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The following off-list message on the relationship between conceptual
clarity and ideology in theoretical economics follows up on my recent postings
on the Closed vs. Open System attributes of the General Theory model sketched by
Keynes in Chs. 4 and 6.
Gunnar
********
My own summary
statement of this view of things is that the premises of
one's argument must be internally complete, coherent, and consistent - or else one's argument itself is incomplete, incoherent, and inconsistent. The "ideology" comes in when mainstream, monetarist, and ELR theorists refuse to admit this nearly self-evident point lest its acceptance upset their respective apple-carts. In this respect, Milton Friedman stands out among other leading theorists in that he does not shy away from acknowledging the fact that logical coherence and consistency is not of primary importance for his brand of would-be theoretical economics: "Logical completeness and consistency are relevant but play a subsidiary role; their function is to assure that the hypothesis says what it is intended to say and does so alike for all users - they play the same role here as checks for arithmentical accuracy do in statistical computations." ('The Methodology of Positive Economics', in 'Essays in Positive Economics'.) What Friedman does NOT acknowledge is that, absent internal completeness, coherence, and consistency between his premises, it is logically impossible to formulate "hypotheses" whose meaning is (a) unequivocal, and (b) understandable. |
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- Creditary vs. Monetary Policy & Ideology, John Gelles Tue 20 Nov 2001, 00:23 GMT
- Income distribution, Harry L Cook Mon 19 Nov 2001, 17:46 GMT
- Economics, logic, and ideology, Gunnar Tómasson Mon 19 Nov 2001, 15:34 GMT
- BL, LW, ATEOTD, John Gelles Sat 17 Nov 2001, 19:25 GMT
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- Re: interest rates and investment, reply to Barkley and Matt, Niggle, Christopher Fri 16 Nov 2001, 20:10 GMT
- Re: interest rates and investment, reply to Barkley and Matt, Henry C.K. Liu Sat 17 Nov 2001, 02:24 GMT