Philosophy of Economics

The last decade witnessed an unprecedented annual growth of the literature dealing with the philosophy of economics,as well as the first signs of an institutionalization (conferences, an international journal) of the philosophy of economics as a scientifi

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WOLFGANG BALZER and BERT HAMMINGA

Reprinted from

Erkenntnis Volume 30, Nos. 1-2, 1989

KLUWER ACADEMIC PUBLISHERS DORDRECHT / BOSTON / LONDON

Library of Congress Cataloging-in-Publication Data Phi losophy of economics I edited by Wolfgang Balzer and Bert p. em. Papers presented at a conference at Tl Iburg University, Netherlands, July 1987. "Reprinted from Erkenntnls, volume 30, nos. 1-2, 1989." 1. Econol1l1 cs--Ph 11 osophY--Congresses. II. Haulnga, Bert, 1951HB72.P47 1989 330' .01--dc19

ISBN-l3: 978-94-010-7542-8 DOl: 10.1007/978-94-009-2319-5

Ham~lnga.

I. Balzer, Wolfgang, 1947-

89-31036

e-ISBN-l3: 978-94-009-2319-5

Published by Kluwer Academic Publishers, P.O. Box 17, 3300 AA Dordrecht, The Netherlands. Kluwer Academic Publishers incorporates the publishing programmes of D. Reidel, Martinus Nijhoff, Dr W. Junk and MTP Press. Sold and distributed in the U.S.A. and Canada by Kluwer Academic Publishers, 101 Philip Drive, Norwell, MA 02061, U.S.A. In all other countries, sold and distributed by Kluwer Academic Publishers Group, P.O. Box 322, 3300 AH Dordrecht, The Netherlands.

02-091-150 ts

All Rights Reserved © 1989 Kluwer Academic Publishers Softcover reprint of the hardcover 1st edition 1989 No part of the material protected by this copyright notice may be reproduced or utilized in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system, without written permission from the copyright owner.

ERKENNTNIS / Volume 30

Nos. 1-2 March 1989

PHILOSOPHY OF ECONOMICS

Guest Editors WOLFGANG BALZER and BERT HAMMINGA Introduction

1

DANIEL M. HAUSMAN / Arbitrage Arguments

5

ALAN NELSON / Average Explanations ALEXANDER ROSENBERG / Are Enough?

Generic

23 Predictions 43

CRISTINA BICCHIERI / Self-Refuting Theories of Strategic Interaction: A Paradox of Common Knowledge

69

ADOLFO G. DE LA SIENRA / Open Problems in the Foundations of Price Formation Dynamics

87

MARIA R. DI NUCCI PEARCE and DAVID PEARCE / Economics and Technological Change: Some Conceptual and Methodological Issues

101

WOLFGANG BALZER and ERNST W. HAENDLER / Ordinary Least Squares as a Method of Measurement

129

WERNER DIEDERICH / The Economic Theory

147

Development

of

Marx's

MAARTEN C. W. JANSSEN / Structuralist Reconstructions of Classical and Keynesian Macroeconomics MAARTEN C. W. JANSSEN and THEO A. F. KUIPERS / Stratification of General Equilibrium Theory: A Synthesis of Reconstructions JOSEPH D. SNEED / Micro-Economic Models of Problem Choice in Basic Science

165

183 207

LESZEK NOW AK / On the (Idealizational) Structure of Economic Theories

225

BERT HAMMINGA / Sneed Versus Nowak: An Illustration in Economics

247

Further Publications of the Authors

267

INTRODUCTION

The last decade witnessed an unprecedented annual growth of the literature dealing with the philosophy of economics,as well as the first signs of an institutionalization (conferences, an international journal) of the philosophy of economics as a scientific subject in itself -