Book contents
- Frontmatter
- Contents
- List of figures
- Preface
- 1 Introduction
- 2 Schumpeter and his surroundings: an overview
- 3 The scope and methods of Schumpeter's research program
- 4 The sociology of science and Schumpeter's ideology
- 5 The economic methodology of instrumentalism
- 6 Static economics as an exact science
- 7 The theory of economic development as a midpoint
- 8 A methodology of economic sociology
- 9 Economic sociology as an evolutionary science
- 10 The historical world of economics
- 11 Value judgments and political economy
- 12 Conclusion: Schumpeterian synthesis
- Notes
- List of references
- Index
11 - Value judgments and political economy
Published online by Cambridge University Press: 18 September 2009
- Frontmatter
- Contents
- List of figures
- Preface
- 1 Introduction
- 2 Schumpeter and his surroundings: an overview
- 3 The scope and methods of Schumpeter's research program
- 4 The sociology of science and Schumpeter's ideology
- 5 The economic methodology of instrumentalism
- 6 Static economics as an exact science
- 7 The theory of economic development as a midpoint
- 8 A methodology of economic sociology
- 9 Economic sociology as an evolutionary science
- 10 The historical world of economics
- 11 Value judgments and political economy
- 12 Conclusion: Schumpeterian synthesis
- Notes
- List of references
- Index
Summary
The economics of Gustav von Schmoller, the leader of the German Historical School, utilized a historical and ethical approach (Schumpeter 1954a, 812). In the essay “Gustav v. Schmoller und die Probleme von heute” (1926b), Schumpeter interpreted Schmoller's historical approach as the prototype of economic sociology which attempted to integrate theory and history (see page 200). In fact, Schumpeter discovered, at the same time, another important point in Schmoller's ethical approach to economics. Little attention has been given to this aspect of Schumpeter's essay, which seems to shed new light on his ideas, especially his thinking on norms.
This chapter, starting from Schumpeter's thought on value judgments expressed in his Schmoller essay, presents a profile of his Weltanschauung, social philosophy, and political economy. The conventional view of Schumpeter seems to be too focused on his scientism to pay attention to his general outlook on life and the world, following faithfully his apparent emphasis on science rather than policy, on facts rather than values, and on functions rather than ideals. However, he grappled with such broad problems of mind and society that he naturally did not dispense with ideas on the Weltanschauung, policy, values, and ideals.
The essential trend of history
Schmoller's ethical approach
Before we consider Schumpeter's argument, let us consider the characteristics of Schmoller's ethical approach.
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- Schumpeter and the Idea of Social ScienceA Metatheoretical Study, pp. 287 - 305Publisher: Cambridge University PressPrint publication year: 1997