How the Dismal Science Got Its Name
Subtitle: Classical Economics and the Ur-Text of Racial Politics
Publisher: University of Michigan Press; The University of Michigan Press
Published: September 7, 2001
Language: eng
Format: Hardcover
Number of pages: 336
ISBN-13: 9780472112197
Subjects: Economic History; Ethnic studies; Political science & theory; Sociological aspects; Economics - General; Economic Theory; Economics Of Special Subjects; Business & Economics; Business / Economics / Finance; Racism; Business/Economics; General; Economics - Theory; Political Science / Economic Policy; Economics
Description: Publisher description: It is widely asserted that the Victorian sages attacked classical economics from a humanistic or egalitarian perspective, calling it "the dismal science," and that their attack is relevant to modern discussions of market society. David M. Levy here demonstrates that these assertions are simply false: political economy became "dismal" because Carlyle, Ruskin, and Dickens were horrified at the idea that systems of slavery were being replaced by systems in which individuals were allowed to choose their own paths in life. At a minimum, they argued, "we" white people ought to be directing the lives of "them," people of color. Economists of the time argued, on the other hand, that people of color were to be protected by the rule of law--hence the moniker "the dismal science." A startling image from 1893, which is reproduced in full color on this book's jacket, shows Ruskin killing someone who appears to be nonwhite. A close look reveals that the victim is reading "The Dismal Science." Levy discusses this image at length and also includes in his text weblinks to Carlyle's "Occasional Discourse on the Negro Question" and to Mill's response, demonstrating that these are central documents in British classical economics. He explains Adam Smith's egalitarian foundations, contrasting Smith's approach to the hierarchical alternative proposed by Carlyle. Levy also examines various visual representations of this debate and provides an illuminating discussion of Smith's "katallactics," the science of exchange, comparing it with the foundations of modern neoclassical economics. How the Dismal Science Got Its Name also introduces the notion of "rational choice scholarship" to explain how attacks on market economics from a context in which racial slavery was idealized have been interpreted as attacks on market economics from a humanistic or egalitarian context. Thus it will greatly appeal to economists, political scientists, philosophers, students of Victorian literature, and historians.