This is an interesting post on the philosophy (foundations) of economics based on philosophy (foundations) of science and of social science. It is about criteria. The fundamental criterion that distinguishes science from other forms of speculation is empirical data, making scientific hypotheses testable.
Knowledge is distinguished from belief and opinion through critical thinking that imposes discipline on the thinking process. In science discipline is provided by the requirement for an empirical warrant provided by data rather than only or chiefly a logical pedigree as provided by a theory and model. Unless scientists discipline themselves with data, they risk slipping into baseless speculation and mistaking it for knowledge owing to the elegance of the theory and model (formalism) or normative bias (ideology).
Science is basically the search for regularity in changing phenomena, which requires observation and measurement of phenomena either directly or instrumentally. Otherwise, it is handwaving or persuasion rather than the rigorous application of reasoning to a subject matter.
Information Transfer Economics
A good series on macro and microfoundations
Jason Smith
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