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Why Capital Controversies Occur Repeatedly: A Methodological Interpretation

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경제연구소 (Hanyang Economic Research Institute)|2015.08|Seoul Journal of Economics|제28권 제3호|pp. 285-310|DOI 10.22904/sje.2015.28.3.002

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참고문헌

키워드

Capital controversiesDeduction vs. InductionIndividualist vs. Holistic
주제분류경제학

초록

This study explains the causes of capital controversies that occurred thrice in economic history, namely, at the turn of the 20th century, in the 1930s, and in the 1960s. Recurrence of controversies seeks answers from various theoretical frameworks. Differences be- tween the Classical and Neoclassical schools are used to explain such controversies. The former explains long-period position using cost-of-production theory, whereas the latter explains short-run equi- librium using demand-and-supply theory. Results reveal neglected aspects of the controversies, i.e., methodological positioning. Hence, controversies result from differences in the methodologies of scientific approaches, i.e., deductionist vs. inductionist and/or individualist vs. holistic.

Abstract

This study explains the causes of capital controversies that occurred thrice in economic history, namely, at the turn of the 20th century, in the 1930s, and in the 1960s. Recurrence of controversies seeks answers from various theoretical frameworks. Differences be- tween the Classical and Neoclassical schools are used to explain such controversies. The former explains long-period position using cost-of-production theory, whereas the latter explains short-run equi- librium using demand-and-supply theory. Results reveal neglected aspects of the controversies, i.e., methodological positioning. Hence, controversies result from differences in the methodologies of scientific approaches, i.e., deductionist vs. inductionist and/or individualist vs. holistic.

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