ABSTRACT OF PAPER
Title: NORMATIVE ISSUES IN MARGINALISM: THE CASE OF P. WICKSTEED
Author: STAVROS DRAKOPOULOS
Although Phillip Wicksteed is not considered to be a major figure in economic thought, his ideas played an important role in the history of economic methodology. This is because of two reasons: The first was that his views represent the starting point of the attempt to expel normative issues from marginalist economic analysis. The second reason was that his ideas influenced his disciple L. Robbins, who along with Weber was one of the first theorists to set the methodological basis for an allegedly value-free economic science. The paper examines Wicksteed’s conception of a positive economic science and the role of normative/psychological aspects. In the same context, his views on the concept and the role of economic man are also discussed. Furthermore, the paper examines his analysis on selfish and altruistic behaviour. Finally, the work combines the above with Wicksteed;s economic methodology in order to asses his overall role and influence on the development of the trend towards a value-free economic theory.
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