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11 - Methodological Revolution

from Part II - Theory Assessment

Published online by Cambridge University Press:  25 May 2023

Daniel M. Hausman
Affiliation:
Rutgers University, New Jersey
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Summary

In the second half of the Twentieth Century, Mill’s deductive method was criticized by defenders of more positivistic or modernist views of economic methodology, which I criticize in chapter 11. A number of economists, including Terence Hutchison, Paul Samuelson, Fritz Machlup, Milton Friedman, and Tjallings Koopmans argued that Mill’s deductive method is insufficiently empirical and that economic models should be judged by the agreement of their implications with economic outcomes. Yet they rarely practiced what they preached. This chapter thus highlights the methodological schizophrenia of many economists, in which methodological pronouncements and practice contradict one another.

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Publisher: Cambridge University Press
Print publication year: 2023

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  • Methodological Revolution
  • Daniel M. Hausman, Rutgers University, New Jersey
  • Book: The Inexact and Separate Science of Economics
  • Online publication: 25 May 2023
  • Chapter DOI: https://doi.org/10.1017/9781009320283.014
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  • Methodological Revolution
  • Daniel M. Hausman, Rutgers University, New Jersey
  • Book: The Inexact and Separate Science of Economics
  • Online publication: 25 May 2023
  • Chapter DOI: https://doi.org/10.1017/9781009320283.014
Available formats
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Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Methodological Revolution
  • Daniel M. Hausman, Rutgers University, New Jersey
  • Book: The Inexact and Separate Science of Economics
  • Online publication: 25 May 2023
  • Chapter DOI: https://doi.org/10.1017/9781009320283.014
Available formats
×