Importance of methodological economics-
Methodological economics is concerned with the confirmation or disconfirmation or empirical theory choice. It basically studied the change in the economies theories over a period of time, for example- the transition from classical economics to neo classical economics does not only the change in economic theory but the methodological changes as well, like the neoclassical model focuses more on the individual preference and decision making than classical economics. Methodological economics is just the study of the different steps or methods used in the economic study area.
The importance of methodological economics is that it studies of the relationship between the theoretical concepts and warranted conclusions of real world. Methodology is that branch of the economies which economists use to justify the economic theories and why they prefer on theory over another theory, it's a descriptive discipline as well as prescriptive one. Economics is about making predictions, it is hardly matters if the assumptions are realistic or not, economics theories are not simply instruments for making accurate predictions about the economic events but to uncover the casual forces which are working in the economic system. It is important for students to study methodological economics because the methodological writing is pouring at an increasing rate. The methodological economics studies the method of positive and normative economics, where the role of positive economics is predictive, not explanatory, whereas on the other hand normative economics is opinion based which can't be proved or disproved. Methodology deals with the assumptions and their implications like how different assumptions can have same implications. Economics is based on assumptions which makes methodological so important.
Difficulties faced by a student while solving methodological economics problem-
Methodological economics is the subject which questions the methods used in economics to predict different economic situations, therefore one of the most common problem faced by students in methodological economics is the question of "how one can tell whether a particular bit of economics is a good science?" economics use methodologies to provide the algorithm to prove that a particular economics is good science and use the same algorithm to reveal the foolishness of others doing. Methodological discussions are mainly dominated by microeconomics and there are four approaches for praising or damning microeconomics-
1. Didacticism- a complex subject matter like political economy can only be studied scientifically by the deductive method, because there are so many factors which influence economic phenomenon it is not easy to employ the method of induction directly.
2. Positivist- the statements of pure theory economics are empty definitional, like ceteris-paribus clause is not fully specified, it seems these statements lack definite empirical meaning.
3. Eclecticism- economic methodology must use their own judgment and economic knowledge of the practice of economists to formulate and protect rational standard of economics.
4. Conclusions- methodologist may find many things to criticize but it is better if they understand how economics go through their business.
Few important tips to solve methodological economic problems-
The students should think the methodological economics as a subject which is about changing the face of the main stream economics. The tip to have a good understanding of methodological economics is to understand the concepts of heterodox economics which is that economics is an adaptive subject in which new ideas are continuously competing with old ideas to provide a better picture of economic profession. To have a better look at the methodological problem a student should consider these points-
- Do not worry about the divisions within economics; we all are economists- there are many divisions of economics like mainstream, orthodox, heterodox.
- The main idea behind methodological economics is to get heterodox economists into mainstream, because the main advantage of heterodoxy over orthodoxy is its nature of constantly questioning the ideas and foundation of economics.
- Think of as an economist first- it will help in dealing with more substantive issues.
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