by Frank Shostak
Economists have always been envious of the practitioners of the natural and exact sciences. They have thought that introducing the methods of natural sciences such as a laboratory where experiments could be conducted could lead to a major breakthrough in our understanding of the world of economics.
But while a laboratory is a valid way of doing things in the natural sciences, it is not so in economics. Why is that so?
A laboratory is a must in physics, for there a scientist can isolate various factors relating to the object of inquiry.
Although the scientist can isolate various factors he doesn’t, however, know the laws that govern these factors.
Continue reading…
The views expressed on austriancenter.com are not necessarily those of the Austrian Economics Center.
We are glad you do! Please consider donating if you want to read more articles like this one.
Comment
|
December 17th, 2014
Should Economics Emulate Natural Sciences?
by Frank Shostak
Economists have always been envious of the practitioners of the natural and exact sciences. They have thought that introducing the methods of natural sciences such as a laboratory where experiments could be conducted could lead to a major breakthrough in our understanding of the world of economics.
But while a laboratory is a valid way of doing things in the natural sciences, it is not so in economics. Why is that so?
A laboratory is a must in physics, for there a scientist can isolate various factors relating to the object of inquiry.
Although the scientist can isolate various factors he doesn’t, however, know the laws that govern these factors.
Continue reading…
The views expressed on austriancenter.com are not necessarily those of the Austrian Economics Center.
Do you like the article?
We are glad you do! Please consider donating if you want to read more articles like this one.
Warning: Undefined array key "visual_appearance" in /austriancenter.com/subdomains/www/html/wp-content/plugins/give/src/Views/Form/Templates/Classic/Classic.php on line 203
Related
Comment
Against Cross Border Taxation
October 14th, 2014
Comment
As Mexico’s Oil Sector Faces Challenges, Its President Halts Reforms
February 15th, 2019
Comment
FROM KEYNES TO OBAMA: FROM A BAD MODEL TO EVEN WORSE POLICY
August 24th, 2011
Comment
Counterparty Risks and the Gathering Storm: Inadequate Solutions and Absurd Voices
March 11th, 2016
Comment
Global trends: Europe’s weak spots ready to become new crises
January 29th, 2016
Sendinblue Newsletter