M Friedman Essays In Positive Economics

M Friedman Essays In Positive Economics-12
It is however a healthy and invigorating blast, without malice and with a sincere regard for scientific objectivity."—K. Boulding, Political Science Quarterly"Certainly one of the most engrossing volumes that has appeared recently in economic theory."—William J.Baumol, Review of Economics and Statistics Read it as I was writing my thesis on monetary theory.

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MONETARY THEORY AND POLICY THE EFFECTS OF A FULL-EMPLOYMENT POLICY ON ECONOMIC STABILITY: A FORMAL ANALYSIS 11 7 . [,] a system of rules for the attainment of a given end"; comments that "confusion between them is common and has been the source of many mischievous errors"; and urges the importance of "recognizing a distinct positive science of political economy."1 This paper is concerned primarily with certain methodological problems that arise in constructing the "distinct positive science" Keynes called for-in particular, the problem how to decide whether a suggested hypothesis or theory should be tentatively accepted as part of the "body of systematized knowledge concerning what is." But the confusion Keynes laments is still so rife and so much of a hindrance to the recognition that economics can be, and in part is, a positive science that it seems well to preface the main body of the paper with a few remarks about the relation between positive and normative economics. The subject matter of economics is regarded by almost everyone as vitally important to himself and within the range of his own experience and competence; it is * I have incorporated bodily in this article without special reference most of my brief "Comment" in A Survey of Contemporary Economics, Vol. When economics seemed to provide such evidence of its worth, in Great Britain in the first half of the nineteenth century, the prestige and acceptance of "scientific economics" rivaled the current prestige of the physical sciences. But neither the one nor the other is, in my view, a fundamental distinction between the two groups of sciences.

A MONETARY AND FISCAL FRAMEWORK FOR ECONOMIC STABILITY. 157 COMMODITy-RESERVE CURRENCY 204 DISCUSSION OF THE INFLATIONARY GAP 251 COMMENTS ON MONETARY POLICY 263 PART 1\'. COl\1MENTS ON METHOD LANGE ON PRICE FLEXIBILITY AND EMPLOYMENT: A METHODOLOGICAL 277 CRITICISM LERNER ON THE ECONOMICS OF CONTROL 301 INDEX 323 INDEX v PART I Introduction The Methodology of Positive Economics* admirable book on The Scope and Method of Political John Neville Keynes distinguishes among "a positive a body of systematized knowledge concerning what is; a normative or regulative science . [,] a body of systematized knowledge discussing criteria of what ought to be ... 8 Normative econornics and the art of economics, on the other hand, cannot be independent of positive economics.

Underneath the welter of arguments offered for and against such legislation there is an underlying consensus on the objective of achieving a "living wage" for all, to use the ambiguous phrase so common in such discussions.

The difference of opinion is largely grounded on an implicit or explicit difference in predictions about the efficacy of this particular means in furthering the agreed-on end.

Self-proclaimed "experts" speak with many voices and can hardly all be regarded as disinterested; in any event, on questions that matter so much, "expert" opinion could hardly be accepted solely on faith even if the "experts" were nearly unanimous and clearly disinterested.

3 4 Essays in Positive Economics the source of continuous and extensive controversy and the occasion for frequent legislation.Two individuals may agree on the consequences of a particular piece of legislation.One may regard them as desirable on balance and so favor the legislation; the other, as undesirable and so oppose the legislation.He was an advocate of economic freed Milton Friedman was an American Nobel Laureate economist and public intellectual.In 1976, he was awarded the Nobel Prize in Economics for his achievements in the fields of consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy. According to The Economist, Friedman "was the most influential economist of the second half of the 20th century...possibly of all of it".Being more of an austrian myself I can't help but ask how we are every to know that our research is true if we are not guided by theory that is a-priory?Could one not analyze the same material and reach different conclusions?Friedmans theories have their foundation in empiricism: if economics is ever to become a science, it has to be guided by empirical research.It is for this reason that he has become so influential.How is one to resolv Read it as I was writing my thesis on monetary theory.Could one not analyze the same material and reach different conclusions? Another problem associated with this empiricist stance is that the use of statistics is not necessarily value-free.

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