Terence W. Hutchison, 1912-
Terence W. Hutchison has arguably been the official curmudgeon of the economics world -
irritating everyone from the powerful to the meek. Hutchison's famous 1938 treatise, Significance
and Basic Postulates of Economic Theory, was an early attempt at bringing logical
positivism into economics - claiming that as long as economics rested on a
hypothetical-deductive edifice, it remained a body of empty tautologies. In short,
Hutchison called for the formulation of testable empirical hypothesis. It was precisely
this tome that prompted F.H. Knight to essay his famous
ruminating (and fiercely critical) response, "`What is Truth' in Economics"
(1940) (which might explain, at least in part, Hutchison's over-laudatory treatment of
Knight's rival, Jacob Viner). Hutchison entered another famous duel with Fritz Machlup in
1956 when Machlup attempted to reconcile economic practice with logical positivism - a
reconciliation Hutchison refused to acknowledge and for which he earned the label of
"Ultra-Empiricist".
Nonetheless, Hutchison has served as one of the most consistent and careful recorders
of the history of economic thought and his incisive and often provocative insights in
economic methodology have long accompanied the development of the discipline. Time has not
yet mellowed him and his repeated fights with the Austrians
and Ricardians have not worn away his sharp wit,
but his sometimes bitter tone can obscure many valuable contributions. He still teaches at
the University of Birmingham in the UK.
Major Works of Terence W. Hutchison
- "A Note on Tautologies and the Nature of Economic Theory", 1935, RES
- "Theoretische ヨkonomie als Sprachsystem", 1937, ZfN
- "Expectation and Rational Conduct", 1937, ZfN
- "Note on Uncertainty and Planning", 1937, RES
- The Significance and Basic Postulates of Economic Theory, 1938.
- "Reply to Professor Knight", 1941, JPE
- "Some Questions About Ricardo", 1952, Economica
- "Ricardo's Correspondence", 1953, Economica
- "James Mill and the Political Education of Ricardo", 1953, Cambridge
Journal
- A Review of Economic Doctrines, 1870-1929, 1953.
- "Professor Machlup on Verification in Economics", 1956, Southern EJ
- "Jeremy Bentham as an Economist", 1956, EJ
- "Methodological Prescriptions in Economics: a reply", 1960, Economica
- `Positive' Economics and Policy Objectives, 1964.
- "Testing Economic Assumptions: a comment", 1966, JPE
- Economics and Economic Policy in Britain, 1946-1966, 1968.
- "Economists and Economic Policy in Britain after 1870", 1969, HOPE
- Knowledge and Ignorance in Economics, 1977.
- On Revolutions and Progress in Economic Knowledge, 1978.
- "Review of Hayek", 1979, EJ
- The Politics and Philosophy of Economics: Marxians, Keynesians and Austrians,
1981.
- Before Adam Smith: the emergence of political economy, 1981.
- "Turgot and Smith", 1982, in Bordes and Morange, Turgot, Economiste et
Administrateur
- "The Politics and Philosophy in Jevons' Political Economy", 1982, Manchester
School
- "From Dismal Science to Positive Economics: A century-and-a- half of
progress?", 1983, in Wiseman, editor, Beyond Positive Economics
- "A Methodological Crisis?", 1983, in Wiles and Routh, editors, Economics in
Disarray
- "On the Interpretation and Misinterpretation of Economists", 1985, in Roggi,
editor, Gli Economistie la politica economia
- Changing Aims in Economics, 1992.
- "Ricardian Politics: Another version of Ricardian hagiography", 1992, HER
- "Hayek and Modern Austrian Methodology: Comment on a non- refuting
refutation", 1992, Research in the History of Economic Thought and Methodology
- "Review of Jacob Viner", 1993, European Review of HET
- The Uses and Abuses of Economists: Contenious essays on history and method, 1994.
Resources on T.W. Hutchison
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