The Methodology of Economics: Or, How Economists Explain
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.
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actually analysis appraisal argued argument assertion assumptions Blaug capital research program ceteris paribus chap concept conclusions consumer behavior criticism decision demand curves deny distinction economic methodology economic theories economists empirical testing equilibrium evidence example explanation fact factor prices falsifiable falsificationism firm Friedman hard core history of science human capital human capital research Hutchison hypothesis implications income induction inference Keynes Keynesian labor Lakatos logical Machlup macroeconomics marginal productivity theory maximize method methodological individualism Mill Mill's modern monetarism monetarist neoclassical neoclassical economics Nevertheless nomic normative economics notion observed Pareto Pareto optimality perfect competition Phillips curve philosophy of science Political Economy Popper Popperian positive predictions principle problem propositions question rationality postulate refutation reswitching Samuelson scientific theories scientists sense simply social sciences statements statistical testable theoretical theory of consumer thesis tion trade true validity value judgments variables verify wages welfare economics
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