Economics and Hermeneutics Review

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Economics and Hermeneutics ReviewThis book of collected essays presents an interesting overview of hermeneutics(the study of the methodological principles of interpreting literary works)as currently applied in the field of economics.The essays are broken up into four different categories.The first group of essays discusses the meaning of the term hermeneutics primarily from the economists perspective.The second set of essays covers applications of hermeneutics from Neoclassical,Institutionalist,Austrian,and Marxist perspectives.It also includes an essay by McCloskey on her rhetoric of economics approach.This essay is badly marred by a careless,incorrect assessment of Keynes's General Theory(1936;GT).I have deducted one star on the basis of this error.The third part of the book offers an indepth analysis of controversies in Austrian economics over issues such as pricing and expectations.The final group of essays attempts to apply hermeneutics to areas such as macroeconomics,microeconomics,and a number of issues in public policy.Essay four by McCloskey,titled "Storytelling in Economics",incorporates a major omission.Hermeneutics can be a valuable tool for a researcher studying economic works that a)contain no precise,concise formal mathematical model of the theory presented by the author(for example ,Adam Smith,David Ricardo,Thomas Malthus,Karl Marx, John R. Commons,etc.)or b)contain serious mathematical errors of exposition.McCloskey makes the following claim:"This is why obscure texts are often influencial.Keynes left many opportunities for readers to run their own motion pictures,filling in the blanks".(McCloskey,p.73).The fact is that the opposite is the case.On pp.261-262,Keynes spells out the major formal mathematical conclusion in his GT twice.Only a mathematically illiterate,inept,and innumerant reader would not be able to follow Keynes's meaning.Keynes states that the nescessary and sufficient optimality condition for a macroeconomy to have no involuntary unemployment present is that the marginal propensity to consume is equal to 1.If investment spending is an option because the capital stock is not at an optimal level,then the mpc+mpi must equal 1,where mpc equals the marginal propensity to consume and mpi equals the marginal propensity to invest.Keynes then spends all of chapter 20 deriving his major mathematical conclusion,starting from the basic microfoundations of purely competitive firms and industries,that w/p=mpl/(mpc+mpi)is the required condition integrating the commodity and labor markets.In chapter 21 he extends this basic condition to incorporate the money market.If mpc+mpiEconomics and Hermeneutics OverviewEconomics and Hermeneutics looks at the ways that hermeneutics might help economists address problems such as entrepreneurship, price theory, rational expectations, monetary theory, welfare economics and economic policy.

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