Economics as an inexact science - Inexactness of the hypothethico-deductive approach
8 important questions on Economics as an inexact science - Inexactness of the hypothethico-deductive approach
What is the main problem with core assumptions?
What are the problems of tractability and the need of makign simplifications?
2. Difficult to determine from the beginning of the model construction which variables are relevant.
3. Degree of disaggregation is limited due to mental limits of the model builder.
4. Different models --> problems of consistency and comparability.
What are the problems of testing?
2. Social economic reality changes more rapidly in time than natural processes.
3. Experimental research relatively more difficult for economics.
4. Very difficult to measure preferences and expectations.
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What are the problems of evaluating the hypotheses on the basis of the test results?
2. Only know that a combination of hypothesis is falsified.
What is a possible solution of the low predictive accuracy of economics?
What are the 4 procedural standards that hold for scientific research?
2. Benevolence
3. Transparancy
4. Independence
What is the trade-off between the adequacy of the economic analysis and several procedural standards?
Merton: the ethos of institutionalized science consists of 4 norms:
- universalism
- disinterestedness
- organized skepticism
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