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Why economics should be a modest and reasonable science

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  • Bresser-Pereira, Luiz Carlos

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 have as their truth criterion the correspondence to reality, adopt an empirical-deductive method, and are supposed to generalize from and often unreliable regularities and tendencies. Given this assumption, it is very difficult for economists to predict economic behavior, particularly major financial crises.

Suggested Citation

  • Bresser-Pereira, Luiz Carlos, 2012. "Why economics should be a modest and reasonable science," Textos para discussão 306, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
    • Handle: RePEc:fgv:eesptd:306
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    References listed on IDEAS

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    1. Robert Delorme, 2010. "Deep Complexity and the Social Sciences," Books, Edward Elgar Publishing, number 13888.
    2. Backhouse,Roger E. & Bateman,Bradley W. (ed.), 2006. "The Cambridge Companion to Keynes," Cambridge Books, Cambridge University Press, number 9780521600606, September.
    3. Daniel Hausman, 1999. "'Ultra-deductivism', perfect knowledge and the methodology of economics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 6(1), pages 125-130.
    4. Luiz Carlos Bresser-Pereira, 2012. "Structuralist macroeconomics and the new developmentalism," Brazilian Journal of Political Economy, Center of Political Economy, vol. 32(3), pages 347-366.
    5. Bresser Pereira,Luiz Carlos, 2010. "Globalization and Competition," Cambridge Books, Cambridge University Press, number 9780521144537, September.
    6. Keith Acheson, 2011. "Globalization," Chapters, in: Ruth Towse (ed.), A Handbook of Cultural Economics, Second Edition, chapter 31, Edward Elgar Publishing.
    7. Luiz Carlos Bresser-Pereira, 2009. "The two methods and the hard core of economics," Brazilian Journal of Political Economy, Center of Political Economy, vol. 29(2), pages 163-190.
    8. Hausman,Daniel M., 1992. "The Inexact and Separate Science of Economics," Cambridge Books, Cambridge University Press, number 9780521415019, December.
    9. Bresser Pereira,Luiz Carlos, 2010. "Globalization and Competition," Cambridge Books, Cambridge University Press, number 9780521196352, September.
    10. Hausman,Daniel M., 1992. "The Inexact and Separate Science of Economics," Cambridge Books, Cambridge University Press, number 9780521425230, December.
    11. Adolph Lowe, 1980. "What Is Evolutionary Economics?," Journal of Economic Issues, Taylor & Francis Journals, vol. 14(2), pages 247-254, June.
    12. Backhouse,Roger E. & Bateman,Bradley W. (ed.), 2006. "The Cambridge Companion to Keynes," Cambridge Books, Cambridge University Press, number 9780521840903, September.
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    Cited by:

    1. Eltahir Yassin, 2019. "Accommodation Versus Control Suggested Model to Macro-Economics," Economics, Sciendo, vol. 7(1), pages 95-110, June.
    2. Della Giusta, Marina & Vukadinovic-Greetham, Danica & Jaworska, Sylvia, 2018. "Tweeting Economists: Antisocial in the socials?," MPRA Paper 89527, University Library of Munich, Germany.

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