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The two methods and the hard core of economics

Author

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  • Luiz Carlos Bresser-Pereira

Abstract

While methodological sciences have no object and are supposed to adopt a hypothetical-deductive method, substantive sciences including economics should use an empirical or historical-deductive method. The great classical economists and Keynes did that and were able to develop open models explaining how equally open economic systems work. Thus, the hard core of relevant economics is formed by the classical microeconomics and the classical theory of capitalist economic growth, and by Keynesian macroeconomics. In contrast, neoclassical economist aiming to build a mathematical science wrongly adopted the hypothetical-deductive method, and came to macroeconomic and growth models that do not have practical use in policymaking. The exception is Marshall’s microeconomics that does not provide a model of real economic systems, but is useful to the analysis of markets. JEL Classification: B10; B20; B41.

Suggested Citation

  • Luiz Carlos Bresser-Pereira, 2009. "The two methods and the hard core of economics," Brazilian Journal of Political Economy, Center of Political Economy, vol. 29(2), pages 163-190.
    • Handle: RePEc:ekm:repojs:v:29:y:2009:i:2:p:163-190:id:475
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    Citations

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    Cited by:

    1. Luiz Bresser-Pereira, 2012. "Why Economics Should Be a Modest and Reasonable Science," Journal of Economic Issues, Taylor & Francis Journals, vol. 46(2), pages 291-302.
    2. Bresser-Pereira, Luiz Carlos, 2009. "The global financial crisis and after: a new capitalism?," Textos para discussão 240, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
    3. Bresser-Pereira, Luiz Carlos, 2010. "The global financial crisis, neoclassical economics, and the neoliberal years of capitalism," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 7.
    4. Bresser-Pereira, Luiz Carlos, 2009. "Assalto ao estado e ao mercado, neoliberalismo e teoria econômica," Textos para discussão 186, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
    5. Luiz Carlos Bresser-Pereira, 2010. "The global financial crisis and a new capitalism?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 32(4), pages 499-534, July.
    6. Luiz Bresser-Pereira, 2010. "Economics: An Assault on the State," Challenge, Taylor & Francis Journals, vol. 53(5), pages 57-77.
    7. Bresser-Pereira, Luiz Carlos, 2011. "Democracy and capitalist revolution," Textos para discussão 277, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).

    More about this item

    Keywords

    hypothetical-deductive method; historical-deductive method; open systems; mathematical economics; new historical facts;
    All these keywords.

    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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