Germans - GermanHistoricalSchool &Socialism ECON205W...

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    1 German Historical School ECON 205W Summer 2006 Prof. Cunningham
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2 Major Tenets Society is dynamic, evolving. (Aggressive) positive role for  government. Inductive/Historical approach. Advocates of (socially) conservative  reform.
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3 Friedrich List  (1789-1846) Background 1841,  National System of Political Economy Developed the first of the so-called stage theories of  economic development. Five stages: Primitive Pastorial Agricultural Agricultural-Manufacturing Agricultural-Manufacturing-Commercial Claimed the scheme came to him from his observations  of the U.S.
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4 Wilhelm Roscher  (1817-1894) “Older Historical School” 5-Volume Textbook called  Economic Science Volume 1 ran 13 editions and was translated into  English as  Principles of Political Economy His  Principles  is comparable in scope to Mill. Focus on Method “The method of science is of greater significance by  far than any single discovery, however amazing the  latter may be.”
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5 Roscher (2) Focus on history and the laws of  economic development that a study of  history can reveal.
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6 Gustav von Schmoller (1838-1917) “Younger Historical School” Background Founder and leader of the Association for  Social Policy. The AEA was modeled after this. Quite hostile toward economic theory— rejected theory altogether.
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7 Schmoller (2) Pacify the labor class through social policy— role for government. Methodenstreit: engaged in a controvery with  Menger about methods. Menger favored theory Menger was one of the discoverers of the subjective  theory of value and the marginal principle.  Menger defended theory and analysis.
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8 Max Weber  (1864-1920) Germany’s greatest social scientist of recent times. Approach: Entzauberung (“breaking of magic spells”) Interpreted history as a process of rationalization. Close to the Schmoller group.
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Germans - GermanHistoricalSchool &Socialism ECON205W...

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