An Assessment of the Scientific Standing of Economics

Economists are still very much in the grip of both operationalism and a reverence for classical mechanics as the science to emulate. Those who have exposed the weaknesses of this approach tend also to dismiss neo-classical economics as devoid of empirical and/or ideological-free content, a move which seems to have been counter-productive. This paper attempts to follow up on the more modest assessment of economics put forth by Allan Gibbard and Hal Varian. Their perspective on economic models suggests that economists might better establish the scientific status of their discipline by adopting the Hempelian case for history.
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DOI 10.2307/193130
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Margaret Schabas (2008). Hume's Monetary Thought Experiments. Studies in History and Philosophy of Science Part A 39 (2):161-169.

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