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Did Milton Friedmans methodology license the Formalist Revolution?

April 26, 2017license methodology milton friedman revolution

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Did Milton Friedmans methodology license the Formalist Revolution?

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D. Wade Hands Journal of Economic Methodology, 2003, vol. 10, issue 4, pages 507-520 Abstract: This paper examines two conflicting views that have emerged within the recent methodological literature regarding the relationship between Friedman’s famous essay and the formalist revolution. I focus on three influential contributors to this ongoing debate: Mark Blaug, Terence Hutchison, and Thomas Mayer. Blaug and Hutchison have argued repeatedly that Friedman’s essay licensed the formalist revolution while Mayer has argued precisely the opposite; the formalist revolution was a result of not following Friedman’s methodological advice. The juxtaposition of these views is particularly interesting since the authors disagree sharply about the impact of Friedman’s essay, and yet seem to agree about most other aspects of economic methodology. Keywords: Milton Friedman; Mark Blaug; Terence Hutchison; Thomas Mayer; Methodology; Positive Economics; Formalist Revolution (search for similar items