Falsificationism and Research Programmes: Impact of Popper and Lakatos on Economic Methodology

Abstract

In this paper, I set out to critically review the impact of Popperian falsificationism and Lakatosian methodology of scientific research programmes [subsequently, MSRP] on economic methodology and philosophy of economics. The central thesis I maintain is that neither Popper’s falsificationism nor Lakatos’ MSRP offers [philosophy of] economics a proper condition for the reception or rejection of economic theories. With this achieved, I highlight some implications and caveats of this argument by way of conclusion.