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Back to the big picture

Accepted version
Peer-reviewed

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Type

Article

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Authors

Alexandrova, A 

Abstract

The history of methodology of economics has seen two different strategies. At times, methodologists have analyzed economics as a whole, ascribing to it a single epistemic approach and appealing to a standard against which this approach can be evaluated. At other times, they have pursued a more circumscribed enquiry, into how some specific technique common in economics can achieve one or more epistemic goal. Label the first strategy big-picture, and the second strategy fine-grained. Roughly speaking, the big-picture strategy prevailed up to the 1990s, but in the last thirty years the dominant mode has been fine-grained. We argue that recent developments in philosophy of science and in economics warrant a return to big-picture – but now reinvented. It should not inherit the old presumption that economics has a single method, or that there is a single criterion of ‘science’. Instead, it should focus on a new question, already intensely debated within the profession: is the organization of economics healthy and appropriate? This question is big-picture. Although any answer to it must ride on the back of fine-grained work, fine-grained work alone is not enough. It is also ripe for explicit and systematic examination by methodologists because a proper answer requires the skills and knowledge of our community. We illustrate how a revived big-picture strategy is fruitful for two controversies: how much effort to devote to rational choice modeling, and how economics is socially organized.

Description

Keywords

Empirical turn, social organization of science, philosophy of economics, rational choice model, hierarchy

Journal Title

Journal of Economic Methodology

Conference Name

Journal ISSN

1350-178X
1469-9427

Volume Title

28

Publisher

Informa UK Limited

Rights

All rights reserved
Sponsorship
European Research Council (715530)
Jack Wright is a supported by the project QUALITY, funded by the European Research Council under the European Union’s Horizon 2020 Framework Programme for Research and Innovation (ERC grant agreement no. 715530).