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The Most Relevant Theories and Methods

In: The Causes of Economic Growth

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  • Rick Szostak

    (University of Alberta)

Abstract

Philosophy of science is a highly contested field these days. Yet there is considerable consensus on what is no longer accepted. The falsificationism associated with Karl Popper and the Vienna Circle is almost universally discredited. It is now appreciated that no scientific method can give unquestioned falsification (and certainly not proof) of any hypothesis. A host of subsidiary assumptions are always necessary for the application of any method. Inconvenient results can always be attributed to these. Judgment must always be exercised in the interpretation of any empirical result. As a result, philosophers of science now doubt that there is any one best way of doing science. These facts are unknown or ignored by many practicing economists (and other social scientists) who continue to believe that there is one best way to perform economic analysis, and indeed argue that only statistical analysis can falsify (and for some even prove) theories. This chapter will look first at theories and then at methods. In each case, the full range of theory types or methods is surveyed, and those with particular relevance for the study of economic growth are identified. Since no theory or method is perfect, the key strengths and weaknesses of each are outlined. This sets the stage for the evaluation of disciplinary insights in later steps. Yet the analysis in this chapter should also be of direct relevance to interdisciplinary researchers in guiding them to the careful use of theories and methods of particular value to their research program.

Suggested Citation

  • Rick Szostak, 2009. "The Most Relevant Theories and Methods," Springer Books, in: The Causes of Economic Growth, chapter 3, pages 53-98, Springer.
    • Handle: RePEc:spr:sprchp:978-3-540-92282-7_3
    DOI: 10.1007/978-3-540-92282-7_3
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