Despite entries on socialism, socialist economics and market socialism, and biographical entries on Oskar Lange and Ludwig von Mises, the Socialist C… - Mark Blaug

The history of economic thought is irrepressible. It would survive even if it were banned … it would be carried on in secret in underground organizations. Many economists denigrate the history of economics as mere antiquarianism but, in fact, they have deluded ideas about the history of their own subject. After all, whenever anyone has a new idea in economics, whenever anyone hankers to start a new movement or school of thought, what is the first thing he or she does? Why, it is to rummage the attic of past ideas to establish an appropriate pedigree for the new departure. … Smith, Ricardo, Marx, Marshall and Keynes all drew on the history of economics to show that they had predecessors and forerunners; even Milton Friedman, when he launched the monetarist counterrevolution against Keynes, could not resist the temptation to quote David Hume over and again. The history of economic thought cannot be abolished and, were its study declared illegal, it would be studied in basements behind locked doors.

Cambridge theories of value and distribution themselves suffer from the very malady which they hope to cure: rhetoric apart, they are deeply infected by static, equilibrium analysis of maximizing economic agents, acting with full information in a world of perfect certainty, as in the orthodoxy they deplore. … If there is something wrong with neo-classical economics – as there may well be – the Cambridge theories share all of its weaknesses and practically none of its strengths.

Nothing is more difficult than to turn and entire discipline around, asking itself to jettison its own history over the last 200 years.