Prediction and prescription in economics: A philosophical and methodological approach

Theoria 13 (2):321-345 (1998)
“Prediction” and “prescription” are crucial notions for economics. This paper offers a philosophical and methodological approach and takes into account the connection with the problem of science and values. To do this, two steps are followed: firstly, prediction in economics -its characteristics and limits- will be examined and, secondly, the role of prescription in economics (and its relations with internal and external values) will be studied. Thus; the underlying aims of this paper are to make explicit the characters of economic prediction, to show its nexus with the economic prescription and to point out the links of both -especially, the latter- with the specific values of “economic activity” and the values of “economics as activity” (i. e., values of economic undertaking as an activity interconnected with others in the social context)
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