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Why Economics Should Be a Modest and Reasonable Science

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  • Luiz Bresser-Pereira

Abstract

Unlike the methodological sciences, such as mathematics and decision theory, which use the hypothetical-deductive method and may be fully expressed in complex mathematical models because their only truth criterion is logical consistency; the substantive sciences that have as their truth criterion the correspondence to reality, adopt an empirical-deductive method, and are supposed to generalize from often unreliable regularities and tendencies. Given this assumption, it is very difficult for economists to predict economic behavior, particularly major financial crises.

Suggested Citation

  • Luiz Bresser-Pereira, 2012. "Why Economics Should Be a Modest and Reasonable Science," Journal of Economic Issues, Taylor & Francis Journals, vol. 46(2), pages 291-302.
    • Handle: RePEc:mes:jeciss:v:46:y:2012:i:2:p:291-302
    DOI: 10.2753/JEI0021-3624460204
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    References listed on IDEAS

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    2. Eltahir Yassin, 2019. "Accommodation Versus Control Suggested Model to Macro-Economics," Economics, Sciendo, vol. 7(1), pages 95-110, June.

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