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Economics Without Laws : Towards a New Philosophy of Economics.

Author: Łukasz Hardt
Publisher: Cham : Springer International Publishing, 2017.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This book offers a vision of economics in which there is no place for universal laws of nature, and even for laws of a more probabilistic character. The author avoids interpreting the practice of economics as something that leads to the formulation of universal laws or laws of nature. Instead, chapters in the book follow the method of contemporary philosophy of science:  rather than formulating suggestions for  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Hardt, Łukasz.
Economics Without Laws : Towards a New Philosophy of Economics.
Cham : Springer International Publishing, ©2017
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Łukasz Hardt
ISBN: 9783319548616 3319548611
OCLC Number: 1004995307
Description: 1 online resource (228 pages)
Contents: Acknowledgements; Contents; List of Figures ; 1: Introduction; Notes; References; 2: On the Nature of Economic Laws: From Adam Smith to Alfred Marshall; 2.1 Introduction; 2.2 A. Smith: Between Scylla of Universal Laws and Charybdis of Accidental Regularities; 2.2.1 Smith's Arguments for the Universality of Economic Laws; 2.2.2 Smith's Arguments Against the Universality of Economic Laws; 2.2.3 Reconciling Smith's Different Views on the Nature of Economic Laws; 2.3 David Ricardo: Models and Economic Laws; 2.4 John Stuart Mill: Economic Laws as Statements About Tendencies. 2.5 Alfred Marshall and the Denial of Universal Laws of Economics2.6 Conclusions; Notes; References; 3: The Demise of Laws in Economics; 3.1 Introduction; 3.2 The End of Law-Centrism in the Philosophy of Science; 3.2.1 Traditional Views on Laws; 3.2.2 Non-Humean Accounts of Laws; 3.3 Science Without Laws; 3.4 Ceteris Paribus Laws in Economics; 3.5 The Natural Laws Tradition in Economics and the Idea of Economics Without Laws of Nature; 3.6 Economists and the Laws They Produce; 3.7 Conclusions; Notes; References; 4: Causal Explanations in Economics; 4.1 Introduction. 4.2 Regularity Theories of Causation4.3 Probability View on Causation; 4.4 Powers, Capacities, and Manifestations; 4.5 Interventionist and Causal Process Approaches to Causation; 4.6 Causation and Econometrics; 4.7 Conclusions; Notes; References; 5: Between Isolations and Constructions: Economic Models as Believable Worlds; 5.1 Introduction; 5.2 Hal Varian's Model of Sales and the Idea of Believable Worlds; 5.3 Learning from Models; 5.4 The Explanatory Paradox by Julian Reiss (2012) and an Attempt at Its Resolution; 5.5 Conclusions; Notes; References. 6: To What Extent Are Economic Explanations Distinctively Mathematical?6.1 Introduction; 6.2 Distinctively Mathematical Explanations in Science; 6.3 Are Economic Explanations Distinctively Mathematical?; 6.4 Conclusions; Notes; References; 7: Conclusions; Note; References; References; Index.

Abstract:

This book offers a vision of economics in which there is no place for universal laws of nature, and even for laws of a more probabilistic character. The author avoids interpreting the practice of economics as something that leads to the formulation of universal laws or laws of nature. Instead, chapters in the book follow the method of contemporary philosophy of science:  rather than formulating suggestions for practicing scientists of how they should do research, the text describes and interprets the very practice of scientific research. This approach demonstrates how economists can explain economic phenomena not by subsuming them under general laws, but rather by building models of these phenomena,  by referring to causes, or even by investigating what is in the nature of given factors, events, or circumstances to produce.

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