Includes bibliographical references and index.

This book develops and defends an empiricist alternative to prevailing economic methodologies. It is an undisputed fact that economic theory dominates inquiry into economic affairs in many ways. Though this is generally regarded as a deficiency in some way or other, most methodologies on offer today offer few resources to ameliorate that fact. A series of detailed analyses of case studies show that a more evidence-based methodology is not only desirable but also possible. The case studies are organised into three parts on measurement, casual interference and policy analysis and concern topics as diverse as consumer price indices, radio spectrum auctions, the transmission mechanism, natural experiments on minimum wages and the evaluation of counterfactuals for policy. The principal target of many of the books critical remarks is the 'theory first' approach that is typical of economic practice and methodology. Reiss' proposed alternative has three main features: it is empiricist in that it urges that economic claims be based on the best available evidence; it is pragmatic in that it insists that good practice is practice that succeeds at given purposes; and it is political in that it realises that political values are ubiquitous in and essential to economics. This book is essential reading for courses in the philosophy of economics among others, and is also relevant to philosophers and economists who are interested in the area of methodology.