Warren J. Samuels Books

Models and Reality in Economics is an important contribution to the philosophy of economics and the conduct of inquiry in economics. It examines what economists do and what economics is about. The book opens with a critical discussion of the work of McCloskey and the rhetorical approach to understanding economics. It then goes on to address the question of whether economics is a science. In answering this question the author examines three main concepts: first, whether economics meets a methodological standard, concluding that if the standard is not reached then it is a non-science; secondly, whether economics has a certain kind of content, such as a body of fundamental laws; and finally, whether it includes ideal theories or hypotheses which omit certain real world complications. From this discussion, the author suggests that the rhetorical approach and the question of whether economics is a science should be replaced with the idea that models are the central foundation of economic inquiry. He goes on to discuss the character of economic models and the idea that much economic thinking is concerned with the construction of models to resolve conceptual problems and explain real world economic phenomena. The book sheds new light on existing methodology and proposes new areas for future research. Models and Reality in Economics will be welcomed by those interested in the developments in economic methodology and philosophy, and those concerned with the progress and prospects of economics in general

The main theme of this book is the methodological problem of rationality in economic thought. The author investigates the different interpretations of this problem advanced by major figures in the history of economic thought. The book examines the history and rationality of the 'theory of value' from Adam Smith to Alfred Marshall and attempts to understand these arguments and criticisms within a general methodological vein. It goes on to provide a complete historical account of the ideas and arguments on value propounded by Smith, Ricardo, Marx, Jevons, Walras and Marshall as well as by more recent scholars such as Sraffa and Debreu and interprets their methodological differences. The author proposes a novel 'pragmatic-pluralist' methodological interpretation which borrows and creatively synthesizes ideas from many sources, including Wittgenstein (language-games), Searle (performatives), Habermas (communicative reason), hermeneutics, Marx and the pragmatic tradition. Rationality in Economic Thought will be of interest to students and scholars of the history of economic thought, economic methodology and the philosophy of the social sciences.

This highly original new book examines the scientific status of economics from the perspective of practising economists. It studies how they evaluate their theories, the relationship between those theories and the phenomena they are intended to represent, and the philosophy, methodology and scientific credentials of economics. It examines the tension between economics as the logic of rational choice and as a predictive science, that is reason and reality respectively. It surveys the five most influential schools of thought in the methodology of economics, with special emphasis on theory logical positivism, instrumentalism, a priorism , scientific realism and rhetorical analysis. Professor Fox assesses the extent to which economists have followed the precepts and consequences of their methodological position. He extends the discussion to consider the purpose of such economic inquiry, the scope of application and the appropriate structure of economic theory, as the legitimate sources of economic knowledge. In conclusion he argues that a resolution of existing and emerging methodological controversies in economics must begin with a better understanding of the various voices within the discipline. Intended as an introduction to the major schools of thought in economics, this book will be of interest to students and scholars of economics, philosophy and economic methodology.