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Validity of Economic Theories

Author

Listed:
  • Jacques Fontanel

    (CESICE - Centre d'études sur la sécurité internationale et les coopérations européennes - UPMF - Université Pierre Mendès France - Grenoble 2 - IEPG - Sciences Po Grenoble - Institut d'études politiques de Grenoble)

Abstract

The question of perennial laws and relationships between economic variables is constantly raised. Can it be said that a law is valid regardless of time or place? However, economic situations evolve profoundly with the functioning of legal rules, ethics or moral values. Empirical doctrines rely on observation, statistics, and experience to validate at least provisionally an economic relationship that can serve as a standard for economic policy. However, there are no definitive criteria to prove the validity of a theory. Economic studies use economic data and statistical and econometric tools, simulation techniques or careful study of institutions to show, at a minimum, the resilience potential of a relationship between two or more macroeconomic variables. It is possible to show the inadequacy of a relationship, but it is impossible to prove the validity of a law in time and space.

Suggested Citation

  • Jacques Fontanel, 1982. "Validity of Economic Theories," Post-Print hal-03264661, HAL.
    • Handle: RePEc:hal:journl:hal-03264661
    as

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