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Two portraits of economics

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  • Uskali Maki

Abstract

This is an assessment of two recent philosophical accounts of the nature of economics, those given in Alexander Rosenberg's Economics - Mathematical Politics or the Science of Diminishing Returns? (1992) and in Daniel Hausman's The Inexact and Separate Science of Economics (1992). The focus is on how they portray the predictive capabilities of economics and the links between economic theory and empirical evidence. Some major suggestions of the two books are found wanting in interesting ways. Examples are Rosenberg's explanation of the predictive weakness of economics in terms of its folk psychological roots and his depiction of economics as a branch of political philosophy and applied mathematics; and Hausman's claim that the 'economists' deductive method' is appropriate while 'economics as a separate science' is not.

Suggested Citation

  • Uskali Maki, 1996. "Two portraits of economics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 3(1), pages 1-38.
    • Handle: RePEc:taf:jecmet:v:3:y:1996:i:1:p:1-38
    DOI: 10.1080/13501789600000001
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    References listed on IDEAS

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    1. Thomas Mayer, 1995. "Doing Economic Research," Books, Edward Elgar Publishing, number 305.
    2. Rosenberg, Alexander, 1992. "Economics--Mathematical Politics or Science of Diminishing Returns?," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226727233.
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