Economic Methodology: Heterogeneity and Relevance

Abstract

questions will be asked than will, in fact, be answered. The intention is to propose a broad-based critique of contemporary economic methodology starting off from the recognition of the deep-seated heterogeneity of the subject matter of economics. There is a good deal of discontent about the methods and traditions in vogue in contemporary economic theory. I shall argue that while parts of that disquiet are well grounded, they have to be separated from others that seem to take insufficient note of the particular nature of the exercises under attack. In particular, some reproaches are based on an inadequate recognition of the diversity of motivations and concerns underlying different types of economic theory. In reading the literature, I am sometimes reminded of an old story concerning two estranged brothers one a general and the other a bishop who meet after many years in a desolate railway station and find their old dislikes revived. The bishop asks the general: Assistant Station Master, tell me when is the next train to London? The general replies to the bishop: Madam, in your condition, do you think it is safe to travel? Our ability to misrepresent or misunderstand what others are up to is quite striking. As a consequence oddly inappropriate broadsides can come mixed with pertinent and penetrating criticisms. The need for sorting out is, thus, quite central. To some extent, this is what