The Inexact And Separate Science Of Economics

This book offers a comprehensive introduction to the fundamentals of standard economics, the strategies economists employ in applying their theories to solve particular problems, and how economists assess their theories. The author discusses the idea that economic theorists see economic theory as a "separate" science, focusing on a single cause like rational "greed" to explain the entire economic realm. Professor Hausman argues that because economic phenomena are complex and theories are difficult to test, they are accepted based on intuitive acceptability of their assumptions. The book suggests that evidence from other fields, especially psychology, should inform economic analysis.