Mark Blaug’s The Methodology of Economics offers an incisive exploration into the way economists craft their explanations. Opening with an overview of contemporary debates in the philosophy of science, the book lays a robust foundation in the study of economic methodology by reviewing essential literature and current thought. The discussion then shifts to the intricate issues surrounding welfare economics, where Blaug carefully analyzes the logical structure of its arguments and interrogates its methodological challenges. A series of detailed case studies further illustrates how contentious debates in economics can be better understood when viewed through a methodological lens. In its concluding chapters, the book synthesizes the diverse strands of discussion, providing a critical reflection on the deficiencies within modern economic theory. As a revised and updated edition, this work continues to stand as a significant contribution to the ongoing dialogue on how economists explain and justify their theories.
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