The Methodology of Positive Economics: Reflections on the Milton Friedman Legacy

by Edited by Uskali Mäki

• ISBN13: 9780521867016
• ISBN10: 0521867010
• Edition: 1st
• Format: Hardcover
• Copyright: 2009-05-29
• Publisher: Cambridge University Press

Summary

Milton Friedman's 1953 essay 'The methodology of positive economics' remains the most cited, influential, and controversial piece of methodological writing in twentieth-century economics. Since its appearance, the essay has shaped the image of economics as a scientific discipline, both within and outside of the academy. At the same time, there has been an ongoing controversy over the proper interpretation and normative evaluation of the essay. Perceptions have been sharply divided, with some viewing economics as a scientific success thanks to its adherence to Friedman's principles, others taking it as a failure for the same reason. In this book, a team of world-renowned experts in the methodology of economics cast new light on Friedman's methodological arguments and practices from a variety of perspectives. It provides the 21st century reader with an invaluable assessment of the impact and contemporary significance of Friedman's seminal work.

Table of Contents

List of figures

List of tables

List of contributors

Preface

The Classical Essay in 20th Century Economic Methodology: The methodology of positive economics (1953) Milton Friedman

Reading and Writing a Classic

Reading the methodological essay in twentieth century economics: map of multiple perspectives

Early drafts of Friedman's methodology essay

Unrealistic assumptions and unnecessary confusions: rereading and rewriting F53 as a realist statement

Models, Assumptions, Predictions, Evidence

The influence of Friedman's methodological essay on economics

Did Milton Friedman's methodology license the formalist revolution?

Appraisal of evidence in economic methodology

The politics of positivism: disinterested predictions from interested agents

Theoretical Context: Firm, Money, Expected Utility, Walras and Marshall

Friedman's 1953 essay and the marginalist controversy

Friedman (1953) in relation to theories of the firm

Friedman's selection argument revisited

Expected utility and Friedman's risky methodology

Friedman's methodological stance: causal realism

On the right side for the wrong reason: Friedman on the Marshall-Walras divide

Concluding Perspectives

The debate over F53 after 50 years

Final word Milton Friedman

References

Index

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