2019/03/01 by Alexander Jordan · 1 citation
Economics, Econometrics and Finance · Social Sciences · #Economic Theory and Institutions #Political Economy and Marxism
paper · doi:10.3167/hrrh.2019.450104
openalex publication_date 2019/03/01 · openalex created_date 2025/10/10 · openalex updated_date 2026/05/21
Thomas Carlyle (1795–1881) is commonly remembered as the archnemesis of economics, which he notoriously dubbed “the dismal science.” This article, however, suggests that Carlyle’s ideas in fact had a considerable influence among economists during the decades following his death. Indeed, an array of economists cited Carlyle in criticizing self-interest, laissez-faire, and materialism, in suggesting that economic science ought to accord greater importance to moral and ethical factors, and in urging the “Captains of Industry” and the state to exercise paternal guidance over the working classes. In short, Carlyle’s writings shaped these economists’ understanding, portrayal, and critique of the previous generation of so-called “old” economists, as well as their self-understanding as self-professed “new” economists.