Studies in the Realistic Philosophy of Economics - prof. Ł Hardt

25 January 2015

69_med.jpgTheoretical economics has been put under critique in the aftermath of the global economic crisis that began in 2007. What makes this critique unprecedented is not its scale only, but the fact that critical voices are heard from the within of the core of economic profession. P. Krugman (2009), for instance, proclaims that the economics went astray, because economists mistook beauty, clad in impressive-looking mathematic, for truth. Therefore, according to him, using unrealistic assumptions Ieads to unrealistic models. So, many claim that not only economy is in crisis, but that economic theory as such is in crisis.

In his research project prof. Łukasz Hardt clams that in order to critically appraise economic theories one needs to go beyond economics and try to analyze its problems by the research apparatus taken from the philosophy of sciences. Therefore, the project is situated within the framework of the philosophy of economics. lt deals, for instance, with the problem of unrealisticness of assumptions in economic models as well as with the issue of how to compare economic theories. Also, the interplay between models, theories, and economic reality is analyzed. The project concludes by claiming that economic theories should be assessed on the basis of the quality of explanations they provide rather than the accuracy of predictions or the quality of recommendations for economic policies. Project findings are mainly presented in the book published by prof. Ł. Hardt entitled 'Studia z realistycznej filozofii ekonomii' (C.H. Beck, Warszawa, 2013) [Studies in the Realistic Philosophy of Economics].

Project funded by NCN (no. 2011/01/D/HS4/03829)

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