Against Mechanism (Paperback)

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Product Description

...the history of economic theory at its best.-EASTERN ECONOMIC JOURNAL

Product Details

• Paperback: 264 pages
• Publisher: Rowman & Littlefield Publishers, Inc. (June 28, 1988)
• Language: English
• ISBN-10: 0847676951
• ISBN-13: 978-0847676958
• Product Dimensions: 9.1 x 5.9 x 0.8 inches
• Shipping Weight: 14.4 ounces
• Average Customer Review: 5.0 out of 5 stars  See all reviews (1 customer review)
• Amazon.com Sales Rank: #1,729,684 in Books (See Bestsellers in Books)

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4 of 4 people found the following review helpful:

5.0 out of 5 stars Neoclassical Economics as Outdated Physics, December 29, 2007

By	James F. Mueller "Lachmanniac" - See all my reviews (REAL NAME)

This review is from: Against Mechanism (Hardcover)

Before there was "More Heat than Light", and his 'magnum opus' "Machine Dreams", there was this book, "Against Mechanism". Mirowski's main argument, covered in the first part of the book, is that neoclassical economics borrowed a lot of their methods and tools from 19th century physics. While more recent mainstream economists will either reject or understate the truth and importance of this claim, a brief review of the history of the "neoclassical paradigm" will reveal that the progenitors of this program were very interested in physics and eventually came to work this into economics by simply renaming the variables found in "mechanistic" equations and formulations.

Notions of "natural market forces", "equilibrating tendencies", and "economic laws" can all be traced back to the theories found in the now obsolete 19th century physics program, where equilibrium concepts and conservation principles determined the way in which the world operated. New discoveries in physics has, of course, succeeded in throwing a lot of this out. Unfortunately, mainstream economics has yet to realize the "errors" of their way.

This, I believe, can be attributed to the similarities that exist between both the supporters and critics of neoclassical economics. Critics of the mainstram approach (New Institutional Economics, Austrian Economics, Game Theorists, and many others) still seem to believe in the "natural forces" of the market. For example, any disequilibrium tendencies or forces can be blamed on "exogenous" elements, like natural disasters or government intervention. [Absent all intervention, markets will clear] --- so the argument goes. Even critics of the equilibrating free market argue that the only solution to the "inherently unstable" market is government intervention, ignoring the possibility that the problems with a "rapacious" market are sometimes even more evident in government regulation.

This book opened up my eyes to the very real possibility in the myth or absense of any universal economic law. The methods employed for either justifying or empirically proving concepts like diminishing marginal utility or comparative advantage are standards that have been borrowed from a now defunct and thoroughly untenable scientific research program. One will finish this book thinking to himself "why do scientists and philosophers get to have all the fun?" It is time that economists really begin revolutionizing or subverting their current paradigm in hopes of finding a better and more useful alternative.