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"Weintraub, E. Roy"
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Finding equilibrium : Arrow, Debreu, McKenzie and the problem of scientific credit
\"Finding Equilibrium explores the post-World War II transformation of economics by constructing a history of the proof of its central dogma--that a competitive market economy may possess a set of equilibrium prices. The model economy for which the theorem could be proved was mapped out in 1954 by Kenneth Arrow and Gerard Debreu collaboratively, and by Lionel McKenzie separately, and would become widely known as the \"Arrow-Debreu Model.\" While Arrow and Debreu would later go on to win separate Nobel prizes in economics, McKenzie would never receive it. Till Dèuppe and E. Roy Weintraub explore the lives and work of these economists and the issues of scientific credit against the extraordinary backdrop of overlapping research communities and an economics discipline that was shifting dramatically to mathematical modes of expression.Based on recently opened archives, Finding Equilibrium shows the complex interplay between each man's personal life and work, and examines compelling ideas about scientific credit, publication, regard for different research institutions, and the awarding of Nobel prizes. Instead of asking whether recognition was rightly or wrongly given, and who were the heroes or villains, the book considers attitudes toward intellectual credit and strategies to gain it vis-لa-vis the communities that grant it.Telling the story behind the proof of the central theorem in economics, Finding Equilibrium sheds light on the changing nature of the scientific community and the critical connections between the personal and public rewards of scientific work\"-- Provided by publisher.
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NEITHER ECONOMIST NOR HISTORIAN
I defended my doctoral dissertation on stochastic stability of general equilibrium systems in Penn’s Applied Mathematics program in fall 1968. That year I began teaching math for economists, mathematical economics, microeconomics, and even econometrics at Rutgers College, where I remained for a couple of years before moving to Duke. At Rutgers I saw that graduate students took required courses in micro, macro, statistics, math, and econometrics, and there were electives in other fields like public finance and economic history. I didn’t know that there was any subdiscipline, or field, called the history of economic thought.
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A contemporary historiography of economics
In recent years, the focus of historians of economic thought has changed to also include the ideas and practices of contemporary economists. This has opened up new questions regarding the utilization of sources, choice of method, narrative styles, and ethical issues, as well as a new awareness of the historian's place, role, and task. This book brings together leading contributors to provide, for the first time, a methodological overview of the historiography of economics. Emphasising the quality of the scholarship of recent decades, the book seeks to provide research tools for future historians of economic thought, as well as to any historians of social science with an interest in historiographic issues.
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MCCARTHYISM AND THE MATHEMATIZATION OF ECONOMICS
Historians of the social sciences and historians of economics have come to agree that, in the United States, the 1940s transformation of economics from political economy to economic science was associated with economists’ engagements with other disciplines—e.g., mathematics, statistics, operations research, physics, engineering, cybernetics—during and immediately after World War II. More controversially, some historians have also argued that the transformation was accelerated by economists’ desires to be safe, to seek the protective coloration of mathematics and statistics, during the McCarthy period. This paper argues that that particular claim 1) is generally accepted, but 2) is unsupported by good evidence, and 3) what evidence there is suggests that the claim is false.
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Siting the New Economic Science: The Cowles Commission's Activity Analysis Conference of June 1949
In the decades following World War II, the Cowles Commission for Research in Economics came to represent new technical standards that informed most advances in economic theory. The public emergence of this community was manifest at a conference held in June 1949 titled Activity Analysis of Production and Allocation. New ideas in optimization theory, linked to linear programming, developed from the conference's papers. The authors’ history of this event situates the Cowles Commission among the institutions of postwar science in-between National Laboratories and the supreme discipline of Cold War academia, mathematics. Although the conference created the conditions under which economics, as a discipline, would transform itself, the participants themselves had little concern for the intellectual battles that had defined prewar university economics departments. The authors argue that the conference signaled the birth of a new intellectual culture in economic science based on shared scientific norms and techniques un-interrogated by conflicting notions of the meaning of either science or economics.
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Retrospectives: Lionel W. McKenzie and the Proof of the Existence of a Competitive Equilibrium
The theorem proving the existence of general equilibrium in a competitive economy, which necessarily involved specifying the conditions under which such an equilibrium would exist, is an extraordinary achievement of twentieth-century economics. The discovery is commonly attributed to a paper by (eventual) Nobel Prize winners Kenneth Arrow and Gerard Debreau: “Existence of an Equilibrium for a Competitive Economy,” published in the July 1954 issue of Econometrica. However it is less well-known that Lionel McKenzie published a paper in the previous issue of Econometrica, “On Equilibrium in Graham's Model of World Trade and Other Competitive Systems,” that discussed many of the same themes. Both papers established the existence of a competitive equilibrium for suitable general equilibrium models and employed fixed point theorem arguments. McKenzie had priority in publication in 1954 and received credit for simultaneous discovery in prominent sources around that time. But over the years, McKenzie's role in creating the proof of the existence of a general equilibrium seems to have faded from the collective consciousness of the economics profession. Newly available archival material permits a reexamination of the events surrounding the publication of both Econometrica papers in 1954. The story raises general issues concerning “simultaneous discovery,” “priority,” and “credit” in economic research and opens a window into some academic practices of that time.
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Lionel W. McKenzie and the Proof of the Existence of a Competitive Equilibrium: Retrospectives
The theorem proving the existence of general equilibrium in a competitive economy, which necessarily involved specifying the conditions under which such an equilibrium would exist, is an extraordinary achievement of twentieth-century economics. The discovery is commonly attributed to a paper by (eventual) Nobel Prize winners Kenneth Arrow and Gerard Debreau: \"Existence of an Equilibrium for a Competitive Economy,\" published in the July 1954 issue of Econometrica. However it is less well-known that Lionel McKenzie published a paper in the previous issue of Econometrica, \"On Equilibrium in Graham's Model of World Trade and Other Competitive Systems,\" that discussed many of the same themes. Both papers established the existence of a competitive equilibrium for suitable general equilibrium models and employed fixed point theorem arguments. McKenzie had priority in publication in 1954 and received credit for simultaneous discovery in prominent sources around that time. But over the years, McKenzie's role in creating the proof of the existence of a general equilibrium seems to have faded from the collective consciousness of the economics profession. Newly available archival material permits a reexamination of the events surrounding the publication of both Econometrica papers in 1954. The story raises general issues concerning \"simultaneous discovery,\" \"priority,\" and \"credit\" in economic research and opens a window into some academic practices of that time. [PUBLICATION ABSTRACT]
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On Lawson on equilibrium
Methodologist-philosopher Tony Lawson's distinction between the theoretic and the ontic is insufficient to untangle what he regards as a set of complex confusions concerning economists' use of the idea of equilibrium. His problem is better approached through a historical excavation of \"equilibrium\" and the frameworks of thought in which the equilibrium idea is embedded. In particular, this requires serious attention to the history of mathematics, because economists' use of the idea of equilibrium was intertwined with their understanding of mathematics.
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Controversy: Axiomatisches Mißverständnis
From the axiomatic point of view, mathematics appears thus as a storehouse of abstract forms - the mathematical structures; and so it happens without our knowing how that certain aspects of empirical reality fit themselves into these forms, as if through a kind of preadaptation. (Bourbaki, 1950, p. 231) So you believe that the application of mathematics to the physical world is a miracle? If so, then I invite you to admire another miracle; I can travel around the world with my American Express card. You say of the second, `That's just a network. If you step out of it by so much as an inch, your card will be valueless.' Quite so. That is what I am saying about science, nothing more and nothing less. (Latour, 1988, p. 221)
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