A deeper struggle for the soul of economics

Citation

Dow S (2021) A deeper struggle for the soul of economics. Commentary on: Hoover, K. (2021). The struggle for the soul of economics. Journal of Economic Methodology. https://doi.org/10.1080/1350178X.2021.2010281. Journal of Economic Methodology. https://doi.org/10.1080/1350178X.2021.2010282

Abstract
Kevin Hoover explores retroduction as a means of theorizing in macro-economics, rather than exclusive reliance on deductivism or inductivism. Retroduction is discussed as involving conceptualization with respect to empirical evidence as a means of identifying causal mechanisms as the basis for theory in the form of mathematical models. It is put forward as a preferred alternative to more fundamental reform of macro-economics, whose justification Hoover dismisses as being ‘ideological’. Yet ideology refers to a position on metaphysics such as Hoover himself sets out in terms of open systems, which would significantly extend the scope for retroduction.

Keywords
Philosophy of economics; economic methodology; macro-economics

Notes
Output Status: Forthcoming/Available Online

Journal
Journal of Economic Methodology

People

Professor Sheila Dow

Emeritus Professor, Economics