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Economics--Mathematical Politics or Science of Diminishing Returns?

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  • Rosenberg, Alexander
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    Abstract

    Economics today cannot predict the likely outcome of specific events any better than it could in the time of Adam Smith. This is Alexander Rosenberg's controversial challenge to the scientific status of economics. Rosenberg explains that the defining characteristic of any science is predictive improvability—the capacity to create more precise forecasts by evaluating the success of earlier predictions—and he forcefully argues that because economics has not been able to increase its predictive power for over two centuries, it is not a science.

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    Bibliographic Info

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    This book is provided by University of Chicago Press in its series University of Chicago Press Economics Books with number 9780226727233 and published in 1992.

    Edition: 1
    ISBN: 9780226727233
    Order: http://press.uchicago.edu/ucp/books/book/isbn/9780226727233.html
    Handle: RePEc:ucp:bkecon:9780226727233

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    Cited by:
    1. Brav, Alon & Graham, John R. & Harvey, Campbell R. & Michaely, Roni, 2005. "Payout policy in the 21st century," Journal of Financial Economics, Elsevier, Elsevier, vol. 77(3), pages 483-527, September.
    2. Eric O'N. Fisher & Ken Kasa, 1997. "Generational accounting in open economies," Economic Review, Federal Reserve Bank of San Francisco, Federal Reserve Bank of San Francisco, pages 34-46.
    3. Joanna Coast, 1999. "The appropriate uses of qualitative methods in health economics," Health Economics, John Wiley & Sons, Ltd., vol. 8(4), pages 345-353.
    4. D. Wade Hands, 2014. "Paul Samuelson and Revealed Preference Theory," History of Political Economy, Duke University Press, vol. 46(1), pages 85-116, Spring.
    5. Zalai, Ernő, 1999. "A közgazdaságtan metodológiájáról és a matematikai közgazdaságtanról a Neumann-modell ürügyén
      [On the methodolgy of economics and on mathematical economics, under the pretext of the Ne
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 600-628.
    6. John Peters & John Elliott & Stephen Cullenberg, 2002. "Economic Transition As a Crisis of Vision: Classical versus Neoclassical Theories of General Equilibrium," Eastern Economic Journal, Eastern Economic Association, vol. 28(2), pages 217-240, Spring.
    7. Mongin, Philippe, 2013. "La théorie de la décision et la psychologie du sens commun," Les Cahiers de Recherche 943, HEC Paris.
    8. David Colander, 2005. "From Muddling through to the Economics of Control: Views of Applied Policy from J. N. Keynes to Abba Lerner," Middlebury College Working Paper Series, Middlebury College, Department of Economics 0533, Middlebury College, Department of Economics.
    9. Wicks, Rick, 2011. "Assumption without representation: the unacknowledged abstraction from communities and social goods," MPRA Paper 51674, University Library of Munich, Germany.
    10. Gisele Chevalier & Richard Hudson, 2001. "The use of intentional language in scientific articles in finance," Journal of Economic Methodology, Taylor & Francis Journals, Taylor & Francis Journals, vol. 8(2), pages 203-228.
    11. Suzuki, Tomo, 2003. "The accounting figuration of business statistics as a foundation for the spread of economic ideas," Accounting, Organizations and Society, Elsevier, vol. 28(1), pages 65-95, January.
    12. D. Wade Hands, 2006. "Frank Knight and pragmatism," The European Journal of the History of Economic Thought, Taylor & Francis Journals, Taylor & Francis Journals, vol. 13(4), pages 571-605.

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