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Economic Methodology
Understanding Economics as a Science
Marcel Boumans, John Davis
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eBook - PDF
Economic Methodology
Understanding Economics as a Science
Marcel Boumans, John Davis
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About This Book
Economic Methodology explores the status and character of economics as a social science and introduces students to philosophical issues underlying modern science. Approaching the subject as philosophy of science for economists, the authors use the historical developments in philosophy of science to frame this introduction to the field of economic methodology. By doing this they strengthen students' understanding of economics as a science to enhance their reasoning skills, introducing them to the wider philosophical issues surrounding our understanding of the area.
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Information
76
Economic
Methodology
Pettifor,
Ann
(ed.)
(2003)
Real
World
Economic
Outlook:
The
Legacy
of
Globalization:
Debt
and
Deflation
,
Basingstoke:
Palgrave
Macmillan.
Theil,
Henri
(1971)
Principles
of
Econometrics
,
New
York:
Wiley.
Suggestions
for
student
participation
1.
Compare
your
own
reactions
to
the
crisis
at
the
time
it
began
to
be
clear
something
unexpected
and
important
was
happening
in
the
world
economy.
2.
Discuss
the
three
categories
of
uncertainty
Rumsfeld
distinguishes,
and
suggest
ways
they
can
be
addressed.
Questions
1.
Why
is
a
model
just
a
tool?
Why
is
it
something
different
than
a
tool?
2.
Is
prediction
the
most
important
thing
for
models
to
achieve,
as
Friedman
believed?
3.
Do
“bubbles”
and
other
sorts
of
unexpected
phenomena
present
spe-
cial
problems
to
economics
and
economic
methodology?
4.
Economists
as
a
whole
failed
to
foresee
the
financial
crisis.
Did
atomic
physicists
fail
to
see
the
development
of
nuclear
weapons
in
the
same
way?
(See
also
Focus
7.3.)