ABSTRACT
Despite frequent comments by methodologists over the last two decades that Popper’s theory of science is a guiding light for economists, the fact is that neoclassical economics is still founded on a methodology consisting of conventionalism mixed with bits of overt Instrumentalism and inadvertent inductivism. Although there is considerable personal recognition given to individuals in science, most of the everyday business of doing economic analysis relies on the cooperation and combined efforts of many people. The necessity of commonly agreed upon research principles is most evident when the scientific community faces problems needing urgent solutions. Very often an argument in favor of the urgency of a problem may be only a disguised attempt to deflect a potential argument over basic principles. One does not usually have to argue for the urgency of a problem when it is really urgent. Thus it is usually easy to spot such false arguments.
