The Value of Presuppositions of Economic Theory

Every area of inquiry is replete with presuppositions unconsciously assented to by the vast majority of those practicing the discipline. Economic value theory is not an exception to this general rule. The problem facing economists is to ferret out these preconceptions and subject them to scientific analysis. To do this we must first understand what is meant by a preconception and the way these preconceptions affect our analysis. The Newtonian presuppositions are of special importance to us since they form the foundation of classical economics. We must therefore demonstrate the social origins of Newtonianism and trace their development through classical and contemporary economic thought