This book is an examination of the nature of economic explanation. The opening chapters introduce current thinking in the philosophy of science and review the literature on methodology. Professor Blaug then turns to the troublesome question of the logical status of welfare economics, giving the reader an understanding of the outstanding issues in the methodology of economics. This is followed by a series of case studies of leading economic controversies, which shows how controversies in economics may be illuminated by paying attention to questions of methodology. A final chapter draws the strands together and gives the author's view of what is wrong with modern economics. This book is a revised and updated edition of a classic work on the methodology of economics, in which Professor Blaug develops his discussion of the latest developments in macroeconomics, general equilibrium theory and international trade theory. A new section on the rationality postulate is also added.

This book is an examination of the nature of economic explanation. The opening chapters introduce current thinking in the philosophy of science and review the literature on methodology. Professor Blaug then turns to the troublesome question of the logical status of welfare economics, giving the reader an understanding of the outstanding issues in the methodology of economics. This is followed by a series of case studies of leading economic controversies, which shows how controversies in economics may be illuminated by paying attention to questions of methodology. A final chapter draws the strands together and gives the author's view of what is wrong with modern economics. This book is a revised and updated edition of a classic work on the methodology of economics, in which Professor Blaug develops his discussion of the latest developments in macroeconomics, general equilibrium theory and international trade theory. A new section on the rationality postulate is also added.

An introduction to the major schools of thought in economics. Examines the scientific status of economics from the perspective of practicing economists, studying how economists evaluate theories, the relationship between theories and the phenomena they are supposed to represent, and the philosophy, methodology, and scientific credentials of economics. Surveys five influential schools of thought in the methodology of economics, and discusses the purposes of economic inquiry and legitimate sources of economic knowledge. For students and scholars of economics, philosophy, and economic methodology. Annotation copyrighted by Book News, Inc., Portland, OR

A team of world-renowned experts cast new light on Milton Friedman's 1953 essay 'The methodology of positive economics'.

Economic Methodology: An Inquiry presents a clear and accessible introduction to the methodology of economics. An essential introduction to the subject for those who would like to pursue the more specialist literature, explaining both the role of methodology in assisting economists to address fundamental issues and also the different approaches to methodology that are on offer. The book begins with a discussion of the nature and scope of economics as a discipline and of the issues currently facing it. Dow then goes on to introduce some of the central theoretical and empirical issues in economics and demonstrates the need for methodological awareness in approaching these issues. This is followed by a brief account of the methodological ideas that have influenced economics over the last two centuries and a detailed chapter on current methodological ideas, showing how they are discussed today in the field of economic methodology and how these ideas are related to current practice in economics. The book concludes with a discussion of what economics can reasonably be expected to do and what possible future directions the subject might take. Written in a clear and accessible style with suggestions for further reading at the end of each chapter, this book will be the ideal starting point for all those wanting an introduction to the methodology of economics, both as it has developed in the past and as it now stands.

This collection of articles taken from the Journal of Economic Issues offers both a fresh perspective and a persuasive diagnosis on economic methodology. It simultaneously presents institutional economists' approaches to economic inquiry and policy, as well as a running critique of conceptual flaw and inadequacies of the traditional orthodox neoclassical approach that dominates college curriculums and media.

This book is a comprehensive and often controversial survey of economic methodology.