Abstract
The economics profession recognizes the University of Chicago as the fountainhead and guardian of a distinct, although by no means homogeneous, school of thought. The Chicago School’s ideal type “explains” economic reality in a very restricted sense. Immanuel Kant wanted to prove that scientific explanations are true and, at the same time, answer both the rationalists and empiricists. The grand synthesis that Kant constructed serves as the foundation for logical positivism. The classic modern version of this logical positivism is found in the work of Carl Hempel and Paul Oppenheim. Logical positivism, with its covering law model of explanation, has found wide acceptance among economists since the publication of I.M.D. Little’s Critique of Welfare Economics and Friedman’s Essays in Positive Economics during the early 1950s. The task of positive economics is to apply to the realm of economic phenomena the same methodology which has yielded such impressive fruits in the physical sciences.
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