The Philosophy of Economics: An Anthology

The Philosophy of Economics: An Anthology

Daniel M. Hausman

Language: English

Pages: 536

ISBN: B0018G4HDQ

Format: PDF / Kindle (mobi) / ePub

The Philosophy of Economics: An Anthology

Daniel M. Hausman

Language: English

Pages: 536

ISBN: B0018G4HDQ

Format: PDF / Kindle (mobi) / ePub


An anthology of works on the philosophy of economics, including classic texts and essays exploring specific branches and schools of economics. Completely revamped, this edition contains new selections, a revised introduction and a bibliography. The volume contains 26 chapters organized into five parts: (I) Classic Discussions, (II) Positivist and Popperian Views, (III) Ideology and Normative Economics, (IV) Branches and Schools of Economics and Their Methodological Problems and (V) New Directions in Economic Methodology. It includes crucial historical contributions by figures such as Mill, Marx, Weber, Robbins, Knight, and Veblen and works by most of the leading contemporary figures writing on economic methodology, including five Nobel Laureates in Economics.

The Mysterious World of the Human Genome

How to Dunk a Doughnut: The Science of Everyday Life

ABC of Relativity

The Edge of Evolution: The Search for the Limits of Darwinism

The Ghost in the Machine (Arkana)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CUFX202/Hausman 978 0 521 88350 4 November 1, 2007 The Methodology of Positive Economics 22:0 177 21. Oliver, op. cit., p. 381. 22. See H. D. Henderson, “The Significance of the Rate of Interest,” Oxford Economic 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. Papers, No. 1 (October, 1938), pp. 1–13; J. E. Meade and P. W. S. Andrews, “Summary of Replies to Questions on Effects of Interest Rates,” Oxford Economic Papers, No. 1 (October, 1938), pp. 14–31; R. F. Harrod, “Price and Cost in

and whether observable evidence can establish claims about unobservables. Notice that instrumentalists do not repudiate theorizing. They agree with realists that theories are important. But they locate their importance exclusively in their role in helping people to anticipate and control phenomena. In his influential essay, “The Methodology of Positive Economics” reprinted in this anthology, Milton Friedman espouses a narrowly instrumentalist view of science. Who is right, realists or

knowledge about the world, then one faces the difficult but not impossible problems of inductive inference that scientists actually grapple with. Observations and experiments play a crucial role in the expansion and correction of empirical knowledge, but people need not trace their knowledge claims back to an experiential foundation.14 To borrow a metaphor, learning about the world is like rebuilding a ship while staying afloat in it. In learning more about the world, people rely both on P1:

accuracy, which depend on the purpose in mind, must then be balanced against the costs of achieving it. The example illustrates both the impossibility of testing a theory by its assumptions and also the ambiguity of the concept “the assumptions of a theory.” The formula s = 1/2 gt2 is valid for bodies falling in a vacuum and can be derived by analyzing the behavior of such bodies. It can therefore be stated: under a wide range of circumstances, bodies that fall in the actual atmosphere behave as

yielded by the hypothesis that the billiard player made his shots as if he knew the complicated mathematical formulas that would give the optimum directions of travel, could estimate accurately by eye the angles, etc., describing the location of the balls, could make lightning calculations from the formulas, and could then make the balls travel in the direction indicated by the formulas. Our confidence in this hypothesis is not based on the belief that billiard players, even expert ones, can or

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