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History and Philosophy of Economics

Reading Philosophy 

Dr. Byron M. Gillory’s reading in the history and philosophy of economics is oriented toward understanding the intellectual foundations, methodological commitments, and conceptual evolution of the discipline. His approach treats economics not merely as a technical science, but as a historically situated body of thought shaped by philosophical assumptions about knowledge, explanation, causality, and human action.

 

In the history of economic thought, Dr. Gillory focuses on major theorists, schools, and turning points that have structured how economic reasoning developed over time. This includes sustained engagement with classical political economy, the marginalist revolution, the rise of formal general equilibrium theory, the Keynesian and post-Keynesian traditions, the development of modern macroeconomics, and the emergence of econometrics and mathematical formalism. These works are read not as antiquarian history, but as essential sources for understanding why contemporary economics looks the way it does.

 

His reading emphasizes original texts and serious secondary scholarship, prioritizing authors who clarify how economic ideas evolved in response to philosophical debates, mathematical innovations, and empirical challenges. Particular attention is given to how shifts in methodology—such as the move from verbal reasoning to formal modeling, and from descriptive analysis to statistical inference—reshaped the scope and limits of economic explanation.

 

In the philosophy of economics, Dr. Gillory engages with foundational questions concerning methodology, scientific explanation, model-building, and inference. This includes careful study of debates over realism and abstraction, the role of models and idealizations, the status of assumptions, the nature of causality, and the relationship between theory and evidence. These works inform a reflective understanding of what economics can and cannot claim as a science.

 

Dr. Gillory approaches the philosophy of economics as a critical but constructive discipline. The aim is not to undermine economic theory, but to clarify its logical structure, epistemic limits, and proper domain of application. Philosophical analysis is treated as a complement to technical competence, sharpening judgment rather than substituting for formal or empirical work.

Across both history and philosophy, his reading is integrative and cumulative. Canonical texts are revisited as theoretical and empirical expertise deepens, allowing historical insight and philosophical reflection to inform contemporary research questions. This approach reinforces intellectual continuity while guarding against unexamined assumptions and methodological drift.

 

The purpose of this reading program is to cultivate historical literacy, methodological self-awareness, and conceptual precision. It reflects a view of economics as a discipline whose progress depends not only on technical innovation, but on sustained engagement with its own intellectual foundations.

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History and Philosophy of Economics

Curated Core Readings

 

History of Economic Thought — Core Surveys

  • The Worldly Philosophers — Robert L. Heilbroner

  • A History of Economic Theory and Method — Harry Landreth & David Colander

  • Economic Theory in Retrospect — Mark Blaug

  • Great Economists Before Keynes — Mark Blaug

  • The History of Economic Analysis — Joseph A. Schumpeter

 

Classical & Foundational Political Economy

  • The Wealth of Nations — Adam Smith

  • Principles of Political Economy — John Stuart Mill

  • Capital, Volume I — Karl Marx

  • Principles of Economics — Alfred Marshall

 

Marginal Revolution & Neoclassical Foundations

  • Principles of Economics — Carl Menger

  • Theory of Political Economy — W. S. Jevons

  • Elements of Pure Economics — Léon Walras

  • Theory of Value — Gérard Debreu

 

Keynesian & Twentieth-Century Macroeconomic Thought

  • The General Theory of Employment, Interest and Money — John Maynard Keynes

  • A Monetary History of the United States — Milton Friedman & Anna Schwartz

  • The Counter-Revolution of Science — F. A. Hayek

 

Philosophy of Economics — Core Methodology

  • The Methodology of Economics — Daniel M. Hausman

  • The Philosophy of Economics — Alexander Rosenberg

  • Economic Methodology — Mark Blaug

  • Models as Mediators — Mary Morgan & Margaret Morrison

 

Philosophy of Science & Economic Explanation

  • The Logic of Scientific Discovery — Karl Popper

  • The Structure of Scientific Revolutions — Thomas S. Kuhn

  • Science and Human Values — Jacob Bronowski

 

Rationality, Decision, and Uncertainty

  • Risk, Uncertainty and Profit — Frank H. Knight

  • Choices, Values, and Frames — Daniel Kahneman & Amos Tversky

  • Rationality and Economics — Herbert A. Simon

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