What effect do economists have on the economy

A little Sunday reading from the Archives

We can easily imagine DNA replicating itself without molecular biologists, and the planets revolving around the sun without astronomers. But can we imagine capitalism without economists?

On the one hand, we are always identifying proto-forms of capitalism without contemporaries making a formal theory of it. On the other hand, would the kind of capitalism we know, that which appears in the 17th and 18th century in Europe and America, have developed as it did without the appearance, at the same time, of the political economists? And as political economists developed their discourse – as economics began to regard itself as a science – was capitalism merely a parallel development, one that they studied, or was it a development in which they played a role?

Marx, in the Grundrisse, working in the shadow of the disputes in Germany about theory and ‘materialism’, wrote:

daß die einfachre Kategorie herrschende Verhältnisse eines unentwickeltern Ganzen oder untergeordnete Verhältnisse eines entwickeltem Ganzen ausdrücken kann, die historisch schon Existenz hatten, eh das Ganze sich nach der Seite entwickelte, die in einer konkretem Kategorie ausgedrückt ist. Insofern entspräche der Gang des abstrakten Denkens, das vom Einfachsten zum Kombinierten aufsteigt, dem wirk||16|lichen historischen Prozeß…

“…the simpler categories can express the dominant relationships of an undeveloped whole or the subordinate relationships of a developed whole, which historically already exists, before the whole has developed towards the side that is expressed in a concrete category. Just in so far may the course of abstract thought, which ascends from the simplest to the combined, be correspondent to the real historical process.” – Marx, Grundrisse

I take it that the intellectual space, here, is opened up by the uncertain position of the ‘categories’ by which social life is understood vis-à-vis the dominant relationships of the social whole. Marx doesn’t seem to believe that there is a natural tendency within the social whole to move in a given direction – in this way, he does not have a classically liberal view of progress – but instead, given the presence of subordinate and dominate relationships, posits conflicts in which some agent figures.

Boldly, I take the concrete categories to be expressed in character-making. Or as all the boys and girls like to say now, in the construction of the subject. However, for reasons that have to do with my incorrigibly literary temperament, I prefer the vocabulary of the character to the subject.