Old or new romantic?

Economic's claim to be a science is rooted in the 'marginal revolution' of the 19th century. Economic agents were thought to act rationally, seeking to maximise their gain from consumption and production and acting independently of each other. The neatness of such rationality was that economic theories could be developed with the tools of mathematics. As time passed, economic theories became more mathematically elegant and testable by their predictions.

This was all very different to the era of the Romantics in the 18th century which inspired music, literature and the arts. Yet a new book, The Romantic Economist, argues that we have much to learn from the likes of Byron and Wordsworth. Economics is as much an art as a science, if not more so.

The Romantic Economist is reviewed by Larry Elliot in Monday's Guardian here. I will make sure that there are copies available in the library after half term.

My challenge

For those thinking of applications to Oxbridge for PPE / economics consider whether economics is an art or a science. We will meet up during the second half of term to discuss. Prepare by reading The Romantic Economist and books / articles in the library on the methodology of economics.