Inexact and Separate Science of Economics

Is economics a science? What distinguishes it from other sciences both natural and social? Like many of the natural sciences its theories are mathematically complex. Yet like the social sciences its 'laws' are largely everyday generalizations. Can such generalizations which are far from universal truths constitute a science? Does economics have a distinctive method? The first edition answered these and other questions about the scientific status of economics and its underlying methodology. In this fully updated new edition Dan Hausman reflects on developments in both economics and the philosophy of economics over the last thirty years. It includes a new chapter on the methodology of macroeconomics an updated discussion on the use of models and new discussions causal inference and behavioural economics and their implications for theory appraisal. It is the perfect choice for a new generation of students studying the methodology of modern economics.