This engaging and intelligent book provides an accessible, down to
earth assessment of the role of formalism and rigour in
economics.Professor Mayer argues that there is room in economics
for both highly formalised theory and for the less formal theory
that predominates in the natural sciences. But economists generally
fail to distinguish between these two types of theory. As a result,
they often act as if the strength of an argument depends on the
strength of its strongest link. They misallocate effort, polishing
those parts of the argument that tend to be formalised, while
paying insufficient attention to the others. Drawing on public
choice theory, Mayer shows how this emphasis on the strongest link
has distorted research particularly in new classical theory. He
advocates stricter econometric testing, showing that many
procedures currently used are only soft tests.
General
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