This work investigates the evolution of economic methodology by examining the intersection of formal philosophy of science and the practical application of economic research. Roger E. Backhouse, a prominent historian of economics, utilizes the framework of Imre Lakatos to evaluate how economists have historically justified their models and theories. The book argues that economic methodology cannot be separated from the broader empirical philosophy of science, suggesting that economic practice often mirrors shifts in scientific paradigms.

Experts recognize this text as a significant contribution to the history of economic thought, particularly for its rigorous application of philosophy to economic practice. Readers frequently note the academic density of the prose, which makes it a specialized resource for scholars and advanced students in the field of economic methodology.