This work investigates the foundational shifts in economic methodology and the evolving criteria used to validate economic theories. Roger E. Backhouse, a prominent historian of economics, synthesizes decades of debate regarding how economists construct models and interpret empirical data. He argues that economic methodology is not a static set of rules but a dynamic field that must adapt to the changing landscape of social science and mathematical rigor.

Experts recognize this text as a comprehensive survey of the philosophical underpinnings of modern economics. Scholars frequently cite the book for its balanced treatment of complex methodological disputes and its utility as a reference for advanced students and researchers.