Austrian economics starts out from the thesis that the objects of economic science differ from those of the natural sciences because of the centrality of the economic agent. This allows a certain a priori or essentialistic aspect to economic science of a sort which parallels the a priori dimension of psychology defended by Brentano and his student Edmund Husserl. We outline these parallels, and show how the theory of a priori dependence relations outlined in Husserl’s Logical Investigations can throw light (...) on the Austrian account of entrepreneurship. (shrink)

There are, familiarly, a range of distinct and competing accounts of the methodological underpinnings of Menger' s work. These include Leibnizian, Kantian, Millian, and even Popperian readings; but they include also readings of an Aristotelian sort, and I have myself made a number of contributions in clarification and defence of the latter. Not only, I have argued, does the historical situation in which Menger found himself point to the inevitability of the Aristotelian reading; this reading fits also very naturally to (...) the text of Menger's works. (shrink)

It is a traditional empiricist doctrine that natural laws are universal truths. In order to overcome the obvious difficulties with this equation most empiricists qualify it by proposing to equate laws with universal truths that play a certain role, or have a certain function, within the larger scientific enterprise. This view is examined in detail and rejected; it fails to account for a variety of features that laws are acknowledged to have. An alternative view is advanced in which laws are (...) expressed by singular statements of fact describing the relationship between universal properties and magnitudes. (shrink)

This paper is concerned with the question of the truth conditions of nomological statements. My fundamental thesis is that it is possible to set out an acceptable, noncircular account of the truth conditions of laws and nomological statements if and only if relations among universals - that is, among properties and relations, construed realistically - are taken as the truth-makers for such statements. My discussion will be restricted to strictly universal, nonstatistical laws. The reason for this limitation is not that (...) I feel there is anything dubious about the concept of a statistical law, nor that I feel that basic laws cannot be statistical. The reason is methodological. The case of strictly universal, nonstatistical laws would seem to be the simplest case. If the problem of the truth conditions of laws can be solved for this simple subcase, one can then investigate whether the solution can be extended to the more complex cases. I believe that the solution I propose here does have that property, though I shall not pursue that question here.1. (shrink)

Challenges the widely held view that good models must necessarily be simplifications and hence cannot be true. This is done by distinguishing between whole truth (complete description) and truth (essential description, attained by the method of isolation).

Reprinted in Wolfgang Grassl and Barry Smith (eds.), Austrian Economics: Historical and Philosophical Background, London: Routledge, 2010. 1–36. See https://philpapers.org/rec/SMIAEA.

John Stuart Mill regards economics as an inexact and separate science which employs a deductive method. This paper analyzes and restates Mill's views and considers whether they help one to understand philosophical peculiarities of contemporary microeconomic theory. The author concludes that it is philosophically enlightening to interpret microeconomics as an inexact and separate science, but that Mill's notion of a deductive method has only a little to contribute.