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 have as their truth criterion the correspondence to reality, adopt an empirical-deductive method, and are supposed to generalize from and 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 InfoPaper provided by Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil) in its series Textos para discussão with number 306.
Date of creation: 07 Feb 2012
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Other versions of this item:
- Luiz Carlos Bresser-Pereira, 2012. "Why Economics Should Be a Modest and Reasonable Science," Journal of Economic Issues, M.E. Sharpe, Inc., vol. 46(2), pages 291-302, June.
- NEP-ALL-2012-02-20 (All new papers)
- NEP-HME-2012-02-20 (Heterodox Microeconomics)
- NEP-HPE-2012-02-20 (History & Philosophy of Economics)
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.:
- Bresser Pereira,Luiz Carlos, 2010.
"Globalization and Competition,"
Cambridge University Press, number 9780521144537.
- Hausman,Daniel M., 1992. "The Inexact and Separate Science of Economics," Cambridge Books, Cambridge University Press, number 9780521425230.
- Hausman,Daniel M., 1992. "The Inexact and Separate Science of Economics," Cambridge Books, Cambridge University Press, number 9780521415019.
- A.L. Keith Acheson, 2010. "Globalization," Carleton Economic Papers 10-01, Carleton University, Department of Economics.
- 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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