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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?




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