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Tag Archives: Theory of Science & Methodology

The insufficiency of validity

The insufficiency of validity Mainstream economics is at its core in the story-telling business whereby economic theorists create make-believe analogue models of the target system – usually conceived as the real economic system. This modelling activity is considered useful and essential. Since fully-fledged experiments on a societal scale as a rule are prohibitively expensive, ethically indefensible or unmanageable, economic theorists have to substitute...

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Against causal monism

Social scientists pursue a variety of different purposes such as predicting events of interest, explaining individual events or general phenomena, and controlling outcomes for policy. It is interesting to note that the language of“cause” is employed in all these contexts … What kind of causal hypothesis should be investigated (and, in tandem, what kind of evidence should be sought) therefore is to be determined on the basis of purpose pursued in the given context. For certain...

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The randomization tools economists use

The randomization tools economists use Preference-based discrimination is based on the fact that, for example, employers, customers, or colleagues have a dislike for those who belong to a certain group. Such discrimination can lead to wage differences between discriminated and non-discriminated groups. However, competition can undermine these wage differences, as non-discriminatory employers will make greater profits and drive discriminatory employers out...

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The difference between logic and science

The difference between logic and science .[embedded content] In mainstream economics, both logic and mathematics are used extensively. And most mainstream economists sure look upon themselves as “twice blessed.” Is there any scientific ground for that blessedness? None whatsoever! If scientific progress in economics lies in our ability to tell ‘better and better stories’ one would, of course, expect economics journals to be filled with articles...

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A methodological credo

What enables and yet constrains research? What is both medium and outcome of research? What do researchers reproduce without even knowing it? What is supposed to unite researchers but may divide them? What empowers researchers to speak but is never fully articulated? What is played out in the routine of research but can never be routinised? What is the responsibility of all researchers but for which none has a mandate? The answer to all of these riddles is METHODOLOGY.

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The wisdom of crowds

The wisdom of crowds .[embedded content] .[embedded content] If you’d like to learn more on the issue, have a look at James Surowiecki’s The Wisdom of Crowds (Anchor Books, 2005) or Scott Page’s The Diversity Bonus (Princeton University Press, 2017).

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Science — the need for causal explanation

Science — the need for causal explanation Many journal editors request authors to avoid causal language, and many observational researchers, trained in a scientific environment that frowns upon causality claims, spontaneously refrain from mentioning the C-word (“causal”) in their work … The proscription against the C-word is harmful to science because causal inference is a core task of science, regardless of whether the study is randomized or nonrandomized....

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