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On the Methodology of Economics and the Formalist Revolution

Author

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  • Terence Hutchison

Abstract

This collection of essays examines the methodological problems confronting economists in the face of two major developments in the second half of the twentieth century. The first is the vast increase in the number and variety of writings on the methodology or ‘philosophy’ of economics, especially from those intensively specialising in methodology. This has led to the virtual breakdown in communication between methodologists and mainstream economists, with methodology becoming increasingly isolated from mainstream economics. The second major development has been what Benjamin Ward first called ‘the formalist revolution’ which he, not unjustifiably, described as ‘more important than the Keynesian Revolution’. Professor Hutchison attempts to contribute to serious methodological analysis of this ‘revolution’ and, at the same time, suggests how communication between mainstream economists and methodologists might be improved.

Suggested Citation

  • Terence Hutchison, 2000. "On the Methodology of Economics and the Formalist Revolution," Books, Edward Elgar Publishing, number 1719.
  • Handle: RePEc:elg:eebook:1719
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    Citations

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    Cited by:

    1. John Hart, 2001. "A conversation with Terence Hutchison," Journal of Economic Methodology, Taylor & Francis Journals, vol. 9(3), pages 359-377.
    2. Koehn, Julia, 2011. "From tools to theories: The emergence of modern financial economics," Wittener Diskussionspapiere zu alten und neuen Fragen der Wirtschaftswissenschaft 16/2011, Witten/Herdecke University, Faculty of Management and Economics.
    3. Kevin Hoover, 2004. "Milton Friedman?s Stance: The Methodology of Causal Realism," Working Papers 222, University of California, Davis, Department of Economics.
    4. Ivan Moscati, 2007. "History of consumer demand theory 1871 - 1971: A Neo-Kantian rational reconstruction," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 14(1), pages 119-156.
    5. John Hatgioannides & Marika Karanassou, 2011. "Warrant Economics, Call-Put Policy Options and the Fallacies of Economic Theory," Working Papers 686, Queen Mary University of London, School of Economics and Finance.
    6. Giocoli, Nicola, 2005. "Mathematics as the role model for neoclassical economics (Blanqui Lecture)," MPRA Paper 33806, University Library of Munich, Germany.
    7. Meszaros, Sandor, 2008. "Theory testing (hypothesis testing) in agricultural economics," Studies in Agricultural Economics, Research Institute for Agricultural Economics, vol. 107, pages 1-13, March.
    8. Mariusz MAZIARZ, 2017. "‘Growth in a Time of Debt’ as an example of the logical-positivist science," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 10(2), pages 47-64, May.
    9. Kevin Hoover, 2004. "Milton Friedman?s Stance: The Methodology of Causal Realism," Working Papers 66, University of California, Davis, Department of Economics.
    10. T.A. Boylan & P.F. O'Gorman, 2007. "Axiomatization And Formalism In Economics," Journal of Economic Surveys, Wiley Blackwell, vol. 21(3), pages 426-446, July.
    11. Mark Blaug, 2003. "Rational vs historical reconstruction - a counter-note on Signorino's note on Blaug," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 10(4), pages 607-608.

    More about this item

    Keywords

    Economics and Finance;

    JEL classification:

    • G0 - Financial Economics - - General
    • E0 - Macroeconomics and Monetary Economics - - General

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