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On Lionel McKenzie's 1957 intrusion into 20th‐century demand theory

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  • M. Ali Khan
  • Edward E. Schlee
Abstract
In this essay, we read McKenzie's 17 paragraphs of 1957 on “Demand Theory Without a Utility Index” as an opening to the narrative of 20th‐century demand theory and as a lever for the understanding of what has now reached culmination as the neoclassical theory of demand. In tracking the influence of these paragraphs on both theoretical and applied work, we also use them as a foothold for reflection on the process of theorizing to argue for the view that one cannot neglect the (changing) problematic that the theory is adduced to address, that the historical narrative behind a particular theorem is indispensable in understanding the theorem itself. This implicit theorizing of the process of theorizing then forces us to consider Stigler's distinction between textual and scientific exegesis and confront it to a second‐order level of theorizing, and thereby bring out the continuity, possibly not quite seamless, between a theorem and its history. A propos de l'intrusion de 1957 de Lionel McKenzie dans la théorie de la demande du 20esiècle. Dans ce texte, les auteurs relisent les dix‐sept paragraphes de 1957 de McKenzie sur la théorie de la demande sans un index d'utilité comme une ouverture à la théorie de la demande du 20e siècle, et comme un levier qui aide à comprendre ce qui a atteint sa culmination en tant que théorie néoclassique de la demande. En retraçant l'influence de ces paragraphes à la fois sur le travail théorique et appliqué, ils les utilisent comme fondement pour leur réflexion sur le processus de théorisation pour proposer qu'on ne peut pas négliger la problématique (changeante) dans laquelle la théorie vient s'inscrire, et que le récit historique derrière un théorème est indispensable pour comprendre le théorème lui‐même. La théorisation implicite de processus du théorisation nous force à considérer la distinction de Stigler entre l'exégèse textuelle et scientifique, et nous confronte à une théorisation de second ordre, et donc fait ressortir la continuité – possiblement imparfaite – entre un théorème et son histoire.

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  • M. Ali Khan & Edward E. Schlee, 2016. "On Lionel McKenzie's 1957 intrusion into 20th‐century demand theory," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 49(2), pages 589-636, May.
    • Handle: RePEc:wly:canjec:v:49:y:2016:i:2:p:589-636
    DOI: 10.1111/caje.12207
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