The Evolution of Economics: From Social Critique to Formal Science

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Danny welcomes back to the show Erik Baker, a lecturer in the history of science at Harvard, to discuss criticisms of economics as a science and touch on nuclear history. They talk about the struggle of early 20th-century economists to formalize their field, the Progressive Era desire to rationally manage society, the postwar effort to quantify economics and the role of the university therein, the paradigms structuring economics that rely too much on “experts,” the actor-network theory critique, the pitfalls of reducing complex issues to quantification and modeling, and whether there’s a better way to aggregate the information economics seeks to interpret. The conversation then turns to Erik’s article on the history of nuclear science.

Read Erik’s pieces “The History of Economics as Science Critique: Demystification and Its Limits” and “The History of Nuclear Science.”