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January 1, 1975Southern Economic Journal1,099 citations

Energy and Economic Myths

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NGNicholas Georgescu‐Roegen

Key Points

  • To examine the historical persistence of mechanistic epistemology within mainstream economics and critically assess its disconnect from physical and energetic realities.
  • Reviewed historical trends and thematic shifts in English-language economic literature prior to and after 1950.
  • Conducted a conceptual critique of the foundational epistemology underlying neoclassical economic theory.
  • Observed frequent shifts in economists' research topics over time alongside a notable historical absence of economic development discussions before 1950.
  • Demonstrated that neoclassical economics has maintained an enduring attachment to a mechanistic worldview established over a century ago.

Abstract

There is an appreciable grain of truth in one of Percy Bridgman's remarks that the profession is the most opportunistic of all. Indeed, economists' attention has continually shifted from one problem to another, the problems often being not even closely related. Search all periodicals of the English-speaking world before 1950, for example, and you will hardly find any mention of economic development. It is curious, therefore, that economists have over the last hundred years remained stubbornly attached to one particular idea, the mechanistic epistemology which dominated the orientation of the founders of the Neoclassical

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Cite This Study

Nicholas Georgescu‐Roegen (1975) studied this question.

synapsesocial.com/papers/6a11bd8750e56b48a9d7f2a2https://doi.org/10.2307/1056148
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