Edward Elgar Publishing THE NATURE OF ECONOMIC THOUGHT: Essays in Economic Methodology (Advances in Economic Methodology series)

Johannes Klant's seminal work rests upon the analysis of the logical structure of economic theories and addresses the long-standing problem of the nature of economics by making a distinction between basic theories and specific models. The Nature of Economic Thought brings together in one volume Professor Klant's seminal work on the philosophy and methodology of economics. After a brief description of the history of economics and its position as science, art and philosophy, the book offers discussion of the logical structure of economic theories, Milton Friedman's use of metaphor and John Maynard Keynes's methodology including his view on the intuitive process and his adherence to Marshallian instrumentalism. The final paper presents an historical analysis of the natural order ideal in economics and critically assesses the approaches of Max Weber and Karl Popper. Always rigorous and cogent, the essays in this volume will be welcomed by the growing numbers of scholars interested in economic methodology and the history of economics thought. Review 'For starters, let me say that this is an unusually wise and beautifully-written book, dealing sophisticatedly with three topics: (1) How economics has evolved from a philosophic first to a professional and then quite possibly to a scientific discipline; (2) The evolution of an economic methodology, subjected by the author to a detached criticism, and (3) A synthesis of what most of us consider to have been what the leading writers wanted to do with their subject. . . It is an excellent read and a very important buy.''This is a delightful volume which combines erudition and passionately held views with a civility and courtesy towards others with different views. I cannot think of a better volume, either for an introduction to economic methodology or as a basis for reflection among methodologists. I highly recommend this volume both to colleagues and to advanced students. Klant challenges several widely-held notions about methodology and economics while promoting a cheerful optimism about the usefulness of both.' -- Sheila C. Dow, The Manchester School About the Author The late Johannes J. Klant, former Professor Emeritus, University of Amsterdam, The Netherlands Translated by Trevor S. Preston