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Sixteen Questions for Fine and Milonakis

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Abstract While I am in broad agreement with the main thrust of Fine’s and Milonakis’s argument, I pose sixteen questions for them. The first ten questions relate to the history of economic thought (Ricardo, Marxian economics after Marx, institutionalism in Britain); substantive issues of economic theory (their neglect of macroeconomics); methodological and philosophical matters (induction and deduction, positivism, internal and external sources of paradigm change); and the other social sciences (political science, the origins of sociology). I conclude by asking six questions about the ‘old’ and ‘new’ economics imperialism, the prospects for mainstream economics, and the precise nature of the political-economy alternative that Fine and Milonakis propose. Is it simply Marxian political economy in disguise?

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38. Tcherneva Pavlina The Return of Fiscal Policy: Can the New Developments in the New Economic Consensus be Reconciled with the Post-Keynesian View? 2008 Annandale-on-Hudson Levy Economics Institute Working Paper No. 539
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40. FN1 1. Cited as Milonakis and Fine 2009.
41. FN2 2. Cited as Fine and Milonakis 2009.
42. FN3 3. Fine and Milonakis 2009, Chapter 9.
43. FN4 4. See Milonakis and Fine 2009, Chapters 2 and 4, in general, and Milonakis and Fine 2009, pp. 36 and 69, in particular.
44. FN5 5. Fine and Milonakis 2009, p. 51, emphasis added.
45. FN6 6. Schumpeter 1999, p. 473.
46. FN7 7. Milonakis and Fine 2009, p. 57.
47. FN8 8. For example, Milonakis and Fine 2009, p. 23.
48. FN9 9. Sweezy 1968.
49. FN10 10. Meek 1973.
50. FN11 11. Dobb 1973.
51. FN12 12. There is a brief reference to Meek in Milonakis and Fine 2009, p. 41.
52. FN13 13. Albritton 1986.
53. FN14 14. Milonakis and Fine 2009, p. 183.
54. FN15 15. Milonakis and Fine 2009, pp. 138–9.
55. FN16 16. Mehrling and Sandilands (eds.) 1999.
56. FN17 17. Milonakis and Fine 2009, Chapter 8.
57. FN18 18. Kaufman 2004.
58. FN19 19. Milonakis and Fine 2009, Chapter 14, part of which deals with the postwar triumph of Walrasian general equilibrium theory; Fine and Milonakis 2009, pp. 162–3.
59. FN20 20. O’Donnell 1989.
60. FN21 21. Keynes 1982, p. 81.
61. FN22 22. Rogers 2006.
62. FN23 23. Jefferson and King 2011.
63. FN24 24. Fine and Milonakis 2009, p. 163.
64. FN25 25. See King 2008 and King (ed.) 2012 for a fuller account.
65. FN26 26. Lee 1998.
66. FN27 27. Milonakis and Fine 2009, p. 78.
67. FN28 28. Milonakis and Fine 2009, p. 98.
68. FN29 29. Milonakis and Fine 2009, p. 101.
69. FN30 30. Milonakis and Fine 2009, p. 244.
70. FN31 31. Milonakis and Fine 2009, p. 28; see also Milonakis and Fine 2009, p. 15.
71. FN32 32. Milonakis and Fine 2009, p. 38.
72. FN33 33. Milonakis and Fine 2009, p. 73.
73. FN34 34. Milonakis and Fine 2009, p. 69; emphasis in original.
74. FN35 35. Milonakis and Fine 2009, p. 260.
75. FN36 36. Hutchison 1938, not 1960, as Fine and Milonakis suggest (Milonakis and Fine 2009, p. 232). This is the date of the Kelley reprint. Hutchison’s book is very much the product of the 1930s, and comes from the same stable as A.J. Ayer’s famous Language, Truth and Logic(Ayer 1936).
76. FN37 37. Hutchison became a fierce critic of Marxism and all related heterodox schools, especially with respect to their interpretation of the history of the discipline; see especially Hutchison 1981.
77. FN38 38. Milonakis and Fine 2009, p. 232.
78. FN39 39. Milonakis and Fine 2009, pp. 236–7.
79. FN40 40. Milonakis and Fine 2009, p. 237.
80. FN41 41. Milonakis and Fine 2009, p. 260.
81. FN42 42. Fine and Milonakis 2009, p. 52.
82. FN43 43. Milonakis and Fine 2009, pp. 277–81.
83. FN44 44. Fine and Milonakis 2009, p. 81.
84. FN45 45. For example, Fine and Milonakis 2009, p. 81.
85. FN46 46. For example, Milonakis and Fine 2009, p. 280.
86. FN47 47. Hands 2001.
87. FN48 48. Marx 1961, p. 15; see also King 1979.
88. FN49 49. Stigler 1965, p. 22.
89. FN50 50. Milonakis and Fine 2009, pp. 113–14; the quasi-socialist Walras would have to be excluded from this assessment.
90. FN51 51. Milonakis and Fine 2009, pp. 189–91, 306.
91. FN52 52. Fine and Milonakis 2009, pp. 61, 141, 144.
92. FN53 53. Milonakis and Fine 2009, p. 272.
93. FN54 54. Milonakis and Fine 2009, p. 303; see also Fine and Milonakis 2009, p. 60.
94. FN55 55. Fine and Milonakis 2009, p. 138.
95. FN56 56. Fine and Milonakis cite the complaint of the economic historian Alfred Chandler that ‘economics was becoming a refuge for second-class mathematicians’ (Fine and Milonakis 2009, p. 138).
96. FN57 57. Fine and Milonakis 2009, p. 146.
97. FN58 58. Fine and Milonakis 2009, p. 142.
98. FN59 59. Fine and Milonakis 2009, pp. 139–40.
99. FN60 60. Fine and Milonakis 2009, pp. 23, 33–3, 49, 174–5.
100. FN61 61. Strange 1986.
101. FN62 62. Strange 1998.
102. FN63 63. Martin 1999; see Fine and Milonakis 2009, pp. 70–2.
103. FN64 64. Backhouse and Fontaine (eds.) 2010.
104. FN65 65. Milonakis and Fine 2009, p. 109.
105. FN66 66. Milonakis and Fine 2009, p. 160.
106. FN67 67. Milonakis and Fine 2009, p. 220; see also Milonakis and Fine 2009, pp. 238–43, and Fine and Milonakis 2009, pp. 22–4.
107. FN68 68. Giddens 1986, p. 8; emphasis in original.
108. FN69 69. Swingewood 2000, p. viii.
109. FN70 70. Swingewood 2000, pp. 21, 33, 41.
110. FN71 71. Milonakis and Fine 2009, p. 225.
111. FN72 72. Fine and Milonakis 2009, p. 110.
112. FN73 73. Fine and Milonakis 2009, p. 123.
113. FN74 74. Fine and Milonakis 2009, pp. 84, 166.
114. FN75 75. Fine and Milonakis 2009, pp. 117, 125.
115. FN76 76. Fine and Milonakis 2009, p. 153.
116. FN77 77. Fine and Milonakis 2009, p. 12; see also Fine and Milonakis 2009, pp. 119–20.
117. FN78 78. Fine and Milonakis 2009, p. 117.
118. FN79 79. Fine and Milonakis 2009, p. 118.
119. FN80 80. Fine and Milonakis 2009, p. 110; emphasis in original.
120. FN81 81. Fine and Milonakis 2009, p. 66.
121. FN82 82. See Fine and Milonakis 2009, pp. 135, 158, on the inherent limits to the success of economics imperialism, and Fine and Milonakis 2009, pp. 92, 116, 122, for some rather hesitant conclusions on the prospects for reverse imperialism.
122. FN83 83. Fullbrook (ed.) 2003.
123. FN84 84. Blaug 1998.
124. FN85 85. Milonakis and Fine 2009, p. 303.
125. FN86 86. Blanchard 2008, pp. 8–9.
126. FN87 87. Tcherneva 2008.
127. FN88 88. Rogers 2006.
128. FN89 89. Dow 2000, pp. 159–60.
129. FN90 90. Fine and Milonakis 2009, pp. 167–8.
130. FN91 91. Davis 2008.
131. FN92 92. Fine and Milonakis 2009, p. 151.
132. FN93 93. Fine and Milonakis 2009, p. 169.
133. FN94 94. For example Fine and Milonakis 2009, p. 122, where there are two.
134. FN95 95. Fine and Milonakis 2009, pp. 162, 166.
135. FN96 96. Fine and Milonakis 2009, p. 162.
136. FN97 97. Fine and Milonakis 2009, p. 172.
137. FN98 98. See also Butler, Jones and Stilwell (eds.) 2009.
138. FN99 99. Milonakis and Fine 2009, p. 160.
139. FN100 100. Milonakis and Fine 2009, p. 225.
140. FN101 101. Fine and Milonakis 2009, pp. 166–7.
141. FN102 102. See Howard and King 2008, Chapters 1–2, for an elaboration.
142. FN103 103. Fine and Milonakis 2009, p. 149.
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/content/journals/10.1163/1569206x-12341254
2012-01-01
2015-08-04

Affiliations: 1: School of Economics, La Trobe University j.king@latrobe.edu.au

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