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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.

Suggested Citation

  • Mayer, Thomas, 1993. "Friedman's Methodology of Positive Economics: A Soft Reading," Economic Inquiry, Western Economic Association International, vol. 31(2), pages 213-223, April.
    • Handle: RePEc:oup:ecinqu:v:31:y:1993:i:2:p:213-23
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    Cited by:

    1. Steven M. Shugan, 2007. "—It's the Findings, Stupid, Not the Assumptions," Marketing Science, INFORMS, vol. 26(4), pages 449-459, 07-08.
    2. Jérôme Ballet, 2019. "Evaluative judgments between positive and normative: For an axiological economy," Cahiers du GREThA (2007-2019) 2019-01, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
    3. Eduardo Strachman & Jos Ricardo Fucidji, 2012. "The Current Financial And Economic Crisis Empirical And Methodological Issues," Journal of Advanced Studies in Finance, ASERS Publishing, vol. 3(1), pages 95-109.
    4. Kevin Hoover, 2004. "Milton Friedman?s Stance: The Methodology of Causal Realism," Working Papers 66, University of California, Davis, Department of Economics.
    5. Cole, Julio H., 2007. "Milton Friedman (1912 – 2006)," Documentos de trabajo 1/2007, Instituto de Investigaciones Socio-Económicas (IISEC), Universidad Católica Boliviana.

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