Mainstream economic methodology

Abstract

This is a survey of mainstream economic methodology, both in the sense of mainstream methodology and of mainstream economics. Tensions are identified in methodology resulting from an increasing preference for descriptivism over prescriptivism, and in economics resulting from an increasing preference for fragmentation over axiomatisation. The increasing attention of methodologists to the actual practice of economists, and of economists to possibilities outside the traditional axiomatic strictures, are both welcome. But, still being based in a dualistic mode of thought, these developments threaten to go too far, denying methodology any constructive role and removing any focus on the foundations for theorising. Non-mainstream methodology is shown to offer a non-dualistic solution which could resolve current tensions.