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The Methodology of Positive Economics: Reflections on the Milton Friedman LegacyFrom Brand: Cambridge University Press
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Milton Friedman's 1953 essay 'The methodology of positive economics' remains the most cited, influential, and controversial piece of methodological writing in twentieth-century economics. Since its appearance, the essay has shaped the image of economics as a scientific discipline, both within and outside of the academy. At the same time, there has been an ongoing controversy over the proper interpretation and normative evaluation of the essay. Perceptions have been sharply divided, with some viewing economics as a scientific success thanks to its adherence to Friedman's principles, others taking it as a failure for the same reason. In this book, a team of world-renowned experts in the methodology of economics cast new light on Friedman's methodological arguments and practices from a variety of perspectives. It provides the 21st century reader with an invaluable assessment of the impact and contemporary significance of Friedman's seminal work.
- Sales Rank: #3582756 in Books
- Brand: Brand: Cambridge University Press
- Published on: 2009-05-29
- Released on: 2009-08-06
- Original language: English
- Number of items: 1
- Dimensions: 8.98" h x .75" w x 5.98" l, 1.35 pounds
- Binding: Paperback
- 382 pages
- Used Book in Good Condition
Review
"These papers are not only an indispensable summary of past scholarship but also a useful guide for future scholars aiming to extend this conversation into the 21st century. Highly recommended." - Choice
About the Author
Uskali Mäki is Academy Professor at the Academy of Finland. He has written extensively on the philosophy and methodology of economics and is editor of a number of books, including The Economic World View (Cambridge University Press, 2001), Fact and Fiction in Economics (Cambridge University Press, 2002), and Handbook of the Philosophy of Economics (2008).
Most helpful customer reviews
2 of 3 people found the following review helpful.
An interesting collection
By Edward Mariyani-Squire
This book provides the latest thinking on Friedman's famous methodology essay (F53). Many of the essays have a historical or contextual bent in the sense that they do not focus exclusively on the text of F53 itself, but instead seek to either place it within the historical context in which it emerged or relate it to later developments in economic theory.
All the essays in this volume are of high quality, although a couple of them deal only tangentially with F53 itself. In my opinion, the 'stand-out' articles are:
*Maki's realist interpretation of F53. This essay does not draw on additional texts; instead it seeks to show that there are sufficient textual resources within F53 itself to make the case. This is interesting if for no other reason that the dominant interpretation of the text is an intrumentalist one. Hoover also offers a [causal] realist interpretation, but seeks to make his case by drawing upon Friedman's work on monetary history and on Alfred Marshall's methodological comments.
*Hammond's essay, although strictly for specialist, is interesting because it shows how F53 evolved over two drafts (beginning in 1947).
*Backhouse's essay does an excellent job of putting F53 in the context of the debates that were occurring in the 1930 and 1940s. Backhouse argues that F53 was a direct response to these debates and was aimed at undercutting the major methodological criticisms of neoclassicism at the time.
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