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By Christopher D. Mackie

Historians of financial suggestion ordinarily summarize, critique, and hint the improvement of latest concept. background of idea literature presents information regarding the authors, chronology, and relative value of influential works. quite often lacking from the literature, in spite of the fact that, are solutions to questions about why fiscal thought exists in its present shape: Why have economists selected the theories they need to signify the discipline's formal content material? What are the standards that be certain the worth of a concept, or of analysis commonly; and, how have those standards replaced over the years? during this insightful and well-written paintings, Christopher Mackie analyzes how rules and theories are accredited in economics, from the pre-publication section to the purpose at which, as soon as written, a conception enters the authorised physique literature. Drawing from economics, the background of technology, and philosophy, Mackie indicates how either empirical and non-empirical standards make sure how concept will really evolve.

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Extra resources for Canonizing Economic Theory: How Theories and Ideas are Selected in Economics

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Verificationism's problems, both logical and practical, could not be overcome. The logical inadequacy of verification embodied the age-old problem of induction. " Certainly testing as a means to substantiate ideas empirically remains an important scientific activity; however, a wider range of scientific method characterizes actual work. Even had scientists wanted to follow prescriptions outlined by positivism (either the Vienna Circle's or Hempel's modified version), it would have been difficult since no consensus existed regarding how to weight the prescribed criteria.

23). Rom Harre, a noted philosopher of science, is also highly skeptical of the applicability of Popper's method. In general, he is critical of Popper's vision because it does not (and does not even presume to) provide an accurate account of science; it is severely inadequate because it omits so much of what scientists do. Harre concludes that enlisting Popper's "radical demarcation criteria" (so labeled by Harre) would necessitate a complete reinterpretation of how science actually works, since fruitful investigation may--in reality-arise from elements and activities not accounted for by Popper.

48-1984. BM(c) 10 9 8 7 6 5 4 3 2 1 BM(p) 10 9 8 7 6 5 4 3 2 1 Page i CONTENTS Introduction. Description of the Problem 3 Purpose of This Book 3 What Is a Theory? 4 The Theory Choice Process 5 Theory Choice-An Illustrative Example 6 Chapter Outline 9 1. Philosophy of Science Background 12 Introduction 12 Formulation of the 'Received View' of Science 13 The Hypothetico-Deductive Method 15 Karl Popper 16 Emergence of Theory Choice as a Philosophy of Science Issue 20 Recent Philosophy of Science Developments 24 Thomas Kuhn 25 Imre Lakatos 30 Philosophy versus History 34 Use of Historical Evidence 35 Kuhn, Lakatos: Treatment of Theory Choice 36 Conclusions 38 2.

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