It is commonplace to suppose that the theory of individual rational choice is considerably less problematic than the theory of collective rational choice. In particular, it is often assumed by philosophers, economists, and other social scientists that an individual's choices among outcomes (or lotteries yielding specified probabilities of outcomes) accurately reflect that individual's underlying preferences or values. Further, it is now well known that if an individual's choices among outcomes (or lotteries thereof) satisfy certain plausible axioms of rationality or consistency, that individual's choice-behavior can be interpreted as maximizing expected utility on a utility scale that is unique up to a linear transformation (Ramsey, 1931; Savage, 1954; Von Neumann and Morgenstern, 1944). Hence, there is, in principle, an empirically respectable method of measuring individuals' values and a single unified schema for explaining their actions as value maximizing (insofar as they act rationally).

Contributions in modern theoretical physics and chemistry on the behavior of nonlinear systems, exemplified by Ilya Prigogine's work on the thermodynamics of open systems (Prigogine and Stengers, 1984), attract growing attention in economics (Anderson, Arrow, and Pines, 1988; Arthur, 1990; Baumol and Benhabib, 1989; Mirowski, 1990; Radzicki, 1990). Our purpose here is to relate the new orientation in the natural sciences to a particular nonorthodox strand of thought within economics. All that is needed for this purpose is some appreciation of the general thrust of the enterprise, which involves a shift of perspective from the determinism of conventional physics (which presumably inspired the neoclassical research program in economics) to the nonteleological open-endedness, creative, and nondetermined nature of evolutionary processes.

The “Adam Smith problem” has traditionally been concerned with the issue of authorial integrity: the issue of how a single author, Adam Smith, could have written two such apparently dissimilar, even contradictory, works as The Theory of Moral Sentiments (TMS) and The Wealth of Nations (WN). As the problem to be resolved was the single authorial origin of two such works, the perceived incompatibilities between them were explained in terms of Smith's intellectual biography – for example, Smith's travels to France, Smith's meetings with the physiocrats, or the mental incapacities of an aging man. The current consensus is that the Adam Smith problem is a “pseudo problem” and that Smith's works represent a unified project, but the same reference to authorial origins now provides thr opposite claim that “the same man” wrote both books (Raphael and Macfie, 1976, p. 20). Here the postulate of authorial integrity, “of stable integrated character, not subject to deep intellectual doubts or fissures” provides an assurance that such a man is unlikely to have written two entirely different books (Macfie, 1967, p. 76), an assurance underwritten by a coherent authorial intentionality that guarantees the consistency of the two works.

As made manifest by Clower's (1975) comments on their “science fiction” nature, general equilibrium theories (GET) present such peculiar and puzzling features that the methodologist must perforce seek some specific methodological accommodation for this part of economic theory. The role played by such theories in contemporary economics is so fundamental (in the sense of Green, 1981) that the impossibility of appraising them by means of any version of falsificationism, and their patent lack of (excess) empirical content if approached with the conceptual devices of the methodology of scientific research programs (MSRP), have prompted several scholars interested in the methodology of economics (although from different points of view and for even more different purposes) to search for a reasonable way out.

In a series of recent writings, John Roemer (1982a, 1982b, 1985, 1988) has made a provocative claim: exploitation and class are merely second-order concepts within Marxian theory, because both phenomena derive directly from differential ownership of productive assets (DOPA); indeed, exploitation remains a consistent index of economic injustice only if a “property relations” conception of exploitation replaces the common “labor-value” view. In sum, property relations, not the labor exchange, the labor proces, labor values, or even capitalist accumlation should be the central concern of Marxian theory.