The nature and importance of definitions

Geoffrey M. Hodgson ()

Chapter 7 in From Marx to Markets, 2025, pp 139-167 from Edward Elgar Publishing

Abstract: Chapter 7 begins the second part of the book, which is organized into research themes rather than as a historical narrative. This chapter emphasizes the importance of definitions and considers the meanings of some key terms. Karl Popper's view of definitions is criticized. Aristotle and others are used to establish the concept of taxonomic definition. These are neither analyses nor descriptions; they are means of demarcating one kind of entity from another. The chapter then addresses several terms as examples. There is no consensus on the meaning or definition of methodological individualism. Determinism has several different meanings and definitions, one of which is defensible. The usage of neoclassical economics is examined, establishing that it does have a prominent meaning, involving utility maximization and equilibrium analysis. Heterodox economics is more problematic, having multiple and conflicting definitions.

Keywords: Taxonomic definitions; Aristotle; Karl Popper; Methodological individualism; Determinism; Neoclassical economics; Heterodox economics (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035350094
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