Reading the methodological essay in twentieth century economics: Map of multiple perspectives
In The methodology of positive economics : Reflections on the Milton Friedman legacy. Cambridge University Press (2009)
AbstractEven outrageously unrealistic assumptions are just fine insofar as the theory or model involving them performs well in predicting phenomena of interest. Most economists and many non-economists will attribute this principle to Milton Friedman. Many will consider the principle itself outrageous, while others praise Friedman for having formulated it so persuasively.
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Citations of this work
When the “realism of assumptions” mattered: Milton Friedman's critique of the Phillips curve.Marcos Picchio - 2022 - Studies in History and Philosophy of Science Part A 94 (C):8-16.
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