History of Economic Analysis part 9. At the time of his death in 1950, Joseph Schumpeter-one of the major figures in economics during the first half of the 20th century-was working on his monumental History of Economic Analysis. A complete history of humankind's theoretical efforts to understand economic phenomena from ancient Greece to the present, this book is an important contribution to the history of ideas as well as to economics. | History of economic analysis 42 be sure that the ideological bias if there be any must be sought for among the other elements of our reasoning. Second there are tools or theories that though they can be shown to be actually neutral yet acquire a putative ideological importance because people erroneously believe that they are relevant to their ideologies. We have just noticed the unchallenged fact that the transition from the marginal utility theory of value to a theory of value based upon the concept of marginal rate of substitution was ideologically neutral in the sense that either can be shown to be equally compatible with any ideology whatsoever. But this was not so with the preceding phase of the development of the theory of value. Among the opponents of the marginal utility theory of value were the Marxist sponsors of a labor theory of value who believed as did many marginal utility theorists also that the choice between labor and marginal utility explanations of economic value depends upon our vision of the economic process and is ideologically relevant. Specifically the Marxist notion that value is congealed labor was the first link in what Marxists considered to be a proof that the source of all incomes except wages is exploitation. However as will be shown in Part III the ideology. . had nearly finished Section 1 of Chapter 4 Is the History of Economics a History of Ideologies . For a further discussion of some of these problems the reader is referred to the presidential address by . before the American Economic Association Science and Ideology American Economic Review March 1949. Chapter 4 was apparently to have been the last chapter of the introductory Part. There were to have been two more sections 2. The Motive Forces of Scientific Endeavor and the Mechanisms of Scientific Development and 3. The Personnel of Science in General and of Economics in Particular . These subjects are discussed at intervals throughout the History see Index under .
