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Against Mechanism: Methodology for an Evolutionary Economics
Author(s) -
Schmid A. Allan,
Thompson Paul
Publication year - 1999
Publication title -
american journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.949
H-Index - 111
eISSN - 1467-8276
pISSN - 0002-9092
DOI - 10.2307/1244101
Subject(s) - citation , session (web analytics) , state (computer science) , principal (computer security) , library science , computer science , algorithm , world wide web , operating system
When the first economics departments were proposed at Cambridge and Oxford, the proponents thought acceptance would be improved if economics could be seen as incorporating the methods of physics. The enterprise was premised on the existence of economic laws that describe invariant relationships between events. These event regularities, like gravity, were not affected by human action. Humans could adapt and use them, but not change them. Thus the metaphor of "mechanism" seemed appropriate and became embedded in economists' language. It is common to use the term market mechanism to link prices and commodities. This suggests the economy is like turning a crank attached to a set of gears where there is a fixed relationship between the crank's motion and the last gear's motion. The gears have no ideas of their own, they don't get mad; there is no cognitive element between events and action.