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
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