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 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.
|Date of creation:||07 Feb 2012|
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- Keith Acheson, 2003.
in: A Handbook of Cultural Economics, chapter 31
Edward Elgar Publishing.
- Bresser Pereira,Luiz Carlos, 2010.
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Cambridge University Press, number 9780521144537, September.
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- Robert Delorme, 2010. "Deep Complexity and the Social Sciences," Books, Edward Elgar Publishing, number 13888.
- Hausman,Daniel M., 1992. "The Inexact and Separate Science of Economics," Cambridge Books, Cambridge University Press, number 9780521425230, September.
- Hausman,Daniel M., 1992. "The Inexact and Separate Science of Economics," Cambridge Books, Cambridge University Press, number 9780521415019, September.
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