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Psychology and Macroeconomics

In: The Psychology of Money and Public Finance

Author

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  • Günter Schmölders

Abstract

So far as the empirical sciences are concerned, prognosis forms the touchstone of any new theory. Whenever certain phenomena — let them be called ‘causes’ — are observed to be regularly followed by certain other phenomena (‘effects’), any hypothesis purporting to establish a line of causality must be capable not only of explaining known past phenomena, but also of forecasting unknown phenomena in the future. Irrespective of the field of immediate concern — be it nature, medicine, the human soul, or the problems of human coexistence — the chief aim must always be prognosis, the final and decisive test of all discoveries in the fields of natural science, economics and sociology.

Suggested Citation

  • Günter Schmölders, 2006. "Psychology and Macroeconomics," Palgrave Macmillan Books, in: The Psychology of Money and Public Finance, chapter 6, pages 211-228, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-62511-2_6
    DOI: 10.1057/9780230625112_6
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