Social Economics: A Budding Scientific Research Programme?

Abstract

The term “social economics” has been in currency ever since J.S. Mill coined the phrase to cover the inductive study of the groups and social unions that man forms, guided by the principle of social altruism, to conduct his economic relationships. Although Mill rejected this approach in favour of deductive, self‐interested political economy, others, notably Wieser, J.M. Clark and Weber, have all tried to enact their versions of social economics in the centre stage. Even though Weber's theories became prominent in sociology, and both Clark and Wieser have their disciples, the study and theoretical development of social economics has remained at the periphery, making little impact upon the unswaying hold of the neo‐classical microeconomic orthodoxy.