The Principle of Economy in Scientific Explanation

A Survey of Empirical Verifications
  • Arvid Aulin
Part of the Lecture Notes in Economics and Mathematical Systems book series (LNE, volume 464)


There is a principle of economy of scientific explanation, in economics stressed especially by Milton Friedman, stating that observed facts should be explained by the least possible theoretical assumptions. Following this principle a minimal macroeconomic dynamics, with a generalized value function but without the two dogmas (cf. Section 1.2), was constructed in Chapter 3.


Business Cycle Stochastic Optimization Saving Rate Scientific Explanation Growth Path 
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Copyright information

© Springer-Verlag Berlin Heidelberg 1998

Authors and Affiliations

  • Arvid Aulin
    • 1
  1. 1.The Finnish Academy of Science and LettersHelsinkiFinland

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