A methodological appraisal of Schmoller's research program

Yuichi Shionoya

pp. 57-80

in: Peter Koslowski (ed), The theory of ethical economy in the historical school, Berlin, Springer, 1995

Abstract

Speaking on the occasion of his inauguration as rector of the University of Berlin in 1897, Gustav von Schmoller (1838-1917) remarked proudly: "Today's economics has reached a historical and ethical conception of nation and society contrary to rationalism and materialism."¹ He affixed the label "historico-ethical" to his German Historical School.² Although both historical and ethical factors have been expelled from the scope of mainstream economics, there always has been some sort of yearning for those factors behind the seeming scientific objectivity of economics. In this article I analyze the structure of the historical-ethical approach in Schmoller's economics in order to derive its relevance in modem times.