The paper "Instrumentalism and Realism, Modern Economic Thought" is a great example of micro and macroeconomic coursework. Philosophy of science has been brand as one of the strangest philosophy as it may not follow the conventional expectations of philosophy (Blaug, 1992). The philosophy involves psychological and sociological aspects that are capable of enhancing discovery in scientific related hypotheses. As one may expect, the philosophy of science may not require an examination of philosophical views. The philosophy, in this case, seems to have more logical analyzes of the official structures embedded in scientific theories.
It can be argued that scientific philosophy targets to outline excellent practices in the field of science. Whenever philosophy mentions the historical aspects of science, it is presented as classical physics in such a way that proof must be established to justify the field of science. Some articles have considered the classification in the philosophy of science as an outdated reflection that only applied to logical positivism. According to Laundreth and Colander (2001), the hypotheticodeductive model has revealed that science adopted the experimental approach to approving facts in the middle nineteenth century.
Inductive inferences of ideas and theories began to be practically investigated to establish the truth. Experiments were introduced to determine the empirical consequences of all the observed facts or opinions. Some theories such as those developed by Darwin have undergone serious scrutiny as science evolved. For instance, Lamarck claims that Giraffes developed long necks due to their struggles to get food from tall trees. Some discoveries such as Mendel’ s discovery of genes were a major proven fact that nullified some previous theories about life. With such rich and ancient methodological approaches, is science relevant to economists?
This paper will identify the traditional methodological approaches and explain why the scientific approach can be beneficial to economists. The aspect of logical fallacy is essential when it comes to distinguishing between verifiability and falsifiability (Blaug, 1992). Theories are not meant to be a blank statement intended to ignite endless thoughts in people’ s minds.
Bardhan, P., & Ray, I. (2006). Methodological Approaches in Economics and Anthropology. Retrieved from Q-Squared Working Paper No. 17: https://www.trentu.ca/ids/documents/Q2_WP17_BardhanandRay.pdf
Blaug, M. (1992). The Methodology of Economics: Or, How Economists Explain. Cambridge: Cambridge University Press.
Boland, L. A. (2008). Economic Methodology: Theory and Practice. Retrieved from http://www.sfu.ca/~boland/methodology85.PDF
Chang, H. (2014). Economics: The User's Guide: A Pelican Introduction. London: Penguin Books Limited.
Laguex, M. (2008). Are we Witnessing a Revolution in Methodology of Economics? About Don Ross’s Recent Book on Microexplanation. Retrieved from Erasmus Journal for Philosophy and Economics, Volume 1, Issue 1: http://ejpe.org/pdf/1-1-art-2.pdf
Laundreth, H., & Colander, D. (2001). History of Economic Thought. Retrieved from Boston: Houghton Miflin Company: http://modernecon.org/wp-content/uploads/2012/12/history-of-thought-Final-print-book-3.pdf
Paul, T. (2009). Why Cognitive Science Needs Philosophy and Vice Versa. Retrieved from Cognitive Science Society, Inc: http://cogsci.uwaterloo.ca/Articles/whycogsci.2009.pdf