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20th Century Economic Methodology

21st Century Economics: A Reference Handbook, ed. Rhona C. Free (Los Angeles: SAGE, 2010, pp. 33-43)

16 Pages Posted: 23 Sep 2015  

Peter J. Boettke

George Mason University - Department of Economics

Date Written: September 20, 2015

Abstract

The systematic study of political economy begins with the recognition of two seemingly contradictory observations about commercial life. The first observation is that individuals pursue their self-interest and do so as effectively as they are capable of doing. The second observation is that commercial society exhibits a strong tendency to produce outcomes that enhance the public welfare in terms of material progress and betterment of the human condition more generally. Squaring these two observations is how the discipline was born.

Keywords: Economic Methodology, Political Economy, Neoclassical Hegemony, Formalism

JEL Classification: B12; B20; B41; B53

Suggested Citation

Boettke, Peter J., 20th Century Economic Methodology (September 20, 2015). 21st Century Economics: A Reference Handbook, ed. Rhona C. Free (Los Angeles: SAGE, 2010, pp. 33-43) . Available at SSRN: https://ssrn.com/abstract=2663168

Peter J. Boettke (Contact Author)

George Mason University - Department of Economics ( email )

4400 University Drive
Fairfax, VA 22030
United States
703-993-1149 (Phone)
703-993-1133 (Fax)

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