TY  - JOUR
AB  - Explicates and analyses selected economic methodologies: praxeology,
positivism and institutionalism. Praxeology is a rationalistic
methodology which utilizes deductive logic to deduce conclusions
concerning economic behavior from postulates, which are self‐evident
truths, but praxeologists deny that empirical verification is either
necessary or desirable. Positivism is a methodology which combines
deductive rationalism as a method of deriving substantive hypotheses
and inductive empiricism as a method of verifying these hypotheses.
Institutionalism is a pragmatic methodology which is based on an
empirical epistemology and which utilizes inductive logic to formulate
economic policy and to solve practical problems. Concludes that
institutionalism is more empirically relevant than either praxeology or
positivism, and that, therefore, institutionalism is superior to the other
methodologies.
VL  - 19
IS  - 10/11/12
SN  - 0306-8293
DO  - 10.1108/EUM0000000000513
UR  - https://doi.org/10.1108/EUM0000000000513
AU  - Hill Lewis E.
PY  - 1992
Y1  - 1992/01/01
TI  - A Comparative Analysis of Selected Economic Methodologies: Praxeology, Positivism and Institutionalism
T2  - International Journal of Social Economics
PB  - MCB UP Ltd
SP  - 208
EP  - 221
Y2  - 2024/05/06
ER  -