222 MULLIGAN The ten essays in this collection range chronologically from 1936 to 1998, demonstrating the crisis is continuing, unresolved, and has a well-established history. This was not a new crisis when W.H. Hutt addressed it in the thirties, and it is interesting that the most commonly cited example of an economist whose rhetoric and arguments did and can still impact political economy is Adam Smith. Frank D. Graham (1942) addresses the role of value judgments in economics. One reason for the divorce of positive economic research from the policy sphere it should inform, is an attempt by the profession to practice a rigorously value-free, scientiﬁc discipline. In Graham’s view, value-hierarchies are implicit in our choice of profession, subﬁelds, schools of thought, and methodology. He observes that attempts to force “theory into rigid scientiﬁc forms has frustrated its application to the facts of life.” Ronald Coase (1975) revisits a persuasive critique of price regulation framed by Adam Smith (1776, Book IV, Chapter V) and Edwin Cannan. Coase cites the regulation-caused natural gas shortages of the 1960s and 1970s and argues that regulation of new drugs introduced in 1962 cost more lives than the regulations were likely to have saved
The Review of Austrian Economics – Springer Journals
Published: Oct 8, 2004
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