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Friday, April 20th, 2007

Time Event
7:33p
The failure of Austrian economists
It must be said that the Austrians have on the whole showed themselves unable to break with the classical tradition that economics is a taxonomic science. The reason for the Austrian failure seems to lie in a faulty conception of human nature. <...> In all the received formulations of economic theory,whether at the hands of English economists or those of the Continent,the human material with which the inquiry is concerned is conceived in hedonistic terms; that is to say, in terms of a passive and substantially inert and immutably given human nature. The psychological and anthropological preconceptions of the economists have been those which were accepted by the psychological and social sciences some generations ago. The hedonistic conception of man is that of a lightning calculator of pleasures and pains who oscillates like a homogeneous globule of desire of happiness under the impulse of stimuli that shift him about the area, but leave him intact. He has neither antecedent nor consequent. He is an isolated definitive human datum, in stable equilibrium except for the buffets of the impinging forces that displace him in one direction or another. Self-imposed in elemental space, he spins symmetrically about his own spiritual axis until the parallelogram of forces bears down upon him, whereupon he follows the line of the resultant. When the force of the impact is spent, he comes to rest, a self-contained globule of desire as before. Spiritually, the hedonistic man is not a prime mover. He is not the seat of a process of living, except in the sense that he is subject to a series of permutations enforced upon him by circumstances external and lien to him.

T. Veblen, Why is Economics Not an Evolutionary Science

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