Hi, Gary.

You chose to focus on one of the four concepts -- demand and supply. And you seem to offer a democratic definition of economics. On the basis of your email, economics is (presumably among other things) what the majority of professional economists decides.

My reply to the first point is that demand and supply is, on the one hand, a formalization of a part of the invisible hand theorem and the theory of comparative advantage. It is useful for didactic purposes. Far more important, however, demand and supply reflect a shift from a classical to a neoclassical approach the the subject matter of interaction under the conditions of the market economy. In this new approach, the entrepreneur emerged as the role that directs all of the intricate uses of resources at all of the various links in all of the various supply chains. A key development here was the concept of consumer sovereignty. Of course, many professional economists did not buy into this.

I would reject the view that historians of economics should define economics democratically. Were they to adopt this view, there would be no way to decide who belongs in the club. This is not to say that the club should take a narrow view of their subject matter, as a critic of my view might be inclined to view my remarks.

Regarding the names you cite, I will have to pass on Petty. The others, however, fit quite well, I think. Marx and the socialists criticized classical economics. Efforts by Menger, Walras, Marshall, and Clark among others led to the replacement of sloppy language and thinking associated with the use of the word ?class.? In the new language and thinking, the word ?role? was used to refer to the performers of actions that enable people in a market economy to benefit from the actions of others. The entrepreneur role was key, as reflected in the work of Davenport and Knight, among others.

Veblen was both a teacher of the neoclassical view and a critic. His role as a teacher in the work of Davenport was important and his criticism relating to the scope of economics led to a clarification of its subject matter ? the study of human interaction under the conditions of the market economy. This clarification of scope was important in an age of inquiry about human behavior and action under all sorts of conditions.
 
Pat Gunning