Mary Susanna Morgan OBE FBA FRDAAS is an economist, philosopher, historian, and the Albert O. Hirschman Professor of the History and Philosophy of Economics in the London School of Economics. She was Department Chair of Economic History between 2002 and 2005. In 2002, she was elected a Fellow of the British Academy.
Morgan graduated from the London School of Economics a Bachelor of Science (BSc) in economics in 1978 and a Doctor of Philosophy (PhD) in 1984. [1] [2] From 1992 to 2002, she worked part-time as Professor of the History and Methodology of Economics in the University of Amsterdam. [1] [2] Since 2002, she has been an overseas member of the Royal Netherlands Academy of Arts and Sciences. [3]
Her most informative period occurred during her PhD, when she was working on the history of econometrics. At the time, she was part of a research group at the ZiF in Bielefeld on 'The Probabilistic Revolution' — a historical and philosophical project in part led by Ian Hacking. That was a time when philosophers of economics were mainly inside economics departments, not in the philosophy of science community. [4]
Morgan has made important contributions to the history of economic thought, especially with regard to the history of econometrics, the historical development of measurement in economics, and the evolution and methodological implications of the use of economic models (see important publications list).[ citation needed ] She is influential in bridging philosophy of economics with philosophy of science, asking how economists work and think. [4] Her philosophical work focuses on the role of narratives, evidence, case studies, and models in economics and the social sciences. As a historian of science, she interrogates how these have changed over the past century.
She led a major European Commission European Research Council Advanced Investigator Grant titled "Narrative in Science" (2016-2020). [5] Other grants included the project "Re-thinking Case Studies Across the Social Sciences" (2009-2012), [6] "The Nature of Evidence: How Well Do "Facts" Travel?" (2004-2009), [7] and "Models and Their Making in Economics" (1999-2001). [8] Her book The World in the Model (Cambridge University Press, 2012) on the history and philosophy of economics explains how economists use models and economics as a model-based science. [9]
Neoclassical economics is an approach to economics in which the production, consumption, and valuation (pricing) of goods and services are observed as driven by the supply and demand model. According to this line of thought, the value of a good or service is determined through a hypothetical maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production. This approach has often been justified by appealing to rational choice theory.
Kenneth Joseph Arrow was an American economist, mathematician and political theorist. He received the John Bates Clark Medal in 1957, and the Nobel Memorial Prize in Economic Sciences in 1972, along with John Hicks.
Jan Tinbergen was a Dutch economist who was awarded the first Nobel Memorial Prize in Economic Sciences in 1969, which he shared with Ragnar Frisch for having developed and applied dynamic models for the analysis of economic processes. He is widely considered to be one of the most influential economists of the 20th century and one of the founding fathers of econometrics.
Joan Violet Robinson was a British economist known for her wide-ranging contributions to economic theory. One of the most prominent economists of the century, Robinson incarnated the "Cambridge School" in most of its guises in the 20th century. She started out as a Marshallian, became one of the earliest and most ardent Keynesians after 1936, and ended up as a leader of the neo-Ricardian and post-Keynesian schools.
Philosophy and economics studies topics such as public economics, behavioural economics, rationality, justice, history of economic thought, rational choice, the appraisal of economic outcomes, institutions and processes, the status of highly idealized economic models, the ontology of economic phenomena and the possibilities of acquiring knowledge of them.
The McCloskey critique refers to a critique of post-1940s "official modernist" methodology in economics, inherited from logical positivism in philosophy. The critique maintains that the methodology neglects how economics can be done, is done, and should be done to advance the subject. Its recommendations include use of good rhetorical devices for "disciplined conversation."
Wesley Clair Mitchell was an American economist known for his empirical work on business cycles and for guiding the National Bureau of Economic Research in its first decades.
Deirdre Nansen McCloskey is an American economist and academic. Since 2023 she has been a Distinguished Scholar and holder of the Isaiah Berlin Chair in Liberal Thought at the Cato Institute in Washington, D.C. From 2000 to 2015, she taught at the University of Illinois at Chicago, where she was Distinguished Professor of Economics History, and Professor of English and Communication. During those years, she taught economic history at the University of Gothenburg, economics at the University of the Free State, and philosophy at Erasmus University Rotterdam.
Kenneth George "Ken" Binmore, is an English mathematician, economist, and game theorist, a Professor Emeritus of Economics at University College London (UCL) and a Visiting Emeritus Professor of Economics at the University of Bristol. As a founder of modern economic theory of bargaining, he made important contributions to the foundations of game theory, experimental economics, evolutionary game theory and analytical philosophy. He took up economics after holding the Chair of Mathematics at the London School of Economics. The switch has put him at the forefront of developments in game theory. His other interests include political and moral philosophy, decision theory, and statistics. He has written over 100 scholarly papers and 14 books.
Economic methodology is the study of methods, especially the scientific method, in relation to economics, including principles underlying economic reasoning. In contemporary English, 'methodology' may reference theoretical or systematic aspects of a method. Philosophy and economics also takes up methodology at the intersection of the two subjects.
Sir Richard William Blundell CBE FBA is a British economist and econometrician.
Dale Weldeau Jorgenson was an American economist who served as the Samuel W. Morris University Professor at Harvard University. An influential econometric scholar, he was famed for his work on the relationship between productivity and economic growth, the economics of climate change, and the intersection between economics and statistics. Described as a "master" of his field, he received the John Bates Clark Medal in 1971, and was described as a worthy contender for the Nobel Memorial Prize in Economic Sciences.
Mark Blaug FBA was a Dutch-born British economist, who covered a broad range of topics during his long career.
Marc Leon Nerlove was an American agricultural economist and econometrician and a distinguished university professor emeritus in agricultural and resource economics at the University of Maryland. He was awarded the John Bates Clark Medal from the American Economic Association (AEA) in 1969 and held appointments at eight different universities from 1958–2016. The Clark Medal is awarded to an economist under the age of 40 who “is judged to have made the most significant contribution to economic thought and knowledge”, and when the AEA appointed him as a distinguished fellow in 2012, they cited his development of widely used econometric methods across a range of subjects, including supply and demand, time series analysis, production functions, panel analysis, and family demography.
Roger Edward Backhouse, is a British economist, economic historian and academic. Since 1996, he has been Professor of the History and Philosophy of Economics at the University of Birmingham.
The methodology of econometrics is the study of the range of differing approaches to undertaking econometric analysis.
Edward J. Nell is an American economist and a former professor at the New School for Social Research. Nell was a member of the New School faculty from 1969 to 2014. He achieved the rank of Malcolm B. Smith Professor of Economics in 1990.
There have been many criticisms of econometrics' usefulness as a discipline and perceived widespread methodological shortcomings in econometric modelling practices.
Guido Wilhelmus Imbens is a Dutch-American economist whose research concerns econometrics and statistics. He holds the Applied Econometrics Professorship in Economics at the Stanford Graduate School of Business at Stanford University, where he has taught since 2012.
The World in the Model: How Economists Work and Think is a work by Mary S. Morgan published by Cambridge University Press in 2012.
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