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Method in Economic Theory

In: Business, Time and Thought

Author

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  • Stephen F. Frowen

Abstract

Choice of method must be guided by purpose. What is our purpose in conceiving economic theory? Our field of study is encompassed by the word Business. In business, something is all the time going on. This going on, this unceasing and ever-present transience, is part of our perception of time. The notions of time and of business, when this latter word is used in the abstract, are intimately conjoined. If we make business embrace the whole of the natural and the human world, business and time are identified. For us, business refers to what humans do. But this limitation does not exempt it from its nature, its essence, as something which, without time, would not exist, would not be there for us to observe, and would be nothing. This time-ness of business, this impregnation with part of the ultimate, elemental mystery, must overwhelmingly provide its character, make it what it is. Method in economic theory must start by considering time.

Suggested Citation

  • Stephen F. Frowen, 1988. "Method in Economic Theory," Palgrave Macmillan Books, in: Stephen F. Frowen (ed.), Business, Time and Thought, chapter 18, pages 209-219, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-08100-4_18
    DOI: 10.1007/978-1-349-08100-4_18
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    Cited by:

    1. Happe, Kathrin & Balmann, Alfons, 2008. "Doing Policy In The Lab! Options For The Future Use Of Model-Based Policy Analysis For Complex Decision-Making," 107th Seminar, January 30-February 1, 2008, Sevilla, Spain 6588, European Association of Agricultural Economists.

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