Philosophy and Economics

Abstract

Several recent writers have issued warnings that economics has come to be dominated to an unhealthy degree by ideas from 20th-century philosophy of physical science. Thus Bruce Caldwell, writing of ‘our profession’s continuing love affair’ (Caldwell 1984, p. 259) with the work of certain philosophers of physical science, remarks that ‘much in the way that earlier generations had turned towards the analyses of positivist philosophy of science, contemporary economic methodologists have incorporated the ideas of men like Kuhn and Lakatos into their writings’ (Caldwell 1984, pp. 259–260). He notes that the usefulness to economists of these ‘broad, externally produced visions’ (ibid.) is now being questioned.

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