There is not, of course, a one-to-one relation between policy conclusions and the conclusions of positive economics; if there were, there would be no ...

Hailed on publication in 1957 as "probably the only book published this year that will outlive the century," this is a brilliant of the idea that there are ...

This book offers a comprehensive overview of the structure, strategy and methods of assessment of orthodox theoretical economics. In Part I Professor Hausman explains how economists theorise, emphasising the essential underlying commitment of economists to a vision of economics as a separate science. In Part II he defends the view that the basic axioms of economics are 'inexact' since they deal only with the 'major' causes; unlike most writers on economic methodology, the author argues that it is the rules that (...) economists espouse rather than their practice that is at fault. Part III links the conception of economics as a separate science to the fact that economic theories offer reasons and justifications for human actions, not just their causes. With its lengthy appendix introducing relevant issues in philosophy of science, this book is a major addition to philosophy of economics and of social science. (shrink)

Economics today cannot predict the likely outcome of specific events any better than it could in the time of Adam Smith. This is Alexander Rosenberg's controversial challenge to the scientific status of economics. Rosenberg explains that the defining characteristic of any science is predictive improvability--the capacity to create more precise forecasts by evaluating the success of earlier predictions--and he forcefully argues that because economics has not been able to increase its predictive power for over two centuries, it is not a (...) science. (shrink)

Perfected science is but an idealization that provides a useful contrast to highlight the limited character of what we do and can attain. This lies at the core of various debates in the philosophy of science and Rescher’s discussion focuses on the question: how far could science go in principle—what are the theoretical limits on science? He concentrates on what science can discover, not what it should discover. He explores in detail the existence of limits or limitations on scientific inquiry, (...) especially those that, in principle, preclude the full realization of the aims of science, as opposed to those that relate to economic obstacles to scientific progress. Rescher also places his argument within the politics of the day, where "strident calls of ideological extremes surround us," ranging from the exaggeration that "science can do anything"—to the antiscientism that views science as a costly diversion we would be well advised to abandon. Rescher offers a middle path between these two extremes and provides an appreciation of the actual powers and limitations of science, not only to philosophers of science but also to a larger, less specialized audience. (shrink)

Hans Reichenbach was a formidable figure in early-twentieth-century philosophy of science. Educated in Germany, he was influential in establishing the so-called Berlin Circle, a companion group to the Vienna Circle founded by his colleague Rudolph Carnap. The movement they founded—usually known as "logical positivism," although it is more precisely known as "scientific philosophy" or "logical empiricism"—was a form of epistemology that privileged scientific over metaphysical truths. Reichenbach, like other young philosophers of the exact sciences of his generation, was deeply impressed (...) by the far-reaching changes in physics brought about by Einstein's special and general theories of relativity. Reichenbach responded to scientific advances by doing fundamental work in space-time theories, in quantum mechanics, in statistical mechanics, and in the development of probability theory—making him the most important philosopher of physics in the first generation of logical empiricism. Forced from his academic position by the Nazi race laws in 1933, Reichenbach wrote _Experience and Prediction_ at the University of Istanbul, where had had fled, expressly to introduce logical positivism to English speakers. In the two decades following World War II, during the explosion of scientific advances in North America, logical positivism was the reigning theory of the philosophy of science and Reichenbach was at the peak of his career. But, inevitably, support for logical positivism began to wane as it became obvious that the justification of scientific theories could not be entirely resolved by relying on strictly formal, technical processes. The growth of the discipline of the history of philosophy of science, which has created an audience of scholars eager for seminal classics in scientific philosophy, and the evidence supporting a historicist paradigm within logical positivism are two important reasons to make _Experience and Prediction_ available once again. "Hans Reichenbach's_ Experience and Prediction_ is one of the most important books in twentieth-century philosophy of science. Its author was, along with Rudolf Carnap, one of the two principal ambassadors to North America of the exciting new European philosophical movement known here under the names 'Logical Positivism' and 'Scientific Philosophy.' In 1938, when the book was published, Reichenbach was an exile from his native Germany, teaching in Istanbul, Turkey, and about to emigrate to the United States to take up a prestigious position at UCLA. He wrote_ Experience and Prediction_ in English as his calling card to his new American colleagues. More than any other single book,_ Experience and Prediction_ set the agenda for the new discipline of the philosophy of science that was to emerge after World War II as, perhaps, the most exciting new area in North American philosophy. Many of the problems still at the focus of discussion were given their classic formulations in this book. Long out of print,_ Experience and Prediction_ appears here in a new edition accompanied by a splendid historical introduction by the noted young philosopher and historian of the philosophy of science, Alan Richardson. A jewel of a book may once again be appreciated in its proper setting." —Don A. Howard, University of Notre Dame. (shrink)

This collection brings together the essays of one of the foremost American philosophers of economics. Cumulatively they offer fresh perspectives on foundational questions such as: what sort of science is economics? and how successful can economists be in acquiring knowledge of their subject matter?

Economists and other social scientists in this century have often supported economic arguments by referring to positions taken by philosophers of science. This important new book looks at the reliability of this practice and, in the process, provides economists, social scientists, and historians with the necessary background to discuss methodological matters with authority. Redman first presents an accurate, critical, yet neutral survey of the modern philosophy of science from the Vienna Circle to the present, focusing particularly on logical positivism, sociological (...) explanations of science (Polanyi, Fleck, Kuhn), the Popper family, and the history of science. She then deals with economic methodology in the twentieth century, looking at a wide range of methodological positions, especially those supported by positions from the philosophy of science. She considers the myth of the feasibility of falsification in economics and, within the context of its significance for economics, discusses the interpretation of Kuhn's philosophy of science as consensus and the danger such a view represents to science. Appendices review the history of the is-ought dispute and list economists whose first works deal with methodological topics. Comprehensive, readable, and accessible to those with little background knowledge, Redman's book will appeal to a wide range of social scientists and philosophers of science. (shrink)

Work by social constructionists over the past decade and a half has reenforced the epistemological pessimist's despair that our system of science could ever be a mirror of nature. Realists argue that the amazing success of modern science at precise prediction and control indicates just the contrary. In response, social constructionists often point out that these successes seldom apply to the world as it comes naturally, but only as it is reconstructed in the scientist's laboratory. But this does not explain (...) how scientific accounts, which are as wide of the mark as constructionists suppose in their general descriptions of the natural world, could be so effective in a limited environment, even if that environment is as benignly constructed as possible. This paper suggests that a more wholistic view of nature than modern science usually presupposes may provide an answer. (shrink)

The question I wish to raise in this article is whether there is any limit in principle to the prediction of social events. I am not concerned with the practical possibility of such predictions, most of which no doubt will never be made.