Journal of Economic Methodology 26 (1):59-69 (2019)

Authors
Robert Northcott
Birkbeck, University of London
Abstract
Should we insist on prediction, i.e. on correctly forecasting the future? Or can we rest content with accommodation, i.e. empirical success only with respect to the past? I apply general considerations about this issue to the case of economics. In particular, I examine various ways in which mere accommodation can be sufficient, in order to see whether those ways apply to economics. Two conclusions result. First, an entanglement thesis: the need for prediction is entangled with the methodological role of orthodox economic theory. Second, a conditional predictivism: if we are not committed to orthodox economic theory, then we should demand prediction rather than accommodation – against most current practice.
Keywords prediction  accommodation  economics  explanation  models  theory
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Reprint years 2019
DOI 10.1080/1350178x.2018.1561080
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Thinking About Mechanisms.Peter Machamer, Lindley Darden & Carl F. Craver - 2000 - Philosophy of Science 67 (1):1-25.
Interpretation and the Sciences of Man.Charles Taylor - 1971 - Review of Metaphysics 25 (1):3 - 51.

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On the Individuation of Choice Options.Roberto Fumagalli - 2020 - Philosophy of the Social Sciences 50 (4):338-365.

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