Value Judgments and the Making of Economic History: From John Neville Keynes to Contemporary Debates

Journal title HISTORY OF ECONOMIC THOUGHT AND POLICY
Author/s Juan Antonio Giménez Espín
Publishing Year 2026 Issue 2026/1
Language English Pages 34 P. 115-148 File size 171 KB
DOI 10.3280/SPE2026-001005
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This article revisits the longstanding debate on the role of value judgments in economics by tracing its evolution from the late nineteenth century to the present. Beginning with J. N. Keynes’s tripartite distinction, it examines how leading figures such as Friedman, Robbins, Schumpeter, Myrdal, Röpke, Heilbroner, Sen, Wight, and Dasgupta conceptualized the relationship between positive analysis and normative commitments. By classifying these thinkers into three epistemological categories, the study shows that methodological positions on value judgments have shaped both economic reasoning and the interpretation of historical processes. Synthesizing in a single framework the perspectives of these principal economists, it highlights continuities and divergences that illuminate the intellectual history of economics. The article argues that recognizing the normative underpinnings of economic reasoning is essential for understanding the historiography of economics, the practice of economic history, and the pedagogical transmission of ideas. Beyond description, the proposed classification provides a framework to reassess how ethical and methodological commitments inform historical inquiry in economics.

Keywords: economic science, value judgments, positive and normative economics, epistemology, economic methodology

Jel codes: B10, B20, B41, A13

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Juan Antonio Giménez Espín, Value Judgments and the Making of Economic History: From John Neville Keynes to Contemporary Debates in "HISTORY OF ECONOMIC THOUGHT AND POLICY" 1/2026, pp 115-148, DOI: 10.3280/SPE2026-001005