By Daniel M. Hausman
This can be a entire anthology of works in regards to the nature of economics as a technology, together with vintage texts and essays exploring particular branches and faculties of economics. except the classics, lots of the choices within the 3rd variation are new, as are the creation and bibliography. No different anthology spans the full box and gives a complete creation to questions about financial method.
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Example text
With the further simplification that commodities are infinitely divisible, it became possible to apply the calculus to economics and to formulate this theory mathematically. In principle, the single theory of general equilibrium should enable one to explain virtually all the significant features of an economy. In the 130 years since the neoclassical revolution, this theory has been tremendously refined. In speaking of utility, for example, contemporary economists are no longer speaking of some sensation that individuals want to maximize.
Maxwell, Minnesota Studies in the Philosophy of Science, vol. 3, pp. 350–97, and C. Hempel, “A Logical Appraisal of Operationalism,” in his Aspects of Scientific Explanation, pp. 123–33. An Inquiry Concerning Human Understanding (1748; rpt. Indianapolis: BobbsMerrill, 1955), p. 47. In rejecting foundationalism, I am following many contemporary philosophers. Recent influential antifoundationalists include Quine in “Two Dogmas,” and “Epistemology Naturalized,” in Ontological Relativity and Other Essays (New York: Columbia University Press, 1969), pp.
Could it be that economics did not meet the standards of empirical science? Some, such as Knight and the Austrians, were prepared to say that the standards of the natural sciences did not apply to economics. 41 Although Milton Friedman’s well-known essay, “The Methodology of Positive Economics” (1953; see Chapter 7 in this anthology) does not refer to contemporary philosophy of science, it, too, attempts to show that economics satisfies broadly positivist standards. For decades after its publication, Friedman’s essay dominated work on the methodology of economics.