The Inexact and Separate Science of Economics

Daniel M. Hausman

doi:10.1017/9781009320283

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Foster, F. Douglas He, Xue-Zhong 'Tony' Kang, Junqing and Lin, Shen 2019. The Microstructure of Endogenous Liquidity Provision. SSRN Electronic Journal ,

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Dekker, Erwin and Kuchař, Pavel 2024. The Knowledge Gap in Economics: What Does the Public Know about the Economy and What Do Economists Know about the Public?. OEconomia, Vol. 14-4, Issue. , p. 703.

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Hausman, Daniel 2024. Explanation, prediction, and conceptual exploration. Journal of Economic Methodology, Vol. 31, Issue. 4, p. 232.

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Lehtinen, Aki 2024. Imagination and fiction in modelling; an epistemic critique. Synthese, Vol. 204, Issue. 5,

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Herfeld, Catherine 2024. Economic methodology to preserve the past? Some reflections on economic theories and their dueling interpretations . Journal of Economic Methodology, Vol. 31, Issue. 4, p. 249.

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2nd edition
Daniel M. Hausman, Rutgers University, New Jersey

Publisher:: Cambridge University Press
Online publication date:: May 2023
Print publication year:: 2023
Online ISBN:: 9781009320283
DOI:: https://doi.org/10.1017/9781009320283

Subjects:: Economics, Economic Thought, Philosophy and Methodology, Philosophy of Social Science, Philosophy

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The Inexact and Separate Science of Economics
2nd edition

Daniel M. Hausman
Online ISBN: 9781009320283

Book DOI: https://doi.org/10.1017/9781009320283
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Is economics a science? What distinguishes it from other sciences, both natural and social? Like many of the natural sciences, its theories are mathematically complex. Yet, like the social sciences, its 'laws' are largely everyday generalizations. Can such generalizations, which are far from universal truths, constitute a science? Does economics have a distinctive method? The first edition answered these and other questions about the scientific status of economics and its underlying methodology. In this fully updated new edition, Dan Hausman reflects on developments in both economics and the philosophy of economics over the last thirty years. It includes a new chapter on the methodology of macroeconomics, an updated discussion on the use of models, and new discussions causal inference and behavioural economics and their implications for theory appraisal. It is the perfect choice for a new generation of students studying the methodology of modern economics.

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The Inexact and Separate Science of Economics

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Contents

The Inexact and Separate Science of Economics
pp i-ii

The Inexact and Separate Science of Economics - Title page
pp iii-iii

Copyright page
pp iv-iv

Contents
pp v-xi

Figures
pp xii-xii

Tables
pp xiii-xiv

Introduction
pp 1-18

Part I - Introduction: Content, Structure, and Strategy of Mainstream Economics
pp 19-228

1 - Rationality, Preferences, and Utility Theory
pp 23-55

2 - Demand and Consumer Choice
pp 56-72

3 - The Theory of the Firm and General Equilibrium
pp 73-96

4 - Equilibrium Theory and Normative Economics
pp 97-124

5 - Equilibrium Theory and Macroeconomic Models
pp 125-153

6 - Models and Theories in Economics
pp 154-183

7 - The Structure and Strategy of Economics
pp 184-206

8 - Overlapping Generations
pp 207-228

Part II - Theory Assessment
pp 229-394

9 - Inexactness in Economic Theory
pp 231-255

10 - Mill’s Deductive Method and the Assessment of Economic Hypotheses
pp 256-276

11 - Methodological Revolution
pp 277-301

12 - Karl Popper and Imre Lakatos
pp 302-334

13 - The Inexact Deductive Method
pp 335-369

14 - Casting off Dogmatism
pp 370-394

Part III - Conclusion
pp 395-446

15 - Economic Methodology
pp 397-433

16 - Conclusions
pp 434-447

Appendix - An Introduction to Philosophy of Science
pp 448-485

References
pp 486-526

Index
pp 527-537

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The Inexact and Separate Science of Economics

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