Abstract

Research in the subject area of economics (as a social science) has defined its ontologie of scientific investigation through economic methodology; a philosophical approach entailing the proviso of empirical evidence and backed by an understanding of human interaction in their natural habitat. The contention of economic methodology being refuted for its non-scientific means of investigation and particularly with the application of Ceteris Paribus (CP) law, has been critically addressed in this article, with Sierra Leone as a case example. Sierra Leone is a complex economy and issues surrounding the assumption of CP has been brought to the fore, with a view of the political economy structure being made transparent so as to make it possible for economists to address critical issues surrounding corruption (exogenous factors), not accounted for in econometric modelling. This is not necessarily that which is considered as the most obvious, with the use of CP concept, for example, the influence of naturally occurring incidents like adverse weather conditions, flooding and earthquakes.