Economic Methodology Between Monism and Dualism

Ludwig Van Den Hauwe

MPRA Paper from University Library of Munich, Germany

Abstract: In this age of rising technocracy economists are called upon to re examine the methodological and epistemological foundations of their science. After an introduction concerning the nature and importance of economic methodology, this paper contains four sections. The first provides a summary overview of the development of economic methodology in the 20th century. The second reviews some aspects of what undoubtedly constitutes the most important methodological debate of the 20th century, namely the instrumentalism-versus-realism debate. The third section is devoted to the ongoing critique and disagreement brought forward by the Austrian School of economics in the domain of methodology. In the final section we consider the question “Where is economics going?”.

Keywords: Methodology; Economic Methodology; Methodological Dualism; Methodological Monism; Instrumentalism-Realism Debate; Austrian School. (search for similar items in EconPapers)
JEL-codes: B40 B41 (search for similar items in EconPapers)
Date: 2026-03-30
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:129032

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