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A deeper struggle for the soul of economics

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Abstract

Kevin Hoover explores retroduction as a means of theorizing in macro-economics, rather than exclusive reliance on deductivism or inductivism. Retroduction is discussed as involving conceptualization with respect to empirical evidence as a means of identifying causal mechanisms as the basis for theory in the form of mathematical models. It is put forward as a preferred alternative to more fundamental reform of macro-economics, whose justification Hoover dismisses as being ‘ideological’. Yet ideology refers to a position on metaphysics such as Hoover himself sets out in terms of open systems, which would significantly extend the scope for retroduction.

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  • Sheila Dow, 2023. "A deeper struggle for the soul of economics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 30(2), pages 90-93, April.
    • Handle: RePEc:taf:jecmet:v:30:y:2023:i:2:p:90-93
    DOI: 10.1080/1350178X.2021.2010282
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