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Friedman's Methodology of Positive Economics: A Soft Reading

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  • Mayer, Thomas

Abstract

In his "Methodology of Positive Economics," Milton Friedman aimed to provide a useful heuristic for working economists and not a sophisticated philosophical analysis. Hence, one should be cautious about reading specific philosophical positions, such as instrumentalism, into it. In the context of its time, it was a plea for a positivistic interplay of theory and observation. On such a readin g, Friedman's plea for unrealistic assumptions becomes much more defensible and his essay is broadly consistent with the methodology that most economists now affirm, at least in principle. Copyright 1993 by Oxford University Press.

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Bibliographic Info

Article provided by Western Economic Association International in its journal Economic Inquiry.

Volume (Year): 31 (1993)
Issue (Month): 2 (April)
Pages: 213-23

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Handle: RePEc:oup:ecinqu:v:31:y:1993:i:2:p:213-23

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Cited by:
  1. Kevin Hoover, 2004. "Milton Friedman’s Stance: The Methodology of Causal Realism," Working Papers 66, University of California, Davis, Department of Economics.
  2. Eduardo Strachman & José Ricardo Fucidji, 2012. "The Current Financial And Economic Crisis: Empirical And Methodological Issues," Journal of Advanced Studies in Finance, ASERS Publishing, vol. 0(1), pages 95-123, June.

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