(This insularity was further promoted by the guileless duplicity of scholars in other fields, who were all too prepared to bequeath "the problem of ...

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.

Hausman has argued that Mill in the Logic demands verification of qualified, inexact statements if they are to be considered lawlike. This puts Mill in line with a reasonable interpretation of what modern microeconomists are about, but requires the additional hypothesis that Mill abandoned his earlier stress on modal truth in his 1836 essay on the method of economics. The paper maintains that neither textual nor contextual evidence supports this hypothesis. Moreover, it is superfluous if one attends carefully to how (...) Mill conceived economic science, which occupied a peculiar, somewhat isolated place in his own views on the deductive method and on verification. (shrink)

Thesis Reprinted From Illinois Studies In The Social Sciences, V18, No. 1-2.