This is a comprehensive anthology of works concerning the nature of economics as a science, including classic texts and essays exploring specific branches and schools of economics. Apart from the classics, most of the selections in the third edition are new, as are the introduction and bibliography. No other anthology spans the whole field and offers a comprehensive introduction to questions about economic methodology.

Ronald Coase has been a vigorous critic of mainstream economic theory, arguing that it is unrealistic and that a good theory is realistic. The attributes "realistic" and "unrealistic" appear in three senses at least in Coase: one related to narrow ness and breadth; another related to abstracting from particularities (and the issue of "blackboard economics"); and the third related to correspondence with the legal. This does not yet make Coase an advocate of realism. It is therefore separately argued that each (...) of the three kinds of "realisticness" as a property of theories is consistent with realism as a theory of theories. (shrink)