Economic methodology

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Economic methodology is the study of methods, especially the scientific method, in relation to economics, including principles underlying economic reasoning. [1] In contemporary English, 'methodology' may reference theoretical or systematic aspects of a method (or several methods). Philosophy and economics also takes up methodology at the intersection of the two subjects.

Contents

Scope

General methodological issues include similarities and contrasts to the natural sciences and to other social sciences and, in particular, to:

Economic methodology has gone from periodic reflections of economists on method to a distinct research field in economics since the 1970s. In one direction, it has expanded to the boundaries of philosophy, including the relation of economics to the philosophy of science and the theory of knowledge [18] In another direction of philosophy and economics, additional subjects are treated including decision theory and ethics. [19]

See also

Notes

  1. Press + button to enlarge small-text links below.
      Roger E. Backhouse, 2008. "methodology of economics", The New Palgrave Dictionary of Economics , 2nd Edition. Abstract.
       • Lawrence A. Boland, 1987. "methodology", The New Palgrave: A Dictionary of Economics , v. 3, pp. 455-56.
      Daniel M. Hausman, 1989. "Economic Methodology in a Nutshell", Journal of Economic Perspectives, 3(2), pp. 115-127.
       • Kevin D. Hoover, 1995. "Review Article: Why Does Methodology Matter for Economics?" Economic Journal, 105(430), pp. 715-734.
  2. John Stuart Mill, 1844. "On the Definition of Political Economy; and on the Method of Investigation Proper to It", Essay V, in Essays on Some Unsettled Questions of Political Economy.
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       • _____. 2009. "Retrospectives: On the Definition of Economics", Journal of Economic Perspectives, 23(1), pp. 221–33 (close Bookmarks tab) Abstract.
  3. John Neville Keynes, 1891. The Scope and Method of Political Economy. Annotated chapter links. 4th ed., 1917 [1999]. Full Contents.
  4. John R. Hicks, 1939. Value and Capital: An Inquiry into Some Fundamental Principles of Economic Theory.
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      Lawrence A. Boland, 2008. "instrumentalism and operationalism", The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
       • _____, 2003. The Foundations of Economic Method, 2nd Edition. Description and chapter links.
  5. Kaushik Basu, 2008. "methodological individualism", The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
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  7. David Colander (1992). "Retrospectives: The Lost Art of Economics", Journal of Economic Perspectives, 6(3), pp. 191-198.
      John Neville Keynes, 1891. The Scope and Method of Political Economy. ch. I-II. Annotated chapter links. 4th ed., 1917 [1999]. Full Contents.
  8. • Richard G. Lipsey, 2008. "positive economics." The New Palgrave Dictionary of Economics. 2nd Edition. Abstract.
       • Amartya Sen, 1980. "Description as Choice", Oxford Economic Papers, N.S., 32(3), pp. 353-369. Reprinted in Sen, 1982, Choice, Welfare and Measurement, Oxford, Basil Blackwell. Chapter-preview link, p. 432-449.
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  9. Lionel Robbins, 1932. An Essay on the Nature and Significance of Economic Science .
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      Alexander Rosenberg (1983). "If Economics Isn't Science, What Is It?" Philosophical Forum, 14, pp. 296-314. Reprinted in M. Martin and L. C. McIntyre (1996), Readings in the Philosophy of Social Science, pp. 661-674.
       • Douglas W. Hands, 1984. "What Economics Is Not: An Economist's Response to Rosenberg", Philosophy of Science, 51(3), p p. 495-503.
       • Daniel M. Hausman, 1992. The Inexact and Separate Science of Economics. Description, to ch. 1 link, preview, and reviews, 1st pages: .
  10. Edward P. Lazear, 2000. "Economic Imperialism", Quarterly Journal of Economics, 115(1), pp. 99-146.
      George J. Stigler, 1984. "Economics—The Imperial Science?" Scandinavian Journal of Economics, 86(3), p p. 301-313.
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      Jack Hirshleifer, 1985. "The Expanding Domain of Economics", American Economic Review, 75(6), pp. 53-68 (press +). Reprinted in Jack Hirshleifer, 2001, The Dark Side of the Force: Economic Foundations of Conflict Theory, ch.14, pp. 306- 42.
      Gary S. Becker, 1976. The Economic Approach to Human Behavior. Description and preview.
       • _____, 1992. "The Economic Way of Looking at Life." Nobel Lecture link, also in 1993, Journal of Political Economy, 101(3), pp. 383-409.
  11. • Kevin D. Hoover, 2008. "causality in economics and econometrics", The New Palgrave Dictionary of Economics, 2nd Edition. Abstract and galley proof.
      H. Wold 1954. "Causality and Econometrics", Econometrica , 22(2), p p. 162-177.
      C. W. J. Granger and P. Newbold, 1974. "Spurious Regressions in Econometrics", Journal of Econometrics, 2(2), pp. 111-120.
      David F. Hendry, 1980. "Econometrics — Alchemy or Science?" Economica, N.S., 47(188), pp. 387-406.
       • _____ 2001a. "Achievements and Challenges in Econometric Methodology", Journal of Econometrics, 100(1), pp. 7-10. PDF, pp. 1-4 Archived 2016-03-04 at the Wayback Machine .
       • _____, 2001b. Econometrics: Alchemy or Science Essays in Econometric Methodology, 2nd Edition. Oxford. Description Archived 2012-04-25 at the Wayback Machine and contents. Review in the Economic Journal.
       • Edward E. Leamer, 1983. "Let's Take the Con Out of Econometrics", American Economic Review, 73(1), pp. 31-43.
      Christopher A. Sims, 1980. "Macroeconomics and Reality", Econometrica,48, No. 1, pp. 1-48 Archived 2012-04-02 at the Wayback Machine .
      Fischer Black, 1982. "The Trouble with Econometric Models", Financial Analysts Journal, 38(2), pp. 29-37. Reprinted in Black, 2009, Business Cycles and Equilibrium, Wiley. Updated version, pp. 135 - 150.
       • From Truman F. Bewley, ed., 1987. Advances in Econometrics: Fifth World Congress, Cambridge v. 2:
             Edward E. Leamer, "Econometric Metaphors", pp. 1- 28.
             David F. Hendry. "Econometric Methodology: A Personal Perspective", pp. 29- 42.
       • P.C.B. Phillips, 1988. "Reflections on Econometric Methodology", Economic Record, 64(4), pp. 344–359. Abstract.
       • David F. Hendry, Edward E. Leamer, and Dale J. Poirier, 1990. "The ET Dialogue: A Conversation on Econometric Methodology", Econometric Theory, 6(2), pp. 171-261.
      Deirdre N. McCloskey and Stephen T. Ziliak, 1996. "The Standard Error of Regressions", Journal of Economic Literature, 34(1), pp. 97–114.
       • Kevin D. Hoover and Mark V. Siegler, 2008. "Sound and Fury: McCloskey and Significance Testing in Economics", Journal of Economic Methodology, 15(1), pp. 1–37; McCloskey and Ziliak, "Signifying Nothing: Reply to ..." [preprint] and Hoover and Siegler, "... Rejoinder to ..., pp. 39–68;
      Edward J. Nell and Karim Errouaki, 2011. Rational Econometric Man,Part I and ch. 10. Edward Elgar.
  12. • Mark Blaug, 2007. "The Social Sciences: Economics", Postwar developments, Methodological considerations in contemporary economics, The New Encyclopædia Britannica, v. 27, pp. 346-47.
      Edward J. Nell (2004) "Critical Realism and Transformational Growth." In Transforming Economics. Edited by P. Lewis. London: Routledge.76-95.
      Frank H. Knight, 1924. "The Limitations of Scientific Method in Economics", in The Trend of Economics, R.G. Tugwell, ed., pp. 229-67. Reprinted in Frank H. Knight, 1935 [1997], The Ethics of Competition, pp. 97- 139.
       •Daniel M. Hausman, 1983. "The Limits of Economic Science", in The Limits of Lawfulness: Studies on the Scope and Nature of Scientific Knowledge, N. Rescher, ed. Reprinted in D.M. Hausman, 1992, Essays on Philosophy and Economic Methodology, pp. 99-108.
      Ludwig von Mises, 1949. Human Action .
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  14. W. Stanley Jevons, 1879. The Theory of Political Economy, 2nd ed., ch. I, "Introduction", pp. 1-29.
       • Paul A. Samuelson, 1952. "Economic Theory and Mathematics — An Appraisal", American Economic Review, 42(2), pp. 56-66.
       • D.W. Bushaw and R.W. Clower, 1957. Introduction to Mathematical Economics, pp. vii-viii and ch. 1, pp. 3-8.
      Gérard Debreu, ([1987] 2008). "mathematical economics", The New Palgrave Dictionary of Economics, 2nd Edition. Abstract. (First published with revisions from 1986, "Theoretic Models: Mathematical Form and Economic Content", Econometrica, 54(6), pp. 1259-1270.)
       • _____ 1991. "The Mathematization of Economic Theory", American Economic Review, 81(1), pp. 1-7. Archived 2008-12-31 at the Wayback Machine
      Robert W. Clower, 1994. "Economics as an Inductive Science", Southern Economic Journal, 60(4), pp. 805-814.
       • _____, 1995. "Axiomatics in Economics", Southern Economic Journal, 62(2), pp. 307-319.
       • Mark Blaug, 2003. "The Formalist Revolution of the 1950s", Journal of the History of Economic Thought, 25(2), pp. 145-156. Abstract. Reprinted in Warren J. Samuels, et al., ed., 2003, A Companion to the History of Economic Thought, Wiley, pp. 395- 409.
       • _____, 1998. "Disturbing Currents in Modern Economics", Challenge, 41(3), pp. 11-34. Reprint.
      Paul Krugman, 1998, "Two Cheers for Formalism", Economic Journal, 108(451), pp. 1829-1836.
       • Terence Hutchison, 2000. On the Methodology of Economics and the Formalist Revolution, Edward Elgar. Description and preview.
      E. Roy Weintraub, 2008. "mathematics and economics", The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
       • _____, 2002. How Economics Became a Mathematical Science, Duke University Press. Description Archived 2010-07-29 at the Wayback Machine , preview, and review Archived 2011-09-28 at the Wayback Machine extract.
      Kenneth J. Arrow, 1951. Social Choice and Individual Values .
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       • _____, 2008. "social choice", The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
  15. • William Thomson, 1999. "The Young Person's Guide to Writing Economic Theory," Journal of Economic Literature, 37(1), pp. 157-183.
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  17. Wassily Leontief, 1971. "Theoretical Assumptions and Nonobserved Facts", American Economic Review, 61(1), pp. 1-7. Reprinted in W. Leontief, 1977, Essays in Economics, v. 1, ch. III, pp. 24-34.
      Mark Blaug, 1992. The Methodology of Economics: Or How Economists Explain, 2nd ed., Cambridge. Description and Preview.
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  18. Lawrence A. Boland, 2006. "Seven Decades of Economic Methodology: A Popperian Perspective", in Karl Popper: A Centenary Assessment, v. 3, ed. Ian Charles Jarvie et al., pp. 219
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