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"Combining narrative history with data-rich social and economic analysis, this study examines the failure of frontier farms in the antebellum Northwest Territory, where legislatively created markets and poor surveying resulted in massive investment losses for both individual farmers and the national economy. The history of farming in the Great Lakes region is described, with specific focus on the State of Michigan, viewed through a case study of Midland County. Inter and intra-state differences in soil endowments, public and private promoters of site-specific investment opportunities, time trends in settled populations and the experiences of individual investors are covered in detail."-Provided by publisher"--

1 Economists' Epistemological Challenges -- 2 The Trajectory of the First Social Science -- 3 An Overview of Socially Constructed Mental Models and Vocabularies -- 4 From Metaphor to Fact: The Early History of Creating a New Language of Markets & Economies -- 5 Value Judgments Regarding the Meaning of Wealth -- 6 Alternative Values and Mental Models: The Recurring Challenge of Inequality -- 7 The Long-Standing Interest in the Meanings, Causes, and Consequences of Inequality -- 8 Is the Past a Reliable Prologue for the Future of Economics?.

This Palgrave Pivot demonstrates that the inherited vocabularies of economics and other social sciences contain socially constructed words and theories that bias our very understanding of history and markets, bridging the empirical and moral dimensions of economics in general and inequality in particular. Wealth, GDP, hierarchies, and inequality are socially constructed words infused with moral overtones that academic philosophers and policy analysts have used to raise questions about "fairness" and "justice." This short intellectual and epistemological history explores and elaborates a limited number of key inequality-related terms, concepts, and mental images invented by centuries of economists and others. The author challenges us to question the assumptions made concerning presumably value-free concepts such as inequality, wealth, hierarchies, and the policy goals a nation can be pursuing. Robert E. Mitchell is a retired Foreign Service Officer and former Professor of urban and regional studies at Columbia University, the University of California, Berkeley, the Chinese University of Hong Kong, and Florida State University. He also directed two survey research centers, served as executive director of two state-level task forces, and headed a national task force on family policy. He served as a Behavioral Science Adviser for the Near East Bureau of the United States Agency for International Development, followed by long-term Foreign Service posts in Egypt, Yemen, and Guinea-Bissau.