Economic Methodology

Economic methodology (JEL B4) covers the philosophy and methods of economics as a science.

Scope

It includes positive vs normative economics, the realism of assumptions, models and explanation, and the philosophy of economics.

Sub-topics

• General
• Economic Methodology
• Other

Core questions

• How should economic theories be judged?
• What is the role of assumptions and models?
• Is economics a science?

Key concepts

• Positive vs normative
• Realism of assumptions
• Models and idealization
• Falsifiability
• Philosophy of economics

Frequently asked questions

What is the realism-of-assumptions debate?

The dispute over whether economic theories should be judged by predictive success or the realism of their assumptions.