How Economics Forgot History: The Problem of Historical Specificity in Social Science(Economics as Social Theory)

In How Economics Forgot History, Hodgson calls into question the tendency of economic method to try and explain all economic phenomena by using the same catch-all theories and dealing in universal truths. He argues that you need different theories to analyse different economic phenomena and systems and that historical context must be taken into account. Hodgson argues that the German Historical School has been key in laying the foundations for the work of the pioneer institutional economists, who themselves are gaining currency today; and that the growing interest in this school of thought is contributing to a more complete understanding of socio-economic theory.

Table of Contents:
Part I: Introduction;1: The Limitations of General Theory; 2: The Problem of Historical SpecificityPart II: The Nineteenth Century: The German Historical School and its Impact3: Karl Marx and the Specificity of the Capitalist System: 4: The Older Historical School in Germany; 5: The Historical School in the British Isles; 6: The Methodological Failure of the Older Historical School; 7: Out of Austria: Carl Menger and the Methodenstreit; 8: Alfred Marshall and the British Methodendiskurs; 9: The Responses of the Younger Historical School in GermanyPart III: The Twentieth Century: From American Institutionalism to the End of History10: Thorstein Veblen and the Foundations of Institutionalism; 11: Early American Institutionalism and the Problem of Historical Specificity; 12: The Theoretical Manifesto of John Commons; 13: Talcott Parsons and the Ascent of Ahistorical Sociology; 14: Death and Counter-Revolution at the London School of Economics; 15: John Maynard Keynes and his Declaration of a General Theory; 16: The Triumph of Barren Universality; 17: Institution Blindness and the End of HistoryPart IV: The Millennium: The Second Coming of History?18: Are there Universals in Social and Economic Theory?; 19: Property, Culture, Habits and Institutions; 20: Exchange and Production: Property and Firms; 21: A Note on Social Formations and Levels of Abstraction; 22: An Evolutionary Perspective on the Historical Problem; 23: Invention is Helpless without Tradition

About the Author :
Geoffrey M. Hodgson is a Research Professor in Business Studies at the University of Hertfordshire. He has published widely in the academic journals and his previous books include Economics and Utopia (Routledge, 1999)

Review :
'Hodgson's erudition is deeply impressive. Overall he must know more than anyone in the world about the roots of historical and institutional economics. In this volume the importance of thinking about institutions comes across very clearly, as does the contribution of the old institutional economics to this endeavour. This is an important book, which clears the ground for a new, constructive approach to economics that can contribute to a deeper understanding of the world in which we live.' - Professor Paul Omerod, Volterra Ltd., UK; 'In this outstanding, thought-provoking and lucidly written book, Geoffrey M. Hodgson explores the important relationship between economic theory and history, challenging the universalistic doctrine of neoclassical economics. He succeeds impressively...The book provides effective guidance for economists who are prepared to rethink theory formation in a novel way.' - rofessor Kurt Dopfer, University of St. Gallen, Switzerland; 'This is a splendid piece of intellectual history. Hodgson breathes new life into past ideas and the issues surrounding them. These revived ideas are terribly important for the current generation of economists, both mainstream and heterodox. It is the first book I have seen that gets the complex story of historismus into a proper intellectual context.' - Professor Paul Dale Bush, California State University at Fresno, USA; 'This is an impressive study relating the German historical school to institutional and modern economic theory. It shows that Frank Hahn was wrong: the insights of history have not been absorbed; economists need to know the history of ideas and the history of the economy.' - Professor David Colander, Middlebury College, Vermont, USA