VALUE, HISTORICITY, AND ECONOMIC EPISTEMOLOGY: AN ARCHAEOLOGY OF ECONOMIC SCIENCE, ALAIN HERSCOVICI

Abstract

Value, Historicity, and Economic Epistemology: An Archaeology of Economic Science by Alain Herscovici presents a unique perspective on the History of Economic Thought (het). What distinguishes this book is its in-depth examination of epistemological considerations and their practical implications for key aspects of het. Sheila Dow, in her foreword, echoes the author’s focus on differentiating between methodology —specific to a particular paradigm— and epistemology, which analyzes the succession of paradigms over time. The het is intrinsically linked with epistemology, the central theme of this book, although it occasionally grapples with issues of meta-epistemology. Herscovici meticulously traces the historical evolution of economic thought across epochs, utilizing the concept of “episteme” or the fundamental framework of understanding. The book adeptly discerns shifts and disruptions in epistemology that have influenced the course of economic thought over time. Through this exploration, it sheds light on a range of heterodox perspectives, contrasting them with neoclassical and Hayekian approaches...