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.

Derrida made the case that the ‘pure gift’ is impossible. Because of the element of obligation and reciprocity involved, gift relationships are inevitably reduced to relationships of economic exchange. This position echoes the exchange theory of the social behaviourists, the cost-benefit analyses of evolutionary psychology, and other reductionist conjectures. In this paper, 18 written accounts of gifting are analysed using established phenomenological tools of reflection. It is shown that the dynamics of the gift relationship are complex and, specifically, reciprocation in (...) gifting is not akin to ‘repaying’ the gift, but should rather be seen as a response to the gift as an expression of affective affirmation, rendering this mutual. Gift giving is in the expressive realm rather than the practical . This was, intriguingly, known explicitly by Adam Smith. (shrink)

The books’ goal is to answer the question: Do the weaknesses of value-free economics imply the need for a paradigm shift? The author synthesizes criticisms from different perspectives (descriptive and methodological). Special attention is paid to choices over time, because in this area value-free economics has the most problems. In that context, the enriched concept of multiple self is proposed and investigated. However, it is not enough to present the criticisms towards value-free economics. For scientists, a bad paradigm is better (...) than no paradigm. Therefore, the author considers whether value-based economics with normative approaches such as economics of happiness, capability approach, libertarian paternalism, and the concept of multiple self can be the alternative paradigm for value-free economics. This book is essential reading to everyone interested in the current state of economics as a discipline. (shrink)

Fukuyama's 'The End of History' has referred to Kojeve's 'homogenous state' as some sort of conceptual container for the evolving idea of liberal democracy. This paper critically re-assess the homogeneity of state as final stage of liberal idea and defends civil society in terms of democratic governance. It also invites to discuss the role of scholars as public intellectuals and repels the ideological abuse of the scientific method.

The four sections of this article are reactions to a few interconnected problems that Mario Bunge addresses in his The Sociology-Philosophy Connection , which can be seen as a continuation and summary of his two recent major volumes Finding Philosophy in Social Science and Social Science under Debate: A Philosophical Perspective . Bunge’s contribution to the philosophy of the social sciences has been sufficiently acclaimed. (See in particular two special issues of this journal dedicated to his social philosophy: "Systems and (...) Mechanisms. A Symposium on Mario Bunge’s Philosophy of Social Science," Philosophy of the Social Sciences 34, nos. 2 and 3.) The author discusses therefore only those solutions in Bunge’s book that seem most problematic, namely, Bunge’s proposal to expel charlatans from universities; his treatment of social laws; his notions of mechanisms, "mechanismic explanation," and systemism; and his reading of Popper’s social philosophy. Key Words: theory • laws • mechanism • explanation • Popper. (shrink)

Among the various institutional structures of an economy like the firm and the marketplace is one that is like no other. Science is unique. This uniqueness raises an important question: why does science exist? From an economic perspective, there are two potentially meaningful approaches to the existence of science. They both encompass institutional pluralism. A substitutes theory of comparative institutions presupposes the primacy of the commercial marketplace over firms—that firms substitute for the market when markets fail. This theory has not (...) been used to explain the existence of science. A complements theory postulates that many simultaneous institutional responses, including science, are necessary for creating an efficient and equitable economy. The economic function of science is to produce fundamental theoretical abstractions about our world. Scientific theories are public goods that would not likely be produced within the governance structures of commercial markets and firms. The aim is to complement but not supplant traditional philosophical answers that science exists to discover truth and knowledge. (shrink)

In the methodology of scientific research programs (MSRP) there are important features on the problem of prediction, especially regarding novel facts. In his approach, Imre Lakatos proposed three different levels on prediction: aim, process, and assessment. Chapter 5 pays attention to the characterization of prediction in the methodology of research programs. Thus, it takes into account several features: (1) its pragmatic characterization, (2) the logical perspective as a proposition, (3) the epistemological component, (4) its role in the appraisal of research (...) programs, and (5) its place as a value for scientific research. -/- The notion of “novel facts” is highly relevant in his conception, where several aspects are involved: the directions of novel facts, the different kinds of novelty, and the transition from six possible options of “novel facts” to four choices. Thereafter, the prediction of novel facts as the criterion of appraisal is considered. On the one hand, this requires analyzing the theoretical, empirical, and heuristic possibilities of appraisal; and, on the other, whether there is an overemphasis on the role of prediction in methodology of scientific research programs. As a consequence, there is an analysis of Lakatos’ criterion of appraisal in MSRP and economics. (shrink)

Imagine asking a typical, well informed, contemporary philosopher whether or not she considered biology to be a science. Our informant, being a philosopher, would not necessarily respond with the straightforward “of course” that would be expected from anyone else. She might first reason through a complicated and heavily qualified definition of science, or she might distinguish certain parts of biology that she held to be more clearly scientific than others. If she were partial to a certain sort of critical stance, (...) she might question the political basis for wishing to dignify certain parts of our inquisitive practice with the honorific ‘scientific’ in the first place. But there is at least one thing that she would almost certainly not do. She would not simultaneously embrace a version of the conventional philosophical view of science and deny that biology is a science. This is despite the fact that, as she will acknowledge, biology exploits a range of methodologies and explanatory strategies that have not yet admitted of systematic, consensual philosophical explication. (shrink)