Tag: economic methodology

A tribute to Victoria Chick and her advocacy for Macroeconomic Methodology

Post written by By Jesper Jespersen, dr. scient. adm. – Roskilde University, Denmark A Tribute to the late Victoria Chick (1936-2023) and her insistence on the relevance of Macroeconomic Methodology. Professor(em) Victoria Chick (VC), UCL died in January this year. Although she only published two books rather early in her academic career, she has made… Read More A tribute to Victoria Chick and her advocacy for Macroeconomic Methodology

Maria Alejandra MadiLeave a comment

Friedman’s Methodology: A Stake through the Heart of Reason

[[bit.do/weafm]] In “The Trouble with Macro”, Romer writes that macro-economists casually dismiss facts, and the profession as a whole has gone backwards over the past few decades, losing precious and hard-won knowledge. He does not consider WHY this happened. What are the methodological flaws that create the possibility of moving backwards, losing knowledge, affirming theories… Read More Friedman’s Methodology: A Stake through the Heart of Reason

Asad Zaman3 Comments

Scientist qua scientist, scientist qua citizen: Part I

That economics is a value-laden science is not a new idea. Most of the prominent economic thinkers were also philosophers, wary of moral and philosophical content of scientific assumptions, models, and theories. That economics needs philosophy, and the separation between these two cannot be maintained any longer, is gaining recognition, and has become a subject… Read More Scientist qua scientist, scientist qua citizen: Part I

Malgorzata Dereniowska6 Comments

Understanding Macro: The Great Depression (1/3)

{bit.ly/WEAgd29} Preliminary Remarks: “The trouble is not so much that macroeconomists say things that are inconsistent with the facts. The real trouble is that other economists do not care that the macroeconomists do not care about the facts. An indifferent tolerance of obvious error is even more corrosive to science than committed advocacy of error.”… Read More Understanding Macro: The Great Depression (1/3)

Asad Zaman3 Comments

Resources for Study of Polanyi’s Great Transformation

shortlink for this post: bit.do/azgtr Polanyi offers a deep historical study of how European societies based on traditional values of cooperation and social responsibility were tansformed into modern secular societies. In Polanyi’s terminology, social relations became embedded within the market, creating a market society driven by the imperative of commercialization, which makes money the measure… Read More Resources for Study of Polanyi’s Great Transformation

Asad Zaman2 Comments

Three Methodologies

This is a summary of the introduction/motivation part of href=”https://sites.google.com/site/az4math/ll15europe19th”>Lecture 15 on Advanced Microeconomics II, delivered at PIDE in Spring Semester 2017.  The lecture is about 19th Century European History, and how it is deeply entangled with Modern Economic Theory. We cannot understand one without the other. 19th Century European Economic Ideas In Historical Context.… Read More Three Methodologies

Asad ZamanLeave a comment

Meta-Theory and Pluralism in the Methodology of Polanyi

Currently, I am teaching a course in Advanced Microeconomics where I have started with the premise that conventional economic theory, both Micro and Macro are fundamentally wrong. The number of ways in which they are wrong cannot even be counted. Instead of enumerating errors, the course is devoted to providing a constructive alternative. A lot… Read More Meta-Theory and Pluralism in the Methodology of Polanyi

Asad Zaman4 Comments

Supply & Demand: Fundamentally Flawed Model of Labor Market

[shortlink: bit.do/wpam03] This is an outline of the lecture 3 in Advanced Microeconomics — expands somewhat on the slides available from the link. This should be useful to heterodox economists looking for ways to teach an alternative course, radically different from conventional approaches. First two lectures consisted of some preliminary math, and can be skipped… Read More Supply & Demand: Fundamentally Flawed Model of Labor Market

Asad Zaman4 Comments