Fritz Machlup and Behavioralism

Research output: Contribution to journalArticle

5 Scopus citations

Abstract

This paper is concerned with Fritz Machlup’s defense of neoclassical economics against organizational economics and the behavioral theory of the firm. Machlup’s objections to organizational economics were narrowly semantic. Properly understood, however, Machlup’s methodology has much to offer organizational theory. His position has been mistaken for a form of positivism and as equivalent to Milton Friedman’s methodology. In fact, Machlup was a leading methodological subjectivist. Surprisingly, Machlup’s version of neoclassical theory is complementary to organizational economics, including behavioralism.

Original languageEnglish (US)
Pages (from-to)595-622
Number of pages28
JournalIndustrial and Corporate Change
Volume9
Issue number4
DOIs
StatePublished - Jan 1 2000
Externally publishedYes

ASJC Scopus subject areas

  • Economics and Econometrics

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