The Indetermination of Senior

Abstract

The commitments and working requirements of abstract, applied, and art of, economics are assessed within an analogy with the fields of inert matter and life. Abstract economics is the pure logic of the phenomenon. Applied positive economics presupposes many distinct abstract sciences. Art presupposes applied economics and direct knowledge of the specificities which characterize the time-space individuality of the phenomenon. This is an indetermination clearly formulated by Senior and Mill; its connection with institutionalism is discussed. The Ricardian Vice is the habit of ignoring the indetermination; its prevalence in mainstream economics is exemplified, and its causes analyzed.