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Cambridge Journal of Economics 26:313-329 (2002)
Copyright © 2002 Cambridge Political Economy Society

Article

Preferences, reductionism and the microfoundations of Analytical Marxism

Bruce Philp and David Young *

*Nottingham Trent University and University of Manchester.

Address for correspondence: Bruce Philp, Department of Economics and Politics, The Nottingham Trent University, Burton Street, Nottingham NG1 4BU, UK; email: bruce.philp{at}ntu.ac.uk

Abstract

Analytical Marxism has recommended that Marxian theory should conform to ‘normal’ scientific methods and that this should involve the development of microfoundations. The latter has involved the adoption of rational choice theory and its corresponding assumptions regarding agents' behaviour. This paper seeks to question this position and highlight a number of problems which Analytical Marxism faces, particularly in the domain of economic theory. The different views of science espoused by Analytical Marxists display a tension between ‘positivist’ and ‘realist’ perspectives, and the arguments for individualist and anti-reductionist approaches to social and economic theory are also argued to be problematic. The approach of Analytical Marxism, it is suggested, can involve the uncritical adoption of many of the assumptions of standard economic theory and, as such, it is subject to a number of substantive criticisms, some of which have been elaborated from within mainstream economic theory.

Key Words: Reductionism • Preferences • Marxism • Scientific method


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 Review of Radical Political EconomicsHome page
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