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Philosophy of the EconomyIdeas on Economic Science and its Method Over the Past Sixty Years

Philosophy of the Economy: Ideas on Economic Science and its Method Over the Past Sixty Years [This chapter reviews the epistemological positions and new economic currents that emerged over the past 60 years, distinguishing the two phases of “economic imperialism” and “reverse imperialism”. The description of the first phase starts with Milton Friedman’s position, moving on to discuss the influence of twentieth-century epistemological conceptions on economics. The limits of Gary Becker’s research project are noted, while some precisions on maximization shed some light on the confusions that it often creates. Methodological individualism and the program of “micro-foundations” are then introduced. A shorter account of the second phase includes a special reference to behavioral and experimental economics.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Philosophy of the EconomyIdeas on Economic Science and its Method Over the Past Sixty Years

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Publisher
Springer International Publishing
Copyright
© The Author(s) 2013
ISBN
978-3-319-02647-3
Pages
81 –101
DOI
10.1007/978-3-319-02648-0_7
Publisher site
See Chapter on Publisher Site

Abstract

[This chapter reviews the epistemological positions and new economic currents that emerged over the past 60 years, distinguishing the two phases of “economic imperialism” and “reverse imperialism”. The description of the first phase starts with Milton Friedman’s position, moving on to discuss the influence of twentieth-century epistemological conceptions on economics. The limits of Gary Becker’s research project are noted, while some precisions on maximization shed some light on the confusions that it often creates. Methodological individualism and the program of “micro-foundations” are then introduced. A shorter account of the second phase includes a special reference to behavioral and experimental economics.]

Published: Nov 28, 2013

Keywords: Friedman’s economic methodology; Popper; Lakatos and economics; The rhetoric of economics; Methodological Individualism; Notion of maximization; Current mainstream pluralism; Behavioral economics

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