Issues on Methodology of Economics

This chapter elucidates the significance of methodology in economic theorizing, starting with foundational definitions. The discussion progresses to an exploration of the pivotal role played by positivism and Karl Popper’s perspectives, followed by an examination of Thomas Kuhn’s paradigms, Imre Lakatos’s research programs and concludes with the consideration of “anything goes” or postmodernism, along with the so-called anarchic approach. The application of these methodological frameworks to economic theories is thoroughly examined throughout the chapter.