Why Economics Should Be a Modest and Reasonable Science
AbstractUnlike the methodological sciences, such as mathematics and decision theory, which use the hypothetical-deductive method and may be fully expressed in complex mathematical models because their only truth criterion is logical consistency; the substantive sciences that have as their truth criterion the correspondence to reality, adopt an empirical-deductive method, and are supposed to generalize from often unreliable regularities and tendencies. Given this assumption, it is very difficult for economists to predict economic behavior, particularly major financial crises.
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Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal Journal of Economic Issues.
Volume (Year): 46 (2012)
Issue (Month): 2 (June)
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Web page: http://www.mesharpe.com/mall/results1.asp?acr=jei
method; modesty; neoclassical economics; probability; uncertainty;
Other versions of this item:
- Bresser Pereira, Luiz Carlos, 2012. "Why economics should be a modest and reasonable science," Textos para discussÃ£o 306, Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil).
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Hausman,Daniel M., 1992. "The Inexact and Separate Science of Economics," Cambridge Books, Cambridge University Press, number 9780521425230, October.
- Bresser Pereira,Luiz Carlos, 2010.
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Cambridge University Press, number 9780521196352, October.
- A.L. Keith Acheson, 2010. "Globalization," Carleton Economic Papers 10-01, Carleton University, Department of Economics.
- Hausman,Daniel M., 1992. "The Inexact and Separate Science of Economics," Cambridge Books, Cambridge University Press, number 9780521415019, October.
- Bresser-Pereira, Luiz Carlos (Luiz Carlos Bresser), 2011. "Structuralist macroeconomics and new developmentalism," Textos para discussÃ£o 298, Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil).
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