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  3. The Inexact and Separate Science of Economics
  • Cited by 7
Publisher:
Cambridge University Press
Online publication date:
May 2023
Print publication year:
2023
Online ISBN:
9781009320283
DOI:
https://doi.org/10.1017/9781009320283
Subjects:
Economics, Economic Thought, Philosophy and Methodology, Philosophy of Social Science, Philosophy
Information

Book description

Is economics a science? What distinguishes it from other sciences, both natural and social? Like many of the natural sciences, its theories are mathematically complex. Yet, like the social sciences, its 'laws' are largely everyday generalizations. Can such generalizations, which are far from universal truths, constitute a science? Does economics have a distinctive method? The first edition answered these and other questions about the scientific status of economics and its underlying methodology. In this fully updated new edition, Dan Hausman reflects on developments in both economics and the philosophy of economics over the last thirty years. It includes a new chapter on the methodology of macroeconomics, an updated discussion on the use of models, and new discussions causal inference and behavioural economics and their implications for theory appraisal. It is the perfect choice for a new generation of students studying the methodology of modern economics.

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