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Economic methodology

From Wikipedia, the free encyclopedia
Subfield of economics
For other methodological approaches, seeHeterodox economics.
Part ofa series on
Economics
Principles of Economics

Economic methodology is the study of methods, especially thescientific method, in relation toeconomics, 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.

Scope

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This sectionis inlist format but may read better asprose. You can help byconverting this section, if appropriate.Editing help is available.(July 2012)

Generalmethodological issues include similarities and contrasts to thenatural sciences and to othersocial 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 theboundaries of philosophy, including the relation of economics to thephilosophy of science and thetheory of knowledge.[18] In another direction ofphilosophy and economics, additional subjects are treated includingdecision theory andethics.[19]

See also

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Notes

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  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, inEssays on Some Unsettled Questions of Political Economy.
       • Roger E. Backhouse and Steven Medema, 2008. "economics, definition of",The New Palgrave Dictionary of Economics, 2nd Edition.Abstract.
       • _____. 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 chapterlinks. 4th ed., 1917 [1999]. FullContents.Archived 2016-08-25 at theWayback Machine
  4. ^John R. Hicks, 1939.Value and Capital: An Inquiry into Some Fundamental Principles of Economic Theory.
       •Terence W. Hutchison, 1938.The Significance and Basic Postulates of Economic Theory.
      •Martin Hollis andEdward J. Nell, 1975.Rational Economic Man, ch. 3,4,5 and 7. Cambridge University Press.
      •Paul A. Samuelson, 1947.Foundations of Economic Analysis.
       •Richard G. Lipsey, 2008. "positive economics".The New Palgrave Dictionary of Economics. 2nd Edition.Abstract.
       •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 chapterlinks.
  5. ^Kaushik Basu, 2008. "methodological individualism",The New Palgrave Dictionary of Economics, 2nd Edition.Abstract.
      • Edward J. Nell, 1998.General Theory of Transformational Growth, Part I. Cambridge University Press.
       • Harold Kincaid, 2008. "individualism versus holism",The New Palgrave Dictionary of Economics, 2nd Edition.Abstract.
       •F.A. Hayek, 1948.Individualism and Economic Order. Chapter-previewlinks.
       •George J. Stigler andPaul A. Samuelson, 1963. "A Dialogue on the Proper Economic Role of the State."Selected Papers,No. 7.Archived 2010-05-27 at theWayback Machine University of Chicago Graduate School of Business.
       •James M. Buchanan, 1990. "The Domain of Constitutional Economics",Constitutional Political Economy, 1(1), pp.1-18, adapted as "Constitutional Political Economy" in C. K. Rowley and F. Schneider, ed., 2004,The Encyclopedia of Public Choice, v. 2, pp.60-67.
       • Kenneth J. Arrow, 1994. "Methodological Individualism and Social Knowledge",American Economic Review, 84(2), pp.1-9.
       •Richard H. Thaler andCass R. Sunstein, 2008.Nudge: Improving Decisions about Health, Wealth, and Happiness. Yale.Description andpreview.
       • Shiozawa, Y. 2004 Evolutionary Economics in the 21st Century: A Manifest,Evolutionary and Institutional Economics Review,1(1): 5-47.
  6. ^• Lawrence A. Boland, 2008. "assumptions controversy",The New Palgrave Dictionary of Economics, 2nd Edition.Abstract.
       •Milton Friedman, 1953. "The Methodology of Positive Economics" inEssays in Positive Economics.
       • Paul A. Samuelson, 1963. "Problems of Methodology: Discussion",American Economic Review, 53(2)American Economic Review, pp. 231-236. Reprinted in J.C. Wood & R.N. Woods, ed., 1990,Milton Friedman: Critical Assessments, v. I, pp. 107-13.Preview. Routledge.
       • Stanley Wong, 1973. "The 'F-Twist' and the Methodology of Paul Samuelson",American Economic Review, 63(3) pp. 312-325. Reprinted in J.C. Wood & R.N. Woods, ed.,Milton Friedman: Critical Assessments, v. II, pp.224-43.
       • Shaun Hargreaves Heap, 2008. "economic man",The New Palgrave Dictionary of Economics, 2nd Edition.Abstract.
       • Kenneth J. Arrow,[1987] 1989. "Economic theory and the hypothesis of rationality", inThe New Palgrave: Utility and Probability,pp. 25-39.
       • Duncan K. Foley, 2004. "Rationality and Ideology in Economics",Social Research, pp. 329-342. Pre-publicationversionArchived 2003-08-11 at theWayback Machine.
       •Thomas J. Sargent, 1994.Bounded Rationality in Macroeconomics, Oxford.Description and chapter-preview 1st-pagelinks.
       •Vernon L. Smith, 2008.Rationality in Economics: Constructivist and Ecological Forms, Cambridge. Description/contentslinks andpreview.
  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 chapterlinks. 4th ed., 1917 [1999]. FullContents.Archived 2016-08-25 at theWayback Machine
  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.
       •John Neville Keynes, 1891.The Scope and Method of Political Economy. ch. I, III. Annotated chapterlinks. 4th ed., 1917 [1999]. FullContents.Archived 2016-08-25 at theWayback Machine
       •Colin F. Camerer, 2003.Behavioral Game Theory: Experiments in Strategic Interaction, pp. 5-7 (scroll to at1.1 What Is Game Theory Good For?Archived 2011-05-14 at theWayback Machine).
       •Kenneth E. Boulding, 1969. "Economics as a Moral Science",American Economic Review, 59(1), pp.1–12.
       •A. B. Atkinson, 2009. "Economics as a Moral Science",Economica, 76(1), pp.791–804.
       • "Economics as a Moral Science" session, 2011.American Economic Review, 101(3), article-abstractlinks.
  9. ^Lionel Robbins, 1932.An Essay on the Nature and Significance of Economic Science.
       •Richard G. Lipsey, 2009. "Some Legacies of Robbins'An Essay on the Nature and Significance of Economic Science",Economica, 76(302), pp.845-56 (press+ button).
       •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), pp. 495-503.
       • Daniel M. Hausman, 1992.The Inexact and Separate Science of Economics.Description, to ch. 1link,preview, and reviews, 1st pages:[1][2].
  10. ^Edward P. Lazear, 2000. "Economic Imperialism",Quarterly Journal of Economics, 115(1), pp.99-146.Archived 2017-07-30 at theWayback Machine
       •George J. Stigler, 1984. "Economics—The Imperial Science?"Scandinavian Journal of Economics, 86(3), pp. 301-313.
       •Ben Fine, 2000. " Economics Imperialism and Intellectual Progress: The Present as History of Economic Thought?"History of Economics Review, 32, pp.10-36Archived 2012-04-26 at theWayback Machine.
       •Jack Hirshleifer, 1985. "The Expanding Domain of Economics",American Economic Review, 75(6), pp.53-68Archived 2015-09-23 at theWayback Machine (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 andpreview.
       • _____, 1992. "The Economic Way of Looking at Life." Nobel Lecturelink, 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 andgalley proof.
       •H. Wold 1954. "Causality and Econometrics",Econometrica, 22(2), pp. 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. 1-4Archived 2016-03-04 at theWayback Machine.
       • _____, 2001b.Econometrics: Alchemy or Science Essays in Econometric Methodology, 2nd Edition. Oxford.DescriptionArchived 2012-04-25 at theWayback Machine andcontents.Archived 2013-05-18 at theWayback MachineReview in theEconomic 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.1-48Archived 2012-04-02 at theWayback 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 andStephen 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,[permanent dead link]
    "... 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." InTransforming Economics. Edited by P. Lewis. London: Routledge.76-95.
       •Frank H. Knight, 1924. "The Limitations of Scientific Method in Economics", inThe 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", inThe 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.
       • Bruce Caldwell, [1987] 2008. "positivism",The New Palgrave Dictionary of Economics, 2nd Edition.Abstract.
  13. ^• C.F. Bastable, [1925] 1987. "experimental methods in economics", i,The New Palgrave: A Dictionary of Economics, v. 2, p. 241.
       •Vernon L. Smith, [1987] 2008a. "experimental methods in economics",The New Palgrave Dictionary of Economics, 2nd Edition.Abstract.
       • _____, 2008b. "experimental economics",The New Palgrave Dictionary of Economics, 2nd Edition,Abstract.
       • Herman O. Wold (1969). "Econometrics as Pioneering in Nonexperimental Model Building",Econometrica, 37(3), pp. 369-381.
  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 theWayback 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 andpreview.
       •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.DescriptionArchived 2010-07-29 at theWayback Machine,preview, andreviewArchived 2011-09-28 at theWayback Machineextract.
       •Kenneth J. Arrow, 1951.Social Choice and Individual Values.
       •Amartya K. Sen, 1970 [1984].Collective Choice and Social WelfareISBN 0-444-85127-5.
       • _____, 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.
       • _____, 2001.A Guide for the Young Economist: Writing and Speaking Effectively about Economics. Chapter-previewlinks.
       • Eric Rasmusen, 2001. "Aphorisms on Writing, Speaking, and Listening", in E. Rasmusen, ed.,Readings in Games and Information, pp. 389-420.PDF.Archived 2015-08-09 at theWayback Machine
       • Donald McCloskey, 1985. "Economical Writing",Economic Inquiry, 23(2), pp.187-222.Archived 2011-05-12 at theWayback Machine
       • David N. Laband and Christopher N. Taylor, 1992. "The Impact of Bad Writing in Economics",Economic Inquiry, 30(4), pp. 673-688.[3]Archived 2016-05-19 at theWayback Machine
  16. ^• D.N. McCloskey, 1983. "The Rhetoric of Economics",Journal of Economic Literature, 21(2), pp.481-517.
       • _____, [1985] 1998, 2nd ed.The Rhetoric of Economics. Chapter-previewlinks.
       • Roger Backhouse, T. Dudley-Evans, and Willie Henderson, 1993. "Exploring the Language and Rhetoric of Economics", in Willie Hendersonet al.,Economics and Language, pp.1-20 (preview)
       •John Kenneth Galbraith, 1962. "The Language of Economics",Fortune, LXVI(6), Dec. pp. 12-30, 169, 31. Excerpt at [CNN]"FORTUNE: John Kenneth Galbraith, excerpts from his writing", May 17, 2006.
  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 andPreview.
       • Roger Backhouse and Mark Blaug, 1994.New Directions in Economic Methodology, Routledge. Contentspreview.
       • P.A.G. van Bergeijket al., 1997.Economic Science and Practice: The Roles of Academic Economists and Policy-Makers.DescriptionArchived 2014-04-16 at theWayback Machine & previewlinks.
       • D. Wade Hands, 2001.Without Rules: Economic Methodology and Contemporary Science Theory, Oxford.Description and contentspreview.
       •Christopher A. Sims, 1996. "Macroeconomics and Methodology",Journal of Economic Perspectives, 10(1), pp.105-120.Archived 2011-05-10 at theWayback Machine
       • Kevin D. Hoover, 2001.The Methodology of Empirical Macroeconomics, Oxford.Description andpreview.
       •Bruno S. Frey, 2001. "Why Economists Disregard Economic Methodology",Journal of Economic Methodology, 8(1), pp.41–47Archived 2010-11-05 at theWayback Machine.
  18. ^Lawrence A. Boland, 2006. "Seven Decades of Economic Methodology: A Popperian Perspective", inKarl Popper: A Centenary Assessment, v. 3, ed. Ian Charles Jarvieet al., pp. 219
  19. ^• _____, [1994] 2006,Economic Analysis and Moral Philosophy, 2nd ed. New York, Cambridge University Press.ISBN 0521558506

References

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External links

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