Inductivism and Deductivism in Economics

Abstract

This chapter is concerned with two methodological positions, inductivism and deductivism, that have exerted some influence upon the methodology of economists. It should be emphasised immediately that I am not claiming that inductivism and deductivism are practised widely by a majority of economists. Indeed, my representation will be of a somewhat extreme variety of these two positions. However, I believe that consideration of them is helpful for two reasons: firstly, a number of the other methodologies discussed in this book were developed either as a reaction to, or development from, facets contained within inductivism and deductivism. Secondly, these two methodologies have done much to influence the general tone of economic methodology as something hard, rigorous and naturalistic. Consequently, they will hold important implications as to the type of economics we study.