ABSTRACT
The most persistent philosophical problem of economics has concerned the realisticness of economic theories and their basic assumptions. This socalled realism of the assumptions issue has been motivated by the seeming falsity of the basic postulates of economic theory, which has raised doubts concerning the very status of economic science. Among the contested assumptions have been those of utility maximization, perfect information, perfectly competitive markets, and the givenness of tastes, technology, and the institutional framework. The issue has been whether such assumptions are too unrealistic, or perhaps realistic enough, or whether that should matter at all.
