Download e-book for iPad: The Methodology of Economic Model Building: Methodology by Lawrence A. Boland

By Lawrence A. Boland

ISBN-10: 0415000149

ISBN-13: 9780415000147

Addresses the matter of assuring testability for complicated fiscal versions, concerning this to wider debates within the sciences and social sciences on empiricism and the reality prestige of versions. This ebook could be of curiosity to academics and complex scholars of financial thought.

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Additional info for The Methodology of Economic Model Building: Methodology After Samuelson

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And Q says less than P because the time-paths of agricultural goods form a proper subclass of the time-paths of all goods. Consequently, P is more easily falsified than Q: if Q is falsified, then P is falsified, but not vice versa. Moving from P to R the ‘degree of precision’ (of the predicate) decreases: circles are a proper subclass of conics. And if R is falsified, then P is falsified, but, again, not vice versa. Corresponding considerations apply to the other moves: If we move from P to S then both the level of universality and the degree of precision decrease; from R to S the level of universality decreases; and from Q to S the degree of precision decreases.

75]. The importance of the requirement of consistency will be appreciated if it is realized that a selfcontradictory (prohibitive) statement is uninformative. A consistent (prohibitive) statement divides the set of all possible observations or statements of fact into two groups: those which it contradicts and those with which it is compatible [p. 92]. I postpone discussion of ‘informativeness’ until Chapter 6. 2. Falsifiability vs false theories If it is kept in mind that a theory or model consists of many assumptions which are logically conjoined to form an argument in favour of one or more propositions, we must now consider what the Popper-Socrates view of science means by a ‘false theory’.

Something like the totality of all possible economic worlds of economic experience. Let us further imagine that each event, or class, is represented by a subsegment, a ‘slice’, of our horizontal line segment. Now let all the homotypic statements which belong to a particular class be ‘stacked’ vertically like tiles (in any order) on our 6 Unfortunately the term ‘event’ may seem a little vague when applied to economic concepts but this is because we are seldom succinct in our identification of economic variables.

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The Methodology of Economic Model Building: Methodology After Samuelson by Lawrence A. Boland

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