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The Characteristics and Methods of Economics

  • Ricardo F. CrespoEmail author
Chapter
Part of the SpringerBriefs in Philosophy book series (BRIEFSPHILOSOPH)

Abstract

This chapter deals with economic method, highlighting the relevance of striking a reasonable balance between theory and empirical observations. While data without theory is useless, theory without data leads to an imaginary construct detached from reality, especially in a contingent, free, and culture- dependent matter as the economy. The difficulties stemming from this contingency are partially overcome with probabilistic generalizations based on natural and social regularities and trends. As a result, the predictive power of economics is always limited.

Keywords

Methodology of social sciences Economic method Keynes on economic methodology Political economy as practical science 

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Copyright information

© The Author(s) 2013

Authors and Affiliations

  1. 1.Department of PhilosophyUniversidad Nacional de Cuyo and Consejo Nacional de Investigaciones Científicas y TécnicasMendozaArgentina

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