Essays in Positive Economics by Milton Friedman
His critical blast blows like a north wind against the more pretentious erections of modern economics. It is however a healthy and invigorating blast, without malice and with a sincere regard for scientific objectivity.—K.E. 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
A Brief Introduction to Marxism
Essays in positive economics
Source : Essays in Positive Economics publ. University of Chicago Press. Just part of one essay is reproduced here. As we have seen, criticism of this type is largely beside the point unless supplemented by evidence that a hypothesis differing in one or another of these respects from the theory being criticised yields better predictions for as wide a range of phenomena. The evidence cited to support this assertion is generally taken either from the answers given by businessmen to questions about the factors affecting their decisions — a procedure for testing economic theories that is about on a par with testing theories of longevity by asking octogenarians how they account for their long life — or from descriptive studies of the decision-making activities of individual firms. Little if any evidence is ever cited on the conformity of businessmen's actual market behaviour — what they do rather than what they say they do — with the implications of the hypothesis being criticised, on the one hand, and of an alternative hypothesis, on the other.
Uskali M? Cambridge: Cambridge University Press, The Methodology of Positive Economics,? What economic methodologist wouldn? Hausman , ?
Friedman, Milton. Chicago: University of Chicago Press. Positive economics are in principle independent of any particular ethical or normative position. But normative economics is dependent on positive economics. The ultimate goal of a positive science is to develop a theory or hypothesis that yields valid and meaningful predictions about phenomena not yet observed.
Friedman?s essay,?The Methodology of Positive Economics,? is undoubtedly one of the — or perhaps the — most influential and most widely and hotly.
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Milton Friedman 's book Essays in Positive Economics is a collection of earlier articles by the author with as its lead an original essay "The Methodology of Positive Economics. The book is organized in four parts: . This first essay in the book explores John Neville Keynes 's distinction between positive and normative economics , what is vs. The essay sets out an epistemological program for Friedman's own research. The essay argues that economics as science should be free of normative judgments for it to be respected as objective and to inform normative economics for example whether to raise the minimum wage. Normative judgments frequently involve implicit predictions about the consequences of different policies.