Why Economics Should Be a Modest and Reasonable Science
Unlike 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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References listed on IDEAS
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- Robert Delorme, 2010. "Deep Complexity and the Social Sciences," Books, Edward Elgar Publishing, number 13888.
- Bresser Pereira,Luiz Carlos, 2010.
"Globalization and Competition,"
Cambridge University Press, number 9780521196352, December.
- Pereira, Luiz C. Bresser, 2011. "Structuralist macroeconomics and new developmentalism," Textos para discussão 298, Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil).
- Hausman,Daniel M., 1992. "The Inexact and Separate Science of Economics," Cambridge Books, Cambridge University Press, number 9780521425230, December.
- Keith Acheson, 2011.
in: A Handbook of Cultural Economics, Second Edition, chapter 31
Edward Elgar Publishing.
- Hausman,Daniel M., 1992. "The Inexact and Separate Science of Economics," Cambridge Books, Cambridge University Press, number 9780521415019, December.
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