Real-World Economics Review Blog
Malinvaud on how USA economists increasingly dismissed measurement
Merijn Knibbe
Science is distinguished from philosophy and other speculative thought based on reasoning in that first principles are rejected in favor of empirically determinable assumptions as starting points and empirical testing of hypotheses is based on measurement of observables in accordance with rigorous experimental methodology. Thought experiments are only heuristic devices and cannot be taken as in anyway definitive scientifically.
Is much of conventional economic modeling actually thought experiments masquerading as definitive scientifically? Is the result social, political, and economic speculation — "philosophy" — rather than science, whose results have an empirical warrant in addition to a logical pedigree in a deductive system based on assumptions?
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