Eric Schliesser

This paper focuses on Warren Nutter’s The Extent of Enterprise Monopoly in the United States, 1899-1939. This started out as a (1949) doctoral dissertation at The University of Chicago, part of Aaron Director’s Free Market Study. Besides Director, O.H. Brownlee and Milton Friedman were closely involved with supervising it. It was published by The University of Chicago Press in 1951. In the 1950s the book was explicitly understood as belonging to the “Chicago School” (Dow and Abernathy 1963). By articulating the content, context, and reception of Nutter’s monograph, this paper discusses four larger themes. First, I introduce the importance of Kuhnian conceptions of science to the methodological and institutional understanding of economics in the development of a ‘Chicago’ school of economics. I do this in context of previously unpublished Stigler-Kuhn exchange. While Thomas Kuhn was widely read and adopted in the social sciences and humanities in the 1960s and 70s (and thereafter), I argue that at ‘Chicago,’ proto-Kuhnian language can be found going back to the 1940s; in those early days it is partly used to disparage the achievements of economic theorizing as promoted by others. A more self-congratulatory Kuhnian self-understanding of economics as a mature paradigm starts to get adopted around 1955 by George Stigler. One important new claim is that the later Kuhnian language gets adopted in part to divest ‘Chicago’ from its shared roots with Institutionalist economics. So, this paper contributes to a better understanding of the formation of a shared narrative at ‘Chicago.’ Second, I introduce contextual themes from Milton Friedman’s writings in the late 40s and 50s to help us understand the nature of realism at Chicago. Nutter’s dissertation helps in reading and illuminating Milton Friedman’s famous 1953 methodology paper in historical and intellectual context. Third, while this chapter notes some of the political ramifications of Chicago economics, my main aim is to help explain the manner in which Chicago attempted to chart a distinctive methodological course. This methodology has often been described as Marshallian with debts to the large-scale NBER studies. Rather than going over familiar territory, I call attention to the importance of proxies in Nutter’s empirical methodology. It is an unappreciated feature of the inductive, quantitative method that focused on the component structures of the economy that characterizes Chicago’s methodological outlook in this period. I show this by comparing Nutter’s dissertation to work done by Stigler, then at Columbia. We know from Stigler’s correspondence with Friedman that in this period they discussed methodological matters. What is less well known is that Friedman is explicitly credited for Stigler’s methodological insights in Stigler's Five Lectures at LSE. The fifth lecture, “Competition in the United States,” covers similar territory as Nutter’s project. Comparing the work by Stigler and Nutter sheds light on the nature of Chicago methodology as it was being developed away from foundations laid by Frank Knight and Henry Simons in the late 1940s and 1950s and opening up the door to (right wing) social engineering as exemplified by Harberger. I present my analysis through the published critical reception of both works among economists. A fourth reason to focus on Nutter’s dissertation is that it was featured in a Fortune magazine article in January 1952. So, it provides a useful entry into how politically important ‘Chicago’ research was marketed to a wider audience. This connects to issues explored by Phil Mirowski and his students, Rob van Horn and Eddie Nik-kah. So, Nutter’s dissertation can help us see how ‘sponsored’ research looks at ‘Chicago at the time. This is especially important because it has been claimed that Director’s Free Market Study group promoted a change from classically liberal views on monopoly, which condemned labor and employer monopolies, to a more pro-business stance.

Adam Smith is rediscovered every few generations by philosophers surprised by his subtlety, originality, and relevance. Smith’s status as mythical father of economic science and his role as canonical defender of free trade is secure within economics, but few philosophers have been more often misrepresented and underestimated. Because he is well known as an advocate of commercial society, many scholars, public intellectuals, commentators, and journalists are happy to implicate him automatically in its successes and failures, or to enlist him in one side or another of the various ideological battles surrounding the utility and dangers of market economics. This book is an accessible and engaging introduction to Smith’s most important contributions to philosophy. Beginning with an introductory chapter on Smith’s life, writings and readings, Eric Schliesser locates Smith in his immediate social and philosophical context. Later chapters analyse key concepts in his core moral, political and metaphysical theories, before turning to Smith's contribution to areas of ongoing philosophical interest, especially philosophy of science, and the metaphysics of mind and self. Schliesser concludes by summarising Smith's complicated legacy in the eighteenth, nineteenth, and twentieth centuries, and explores how Smith is being 're-discovered' in contemporary moral philosophy.

In this article, the author offers a discussion of the evidential role of the Galilean constant in the history of physics. The author argues that measurable constants help theories constrain data. Theories are engines for research, and this helps explain why the Duhem-Quine thesis does not undermine scientific practice. The author connects his argument to discussion of two famous papers in the history of economic methodology, Milton Friedman's 'Methodology of Positive Economics', which appealed to example of Galilean Law of Fall in its argument; and Vernon Smith's 'Economics in the Laboratory'. While the author offers some criticism of Friedman and Smith, most of the article is a friendly reinterpretation of their insights.

In this paper I revisit Adam Smith’s treatment of Copernicanism and Newtonianism in his essay, “The History of Astronomy” (hereafter: “Astronomy”), in light of a surprisingly ignored context: David Hume. This remark will strike most scholars of Adam Smith as unfounded—David Hume’s philosophy is often invoked as a source of Smith’s approach in the “Astronomy” or as its target. Yet, Hume’s occasional remarks on Copernicanism nor his treatment of the history of science in the History of England (1754-62, but revised throughout Hume’s life) have not been carefully analyzed in light of the “Astronomy.” In the first five sections of this paper I offer a detailed analysis of all of Hume’s remarks on the Copernican system in his oeuvre. I show that David Hume believed that Copernicus achieved a “revolution” in philosophy. Moreover, I argue that Hume increasingly treats Galileo as the hero of the Copernican revolution. In doing so, Hume appears surprisingly blind to the importance of post-Galilean natural philosophy, especially the (dynamical) arguments that Huygens and Newton provided for the rotation of the Earth. In the last section of the paper, I argue that Adam Smith does show appreciation of dynamic views. I show that Smith and the mature Hume agree on the importance of Galileo, even describing his method in strikingly similar language, but that they evaluate the evidence differently in light of two conflicting commitments: i) Hume is committed to the “true philosophy”—-a certain kind of scepticism which Smith does not share; ii) Hume never seems to have assimilated the way Newton changed the evidential standards within science.

This chapter explains what Isaac Newton means with the phrase “absolute, true, and mathematical time” in order to discuss some of the philosophic issues that it gives rise to. It describes Newton's thought in light of a number of scientific, technological, and metaphysical issues that arose in seventeenth‐century natural philosophy. The first section discusses some of the relevant context from the history of Galilean, mathematical natural philosophy, especially as exhibited by the work of Christiaan Huygens. The second section offers a close reading of what Newton says about time in the Principia's Scholium to the definitions. It argues that Newton allows us to conceptually distinguish between “true” and “absolute” time from the vantage point of Newton's dynamics. The third section, in the context of a brief account of Descartes' views on time, discusses the material that Newton added to the second edition of the Principia in the General Scholium.