From Interwar Pluralism to Postwar Neoclassicism (1998)

From Interwar Pluralism to Postwar Neoclassicism. 1998. Edited by Mary S. Morgan and Malcolm Rutherford. Supplement to volume 30 of HOPE. Durham, NC: Duke University Press.

"American Economics: The Character of the Transformation," by Mary S. Morgan and Malcolm Rutherford (pp. 1–26). The decline of pluralism in American economics was neither a simple nor an obvious result of the development of neoclassical economics.

Part 1. Contexts of Transformation

"Clearing the Ground: The Demise of the Social Gospel Movement and the Rise of Neoclassicism in American Economics," by Bradley W. Bateman (pp. 29–52). The success of marginalist analysis was not foreordained but came about through a series of sometimes unlikely twists and turns.

"The Patrons of Economics in a Time of Transformation," by Craufurd D. Goodwin (pp. 53–81). The patrons of economics were far more congenial to postwar neoclassicism than to interwar pluralism.

Part 2. To Be an Economist

"The Transformation of U.S. Economics, 1920–1960, Viewed through a Survey of Journal Articles," by Roger E. Backhouse (pp. 85–107). As academic economics expanded and supported a wider range of journals, the discipline became more inward looking.

"Institutional Economics: A Case of Reproductive Failure?," by Jeff Biddle (pp. 108–33). The mixed success of the Wisconsin institutionalists to "reproduce" themselves led to the decline of their research program.

"Entrenching Disciplinary Competence: The Role of General Education and Graduate Study in Chicago Economics," by Ross B. Emmett (pp. 134–50). Chicago economics enshrined the notion that economists should use the discpline's own methods to assess the work of other economists.

Part 3. "Market Failure" or "Market Efficiency"

"Hope for America: American Notions of Economic Planning between Pluralism and Neoclassicism, 1930–1950," by Márcia L. Balisciano (pp. 153–78). By 1950, the enthusiasm for planning was fading in the United States and, with it, much of the heterodoxy of American economics.

"How American Economists Came to Love the Sherman Antitrust Act," by Anne Mayhew (pp. 179–201). The approval of the Shrerman Antitrust Act by economists was a consequence of several issues that arose in the 1930s.

"Wandering the Road from Pluralism to Posner: The Transformation of Law and Economics in the Twentieth Century," by Steven G. Medema (pp. 202–24). Ronald Coase's "Problem of Social Cost" raised a new set of questions that were amenable to modern microtheoretic analysis.

Part 4. Mathematics, Formalism, and Style

"From Rigor to Axiomatics: The Marginalization of Griffith C. Evans," by E. Roy Weintraub (pp. 227–59). The marginalization of Evans's ideas was a result of a change in the conception of what mathematics itself could bring to a scientific field.

"A Paradox of Budgets: The Postwar Stabilization of American Neoclassical Demand Theory," by Philip Mirowski and D. Wade Hands (pp. 260–92). Economists invented and then institutionalized an array of solutions to the problems of the relationship of the law of demand to neoclassical utility maximization.

"The Money Muddle: The Transformation of American Monetary Thought, 1920–1970," by Perry Mehrling (pp. 293–306). A full account of the transformation of monetary economics must include the discontinuities as well as the often-overlooked continuities that are present in the story.