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Introduction to symposium on 'reflexivity and economics: George Soros's theory of reflexivity and the methodology of economic science'

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  • D. Wade Hands

Abstract

Nature does not care ... whether we penetrate her secrets and establish successful theories about her workings and apply these theories successfully in predictions. In the social sciences, the matter is more complicated and in the following fact lies one of the fundamental differences between these two types of theories: the kind of economic theory that is known to the participant in the economy has an effect on the economy ... There is thus a "backcoupling" or "feedback" between the theory and the object of the theory, an interrelation which is definitely lacking in the natural sciences ... In this area are great methodological problems worthy of careful analysis." (Oskar Morgenstern, 1972, p. 707).

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  • D. Wade Hands, 2013. "Introduction to symposium on 'reflexivity and economics: George Soros's theory of reflexivity and the methodology of economic science'," Journal of Economic Methodology, Taylor & Francis Journals, vol. 20(4), pages 303-308, December.
    • Handle: RePEc:taf:jecmet:v:20:y:2013:i:4:p:303-308
    DOI: 10.1080/1350178X.2013.859411
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    Cited by:

    1. Katarina Juselius, 2017. "Using a Theory-Consistent CVAR Scenario to Test an Exchange Rate Model Based on Imperfect Knowledge," Econometrics, MDPI, vol. 5(3), pages 1-20, July.
    2. Deniz Kellecioglu, 2017. "How to transform economics? A philosophical appraisal," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 11(1), pages 1-26, November.

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