Search results for: economic-methodology

Economic Methodology

Author : Marcel Boumans
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In this updated second edition of Economic Methodology, the authors bring together a wealth of research and teaching experience. While explaining the principles of economic methodology, they also contextualize it within the broader philosophy of science tradition. Economic Methodology: • explores the status and character of economics as a social science, from when economic methodology gained formal recognition in the 1980s until today • discusses the influence of the philosophy of science, particularly the reaction against logical positivism as exemplified by Popper, Kuhn, and Lakatos • provides material for reflection throughout the book, including 'So what?' and 'Focus' sections, which discuss related practices or themes Aimed at students coming to the subject for the first time, this concise, accessible textbook will help undergraduate and postgraduate students gain a thorough understanding of economics as a science.

Handbook of Experimental Economic Methodology

Author : Guillaume R. Fréchette
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This volume confronts and debates the issues faced by the growing field of experimental economics. For example, as experimental work attempts to test theory, it raises questions about the proper relationship between theory and experiments. As experimental results are used to inform policy, the utility of these results outside the lab is questioned, and finally, as experimental economics tries to integrate ideas from other disciplines like psychology and neuroscience, the question of their proper place in the discipline of economics becomes less clear.

Hahn and Economic Methodology

Author : Thomas Boylan
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Hahn on Methodology: The Quest for Understanding addresses two fundamental questions: (i) what is distinctive about economic theorising?; (ii) what is the cognitive value of the outcome of this activity of economic theorising, i.e. economic theory. We will argue that for Hahn, economic theorising is distinctive with respect to four dimensions. Firstly, the aim of economic theory is neither to describe nor explain the real economic world, as in the physical sciences. Rather the aim is to achieve objective, but non-scientific, understanding. Secondly, the central question for economic theory remains for Hahn how to understand, but not to predict as in physics for instance, how decentralised choices interact and perhaps get co-ordinated. Thirdly, Hahn identifies ‘three commitments’ without which, he argues, economic theorising for him is not possible. Finally, economic theorising has a distinctive approach, which Hahn calls its ‘grammar of argumentation’ .

Critical Economic Methodology

Author : Lawrence Boland
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Lawrence Boland takes issue with both economic methodologists and practicing economists. He argues that there has been too much 'methodology for methodology's sake' and that mainstream economics might benefit by using methodology to take a critical look at economic theory.

The Elgar Companion to Recent Economic Methodology

Author : J. B. Davis
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Economic methodology has traditionally been associated with logical positivism in the vein of Milton Friedman, Karl Popper, Imre Lakatos and Thomas Kuhn. However, the emergence and proliferation of new research programs in economics have stimulated many novel developments in economic methodology. This impressive Companion critically examines these advances in methodological thinking, particularly those that are associated with the new research programs which challenge standard economic methodology. Bringing together a collection of leading contributors to this new methodological thinking, the authors explain how it differs from the past and point towards further concerns and future issues. The recent research programs explored include behavioral and experimental economics, neuroeconomics, new welfare theory, happiness and subjective well-being research, geographical economics, complexity and computational economics, agent-based modeling, evolutionary thinking, macroeconomics and Keynesianism after the crisis, and new thinking about the status of the economics profession and the role of the media in economics. This important compendium will prove invaluable for researchers and postgraduate students of economic methodology and the philosophy of economics. Practitioners in the vanguard of new economic thinking will also find plenty of useful information in this path-breaking book.

New Directions in Economic Methodology

Author : Roger E. Backhouse
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In recent years there has been a flowering of work on economic methodology. However there is no longer any consensus about which direction this should take or, indeed, even what the role and content of economic methodology should be. This book reflects this diversity. Its contributors are responsible for the major developments in this field and together they give an account of all the major positions which currently prevail in economic methodology. These include attempts to rehabilitate the 'falsification' of Kuhn, Lakatos and Popper, sociology of knowledge approaches, different forms of realism, contributions from the 'rhetoric' project and other perspectives which view the economy as a text.

Essays on Philosophy and Economic Methodology

Author : Daniel M. Hausman
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This collection brings together the essays of one of the foremost American philosophers of economics. Cumulatively they offer fresh perspectives on foundational questions such as: what sort of science is economics? and how successful can economists be in acquiring knowledge of their subject matter?

Beyond Positivism

Author : Bruce Caldwell
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Since its publication in 1982, Beyond Positivism has become established as one of the definitive statements on economic methodology. The book’s rejection of positivism and its advocacy of pluralism were to have a profound influence in the flowering of work methodology that has taken place in economics in the decade since its publication. This edition contains a new preface outlining the major developments in the area since the book’s first appearance. The book provides the first comprehensive treatment of twentieth century philosophy of science which emphasizes the issues relevant to economics. It proceeds to demonstrate this relevance by reviewing some of the key debates in the area. Having concluded that positivism has to be rejected, the author examines possible alternative bases for economic methodology. Arguing that there is no best method, he advocates methodological pluralism.

Beyond Rhetoric and Realism in Economics

Author : Thomas A. Boylan
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Boylan and O'Gorman inject a fresh empiricist voice into the debate on economic methodology. They strike a reasonable middle ground between the extremes of scientific realism and the rhetoric of economics.

Explorations in Economic Methodology

Author : Roger E. Backhouse
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Roger Backhouse is a key figure in the field of economic methodology. Explorations in Economic Methodology both clarifies and responds to the issues raised by the literature and argues that methodology is an essential activity. Offering a constructive, but critical, response to the recent literature, this collection provides important new insights for students and researchers in economic methodology and the philosophy of science.

Dewey Pragmatism and Economic Methodology

Author : Elias L. Khalil
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This book brings together, for the first time, philosophers of pragmatism and economists interested in methodological questions. The main theoretical thrust of Dewey is to unite inquiry with behavior and this book's contributions assess this insight in the light of developments in modern American philosophy, social and legal theories, and the theoretical orientation of economics. This unique book contains impressive contributions from a range of different perspectives and its unique nature will make it required reading for academics involved with philosophy and economics.

Rationality Institutions and Economic Methodology

Author : Bo Gustafsson
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First published in 1993. Routledge is an imprint of Taylor & Francis, an informa company.

Patrick Suppes Economics and Economic Methodology

Author : John B. Davis
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Patrick Suppes (1922–2014) was an extraordinarily wide-ranging scholar. Although best known as a philosopher of science, Suppes made substantial contributions to a remarkably wide range of different fields of research including many relevant to economics: decision theory, philosophy of economics, modeling theory, foundations of measurement, philosophy of psychology (and thus what is now behavioral economics), and many other fields. This collection recognizes Suppes’s contributions to economics and economic methodology with a symposium of papers that examine, build on, and/or assess Suppes’s research in these areas. The authors include philosophers, economists, game theorists, historians of economics, and many whose research combine these fields. This book honors Patrick Suppes, while at the same time, exhibiting the richness of contemporary philosophy of economics. It was originally published as a special issue of the Journal of Economic Methodology.

Economic Methodology

Author : Harro Maas
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Ever since the inception of economics over two hundred years ago, the tools at the discipline’s disposal have grown more and more more sophisticated. This book provides a historical introduction to the methodology of economics through the eyes of economists. The story begins with John Stuart Mill's seminal essay from 1836 on the definition and method of political economy, which is then followed by an examination of how the actual practices of economists changed over time to such an extent that they not only altered their methods of enquiry, but also their self-perception as economists. Beginning as intellectuals and journalists operating to a large extent in the public sphere, they then transformed into experts who developed their tools of research increasingly behind the scenes. No longer did they try to influence policy agendas through public discourse; rather they targeted policymakers directly and with instruments that showed them as independent and objective policy advisors, the tools of the trade changing all the while. In order to shed light on this evolution of economic methodology, this book takes carefully selected snapshots from the discipline’s history. It tracks the process of development through the nineteenth and twentieth centuries, analysing the growth of empirical and mathematical modelling. It also looks at the emergence of the experiment in economics, in addition to the similarities and differences between modelling and experimentation. This book will be relevant reading for students and academics in the fields of economic methodology, history of economics, and history and philosophy of the social sciences.

The Methodology of Economic Model Building Routledge Revivals

Author : Lawrence A. Boland
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The major methodological task for modern economists has been to establish the testability of models. Too often, however, methodological assumptions can make a model virtually impossible to test even under ideal conditions, yet few theorists have examined the requirements and problems of assuring testability in economics. In The Methodology of Economic Model Building, first published in 1989, Lawrence Boland presents the results of a research project that spanned more than twenty years. He examines how economists have applied the philosophy of Karl Popper, relating methodological debates about falsifiability to wider discussions about the truth status of models in natural and social sciences. He concludes that model building in economics reflects more the methodological prescriptions of the economist Paul Samuelson than Popper’s ‘falsificationism’. This title will prove invaluable to both students and researchers, and represents a substantial contribution to debates about the scientific status of economics.

Science Policy Ethics and Economic Methodology

Author : Kristin Shrader-Frechette
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If indeed scientists and technologists, especially economists, set much of the agenda by which the future is played out, and I think they do, then the student of scientific methodology and public ethics has at least three options. He can embrace certain scientific methods and the value they hold for social decisionmaking, much as Milton Friedman has accepted neoclassical econom ics. Or, he can condemn them, regardless of their value, much as Stuart Hampshire has rejected risk-cost-benefit analysis (RCBA). Finally, he can critically assess these scientific methods and attempt to provide solutions to the problems he has uncovered. As a philosopher of science seeking the middle path between uncritical acceptance and extremist rejection of the economic methods used in policy analysis, I have tried to avoid the charge of being "anti science". Fred Hapgood, in response to my presentation at a recent Boston Colloquium for the Philosophy of Science, said that my arguments "felt like" a call for rejection of the methods of risk-cost-benefit analysis. Not so, as Chapter Two of this volume should make eminently clear. All my criticisms are construc tive ones, and the flaws in economic methodology which I address are uncovered for the purpose of suggesting means of making good techniques better. Likewise, although I criticize the economic methodology by which many technology assessments (TA's) and environmental-impact analyses (EIA's) have been used to justify public projects, it is wrong to conclude that I am anti-technology.

Methodology and Economics

Author : John Pheby
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'Pheby's volume is especially to be welcomed as a clear and critical introduction to a large, complex and confusing methodological literature...It is recommended for all students of economics however experienced. ' A.W.Coats, Kyklos 'Professor Pheby in this much needed book gives a brilliant conducted tour ofour subject.' G.L.S.Shackle, foreword to the Japanese edition. Pheby has provided an antidote to the dangers of adopting, an excessively paradigmatic attitude, by supplying a well written, comprehensible guide to this esoteric field. More advanced scholars will appreciate his 168-entry bibliography.' D. Whitehead, Economics Methodology and Economics is a straightforward and interesting introduction in some of the methodologies that have influenced the work of economistswhich also quation their attempts to imitate the natural science. The way in which such 'naturalistic' methodologies, for example those of Bacon, descartes, Popper Kuhn and Friedman, have moulded much of the contemporary economics is discussed in a systematic and sequential fashion. Against such approaches it is suggested that the contributions of Austrian methodologists and Marx deserve greater attention. In conclusion, an agenda for future methodological work is outlined.

Models Mathematics and Methodology in Economic Explanation

Author : Donald W. Katzner
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This book provides a practitioner's foundation for the process of explanatory model building, breaking down that process into five stages. Donald W. Katzner presents a concrete example with unquantified variable values to show how the five-stage procedure works. He describes what is involved in explanatory model building for those interested in this practice, while simultaneously providing a guide for those actually engaged in it. The combination of Katzner's focus on modeling and on mathematics, along with his focus on the explanatory performance of modeling, promises to become an important contribution to the field.

Human Nature and the Discipline of Economics

Author : Patricia Donohue-White
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Foundations of Economic Personalism is a series of three book-length monographs, each closely examining a significant dimension of the Center for Economic Personalism's unique synthesis of Christian personalism and free-economic market theory. In the aftermath of the momentous geo-political and economic changes of the late 1980s, a small group of Christian social ethicists began to converse with free-market economists over the morality of market activity. This interdisciplinary exchange eventually led to the founding of a new academic subdiscipline under the rubric of economic personalism. These scholars attempt to integrate economic theory, history, and methodology with Christian personalism's stress upon human dignity, humane social structures, and social justice. This second volume in the series surveys the anthropological foundations to the disciplines of economics and moral theology. The first part of the book presents an overview of the German, French, and Polish branches of personalist thought. Particular attention is given to theological anthropology, especially as it is developed by such thinkers as Emmanuel Mounier, Max Scheler, Gabriel Marcel, Karol Wojtyla, and Emil Brunner. Part two surveys models of human nature that have been espoused by various schools of free-market thought--including mainstream neoclassical economics. In conclusion, the authors demonstrate how an expanded understanding of human nature can augment the ability of economic science to model and predict human behavior.

Error in Economics

Author : Julian Reiss
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What is the correct concept behind measures of inflation? Does money cause business activity or is it the other way around? Shall we stimulate growth by raising aggregate demand or rather by lowering taxes and thereby providing incentives to produce? Policy-relevant questions such as these are of immediate and obvious importance to the welfare of societies. The standard approach in dealing with them is to build a model, based on economic theory, answer the question for the model world and then apply the results to economic phenomena outside. Data come in, if at all, only in testing a limited number of the model's consequences. Despite some critical voices, economic methodology too has by and large subscribed to a "theory first" approach to applied economics. Error in Economics systematically develops an alternative to the theory-based orthodoxy. It places the methodical study of evidence at the centre of the scientific enterprise and thus provides a foundation for a methodology of evidence-based economics. But the book does not stop at the truism that claims should be based on the best available evidence. Rather, detailed studies in the areas of measurement, causal inference and policy analysis show what it means for a claim to be evidence-based in the context of a concrete case. The examples discussed concern topics as diverse as consumer price indices, radio spectrum auctions, the transmission mechanism, natural experiments on minimum wages and the evaluation of counterfactuals for policy. Error in Economics is essential reading for economic methodologists, philosophers of science and anyone interested in how claims about socio-economic matters are validated.