ABSTRACT
This chapter examines the revealed methodologies of the leading currents in mainstream neoclassical economics. It clarifies how Instrumentalism differs from a similar methodological viewpoint called Pragmatism. The extent to which Instrumentalism and Pragmatism can differ from Conventionalist methodology is addressed in the chapter. Instrumentalism considers the truth status of theories, hypotheses, or assumptions to be irrelevant to any practical purposes, so long as the conclusions logically derived from them are successful. Instrumentalism does not attempt to establish the truth of scientific theories, since truth is simply not necessary for practical success. Conventionalism and Instrumentalism agree that there is no direct solution to the Problem of Induction; and that the Pragmatist, ‘success-in-use’ solution may be rejected. The common error of seeing the necessary superiority of Conventionalism over Instrumentalism is the result of falsely assuming that one’s own objectives are shared by everyone. Philosophical comparisons of Instrumentalism with Conventionalism are not uncommon; but they can be misleading if presented in Conventionalist terms.
