Modernist Approach in Economics Methodology

Essay #1
Background: This first section of the course has introduced the terminology of methodology (Hausman), introduced a genre of discourse which could be characterized as post crisis assessments of economic methodology and practice (Krugman, Mirowski, Kuttner and Deane), and introduced two very different views on the proper approach to methodology—both supportive of mainstream economics (Friedman and McCloskey).
The Prompt: Deirdre McCloskey provides a devastating critique of “modernist economic methodology” by which she means Friedman’s methodology of positive economics. She lists on pages 323-324 (page numbers on the bottom of the page—ignore the page numbers at the top) eleven precepts of modernism and then goes on in the rest of section 2 to explain why each of these of these precepts is questionable. Choose one of McCloskey’s precepts and the critique that follows with regard to that precept. Think about it carefully and explore what the other readings have said with regard to the methodological problem you have chosen to consider. Then write a five page essay in which you argue how economics should respond to that critique in a way to improve economic theoretical and empirical research.
Suggestions: Use the terminology introduced in Hausman. Consider the critiques and suggestions of Krugman, Mirowski, Kuttner and Deane? Use any of these suggestions as a prompt.
Remember you need to engage and answer the main question. You will be evaluated on the skill with which you answer it. Use the readings with proper citation, e.g. (Deane, 36). Be thorough and careful in constructing your argument. Originality is rewarded. Parroting back to me what I said in class will not enhance your grade.
Your essay is to be five pages, double-spaced with normal margins and fonts. The paper is due September 23rd in class only. No late papers will be accepted for any reason.
Do not forget the criterial and writing standards in the syllabus. Reproduced below.
Essays will be graded according to the following criteria:
1. Is the essay responsive to the prompt? Does the essay make use of the required readings? (C). This required attending to writing goals: I (A, B, C) II (A, B) all of IV (except E), all of V.
2. Does the essay approach the question in a logical manner? Is the essay well written? (B). This requires attending to all those goals listed in 1 above and in addition goals: II (C),
3. Does the student use his or her own critical insights in the formulation of the essay? (A) This requires attending to all those goals listed in 1 and 2 above and in addition goals: I (D), III, and exhibit original insights or analysis beyond the assigned readings.
The writing goals for the Economics Department are:
I. Compose a well-constructed argument that addresses a question of importance
In order to do this, the student will:
A. Provide context with a literature review or historical or policy narrative.
B. Formulate a hypothesis/make a claim.
C. Use methods and provide evidence appropriate to the claim.
D. Anticipate and respond to counter-arguments.
II. Analyze a question using appropriate methods and tools, which may include cases, models, or econometric tools for data.
In order to do this, the student will:
A. Explain methodology, including assumptions.
B. Use only reliable sources and evidence.
C. Explain limitations of method and/or data/evidence.
III. Critique their own and other’s work.
In order to do this, the student will:
A. Identify gaps or weaknesses in existing literature.
B. Interpret results in light of the limitations of method and/or data/evidence.
IV. Compose using effective prose suitable for intended audience.
In order to do this, the student will:
A. Identify the intended audience.
B. Use and/or explain economic terms as appropriate for intended audience.
C. Avoid ambiguity in language.
D. Make connections between ideas or steps in argument so that the reader can easily follow the logic.
E. Shift from English to the language of mathematics and graphs and back again as necessary.
F. Write concisely.
G. Adhere to rules and norms of formal written English.
V. Write ethically.
In order to do this, the student will:
A. Use evidence, sources, and argument according to norms of academic integrity.
B. Cite all sources in format specified by instructor.