Chapter 13. Philosophy of Economics

  1. Fritz Allhoff Assistant Professor Fellow Director
  1. Daniel M. Hausman

Published Online: 15 JAN 2010

DOI: 10.1002/9781444315578.ch13

Philosophies of the Sciences: A Guide

Philosophies of the Sciences: A Guide

How to Cite

Hausman, D. M. (2010) Philosophy of Economics, in Philosophies of the Sciences: A Guide (ed F. Allhoff), Wiley-Blackwell, Oxford, UK. doi: 10.1002/9781444315578.ch13

Editor Information

  1. Department of Philosophy, Western Michigan University, USA

Author Information

  1. Herbert A. Simon Professor in the Department of Philosophy at the University of Wisconsin, Madison, USA

Publication History

  1. Published Online: 15 JAN 2010
  2. Published Print: 4 JAN 2010

ISBN Information

Print ISBN: 9781405199957

Online ISBN: 9781444315578



  • philosophy of economics;
  • questions of methodology, rationality, ethics, and normative social and political philosophy;
  • epistemological and ontological issues concerning economics;
  • economics and philosophy of economics;
  • philosophy of economics - inquiries concerning rational choice;
  • microeconomics focusing on relations among individuals;
  • six central methodological problems;
  • method a posteriori - method of direct experience;
  • Karl Popper's philosophy of science - falsificationist methodology;
  • validity and reliability of methods


This chapter contains sections titled:

  • Economics and Philosophy of Economics

  • Six Central Methodological Problems

  • Inexactness, Ceteris Paribus Clauses, and “Unrealistic Assumptions”

  • Contemporary Directions in Economic Methodology

  • Conclusion

  • References