The Methodology of Positive Economics- Reflections on the Milton Friedman Legacy.pdf

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The Methodology of Positive Economics

Milton Friedman’s 1953 essay

“The

methodology of positive econom-

ics” remains the most cited, influential, and controversial piece of meth-

odological writing in twentieth-century economics. Since its appearance,

the essay has shaped the image of economics as a scientific discipline,

both within and outside academia. At the same time, there has been an

ongoing controversy over the proper interpretation and normative eval-

uation of the essay. Perceptions have been sharply divided, with some

viewing economics as a scientific success thanks to its adherence to

Friedman’s principles, others taking it as a failure for the same reason.

In this book, a team of world-renowned experts in the methodology of

economics cast new light on Friedman’s methodological arguments and

practices from a variety of perspectives. It provides the twenty-first-

century reader with an invaluable assessment of the impact and contem-

porary significance of Friedman’s seminal work.

Uskali Mäki is Academy Professor at the Academy of Finland. He has

written extensively on the philosophy and methodology of economics

and is editor of a number of books, including

The Economic World View

(Cambridge University Press, 2001),

Fact and Fiction in Economics

(Cambridge University Press, 2002), and

Handbook of the Philosophy of

Economics

(2009).

The Methodology of Positive

Economics

Reflections on the Milton Friedman legacy

Edited by

Uskali Mäki