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Economics Without Laws

Towards a New Philosophy of Economics

Authors: Hardt, Łukasz

  • A bold new vision of economics written from a new point of view
    Reinterprets the very nature of how we think about economics
    Written by one of the leading voices in the field

Buy this book

eBook $99.00
price for USA (gross)
  • ISBN 978-3-319-54861-6
  • Digitally watermarked, DRM-free
  • Included format: EPUB, PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $129.00
price for USA
  • ISBN 978-3-319-54860-9
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
About this book

This book offers a vision of economics in which there is no place for universal laws of nature, and even for laws of a more probabilistic character. The author avoids interpreting the practice of economics as something that leads to the formulation of universal laws or laws of nature. Instead, chapters in the book follow the method of contemporary philosophy of science:  rather than formulating suggestions for practicing scientists of how they should do research, the text describes and interprets the very practice of scientific research. This approach demonstrates how economists can explain economic phenomena not by subsuming them under general laws, but rather by building models of these phenomena,  by referring to causes, or even by investigating what is in the nature of given factors, events, or circumstances to produce.


About the authors

Łukasz Hardt is Associate Professor of Economics at the University of Warsaw, Poland. In 2016, he was nominated by the President of Poland to the Monetary Policy Council.

Reviews

“Economics without Laws engages the reader in a compelling narrative of how economics evolved from a law-centred to a model-based discipline, in which causal reasoning occupies a central role. Its goals are praise-worthy: debunking the myth of law-centrism for good, while opening up a new perspective on the field that acknowledges the role played in it by distinctively mathematical explanation. It is a “must-read” both for economists and for philosophers who can find here a further testimony of how much the two fields can learn from each other.” (Attilia Ruzzene, Witten/Herdecke University, Germany)

“Economics Without Laws is a real page-turner. The book makes two fundamental contributions to the philosophy of economics. First, it destroys the positivist conceit that economics was ever a science of universal generalisations. Through a detailed analysis of the writings of Smith, Ricardo, Mill, and Marshall, it argues persuasively that economists have regarded fundamental principles as approximate, context-dependent, and prone to exceptions right from the start. Second, it makes a range of novel proposals for for explaining economic phenomena when there are no laws: though causes, through models, through mathematical relations. Anyone interested in the foundations of economics should read it.” (Julian M Reiss, Durham, UK)

Table of contents (7 chapters)

  • Introduction

    Hardt, Łukasz

    Pages 1-10

  • On the Nature of Economic Laws: From Adam Smith to Alfred Marshall

    Hardt, Łukasz

    Pages 11-62

  • The Demise of Laws in Economics

    Hardt, Łukasz

    Pages 63-98

  • Causal Explanations in Economics

    Hardt, Łukasz

    Pages 99-132

  • Between Isolations and Constructions: Economic Models as Believable Worlds

    Hardt, Łukasz

    Pages 133-168

Buy this book

eBook $99.00
price for USA (gross)
  • ISBN 978-3-319-54861-6
  • Digitally watermarked, DRM-free
  • Included format: EPUB, PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $129.00
price for USA
  • ISBN 978-3-319-54860-9
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Economics Without Laws
Book Subtitle
Towards a New Philosophy of Economics
Authors
Copyright
2017
Publisher
Palgrave Macmillan
Copyright Holder
The Editor(s) (if applicable) and The Author(s)
eBook ISBN
978-3-319-54861-6
DOI
10.1007/978-3-319-54861-6
Hardcover ISBN
978-3-319-54860-9
Edition Number
1
Number of Pages
XIII, 220
Number of Illustrations and Tables
4 b/w illustrations
Topics