IDEAS home Printed from https://ideas.repec.org/a/bus/jphile/v12y2019i2n2.html
   My bibliography  Save this article

Friedman’s instrumentalism in F53. A Weberian reading

Author

Listed:
  • Peter Galbács

    (Budapest Business School (Hungary); Center for the Study of Economic Liberty, Arizona State University (USA))

Abstract

In this paper, Weber’s methodology of ideal types is applied as a framework to argue for the instrumentalist interpretation of Friedman’s methodology of positive economics. Weber’s ideal-typical methodology is characterized as a mix of descriptive inaccuracy and causal adequacy. Based on some recent structuralist results in the philosophy of science it is highlighted how intimately causal understanding and the properties of entities are related. The main contrast between Weber and Friedman consists in the emphases they placed on the causal properties of agents. It is argued that Friedman’s instrumentalism results from his neglect of entity properties for no causal understanding can be placed upon neglected characteristics. By identifying some channels through which methodological Weberianism could spread, the possibility of a real albeit indirect connection between Weber and Friedman is suggested, with Frank H. Knight as the most probable diffuser.

Suggested Citation

  • Peter Galbács, 2019. "Friedman’s instrumentalism in F53. A Weberian reading," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 12(2), pages 31-53, May.
    • Handle: RePEc:bus:jphile:v:12:y:2019:i:2:n:2
    as

    Download full text from publisher

    File URL: https://jpe.ro/pdf.php?id=8389
    Download Restriction: no
    File URL: https://www.jpe.ro/?id=revista&p=485
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. repec:pal:coneco:978-3-319-17578-2 is not listed on IDEAS
    2. Hammond,J. Daniel, 1996. "Theory and Measurement," Cambridge Books, Cambridge University Press, number 9780521552059, January.
    3. Ole Røgeberg & Morten Nordberg, 2005. "A defence of absurd theories in economics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 12(4), pages 543-562.
    4. Forder, James, 2016. "A Neglected Inconsistency In Milton Friedman’S Aea Presidential Address," Journal of the History of Economic Thought, Cambridge University Press, vol. 38(1), pages 105-112, March.
    5. Reder, Melvin W, 1982. "Chicago Economics: Permanence and Change," Journal of Economic Literature, American Economic Association, vol. 20(1), pages 1-38, March.
    6. Boland, Lawrence A, 1979. "A Critique of Friedman's Critics," Journal of Economic Literature, American Economic Association, vol. 17(2), pages 503-522, June.
    7. Stigler, George J., 1985. "Frank Hyneman Knight," Working Papers 37, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
    8. Frank H. Knight, 1944. "Realism and Relevance in the Theory of Demand," Journal of Political Economy, University of Chicago Press, vol. 52(4), pages 289-289.
    9. Edward Mariyani-Squire, 2017. "Critical reflections on a realist interpretation of Friedman’s ‘Methodology of Positive Economics’," Journal of Economic Methodology, Taylor & Francis Journals, vol. 24(1), pages 69-89, January.
    10. Bruce J. Caldwell, 1990. "Does methodology matter? : how should it be practiced?," Finnish Economic Papers, Finnish Economic Association, vol. 3(1), pages 64-71, Spring.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Galbács Peter, 2021. "What did it take for Lucas to set up ‘useful’ analogue systems in monetary business cycle theory?," Economics and Business Review, Sciendo, vol. 7(3), pages 61-82, September.
    2. Lawrence A. Boland & Irene M. Gordon, 1992. "Criticizing positive accounting theory," Contemporary Accounting Research, John Wiley & Sons, vol. 9(1), pages 142-170, September.
    3. Galbács, Péter, 2018. "A közgazdaságtan felszabadítása. A neoklasszikus ortodoxia és az intézményi közgazdaságtan közötti ellentét néhány módszertani kérdése [Freedom for economics. Some methodological aspects of the neo," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 44-65.
    4. Galbács, Péter, 2017. "Max Weber és a modern makroökonómia újraértelmezése. Elméleti keret a kortárs makroökonómia módszertani elemzéséhez [Max Weber and reinterpretation of modern macroeconomics. A theoretical framework," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(3), pages 285-304.
    5. Malcolm Rutherford, 2010. "Chicago Economics and Institutionalism," Chapters, in: Ross B. Emmett (ed.), The Elgar Companion to the Chicago School of Economics, chapter 2, Edward Elgar Publishing.
    6. Béatrice Cherrier, 2008. "Making Chicago Price Theory: Friedman–Stigler Correspondence 1945–1957 – J. Daniel Hammond, and Claire H. Hammond," American Journal of Economics and Sociology, Wiley Blackwell, vol. 67(2), pages 389-393, April.
    7. Lanny Ebenstein, 2014. "The Increasingly Libertarian Milton Friedman: An Ideological Profile," Econ Journal Watch, Econ Journal Watch, vol. 11(1), pages 81-96, January.
    8. Luca Fiorito & Sebastiano Nerozzi, 2016. "Chicago Economics in the Making, 1926-1940. A Further Look at US Interwar Pluralism," Department of Economics University of Siena 733, Department of Economics, University of Siena.
    9. Christian Johnson & George G Kaufman, 2007. "Un banco, con cualquier otro nombre…," Boletín, CEMLA, vol. 0(4), pages 185-199, Octubre-d.
    10. George S. Tavlas, 2015. "In Old Chicago: Simons, Friedman, and the Development of Monetary‐Policy Rules," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(1), pages 99-121, February.
    11. D. Patinkin, 1995. "The training of an economist," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 48(195), pages 359-395.
    12. Eduardo Angeli, 2014. "A Importância da História do Pensamento Econômico e do pluralismo metodológico em economia a partir da perspectiva da Escola Austríaca [The importance of Economic Thought and methodological pluralism ," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 24(1), pages 33-50, January-A.
    13. Sidney G. Winter, 2017. "Pursuing the evolutionary agenda in economics and management research," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 41(3), pages 721-747.
    14. Nicolai J. Foss, 2002. "The Strategy and Transaction Cost Nexus Past Debates, Central Questions, and Future Research Possibilities," DRUID Working Papers 02-04, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    15. Daniel S. Hamermesh, 1999. "The Art of Labormetrics," NBER Working Papers 6927, National Bureau of Economic Research, Inc.
    16. McDonald, John, 2009. "Using least squares and tobit in second stage DEA efficiency analyses," European Journal of Operational Research, Elsevier, vol. 197(2), pages 792-798, September.
    17. Miroslav Svoboda, 2008. "History and troubles of consumer surplus," Prague Economic Papers, Prague University of Economics and Business, vol. 2008(3), pages 230-242.
    18. Uskali Mäki, 2004. "Realism and the Nature of Theory: A Lesson from J H von Thünen for Economists and Geographers," Environment and Planning A, , vol. 36(10), pages 1719-1736, October.
    19. Bruce E. Kaufman, 2016. "Adam Smith’s Economics and the Modern Minimum Wage Debate:The Large Distance Separating Kirkcaldy from Chicago," Journal of Labor Research, Springer, vol. 37(1), pages 29-52, March.
    20. Michael Perelman, 2011. "Retrospectives: X-Efficiency," Journal of Economic Perspectives, American Economic Association, vol. 25(4), pages 211-222, Fall.

    More about this item

    Keywords

    unrealistic assumptions; realism; structuralism; Max Weber; Frank Knight; Milton Friedman;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bus:jphile:v:12:y:2019:i:2:n:2. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Valentin Cojanu (email available below). General contact details of provider: https://edirc.repec.org/data/aseeero.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.