David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
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British Journal for the Philosophy of Science 44 (3):493-503 (1993)
Modern economics, with its use of advanced mathematical methods, is often looked upon as the physics of the social sciences. It is here argued that deductive analyses are more important in economics than in physics, because the economists more seldom can confirm phenomenological laws directly. The economist has to use assumptions from fundamental theory when trying to bridge the gap between observations and phenomenological laws. Partly as a result of the difficulties of establishing phenomenological laws, analyses of idealized 'model-economies' play a more important, but mainly heuristic role, in economics
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