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Methodology and policy prescription in economic thought: a response to Mario Bunge

Denis, A. (2003). Methodology and policy prescription in economic thought: a response to Mario Bunge. Journal of Socio-Economics, 32(2), pp. 219-226. doi: 10.1016/S1053-5357(03)00020-9

Abstract

Bunge (2000) distinguishes two main methodological approaches of holism and individualism, and associates with them policy prescriptions of centralism and laissezfaire. He identifies systemism as a superior approach to both the study and management of society. The present paper, seeking to correct and develop this line of thought, suggests a more complex relation between policy and methodology. There are two possible methodological underpinnings for laissez-faire: while writers such as Friedman and Lucas fit Bunge’s pattern, more sophisticated advocates of laissez-faire, such as Smith and Hayek, base their policy prescription in a methodology quite divergent from the individualism Bunge describes.

Publication Type: Article
Additional Information: NOTICE: this is the author’s version of a work that was accepted for publication in The Journal of Socio-Economics. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in The Journal of Socio-Economics, Volume 32, Issue 2, Pages 219–226.
Publisher Keywords: Individualism, holism, systemism, invisible hand, laissez-faire
Subjects: H Social Sciences > HB Economic Theory
Departments: School of Arts & Social Sciences > Economics
URI: http://openaccess.city.ac.uk/id/eprint/3964
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