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Is Macroeconomics a Science?

Author

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  • Barnett, William A.

Abstract

This paper was written as the first draft of the invited Foreword for the book, Money and the Economy, by Apostolos Serletis. The paper provides a critical view of those areas in which methodology in economics deviates from that in the physical sciences, provides examples and illustrations of those deviations, and emphasizes those areas of and approaches to economic research that most closely correspond with the nature of research in the physical sciences.

Suggested Citation

  • Barnett, William A., 2006. "Is Macroeconomics a Science?," MPRA Paper 415, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:415
    as

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    File URL: https://mpra.ub.uni-muenchen.de/415/1/MPRA_paper_415.pdf
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    References listed on IDEAS

    as
    1. William A. Barnett & Jane Binner & W. Erwin Diewert, 2005. "Functional Structure and Approximation in Econometrics (book front matter)," Econometrics 0511006, University Library of Munich, Germany.
    2. William Barnett & Apostolos Serletis & W. Erwin Diewert, 2005. "The Theory of Monetary Aggregation (book front matter)," Macroeconomics 0511008, University Library of Munich, Germany.
    3. William A. Barnett & Paul A. Samuelson & E. Roy Weintraub, 2005. "Inside the Economist's Mind: The History of Modern Economic Thought, as Explained by Those Who Produced It," Method and Hist of Econ Thought 0511002, University Library of Munich, Germany.
    4. William Barnett & Barry E. Jones & Milka Kirova & Travis D. Nesmith & Meenakshi Pasupathy1, 2004. "The Nonlinear Skeletons in the Closet," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 200403, University of Kansas, Department of Economics, revised May 2004.
    5. William Barnett, 2005. "Monetary Aggregation," Macroeconomics 0503017, University Library of Munich, Germany.
    6. Apostolos Serletis, 2006. "Money and the Economy," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 6118, December.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Tome NENOVSKI & Elena MAKREVSKA DISOSKA, 2013. "Uncertainty In Creating Macroeconomic Policy: Knowledge, Skills And (Un)Predictability," The USV Annals of Economics and Public Administration, Stefan cel Mare University of Suceava, Romania, Faculty of Economics and Public Administration, vol. 13(1(17)), pages 68-77, June.

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    More about this item

    Keywords

    science; social science; politics; Federal Reserve; monetary policy;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • C00 - Mathematical and Quantitative Methods - - General - - - General
    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • A10 - General Economics and Teaching - - General Economics - - - General

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