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Bleg: The scope of abductive reasoning in economics
Wednesday, August 29, 2012 14:00
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Time to ask another question. I was wondering, how much does the form of explanation in economics appear to take the form of abductive reasoning?
Often in economics, we will observe a stylised fact. We then have a method that can explain that fact in a myriad of ways. We will then build a model that shows how a given cause will lead to that stylized fact, and pat ourselves on the back. But if this is really just a form of abductive logic, and there are a myriad of ways to “explain” said stylized fact, how can we have any confidence in our description – how can we really say that we have explained anything?
2012-08-29 13:54:55
Source: http://www.tvhe.co.nz/2012/08/30/bleg-the-scope-of-abductive-reasoning-in-economics/
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