The systematic study of political economy begins with the recognition of two seemingly contradictory observations about commercial life. The first observation is that individuals pursue their self-interest and do so as effectively as they are capable of doing. The second observation is that...

While Newton's influence on Adam Smith has been widely acknowledged, there is scant research on the actual nature of this influence. This paper sums up a line of investigation delving into this issue. After a short introduction, it is argued that Newton's methodology is more complex than a...

This paper concerns a neglected aspect of Lucas's work: his methodological writings, published and unpublished. Particular attention is paid to his views on the relationship between theory and ideology. I start by setting out Lucas's non-standard conception of theory: to him, a theory and a...

This paper concerns a neglected aspect of Lucas's work: his methodological writings, published and unpublished. Particular attention is paid to his views on the relationship between theory and ideology. I start by setting out Lucas's non-standard conception of theory: to him, a theory and a...

Ragnar Frisch's concept of econometrics was broader in scope than the more restricted connotation it has today as a sub-discipline of economics, it may be more properly rendered as a reconstruction of economics along principles inspired and drawn from natural sciences. In this reconstruction an...

This paper concerns a neglected aspect of Lucas's work: his methodological writings, published and unpublished. Particular attention is paid to his views on the relationship between theory and ideology. I start by setting out Lucas's non-standard conception of theory: to him, a theory and a...

In terms of economic methodology, Friedman's most well-known contribution is his 1953 essay, “The Methodology of Positive Economics.” This important contribution has overshadowed his earlier contribution to economic methodology, entitled “Lerner on the Economics of Control” (1947)....

Polanyi's book on The Great Transformation provides an analysis of the emergence and significance of capitalist economic structures which differs radically from those currently universally taught in economic textbooks. This analysis is based on a methodological approach which is also radically...

One of the big mistakes in modern intellectual history of the Austrian school is to jump from the reality of Mises's and Hayek's being on the wrong side of the zeitgeist to a claim that they were somehow dismissed relics of a pre-scientific age or martyrs to the causes. The reality is that Mises...

Although Ronald Coase is popularly associated with the Chicago School, his approach belongs to the late nineteenth and early twentieth century British tradition. In this essay, we address whether the Coasean or traditional British methodology can offer improvements to current methods. Current...