Economic Methodology

Abstract

Economic methodology scrutinises the principles which are employed to make scientific enquiries into economic phenomena and attempts to set rules regarding what constitutes a scientific approach. The pure theory of international trade is often derided because of its severe abstract nature and unrealistic assumptions. A brief résumé, therefore, is in order not only because we will be in a better position to carry out critical evaluations of trade theories at a later stage but also because methodological considerations have largely shaped the contents of the present book. Furthermore, familiarity with methodological tenets makes a reader more aware of the strengths and weaknesses of theories so that judgments can be formed in a more informed manner about the robustness of policy conclusions derived from theories.