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Inductivism and Deductivism in Economics

  • John Pheby

Abstract

This chapter is concerned with two methodological positions, inductivism and deductivism, that have exerted some influence upon the methodology of economists. It should be emphasised immediately that I am not claiming that inductivism and deductivism are practised widely by a majority of economists. Indeed, my representation will be of a somewhat extreme variety of these two positions. However, I believe that consideration of them is helpful for two reasons: firstly, a number of the other methodologies discussed in this book were developed either as a reaction to, or development from, facets contained within inductivism and deductivism. Secondly, these two methodologies have done much to influence the general tone of economic methodology as something hard, rigorous and naturalistic. Consequently, they will hold important implications as to the type of economics we study.

Keywords

Demand Function Indifference Curve Deductive Reasoning Deductive Nature Mathematical Manipulation 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© John Pheby 1988

Authors and Affiliations

  • John Pheby
    • 1
  1. 1.City of Birmingham PolytechnicUK

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