Truth and validity

15 August, 2016 at 14:01 | Posted in Theory of Science & Methodology | 1 Comment

 

Mainstream economics has become increasingly irrelevant to the understanding of the real world. The main reason for this irrelevance is the failure of economists to match their deductive-axiomatic methods with their subject.

It is — sad to say — a fact that within mainstream economics internal validity is everything and external validity and truth nothing. Why anyone should be interested in that kind of theories and models — as long as mainstream economists do not come up with any export licenses for their theories and models to the real world in which we live — is beyond comprehension. Stupid models are of no or little help in understanding the real world.

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  1. The basic distinction between analysis and synthesis, between questions of logic and conceptual possibility on the one hand, and questions of measurable, objective fact on the other, seems lost on most economists. They have a theory in the form of a geometry and they mistake it for a map. How stupid is that?


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