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Did Milton Friedman's methodology license the Formalist Revolution?

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  • D. Wade Hands

Abstract

This paper examines two conflicting views that have emerged within the recent methodological literature regarding the relationship between Friedman's famous essay and the formalist revolution. I focus on three influential contributors to this ongoing debate: Mark Blaug, Terence Hutchison, and Thomas Mayer. Blaug and Hutchison have argued repeatedly that Friedman's essay licensed the formalist revolution while Mayer has argued precisely the opposite; the formalist revolution was a result of not following Friedman's methodological advice. The juxtaposition of these views is particularly interesting since the authors disagree sharply about the impact of Friedman's essay, and yet seem to agree about most other aspects of economic methodology.

Suggested Citation

  • D. Wade Hands, 2003. "Did Milton Friedman's methodology license the Formalist Revolution?," Journal of Economic Methodology, Taylor & Francis Journals, vol. 10(4), pages 507-520.
    • Handle: RePEc:taf:jecmet:v:10:y:2003:i:4:p:507-520
    DOI: 10.1080/1350178032000130493
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    Citations

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    Cited by:

    1. Simone Polillo, 2018. "Market efficiency as a revolution in data analysis," Economic Anthropology, Wiley Blackwell, vol. 5(2), pages 198-209, June.
    2. Caleiro, António, 2007. "What Does Economics Assume About People’s Knowledge? Who knows?," EconStor Preprints 142776, ZBW - Leibniz Information Centre for Economics.
    3. Kevin Hoover, 2004. "Milton Friedman?s Stance: The Methodology of Causal Realism," Working Papers 66, University of California, Davis, Department of Economics.
    4. Eduardo Strachman & Jos Ricardo Fucidji, 2012. "The Current Financial And Economic Crisis Empirical And Methodological Issues," Journal of Advanced Studies in Finance, ASERS Publishing, vol. 3(1), pages 95-109.
    5. Kevin Hoover, 2004. "Milton Friedman?s Stance: The Methodology of Causal Realism," Working Papers 222, University of California, Davis, Department of Economics.
    6. Jérôme Ballet, 2019. "Evaluative judgments between positive and normative: For an axiological economy," Cahiers du GREThA (2007-2019) 2019-01, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
    7. Strunz, Sebastian & Klauer, Bernd & Ring, Irene & Schiller, Johannes, 2014. "Between Scylla and Charybdis: On the place of economic methods and concepts within ecological economics," UFZ Discussion Papers 26/2014, Helmholtz Centre for Environmental Research (UFZ), Division of Social Sciences (ÖKUS).
    8. Boldyrev, I., 2011. "Economic Methodology Today: a Review of Major Contributions," Journal of the New Economic Association, New Economic Association, issue 9, pages 47-70.
    9. Espinel, Camila Orozco, 2022. "Milton Friedman’s Empirical Approach to Economics. Searching for Scientific Authority while Shaping the University of Chicago Economics Department," OSF Preprints yab86, Center for Open Science.

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