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A century of methodological individualism part 1: Schumpeter and Menger

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  • Denis, A.
Abstract
2009 marks the centenary of methodological individualism (MI). The phrase was first used in English in a 1909 QJE paper by Joseph Schumpeter. Yet after 100 years there is considerable confusion as to what the phrase means. MI is often invoked as a fundamental description of the methodology both of neoclassical and Austrian economics, as well as other approaches, from New Keynesianism to analytical Marxism. However, the methodologies of those to whom the theoretical practice of MI is ascribed differ profoundly on the status of the individual economic agent, some adopting a holistic and some a reductionist standpoint. The purpose of the research of which this paper is part is to uncover and evaluate some of the meanings of the phrase methodological individualism (MI). This first paper considers the contributions of Joseph Schumpeter, who was the first to use the term, and of Carl Menger, considered by many to be the founder of MI. The approach adopted is to apply the intellectual apparatus developed in Denis (2004) to the arguments of these writers. This constitutes a test of that apparatus: is it able to clarify the standpoints to which it is applied? The conclusion reached is that both Schumpeter and Menger adopt a reductionist ontology in the sense of Denis (2004).

Suggested Citation

  • Denis, A., 2010. "A century of methodological individualism part 1: Schumpeter and Menger," Working Papers 10/02, Department of Economics, City University London.
    • Handle: RePEc:cty:dpaper:10/02
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    File URL: https://openaccess.city.ac.uk/id/eprint/1490/1/A_Century_of_Methodological_Individualism_part_1.pdf
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    References listed on IDEAS

    as
    1. Andy Denis, 2006. "Collective and Individual Rationality: Robert Malthus's Heterodox Theodicy," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 14(2), pages 9-31.
    2. Joseph Schumpeter, 1909. "On the Concept of Social Value," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 23(2), pages 213-232.
    3. Andy Denis, 2004. "Two rhetorical strategies of laissez-faire," Journal of Economic Methodology, Taylor & Francis Journals, vol. 11(3), pages 341-357.
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    Cited by:

    1. Ioana Negru, 2013. "Revisiting the Concept of Schools of Thought in Economics: The Example of the Austrian School," American Journal of Economics and Sociology, Wiley Blackwell, vol. 72(4), pages 983-1008, October.
    2. Denis, A., 2010. "A century of methodological individualism part 2: Mises and Hayek," Working Papers 10/03, Department of Economics, City University London.

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