal 0/ Economics and Sociology. 'Thorstein Veblen, Heterodox Economist, in Retrospect', Social Science Quarterly, vol. 60 (1979), December, pp. 454-9 by pennission of University of Texas Press. 'The Firing of E. A. Ross from Stanford University: Injustice Compounded by Deception?', Journal 0/ Economic Education, vol. 22 (1991), Spring, 183-90 reprinted with pennission of the Helen Dwight Reid Educational Foundation. Published by Heldref Publications, 400 Albemarle St., N. W., Washington, DC 20016. Copyright 1991. 'The Economy as a System of Power and Its Legal Bases: The Legal Economics of Robert Lee Hale', University 0/ Miami Law Review, vol. 27 (1973) Spring-Summer, pp. 261-371, reprinted from the University 0/ Miami Law Review (27 U. Miami L. Rev. 261 (1973» which holds copyright on this article. ix

x Acknowledgements 'Legal Realism and the Burden of Symbolism: The Correspondence of Thurman Arnold', Law and Society Review, vol. 13 (1979), Summer, pp. 997-1011, reprinted by permission ofthe Law and Society Association. 'Galbraith on Economics as a System of Professional Belief', Journal oi Post Keynesian Economics, vol. 7 (1984), Fall, pp. 61-76, reprinted by permission of M. E. Sharpe, Inc., Armonk, New York 10504. With Steven G. Medema, 'Gardiner C. Means's Institutional and Post Keynesian Economics', in Review oi Political Economy, vol. 1 (1989), July, pp. 163-91. 'In Praise of Joan Robinson: Economics as Social Control', Society, vol. 26 (1989), Jan.-Feb. pp. 73-6, by permission of Transaction Publishers. Note: The reprinted materials appear as in the original publication except that minor alternations have been made to the style and presentation for the purpose of publishing this collection of readings in book form.