The Preconceptions Of Economic Science

The Preconceptions of Economic Science is a book written by Thorstein Veblen, an American economist and sociologist. The book is an analysis of the fundamental assumptions and preconceptions that underlie economic science. Veblen argues that these preconceptions are often based on outdated and incorrect notions of human behavior and motivation, and that they prevent economists from fully understanding and addressing the complex social and economic problems of the modern world.Veblen begins by examining the historical development of economic thought, tracing the evolution of economic theory from its origins in classical political economy to the neoclassical economics of the late 19th and early 20th centuries. He then critiques the basic assumptions of neoclassical economics, including its emphasis on individual rationality, the primacy of the market, and the idea that economic behavior is driven solely by self-interest.Veblen argues that these assumptions are based on an outdated view of human nature that fails to account for the complex social and cultural factors that shape economic behavior. He also critiques the neoclassical emphasis on mathematical modeling and abstract theory, arguing that these approaches often lead to a narrow and overly simplistic understanding of economic phenomena.Throughout the book, Veblen emphasizes the importance of a more holistic and interdisciplinary approach to economic analysis, one that takes into account the broader social, political, and cultural context in which economic activity takes place. He also calls for a greater emphasis on empirical research and data-driven analysis, arguing that this is the only way to truly understand the complex and dynamic nature of modern economies.Overall, The Preconceptions of Economic Science is a thought-provoking and insightful critique of traditional economic theory and a call to action for a more nuanced and interdisciplinary approach to economic analysis.However, these and other like filial expressions of a devout optimism need, perhaps, not be taken as integral features of Adam Smith's economic theory, or as seriously affecting the character of his work as an economist. They are the expression of his general philosophical and theological views, and are significant for the present purpose chiefly as evidences of an animistic and optimistic bent.This scarce antiquarian book is a facsimile reprint of the old original and may contain some imperfections such as library marks and notations. Because we believe this work is culturally important, we have made it available as part of our commitment for protecting, preserving, and promoting the world's literature in affordable, high quality, modern editions, that are true to their original work.