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.
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- A.L. Keith Acheson, 2010.
Carleton Economic Papers
10-01, Carleton University, Department of Economics.
- repec:cup:cbooks:9780521144537 is not listed on IDEAS
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- Robert Delorme, 2010. "Deep Complexity and the Social Sciences," Books, Edward Elgar, number 13888, July.
- Bresser-Pereira, Luiz Carlos (Luiz Carlos Bresser), 2011. "Structuralist macroeconomics and new developmentalism," Textos para discussão 298, Escola de Economia de São Paulo, Getulio Vargas Foundation (Brazil).
- repec:cup:cbooks:9780521415019 is not listed on IDEAS
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