IDEAS home Printed from
   My bibliography  Save this article

The Methodology Of Economics: An Agenda For Reform




Uniquely among sciences, the methodology of economics (its epistemology, ontology, scope, and focal questions) has failed to improve the match between its theories and reality. It is aprioristic, assuming that introspection will reveal unchallengeable basic truths from which a valid theoretical structure can be logically deduced. Despite the efforts of Mill, von Mises, Robbins, Friedman, Hausman, and others, this remains indefensible: inter alia, the basic ‘truths’ are immune neither to professional/ cultural biases, nor to uncertainty. Reformed methodology is proposed that would take us closer to the other sciences; this includes a new set of central questions that focus on establishing a more realistic set of basic concepts, and the provision of tools for managing complex, dynamic economic pro- blems (e.g., crises, development).

Suggested Citation

  • Peter Smith, 2010. "The Methodology Of Economics: An Agenda For Reform," Journal of Academic Research in Economics, Spiru Haret University, Faculty of Accounting and Financial Management Constanta, vol. 2(1 (May)), pages 81-108.
  • Handle: RePEc:shc:jaresh:v:2:y:2010:i:1:p:81-108

    Download full text from publisher

    File URL:
    Download Restriction: no

    More about this item

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:shc:jaresh:v:2:y:2010:i:1:p:81-108. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Claudiu Chiru). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.