This paper attempts to construct a short epistemology of economic models by using as a benchmark a comparison between the methodological issues of contemporary physics and of economics. In particular, the paper focuses on the role of indeterminacy in either sciences. Herein the general claim is that the models of economics fail at dealing with uncertainty as effectively as the models of natural sciences because economists did not manage to overcome the identification problem that is peculiar to (...) economics. In this respect, the paper shows that the models of economics assume an untenable determinism that derives from the notion of rationality of agents. The paper is divided in three sections: the first section deals with the issues related to assumptions in the models of physics and economics; the second section deals with the problem of uncertainty in quantum mechanics and in economics; the third section deals with the problem of causality in both sciences. Eventually, the paper concludes that several methodological problems affect the efficiency of economic models. Most importantly, the paper finds that economic models abstract too much from the reality and, thus, do not provide deep investigations of agents’ discrete choices. This is shown to affect the consistency of models and their explanatory power. (shrink)

Methodological disputes in economics have been with us since Mill and Senior fought over the nature of economic science in the first half of the 19th Century. Progress has been extremely slow, and there is good reason for this as the present essay hopes to show. Three important methodological positions are examined critically: the “ultra-empiricism” of T.W. Hutchison, the “moderate empiricism” of Milton Friedman, and the “extreme a priorism” of Lionel Robbins and Ludwig Von Mises. The argument between Guttierrez (...) and Block inTheory and Decision over praxiology is discussed in connection with the last mentioned position. The paper concludes that “extreme a priorism,” though very much out of fashion is not without its resources. The work of the contemporary German philosopher, Paul Lorenzen, is enlisted to bolster this position. (shrink)

This paper attempts to construct a short epistemology of economic models by using as a benchmark a comparison between the methodological issues of contemporary physics and of economics. In particular, the paper focuses on the role of indeterminacy in either sciences. Herein the general claim is that the models of economics fail at dealing with uncertainty as effectively as the models of natural sciences because economists did not manage to overcome the identification problem that is peculiar to (...) economics. In this respect, the paper shows that the models of economics assume an untenable determinism that derives from the notion of rationality of agents. The paper is divided in three sections: the first section deals with the issues related to assumptions in the models of physics and economics; the second section deals with the problem of uncertainty in quantum mechanics and in economics; the third section deals with the problem of causality in both sciences. Eventually, the paper concludes that several methodological problems affect the efficiency of economic models. Most importantly, the paper finds that economic models abstract too much from the reality and, thus, do not provide deep investigations of agents’ discrete choices. This is shown to affect the consistency of models and their explanatory power. Keywords: economics; philosophy of science, epistemology, rationality, uncertainty,. (shrink)

Throughout history, schools of economic thought have defined political economy—or economics—and its object of study in multiple ways. This paper reflects on the definitions of economics by schools of economic thought and also proposes the concepts of value and scarcity as key concepts to explain the differences between them. The most important findings of the paper are: (a) the ontological and epistemological characteristics of the concept of value and scarcity have shaped the definitions of economics; (b) the (...) boundaries of the study object of economics have been expanded since today’s mainstream economics deals with multiple topics as diverse as crime, education, development, health, etc. However, the methodological tools used in mainstream economics have been narrowed since approaches such as the philosophical, ethical, historical, and institutional approaches have been left behind; (c) the part of reality that mainstream economics can grasp have left behind important issues of the contemporary world, such as gender, social, and environmental issues. A clear understanding of the scope and boundaries of economics could help to define more realistic research questions for economic science, and it would help to define new economic paradigms that address the contemporary issues. (shrink)

In this paper we focus on the structural approach and structural method developed from Sampedro’s work. We propose that this approach is inside the systemic paradigm and it has two interdependent and necessary ideas. On the one hand, we take as a reference some schools of thought in economics and the structural method with two stages. On the other hand, some macroeconomic principles has been derived from the vision and the methodology, which give the structural approach an analytical, synthetic, (...) aggregate and historiographical character. In this sense, the main argument is that structural analysis has its own macro-theoretical characterization. In this way, the structural approach allows valid analysis in order to increase our knowledge of the economic reality. En este trabajo se realiza una aproximación al enfoque y método estructural, a partir de los conceptos postulados en la obra de Sampedro y su posterior inclusión dentro de un paradigma sistémico, distinguiéndose dos pilares interdependientes y mutuamente necesarios. Por un lado, para tratar los aspectos epistemológicos se distinguen las escuelas consideradas de referencia en economía y se detalla el método estructural basado en la etapa descriptiva y la de síntesis. Por otro lado, se tratan los principios macroeconómicos que se derivan de la visión y de la metodología y que otorgan al enfoque estructural un carácter analítico, sintético, agregado e historiográfico. En este sentido la tesis principal del artículo es que el análisis estructural posee una caracterización macroeconómica propia que permite realizar análisis válidos de modo sistemático, con el propósito de aumentar los conocimientos sobre la realidad económica. (shrink)

Any experimental field consists of preparing special conditions for examining interesting objects for research. So naturally, the particular ways in which scientists prepare their objects determine the kind and the content of knowledge produced. This book provides a framework for the analysis of experimental practices - the Social Epistemology of Experiment - that incorporates both the ‘material’ and the ‘social’ dimensions of knowledge production. The Social Epistemology of Experiment is applied to experimental economics and in so doing, (...) it introduces the epistemic role of the participation of human subjects in experiments and the causal efficacy of institutions in constraining and enabling human behaviour. It also develops the role of the social and socially established practices in overcoming the methodological difficulties associated with experimenting with humans subjects in the social sciences as well as the effect of scientists’ interventions in the laboratory worlds. This book provides an historical and contextualized account of the emergence of experimental economics, the methodological discussions that have informed and constituted it, its main research programmes, and stylized facts. The analysis of its three main research programmes – market experiments, game theory experiments and individual decision-making experiments – shows how economics experiments are particularly tailored to produce knowledge about market institutions and individual behaviour in contexts where there might be conflicts of individual and social goals, and also about the processes of individual decision-making. (shrink)

This paper challenges the first Gettier counterexample to the tripartite account of knowledge. Noting that 'the man who will get the job' is a description and invoking Donnellan's distinction between their 'referential' and 'attributive' uses, I argue that Smith does not actually believe that the man who will get the job has ten coins in his pocket. Smith's ignorance about who will get the job shows that the belief cannot be understood referentially, his ignorance of the coins in his pocket (...) shows that it cannot be understood attributively. An explanation for why Smith appeared to have justified true belief is given by distinguishing between 'belief' and 'belief in truth'. Smith believes the sentence 'the man who will get the job has ten coins in his pocket' to be true (he mistakenly believes that Jones will get the job, of whom he knows that he has ten coins in his pocket) (hence his 'belief'), the sentence is true (hence 'truth'), and he has sufficient reason to assent to it (hence his 'justification'). But he does not believe the proposition expressed. Hence he does not know it either. (shrink)

This book argues for evolutionary epistemology and distinguishing functionality from physicality in the social sciences. It explores the implications for this approach to understanding in biology, economics, psychology and political science. Presenting a comprehensive overview of philosophical topics in the social sciences, the book emphasizes how all human cognition and behavior is characterized by functionality and complexity, and thus cannot be explained by the point predictions and exact laws found in the physical sciences. Realms of functional complexity – (...) such as the market order in economics, the social rules of conduct, and the human CNS – require a focus on explanations of the principles involved rather than predicting exact outcomes. This requires study of the historical context to understand behavior and cognition. This approach notes that functional complexity is central to classical liberal ideas such as division of labour and knowledge, and how this is a far more powerful and adequate account of social organization than central planning. Through comparison of these approaches, as well as its interdisciplinary scope, this book will interest both academics and students in philosophy, biology, economics, psychology and all other social sciences. (shrink)

INTRODUCTION TO THE THIRD EDITION: FROM VALUE THEORY TO PRAXEOLOGY Ludwig von Mises (1881–1973) is arguably the most important economist of the twentieth ...

Philosophy of Economics: A Contemporary Introduction is the first systematic textbook in the philosophy of economics. It introduces the epistemological, metaphysical and ethical problems that arise in economics, and presents detailed discussions of the solutions that have been offered. Throughout, philosophical issues are illustrated by and analysed in the context of concrete cases drawn from contemporary economics, the history of economic ideas, and actual economic events. This demonstrates the relevance of philosophy of economics both for (...) the science of economics and for the economy. This text will provide an excellent introduction to the philosophy of economics for students and interested general readers alike. (shrink)

The scientific methodology underlying model-building is critically investigated. The modeling views of Popper and Samuelson and their prototypes are critically examined in the light of the theme of the moral law of unity of knowledge and unity of the world-system configured by the meta-epistemology of organic unity of knowledge. Upon such critical examination of received methodology of model-building in economics, the extended perspective?namely of integrating the moral law derived from the divine roots as the meta-epistemology?is rigorously studied. (...) The example of the Islamic prerogative in interpreting the holistic world-system through model-building in economics is highlighted. A religio-philosophical approach is adopted to exemplify some approaches in Islamic model-building. An especial focus is placed here on grassroots types of financing and activities. The critique of these models within the existing Islamic scholarship is carried out. The result is new dimensions of macroeconomic analysis that emanate in a logical way from the meta-epistemological approach, and oppose the mainstream ideas, both in received and Islamic economic thinking as of now. (shrink)

This book presents a concise introduction to the epistemology and methodology of the Austrian School of economics as defended by Ludwig von Mises. The author provides an innovative interpretation of Mises’ arguments in favour of the a priori truth of praxeology, the received view of which contributed to the academic marginalisation of the Austrian School. The study puts forward a unique argument that Mises – perhaps unintentionally – defends a form of conventionalism. Chapters in the book include detailed (...) discussions of individualism, historicism, epistemological positions, and essentialism. The author goes on to discuss Mises’ justification of the fundamental axiom and proposes a conventionalist interpretation. By presenting praxeology as a conventionalist research programme, the author aims to reinvigorate the interaction between the Austrian School, mainstream economics, and the philosophy of science. This comprehensive reconstruction is suitable for economists interested in the history and philosophy of their discipline, as well as for philosophers of science. (shrink)

This trilogy deals with an epistemology of economics, arguing for a radical overturning of conventional analysis and providing an alternative to political economy and social sciences, based not on positivism, but on a normative and programming paradigm. Volume II builds on the work presented in Volume I to explore oppositions to the traditional and conventional teaching of economics, and presents testimonies that are favourable to a trend towards a programming approach, thereby giving substance to the epistemological 'overturning' (...) of conventional analysis. Such oppositions studied include the work of Ludvig von Mises and his theory of praxeology; Ian Tinbergen and Wassily Leontif's preference for 'planning' over 'forecasting science'; Bruno de Finetti and Daniel Bell's support for the base of 'utopia' in economics; the trend from the 'theory of planning' towards the 'methodology of planning, by Andreas Faludi; neoclassic curiosity about the 'multi-purposes approach' and 'non-economic commodities' as investigated by Walter Isard, as well as theories expressed by Herbert Simon, Robert Lucas, George Soros and Mark Blaug. Volume III takes studies further and presents a concrete and practical example of how to build a Planning Accounting Framework, as associated with Frisch's 'plan-frame', to demonstrate the extent to which decisions and negotiations can be routed in the social sciences. (shrink)

"F. A. Hayek and the Epistemology of Politics is an exploration of an important problem that has largely been ignored: the problem of policymaker ignorance, and the limits of political epistemology. Scott Scheall explores Hayek's attitude to the philosophy of science and political philosophy, arguing that Hayek defended a philosophy of science that implied certain potential dangers of politicized science, and that his political philosophy established the potential dangers of misapplying scientific methods and results to matters of public (...) policy. The book offers an explanation for why policymaking often fails and why constituents, whatever their political affiliations, are so often disappointed with political leaders. In this primarily philosophical examination of his work, Hayek's ideas are not merely discussed, analysed, and contextualized, but extended; the book both draws and defends previously unrecognized implications from the Hayekian canon. The book also explores the historical context within which these ideas flourished. The book will be of interest to scholars and researchers of the works of F.A. Hayek, policymakers, and to those of all political, philosophical, and social-scientific persuasions"--. (shrink)

This book identifies and presents the four main network-based methodologies including network analysis, Boolean network simulation modeling, artificial neural network simulation modeling, and agent-based simulation modeling in addition to their conceptual-epistemological implications and concrete applications within the social and natural sciences.

There have recently been novel applications of medical systematic review guidelines to economic policy interventions which contain controversial methodological assumptions that require further scrutiny. A landmark 2017 Cochrane review of unconditional cash transfer (UCT) studies, based on the Grading of Recommendations Assessment, Development and Evaluation (GRADE), exemplifies both the possibilities and limitations of applying medical systematic review guidelines to UCT and universal basic income (UBI) studies. Recognizing the need to upgrade GRADE to incorporate the differences between medical and policy interventions, (...) the GRADE Public Health Project Group (PHPG) was convened to enumerate and address these methodological challenges. However, in light of our analysis of additional methodological challenges that arise for UCT and UBI studies, we argue that the adaptation of medical systematic review guidelines to economic methodology is far from straightforward and is in fact more challenging than claimed by the PHPG. (shrink)

This chapter contains sections titled: Economics and Philosophy of Economics Six Central Methodological Problems Inexactness, Ceteris Paribus Clauses, and “Unrealistic Assumptions” Contemporary Directions in Economic Methodology Conclusion References.

A correct understanding of the fundamental elements in Islamic political economy becomes a necessity for its development. This paper attempts to trace the conceptual understanding of Hizbut Tahrir Indonesia regarding the basic elements of science which includes worldview and epistemology. Its position in constructing Islamic political-economic methodology is also a major topic. There are differences in the vision, epistemology, and framework of Islamic political-economic methodology from those of the West. These differences lead to the differences in scientific development. (...) At the level of praxis, it also creates differences in policy determination. Meanwhile, logic, coherence, and consistency are important prerequisites for the scientific approach. Islamic political economics must be studied with our own worldview and epistemology. However, hand, we cannot deny the role and position of political and economic science in the process of developing an Islamic political economy. The study ofHTI’s political-economic epistemology covers the intervention and role of the state in the economy, especially in terms of public policy. (shrink)

This article traces the historical co-evolution of microbiology, bacteriology, and virology, framed within industrial and agricultural contexts, as well as their role in colonial and national history between the end of the 19th century and the first decades of the 20th century. The epistemology of germ theory, coupled with the economic interests of European colonies, has shaped the understanding of human-microbial relationships in a reductionist way. We explore a brief history of the medical and biological sciences, focusing on microbes (...) and the difficulty of implementing germ theory outside of biology laboratories. Furthermore, we highlight the work of Lynn Margulis, who conceptualized microbes within their ecological contexts. Such research shows the active role microbes play in handling life-sustaining biological and biochemical processes. We outline how the industrial and technological advancements of the last two centuries not only impacted almost all human societies, but also changed the world on microbial, biological, and geological levels. The narration of these histories is a complex task, and depends on how national, international, and intergovernmental institutions (such as the World Health Organization) conceive of the selective environmental pressures exerted by industry and biotechnological companies. (shrink)

Economics plays a significant role in decision-making in contemporary western societies, but its role is increasingly questioned. A recurring topic among the challenges raised by critics is that economics as a discipline lacks sufficient pluralism. That is, it fails to enable, encourage, and respect the use of different ontologies, methodologies, theories, and/or schools of thought to study economic reality. Has this been a productive critique? Does talk about pluralism help identify genuine problems in the discipline? Pluralism in (...) class='Hi'>economics could draw support from the current consensus in philosophy that pluralism in science is a good thing. I argue, however, that the claim that economic research is insufficiently pluralist is unlikely to convince economists who believe economics is already pluralist enough and that it does not offer unambiguous recommendations for change. This is because there are too many legitimate ways to interpret how pluralism maps to practice. There are numerous variables that pluralist ideals might focus on—the things that they seek multiple rather than one of—and different interpretations of how many of those variables economics has in practice. Yet, as I go on to argue, this does not mean that talk of pluralism is entirely beside the point, since the reasons pluralists offer for their ideals do help to identify genuine problems in economics. The social epistemic strategies that arguments for pluralism recommend point us to three concrete issues in the way economic research is organised: gender imbalances, a steep internal hierarchy, and a dismissive attitude to outsiders. I show that economic research could be more progressive, representative of the interests of those in society, accepted, and legitimate and less likely to fall into bias if the discipline alleviated its gender imbalances, if it were less hierarchical, and if it had a healthier relationship with outsiders. -/- In chapter 1, I outline the debate about pluralism in economics and explain how my thesis utilises a novel approach to social epistemology to offer a way out of the impasse in which that the debate presently resides. In chapter 2, I explain the different philosophical arguments for pluralism in science and categorise them using the variables they focus on and the reasons they give for pluralism. In chapter 3, I argue that interpreting pluralism as a particular arrangement of variables for economics to attain does not lead to unambiguous recommendations for change because it leaves too much open. Yet, I go on to argue, in chapter 4, that drawing on the reasons for pluralism can provide a set of heuristics for piecemeal evaluations of the social epistemic practices in economics. In chapters 5, 6, and 7, I apply these heuristics to economics. I provide evidence that [a] women are outnumbered in economics and face an adverse environment in the discipline, that [b] economics is steeply hierarchical, and that [c] economists form an in-group that assumes superiority and frequently dismisses outside voices. I argue that these three features of economic research block avenues for productive forms of feedback (mechanisms that help to challenge, justify, and refine scientific knowledge), block the interests of certain perspectives being heard, and block public scrutiny of the decisions made by economists. (shrink)

Herman Dooyeweerd’s classical characterization of the meaning-kernel of the economic modality runs as follows:the sparing or frugal mode of administering scarce goods, implying an alternative choice of their destination with regard to thesatisfaction of different human needs.My first aim in this paper is to show that Dooyeweerd’s characterization of the meaning-kernel of the economic modality naturallyleads to neoclassical economic theory. In order to do this, I will provide an argument that, departing from Dooyeweerd’s definitionof the meaning-kernel of the economic modality, (...) concludes in a logical reconstruction of neoclassical economictheory . The fundamental law of this theory will turn out to be thus, naturally, a formulation of thefundamental modal law of economics. The second aim of the paper is epistemological since it discusses the methodological problem of the empirical claim of the theory. It is my hope that this discussion will clarify the limits of NET and provide a reply to the objections raised against it by Reformed scholars like Goudzwaard. (shrink)

: The theory of objective value is the central feature in the paradigm of political economy. The Newtonian heritage plays a major role in giving political economy the status of a self-standing empirical science, and a reconstruction of this heritage casts fresh light on the idea of value and its role in the definition of the subject matter of political economy. Cognitive progress carried by classical political economy turns out to be related with the dilemmas of Newtonian epistemology and (...) the alternative between essentialist realism and instrumental conventionalism. (shrink)

ABSTRACTMichelle Amazeen's rebuttal of Uscinski and Butler 2013 is unsuccessful. Amazeen's attempt to infer the accuracy of fact checks from their agreement with each other fails on its own terms and, in any event, could as easily be explained by fact checkers’ political biases as their common access to the objective truth. She also ignores the distinction between verifiable facts and unverifiable claims about the future, as well as contestable claims about the causes of political, social, and economic phenomena. The (...) social benefits that she claims for the fact-checking enterprise must, at the very least, be weighed against the strong possibility that what passes for fact checking is actually just a veiled continuation of politics by means of journalism rather than being an independent, objective counterweight to political untruths. (shrink)

This article comprises an up-to-date critical review of the field known as Economic Methodology or Philosophy of Economics (EM/PE). Two edited volumes (Kincaid and Ross 2021; Heilmann and Reiss 2021), a special issue of the Journal of Economic Methodology (2021), and a recent bibliometric analysis of the field (Claveau et al. 2021) constitute the basis of the review. Drawing on these sources, we identify a number of problematic trends in current EM/PE research. We claim that these trends could be (...) interpreted as two kinds of biases, namely a micro-level bias and a mainstream bias. We discuss the respective details of these biases and their normative implications for the discipline. (shrink)

This paper discusses two epistemic principles that are important to buyers and sellers: the appeal to popularity and the appeal to incentive structures. I point out the various ways these principles are defeasible, and then offer some examples of them at work in the contexts of hiring, politics and the arts. Finally, I consider why these principles are generally neglected, and conclude that our neglect is unwarranted on both epistemic and moral grounds.

Consider two people who disagree about some important claim (e.g. the future moral and political consequences of current U.S. economic policy are X). They each believe the other person is in possession of relevant evidence, is roughly equally competent to evaluate that evidence, etc. From the epistemic point of view, how should such recognized disagreement affect their doxastic attitude toward the original claim? Recent research on the epistemology of disagreement has converged upon three general ways of answering this question. (...) The focus of this article is twofold: first, we summarize and give a brief evaluation of the main accounts of the epistemic significance of disagreement; then, we look at what these accounts suggest about how to epistemically assess both inter-religious and intra-religious disagreements. A final section offers recommendations for further research. (shrink)

Indian philosophy being profoundly rich from socio-political, economical, and spiritual perspective has a lot to offer. A lot many philosophies of different Indian thinkers have been probed into for the purpose of character and national building such as that of Kautilya, Gandhi, Nehru, M.N. Roy and likewise. However, there exists a plethora of thinkers whose philosophies have been not studied systematically or have been overlooked. It is owing to this research gap, that the paper is prepared with special attention to (...) the teachings and philosophy of Swami Vivekananda who altogether gives a different perspective about life and its intricacies. This paper tends to explore the various socio-political concepts expounded by Swami Vivekananda which are relevant event today and if taken and deliberated upon seriously have the potential to resolve a lot many crises that are being faced by the Indian society. This is a qualitative study, examining the political philosophy of Swami Vivekananda through his works. The paper analyses the relevance of the philosophy in the then era as well as in the contemporary era with reference to western ideas and philosophy. A comparative approach is adopted in the paper to comprehend the differences as well as the similarities between the philosophy of western thinkers with that of Swami Vivekananda. (shrink)

The need for fair and just AI is often related to the possibility of understanding AI itself, in other words, of turning an opaque box into a glass box, as inspectable as possible. Transparency and explainability, however, pertain to the technical domain and to philosophy of science, thus leaving the ethics and epistemology of AI largely disconnected. To remedy this, we propose an integrated approach premised on the idea that a glass-box epistemology should explicitly consider how to incorporate (...) values and other normative considerations, such as intersectoral vulnerabilities, at critical stages of the whole process from design and implementation to use and assessment. To connect ethics and epistemology of AI, we perform a double shift of focus. First, we move from trusting the output of an AI system to trusting the process that leads to the outcome. Second, we move from expert assessment to more inclusive assessment strategies, aiming to facilitate expert and non-expert assessment. Together, these two moves yield a framework usable for experts and non-experts when they inquire into relevant epistemological and ethical aspects of AI systems. We dub our framework ‘epistemology-cum-ethics’ to signal the equal importance of both aspects. We develop it from the vantage point of the designers: how to create the conditions to internalize values into the whole process of design, implementation, use, and assessment of an AI system, in which values (epistemic and non-epistemic) are explicitly considered at each stage and inspectable by every salient actor involved at any moment. (shrink)

ArgumentThis paper is the first part of a two-part examination of computer modeling practice and philosophy. It discusses electrical engineer Jay Forrester's work on Industrial Dynamics, later called System Dynamics. Forrester developed Industrial Dynamics after being recruited to the newly-established School of Industrial Management at the Massachusetts Institute of Technology (MIT), which had been seeking a novel pedagogical program for management for five years before Forrester's arrival. We argue that Industrial Dynamics should be regarded in light of this institutional context. (...) Unlike economics, as well as operations research and management science (twin fields which were also gaining traction at that time), Industrial Dynamics was not meant to be applied by mathematicians and technical specialists in consultation with managers, but by managers themselves. This concern shifted the emphasis in modeling from the specialist act of analysis of a crucial problem to the managerial act of choosing which problems were crucial and developing effective policies around them. (shrink)

The Nature and Method of Economic Sciences: Evidence, Causality, and Ends argues that economic phenomena can be examined from five analytical levels: namely, a statistical descriptive approach, a causal explanatory approach, a teleological explicative approach, a normative approach and, finally, the level of application. The above viewpoints are undertaken by different but related economic sciences, including statistics and economic history, positive economics, normative economics, and the 'art of political economy'. Typically, positive economics has analysed economic phenomena using (...) the second approach, causally explaining and often trying to predict the future evolution of the economy. It has not been concerned with the ends selected by the individual or society, taking them as given. However, various new economic currents have emerged during the last 40 years, and some of these do assign a fundamental role to ends within economics. This book argues that the field of positive economics should adapt to deal with the issues that arise from this. The text attempts to discern the nature of economic phenomena, introducing the different approaches and corresponding economic sciences. It goes on to analyse the epistemological characteristics of these in the subsequent chapters, as well as their disciplinary inter-relations. This book is a valuable resource for students and scholars of the social sciences, philosophy, and the philosophy of economics. It will also be of interest to those researching political economy, and the development of economic thought. (shrink)

This volume represents a contribution to the philosophy of economics with a distinctive point of view -- the contributors have selected particular areas of economics and have probed these areas for the philosophical and methodological issues that they raise. The primary essays are written by philosophers concentrating on philosophical issues that arise at the level of the everyday theoretical practice of working economists. Commentary essays are provided by working economists responding to the philosophical arguments from the standpoint of (...) their own disciplines. The volume thus represents something of an `experiment' in the philosophy of science, striving as it does to explore methodological issues across two research communities. The purpose of the volume is very specific: to stimulate a discussion of the epistemology and methodology of economics that works at the level of detail of existing `best practice' in economics today. The contributors have designed their contributions to stimulate productive conversation between philosophers and economists on topics in the methodology of economics. (shrink)

Herman Dooyeweerd’s classical characterization of the meaning-kernel of the economic modality runs as follows: the sparing or frugal mode of administering scarce goods, implying an alternative choice of their destination with regard to the satisfaction of different human needs. My first aim in this paper is to show that Dooyeweerd’s characterization of the meaning-kernel of the economic modality naturally leads to neoclassical economic theory. In order to do this, I will provide an argument that, departing from Dooyeweerd’s definition of the (...) meaning-kernel of the economic modality, concludes in a logical reconstruction of (the static case of) neoclassical economic theory (from now on denoted as NET). The fundamental law of this theory will turn out to be thus, naturally, a formulation of the fundamental modal law of economics. The second aim of the paper is epistemological since it discusses the methodological problem of the empirical claim of the theory. It is my hope that this discussion will clarify the limits of NET and provide a reply to the objections raised against it by Reformed scholars like Goudzwaard (1980). (shrink)