The purpose of this essay is to give a brief summary of the relationship between Philosophy of Science and Economics in the twentieth century, and further, to make a comment on the contemporary status of this relationship in light of attacks of indeterminacy on positive economics1. Also, this is an appeal to economists and philosophers of science to explore discussions on methodology with substantive discussions in ethical theory. The motivation to undertake this summary derives partially from a desire to make a succinct statement available to economists at large, who by the very constraints imposed by their specialized avocation, have not the resources to undertake a detailed study of epistemology, but who would like to grow more selfconscious of their methodology and thereby locate themselves in a larger framework of philosophy of science