Economic Methodology provides an accessible introduction to the subject-matter of and literature on the methodology of economics. It presents issues in economics in order to demonstrate the need for methodological awareness and debate. The core of the book then explains the content and development of thought in methodology in relation to issues in economics, with an especial emphasis on the most recent thinking in the area.

Sheila Dow is Professor of Economics at Stirling University.

What's so Funny about Economics?

1

(3)

Where is Economics Going?

4

(15)

Introduction

4

(1)

Why Does Economics Keep on Changing?

5

(5)

Issues for Economists

10

(4)

The Public Understanding of Economics

14

(3)

Conclusion

17

(1)

Further Reading

18

(1)

Some Theoretical Issues

19

(19)

Introduction

19

(1)

Human Nature: Economics of the Family

20

(5)

Relationships with Other Disciplines: The Theory of the Firm

25

(3)

The Micro-Macro Distinction: Credit Rationing

28

(2)

Expectations: Model Uncertainty and Monetary Policy

30

(3)

Welfare Issues: The Distribution of Global Pollution

33

(3)

Conclusion

36

(1)

Further Reading

36

(2)

Some Empirical Issues

38

(17)

Introduction

38

(1)

Empirical Work as Theory Testing: Education and Earnings; Education and Growth

39

(7)

Empirical Work as a Basis for Prediction: Predicting Financial Crises

46

(3)

Empirical Work as the Basis for Institutional Design: Independent Central Banks

49

(2)

Conclusion

51

(2)

Further Reading

53

(2)

The Scope and Purpose of Economics

55

(22)

Introduction

55

(1)

The Nature and Scope of Economics

56

(5)

The Purpose of Economics

61

(7)

Economics and the Physical Sciences

68

(6)

Conclusion

74

(1)

Further Reading

75

(2)

Progress in Economics

77

(29)

Introduction

77

(1)

Inductivism and Deductivism

78

(7)

Empirical Testing

85

(5)

(Critical) Rationalism

90

(6)

Modelling, Mathematics, and Economics

96

(6)

Conclusion

102

(2)

Further Reading

104

(2)

Understanding Economics

106

(26)

Introduction

106

(1)

Economics as a Social Activity

107

(7)

Rhetoric

114

(8)

Postmodernism

122

(4)

Sociology of Scientific Knowledge/Science Studies

126

(3)

Conclusion

129

(2)

Further Reading

131

(1)

Understanding the Economy

132

(30)

Introduction

132

(3)

Realism

135

(8)

Rationality

143

(4)

Logic and Rigour

147

(8)

Pluralism

155

(5)

Conclusion

160

(1)

Further Reading

161

(1)

Issues for Methodology and Economics

162

(19)

Introduction

162

(1)

Sociology, Modes of Thought, and Visions of Reality

163

(5)

Our Choice of Methodology

168

(2)

Relationships with Other Disciplines

170

(5)

What all this Means for Applying Economics to Policy Issues

175

(2)

Implications for Economics Education

177

(1)

Conclusion: Methodology and the Future of Economics

178

(2)

Further Reading

180

(1)

Bibliography

181

(18)

Index

199

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