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  1. Frank Ackerman (2002). Still Dead After All These Years: Interpreting the Failure of General Equilibrium Theory. Journal of Economic Methodology 9 (2):119-139.
    More than 25 years after the discovery that the equilibrium point of a general equilibrium model is not necessarily either unique or stable, there is still a need for an intuitively comprehensible explanation of the reasons for this discovery. Recent accounts identify two causes of the finding of instability: the inherent difficulties of aggregation, and the individualistic model of consumer behaviour. The mathematical dead end reached by general equilibrium analysis is not due to obscure or esoteric aspects of the model, (...)
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  2. Roger E. Backhouse (2009). An Unfinished Manuscript by Terence Hutchison. Journal of Economic Methodology 16 (3):293-296.
    An introduction to the last article on which Terence Hutchison worked, now published under the title, ?A formative decade: methodological controversy in the 1930s?, explaining what is known about its writing, and a brief summary of such biographical information and information about his work as is necessary to understand its significance.
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  3. George C. Bitros (2010). Two Puzzles Regarding the Replacement Ratio in the Context of Renewal Theory. Journal of Economic Methodology 17 (4):375-395.
    The models Feldstein and Rothschild, on the hand, and Jorgenson on the other adopted in 1974 to highlight the replacement ratio are identical. Yet, the authors reached opposite conclusions and the latter's view prevailed, which is weaker in terms of theoretical and empirical foundations. This paper argues that both puzzles may be resolved by reference to the differences in the methodological preconceptions of the authors involved, the operational advantages of the theorem of proportionality, the accumulated data that facilitate research, the (...)
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  4. Joshua Cohen (1995). Samuelson's Operationalist-Descriptivist Thesis. Journal of Economic Methodology 2 (1):53-78.
    This paper explores the influence of operationalism and its corollary, descriptivism, on Paul Samuelson's revealed preference theory as it developed between 1937 and 1948. Samuelson urged the disencumbering of metaphysics from economic theory. As an illustration, he showed how utility could be operationally redefined as revealed preference, and, furthermore, how from hypotheses such as maximizing behavior, operationally meaningful theorems could be deduced, thereby satisfying his demand for a scientific, empirical approach toward consumer behavior theory. In this paper I discuss the (...)
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  5. David Colander (1995). Is Milton Friedman an Artist or a Scientist? Journal of Economic Methodology 2 (1):105-122.
    Most economists will agree that Milton Friedman is a brilliant economist. Yet, the majority assessment is that his work is ideologically flawed, and that the Marshallian economics he advocates has been superseded by Walrasian economics. In this paper I argue that the reason for this negative assessment is that Friedman, like Alfred Marshall before him, tried to straddle a fence between policy and logical-deductive theory, combining the artistic science of the historical and institutional school with the logical-deductive science of economics (...)
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  6. Ken Dennis (1995). A Logical Critique of Mathematical Formalism in Economics. Journal of Economic Methodology 2 (2):181-200.
    Mathematical economic theory is lacking in logical rigour. Even if the mathematics used in constructing formal economic theory is rigorous as pure mathematics, economic theory possesses both mathematical and non-mathematical components. But mathematical reductionism fails to formalize the non-mathematical components of economic theory, and the method of numerics (outlined in this paper) shows how, in simple cases, the two components of economic theory can be formally identified, distinguished, and integrated. However, the real challenge to formalizing economic theory points not to (...)
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  7. Arthur M. Diamond (2009). Fixing Ideas: How Research is Constrained by Mandated Formalism. Journal of Economic Methodology 16 (2):191-206.
    The puzzle: why do so many economists in principle acknowledge the importance of creative destruction, and yet in practice give so little attention to creative destruction in what they teach and what they research? The answer lies, in part, in the difficulty of obtaining what is viewed as ?hard? evidence in support of some of the central claims. For example, one such claim is that new products contribute more to consumer well-being than price competition on old products. The only kind (...)
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  8. Till Düppe (2011). How Economic Methodology Became a Separate Science. Journal of Economic Methodology 18 (2):163-176.
    Ever since the formation of the field of economic methodology in the 1990s, doubts have been raised about its discursive closure from both inside and outside the field. Rather than embarking on a programmatic discussion, I present a historical narrative regarding the conditions of the formation of the field, which may have necessitated this closure. These conditions are found in the role methodological reflections played in the formalist revolution of the 1950s and in its critique in the 1970s. Both episodes (...)
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  9. D. Wade Hands (2003). Did Milton Friedman's Methodology License the Formalist Revolution? Journal of Economic Methodology 10 (4):507-520.
    This paper examines two conflicting views that have emerged within the recent methodological literature regarding the relationship between Friedman's famous essay and the formalist revolution. I focus on three influential contributors to this ongoing debate: Mark Blaug, Terence Hutchison, and Thomas Mayer. Blaug and Hutchison have argued repeatedly that Friedman's essay licensed the formalist revolution while Mayer has argued precisely the opposite; the formalist revolution was a result of not following Friedman's methodological advice. The juxtaposition of these (...)
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  10. D. Wade Hands (1985). The Structuralist View of Economic Theories: A Review Essay: The Case of General Equilibrium in Particular. Economics and Philosophy 1 (2):303-.
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  11. Daniel M. Hausman (1998). The Faults of Formalism and the Magic of Markets. Critical Review 12 (1-2):127-138.
    Abstract Contrary to Peter J. Boettke's essay, ?What Went Wrong with Economics??, there is no connection between ?formalism? and the alleged inability of mainstream economists to regard theoretical models as anything other than either depictions of real market economies or bases for criticizing market economies and justifying government intervention. Although Boettke's criticisms of the excesses of formalism are justified, Austrian economists such as Boettke need to justify their view that government interventions into economic affairs are inevitably harmful.
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  12. Scott Scheall, Hayek's Epistemic Theory of Industrial Fluctuations.
    F.A. Hayek essentially quit economic theory and gave up the phenomena of industrial fluctuations as an explicit object of theoretical investigation following the publication of his last work in technical economics, 1941’s The Pure Theory of Capital. Nonetheless, several of Hayek’s more methodologically-oriented writings bear important implications for economic phenomena, especially those of industrial fluctuations. Decisions (usually, for Hayek, of a political nature) taken on the basis of a “pretence” of knowledge impede the operation of the price system’s belief-coordinating function (...)
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