Friday, September 23, 2005


The Austrian Economists :
"The effort by economists to ape the scientific methodology of the natural sciences is one of the most intellectually dangerous ideas of the 20th century. Unfortunately, despite the rise in the 1980s and 1990s of serious philosophical challenges to the hegemony of scientism, economists in the 21st century seems to be moving along unaffected by this critique. At least in the 1940s and 1950s, economists sought philosophical justification for their practice of model and measure. Now-a-days, the focus is on conventionalism. The only justification is that economists do what other economists do, and what they do is build models and test for statistical significance."
There is probably more than a little truth in this, don't you agree?

No comments: