Abduction and economics: the contributions of Charles Peirce and Herbert Simon

Journal of Economic Methodology 22 (4):491-516 (2015)
A constantly changing social reality means economic theories, even if correct today, need to be constantly revised, updated, or abandoned. To maintain an up-to-date understanding of its subject matter, economists have to continuously assess their theories even those that appear to be empirically corroborated. Economics could gain from a method that describes and is capable of generating novel explanatory hypotheses. A pessimistic view on the existence of such a method was famously articulated by Karl Popper in The Logic of Scientific Discovery. He wrote ‘there is no such a thing as a logical method of having ideas or a logical reconstruction of this process.’ Herbert Simon responded to Popper and argued the opposite, namely, that there is a model of discovery and its name is abduction. Simon acknowledges his debt to Charles Peirce – the first modern logician to explicitly formulate a theory of abduction – and explains that abduction is a model of discovery that works as a problem-solving heuristic encoded..
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DOI 10.1080/1350178X.2015.1024876
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References found in this work BETA
The Structure of Scientific Revolutions.Thomas S. Kuhn - 1962 - University of Chicago Press.
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Agent-Based Modelling as a Foundation for Big Data.Chen Shu-Heng & Venkatachalam Ragupathy - 2017 - Journal of Economic Methodology 24 (4):362-383.

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