Tags » Philosophy Of Economics

Scientist qua scientist, scientist qua citizen Part II: The double-edge approach to science

Scientific epistemology is a serious business in economics—as it is in any science. Not surprisingly, therefore, discussions about value-ladeness tend to focus on theoretical and methodological issues within the discipline, while the question of the social consequences of science is approached with more reservation. 1,601 more words

Philosophy of Economics Rules: introduction to the symposium

ABSTRACT: Economists have long been criticized for their use of highly idealized models. In Economics rules: Why economics works, when it fails, and how to tell the difference Dani Rodrik responds to this criticism by offering an account of models that emphasizes the diversity of models in economics. 103 more words

Philosophy Of Economics

The Invisible Hand

This post is a continuation of ET1%: Blindfolds Created by Economic Theory, We show how the Invisible Hand theory appears to be neutral but actually favors the top 1%. 870 more words

Critiques Of Economic Theories

New draft: Friedman’s instrumentalism in F53. A Weberian reading

In this paper I use Weber’s methodology of ideal types to argue for the instrumentalist interpretation of Friedman’s methodology of positive economics. I characterize Weber’s ideal types as a mix of descriptive inaccuracy and causal adequacy. 104 more words


The diversity of models as a means to better explanations in economics

ABSTRACT. In Economics Rules, Rodrik [(2015). Economics rules: Why economics works, when it fails, and how to tell the difference. Oxford: Oxford University Press] argues that what makes economics powerful despite the limitations of each and every model is its diversity of models. 98 more words

Philosophy Of Economics

Some notes on Lucas and the reducibility/supervenience of macro

If we are ready to accept that macroeconomics contains genuine and irreducible macroeconomic entities, and that agents act in an environment that has a plethora of non-individualistic properties, in the micro-founded models there must be something over and above the agents. 412 more words


Mr. Friedman and Mr. Ronnie O'Sullivan

Out of his three examples in F53, Friedman’s billiard or snooker player is a special case. In his philosophy of science, Michael Polany draws attention to the tacit component in our scientific (and everyday) knowledge. 318 more words