METHODOLOGICAL ASSUMPTIONS IN ECONOMICS: THE ARGUMENT AGAINST INSTRUMENTALISM
METHODOLOGICAL ASSUMPTIONS IN ECONOMICS: THE ARGUMENT AGAINST INSTRUMENTALISM

Summary/Abstract: This paper considers critically Milton Friedman’s instrumental view of methodological assumptions in economic theory and argues that these assumptions need to be assessed, along with the rest of the theoretical apparatus, in terms of their theoretical fit to a particular context of application, predictive success and descriptive relevance. It also highlights the inconsistency of the instrumentalist position and claims that the attempt to formulate scientific methodology in purely instrumental terms will sooner or later reveal an underlying commitment to realism.

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