Economics and the Philosophy of Science


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Looking into the ontological presuppositions and considering an epistemology appropriate for ecological economics to meaningfully exist requires rejecting the form of methodological pluralism which has been advocated since the start of this journal.

This means being clear about the differences in our worldview or paradigm from others and being aware of the substantive failures of orthodox economics in addressing reality. He surveys the changes in economics over the last 25 years—the rise of experimental economics and behavioral economics—and argues that economics has become more scientific and that economists have become more aware of flaws in economic theory. But he also argues that economics is unable to make precise predictions about the effects of various changes in policy and behavior. The conversation closes with a discussion of the role the philosophy of science can play in the evolution of economics….

Subsequent topics include happiness research, the politics and economics of inequality, the role of math in economics, and policy areas where economics has made the greatest contribution….

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Henderson on Disagreeable Economists. EconTalk podcast, July 30, Henderson claims that this view is wrong—that there is substantial agreement among economists on many scientific questions—while Roberts wonders whether this consensus is getting a bit frayed around the edges. The conversation highlights the challenges the everyday person faces in trying to know when and what to believe when economists take policy positions based on research.

Is it biased or science?

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The Austrian

A LearnLiberty video. May 21, Vernon Smith, Professor of Economics at George Mason University and the Nobel Laureate in Economics, talks about experimental economics, markets, risk, behavioral economics and the evolution of his career….


  • 2. Six central methodological problems?
  • Philosophy of Economics - Serious Science.
  • Who Really Rules The World!
  • Falsification in Economics. Is Karl Popper's Philosophy of Science Applicable to Economic Research?.
  • Chess Tactics for Champions.
  • Why Economics Needs Philosophy;
  • Revolutionary essays : (repr. from Pravda).

March 12, Emanuel Derman of Columbia University and author of Models. Badly talks with EconTalk host Russ Roberts about theories and models, and the elusive nature of truth in the sciences and social sciences.

Economics and the Philosophy of Science

Derman, a former physicist and Goldman Sachs quant [quantitative analyst], contrasts the search for truth in the sciences with the search for truth in finance and economics. He critiques attempts to make finance more scientific and applies those insights to the financial crisis. The conversation closes with a discussion of career advice for those aspiring to work in quantitative finance…. February 27, Weinberger discusses knowledge and how it is attained have changed over time, particularly with the advent of the internet.

He argues the internet has dispersed the power of authority and expertise.

Don Ross, Philosophy of Economics

Yong on Science, Replication, and Journalism. EconTalk Podcast.

Yong was recently entangled in a controversy over the failure of researchers to replicate a highly-cited and influential psychology study.

Economics and the Philosophy of Science Economics and the Philosophy of Science
Economics and the Philosophy of Science Economics and the Philosophy of Science
Economics and the Philosophy of Science Economics and the Philosophy of Science
Economics and the Philosophy of Science Economics and the Philosophy of Science
Economics and the Philosophy of Science Economics and the Philosophy of Science
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