Reflection without Rules offers a comprehensive, pointed exploration of the methodological tradition in economics and the breakdown of the received view within the philosophy of science. Professor Hands investigates economists' use of naturalistic and sociological paradigms to model economic phenomena and assesses the roles of pragmatism, discourse, and situatedness in discussions of economic practice before turning to a systematic exploration of more recent developments in economic methodology. The treatment emphasizes the changes taking place in science theory and its relationship to (...) the movement away from a rules-based view of economic methodology. The work will be of interest to all economists concerned with methodological issues as well as philosophers and others studying the relationships between economics and contemporary science theory. (shrink)

This book is an examination of the nature of economic explanation. The opening chapters introduce current thinking in the philosophy of science and review the literature on methodology. Professor Blaug then turns to the troublesome question of the logical status of welfare economics, giving the reader an understanding of the outstanding issues in the methodology of economics. This is followed by a series of case studies of leading economic controversies, which shows how controversies in economics may be illuminated by paying (...) attention to questions of methodology. A final chapter draws the strands together and gives the author's view of what is wrong with modern economics. This book is a revised and updated edition of a classic work on the methodology of economics, in which Professor Blaug develops his discussion of the latest developments in macroeconomics, general equilibrium theory and international trade theory. A new section on the rationality postulate is also added. (shrink)

The following values have no corresponding Zotero field: PB - JSTOR.

During the last two centuries, the way economic science is done has changed radically: it has become a social science based on mathematical models in place of words. This book describes and analyses that change - both historically and philosophically - using a series of case studies to illuminate the nature and the implications of these changes. It is not a technical book; it is written for the intelligent person who wants to understand how economics works from the inside out. (...) This book will be of interest to economists and science studies scholars. But it also aims at a wider readership in the public intellectual sphere, building on the current interest in all things economic and on the recent failure of the so-called economic model, which has shaped our beliefs and the world we live in. (shrink)

This volume provides an overview of issues arising in work on the foundations of decision theory and social choice. The collection will be of particular value to researchers in economics with interests in utility or welfare, but also to any social scientist or philosopher interested in theories of rationality or group decision-making.

Theory of "conceptual pragmatism" takes into account both modern philosophical thought and modern mathematics. Stimulating discussions of metaphysics, a priori, philosophic method, much more.

This book introduces a new approach to the issue of radical scientific revolutions, or "paradigm-shifts," given prominence in the work of Thomas Kuhn. The book articulates a dynamical and historicized version of the conception of scientific a priori principles first developed by the philosopher Immanuel Kant. This approach defends the Enlightenment ideal of scientific objectivity and universality while simultaneously doing justice to the revolutionary changes within the sciences that have since undermined Kant's original defense of this ideal. Through a modified (...) Kantian approach to epistemology and philosophy of science, this book opposes both Quinean naturalistic holism and the post-Kuhnian conceptual relativism that has dominated recent literature in science studies. Focussing on the development of "scientific philosophy" from Kant to Rudolf Carnap, along with the parallel developments taking place in the sciences during the same period, the author articulates a new dynamical conception of relativized a priori principles. This idea applied within the physical sciences aims to show that rational intersubjective consensus is intricately preserved across radical scientific revolutions or "paradigm-shifts and how this is achieved. (shrink)

This is an expanded and thoroughly revised edition of the widely adopted introduction to the philosophical foundations of the human sciences. Ranging from cultural anthropology to mathematical economics, Alexander Rosenberg leads the reader through behaviorism, naturalism, interpretativism about human action, and macrosocial scientific perspectives, illuminating the motivation and strategy of each.Rewritten throughout to increase accessibility, this new edition retains the remarkable achievement of revealing the social sciences’ enduring relation to the fundamental problems of philosophy. It includes new discussions of positivism, (...) European philosophy of history, causation, statistical laws, quantitative models, and postempiricist social science, along with a completely updated literature guide that keys chapters to widely anthologized papers. (shrink)

Roughly speaking all economists can be divided into two groups--those who agree with Milton Friedman and those who do not. Both groups, however, espouse the view that science is a series of approximations to a demonstrated accord with reality. Methodological controversy in economics is now merely a Conventionalist argument over which comes first--simplicity or generality. Furthermore, this controversy in its current form is not compatible with one important new and up and coming economic (welfare) theory called "the theory of the (...) Second Best." In this paper I offer a Second Best meta-theory that says that (1) any compromise between simplicity and generality must yield a theory which is "third best" by these Conventionalist criteria; and (2) there exists a better way than a compromise. (shrink)

The thirty-five chapters in this book describe various judgmental heuristics and the biases they produce, not only in laboratory experiments but in important...

Recent debates on the nature of preferences in economics have typically assumed that they are to be interpreted either as behavioural regularities or as mental states. In this paper I challenge this dichotomy and argue that neither interpretation is consistent with scientific practice in choice theory and behavioural economics. Preferences are belief-dependent dispositions with a multiply realizable causal basis, which explains why economists are reluctant to make a commitment about their interpretation.

Current debates between behavioural and orthodox economists indicate that the role and epistemological status of first principles is a particularly pressing problem in economics. As an alleged paragon of extreme apriorism, the methodology of Austrian economics in Mises’ tradition is often dismissed as untenable in the light of modern philosophy. In particular, the defence of the so-called fundamental axiom of praxeology—“Man acts.”—by means of pure intuition is almost unanimously rejected. However, in recently resurfacing debates, the extremeness of Mises’ epistemological position (...) has been called into question. Rather than directly engaging in these exegetical discussions, this paper aims to substantiate the possibility and plausibility of conventionalist defences of praxeology per se. The proposed shift includes settling for an analytic fundamental axiom and acknowledging the prima facie tenability of other research programs than praxeology. Since conventionalist praxeology is only moderately aprioristic, mainstream economists and philosophers might be more likely to engage in fruitful discussions with those Austrian scholars who elaborate pragmatic arguments for praxeology instead of invoking pure intuition. (shrink)

In this paper, I review the literature on rational choice theory to scrutinize a number of criticisms that philosophers have voiced against its usefulness in economics. The paper has three goals: first, I argue that the debates about RCT have been characterized by disunity and confusion about the object under scrutiny, which calls into question the effectiveness of those criticisms. Second, I argue that RCT is not a single and unified choice theory—let alone an empirical theory of human behavior—as some (...) critics seem to suppose. Rather, there are several variants of RCT used in economics. Third, I propose that we think of RCT as a set of distinct research strategies to appreciate its diversity. This account implies that the effectiveness of any criticism depends on the variant of RCT we are considering. (shrink)

Describes and evaluates a number of existing criticisms of the formal theory of rationality and subjective expected utility theory. The author argues that rationality is not a behavioural entity, but rather has to do with the relation between an agent's preferences and his or her behaviour.

This book introduces a new approach to the issue of radical scientific revolutions, or "paradigm-shifts," given prominence in the work of Thomas Kuhn. The book articulates a dynamical and historicized version of the conception of scientific a priori principles first developed by the philosopher Immanuel Kant. This approach defends the Enlightenment ideal of scientific objectivity and universality while simultaneously doing justice to the revolutionary changes within the sciences that have since undermined Kant's original defense of this ideal. Through a modified (...) Kantian approach to epistemology and philosophy of science, this book opposes both Quinean naturalistic holism and the post-Kuhnian conceptual relativism that has dominated recent literature in science studies. Focussing on the development of "scientific philosophy" from Kant to Rudolf Carnap, along with the parallel developments taking place in the sciences during the same period, the author articulates a new dynamical conception of relativized a priori principles. This idea applied within the physical sciences aims to show that rational intersubjective consensus is intricately preserved across radical scientific revolutions or "paradigm-shifts and how this is achieved. (shrink)

This essay defends the role of law-like explanation in the social sciences by showing that the "argument from complexity" fails to demonstrate a difference in kind between the subject matter of natural and social science. There are problems internal to the argument itself - stemming from reliance on an overly idealized view of natural scientific practice - and reason to think that, based upon an analogy with a more sophisticated understanding of natural science, which makes use of "redescriptions" in the (...) face of obstacles like complexity, we have reason to be optimistic about the prospects for a nomological social science. (shrink)

In the eyes of its practitioners, economics is both a deductive science and an empirical science. The starting point of its deductions might be thought of as first principles. But what is the status of such principles? The tension between foundationalism, the idea that there are necessary and secure first principles for economic inquiry, and fallibilism, the idea that no belief can be certified as true beyond the possibility of doubt, is explored. Empirical disciplines require some sort of falsifiability. Yet, (...) empirical inquiries also require a starting place—if not a necessarily true one, at least an indubitable one, that is, one that is not actually doubted. Indubitability appears to have necessary consequences, undercutting fallibilism, while fallibilism threatens confidence in the de facto first principles that begin inquiry. This tension is examined in three well-known attempts to define economics and its method: John Stuart Mill’s economics as the science of wealth, Lionel Robbins’s economics as constrained optimization; and George Stigler and Becker’s attempt to reformulate neoclassical economics to square empiricism with Robbins’ deductivism. (shrink)

This book offers a rigorous, concise, and nontechnical introduction to some of the fundamental insights of rational choice theory. It draws on formal theories of microeconomics, decision making, games, and social choice, and on ideas developed in philosophy, psychology, and sociology. Itzhak Gilboa argues that economic theory has provided a set of powerful models and broad insights that have changed the way we think about everyday life. He focuses on basic insights of the rational choice paradigm--the general conceptualization rather than (...) a particular theory--that survive recent critiques of economic theory's various failures. Gilboa explains the main concepts in language accessible to the nonspecialist, offering a nonmathematical guide to some of the main ideas developed in economic theory in the second half of the twentieth century. Chapters cover feasibility and desirability, utility maximization, constrained optimization, expected utility, probability and statistics, aggregation of preferences, games and equilibria, free markets, and rationality and emotions. Online appendixes offer additional material, including a survey of relevant mathematical concepts. (shrink)

In The Grammar of Society, first published in 2006, Cristina Bicchieri examines social norms, such as fairness, cooperation, and reciprocity, in an effort to understand their nature and dynamics, the expectations that they generate, and how they evolve and change. Drawing on several intellectual traditions and methods, including those of social psychology, experimental economics and evolutionary game theory, Bicchieri provides an integrated account of how social norms emerge, why and when we follow them, and the situations where we are most (...) likely to focus on relevant norms. Examining the existence and survival of inefficient norms, she demonstrates how norms evolve in ways that depend upon the psychological dispositions of the individual and how such dispositions may impair social efficiency. By contrast, she also shows how certain psychological propensities may naturally lead individuals to evolve fairness norms that closely resemble those we follow in most modern societies. (shrink)

In this book, David Stump traces alternative conceptions of the a priori in the philosophy of science and defends a unique position in the current debates over conceptual change and the constitutive elements in science. Stump emphasizes the unique epistemological status of the constitutive elements of scientific theories, constitutive elements being the necessary preconditions that must be assumed in order to conduct a particular scientific inquiry. These constitutive elements, such as logic, mathematics, and even some fundamental laws of nature, were (...) once taken to be a priori knowledge but can change, thus leading to a dynamic or relative a priori. Stump critically examines developments in thinking about constitutive elements in science as a priori knowledge, from Kant’s fixed and absolute a priori to Quine’s holistic empiricism. By examining the relationship between conceptual change and the epistemological status of constitutive elements in science, Stump puts forward an argument that scientific revolutions can be explained and relativism can be avoided without resorting to universals or absolutes. (shrink)

Arthur Pap was not quite a Logical Empiricist. He wrote his dissertation in philosophy of science under Ernest Nagel, and he published a textbook in the philosophy of science at the end of his tragically short career, but most of his work would be classified as analytic philosophy. More important, he took some stands that went against Logical Empiricist orthodoxy and was a persistent if friendly critic of the movement. Pap diverged most strongly from Logical Empiricism in his theory of (...) a “functional a priori” in which fundamental principles of science are hardened into definitions and act as criteria for further inquiry. Pap was strongly influenced by the pragmatists C. I. Lewis and John Dewey in developing this alternative theory of a priori knowledge. Using Poincaré’s conventionalism as a springboard, Pap attempted to substantiate these views with examples from physics, and this was his largest foray into philosophy of science topics. Pap, as well as Lewis and Dewey, developed an alternative theory of the a priori in the 1950s that never quite took hold, despite the fact that their views are very intriguing and similar to Michael Friedman’s recent work on the constitutive a priori. (shrink)

This book presents a concise introduction to the epistemology and methodology of the Austrian School of economics as defended by Ludwig von Mises. The author provides an innovative interpretation of Mises’ arguments in favour of the a priori truth of praxeology, the received view of which contributed to the academic marginalisation of the Austrian School. The study puts forward a unique argument that Mises – perhaps unintentionally – defends a form of conventionalism. Chapters in the book include detailed discussions of (...) individualism, historicism, epistemological positions, and essentialism. The author goes on to discuss Mises’ justification of the fundamental axiom and proposes a conventionalist interpretation. By presenting praxeology as a conventionalist research programme, the author aims to reinvigorate the interaction between the Austrian School, mainstream economics, and the philosophy of science. This comprehensive reconstruction is suitable for economists interested in the history and philosophy of their discipline, as well as for philosophers of science. (shrink)

Recent defenses of a priori knowledge can be applied to the idea of conventions in science in order to indicate one important sense in which conventionalism is correctsome elements of physical theory have a unique epistemological status as a functionally a priori part of our physical theory. I will argue that the former a priori should be treated as empirical in a very abstract sense, but still conventional. Though actually coming closer to the Quinean position than recent defenses of a (...) priori knowledge, the picture of science developed here is very different from that developed in Quinean holism in that categories of knowledge can be differentiated. (shrink)

This article defends laws in the social sciences. Arguments against social laws are considered and rejected based on the "open" nature of social theory, the multiple realizability of social predicates, the macro and/or teleological nature of social laws, and the inadequacies of belief-desire psychology. The more serious problem that social laws are usually qualified ceteris paribus is then considered. How the natural sciences handle ceteris paribus laws is discussed and it is argued that such procedures are possible in the social (...) sciences. The article ends by arguing that at least some social research is roughly as well as confirmed as good work in evolutionary biology and ecology. (shrink)

Economical questions indisputably occupy a central place in everyday life. In order to clarify these questions, people generally turn to those who are familiar with economics. In answering such legitimate questions, economists propose explanations which rest on a few principles among which the rationality principle is by far the most fundamental. This principle assumes that people are rational, but what is meant by this has to be specified. Rationality and Explanation in Economicsclaims that only a minimal kind of rationality is (...) required to ‘animate’ economic explanations. However, such a conception of rationality faces serious objections: it is closely associated with harshly criticised methodological individualism and it is not easily disentangled from sheer irrationality. The book answers these objections and shows that the economists’ way of mobilising the concepts of maximization or of consistency for defining rationality raises more serious problems. Since the latter have encouraged various attempts to downgrade or even to dispense with the very notion of rationality, the book is largely devoted to countering arguments associated with these attempts and to show why postulating that agents are rational is still the only efficient way to explain economic phenomena as such. The author also proposes original views about the role of rationality, the meaning of methodological individualism, the relevance of the selection argument and the relation between ‘rational’ explanations of economics and explanations in natural sciences. (shrink)

A nontechnical, concise, and rigorous introduction to the rational choice paradigm,focusing on basic insights applicable in fields ranging from economics to philosophy.

Like Hayek, Mises moved beyond economics in his later years to address questions regarding the foundation of all social science. But unlike Hayeks attempts, Misess writings on these matters have received less attention than they deserve. Theory and Histor, writes Rothbard in his introduction, "remains by far the most neglected masterwork of Mises. Here Mises defends his all-important idea of methodological dualism: one approach to the hard sciences and another for the social sciences. He defends the epistemological status of economic (...) proposition. He has his most extended analysis of those who want to claim that there is more than one logical structure by which we think about reality. He grapples with the problem of determinism and free will. And presents philosophy of history and historical research. Overall, this is a tremendously lucid defense of the fundamental Misesian approach to social philosophy. "It is Misess great methodological work, explaining the basis of his approach to economics, and providing scintillating critiques of such fallacious alternatives as historicism, scientism, and Marxian dialectical materialism. Austrian economics will never enjoy a genuine renaissance until economists read and absorb the vital lessons of this unfortunately neglected work." Theory and History should be required for any student of 20th century ideas. (shrink)