Plausibility in Economics

Economics and Philosophy 2 (2):197 (1986)
  Copy   BIBTEX

Abstract

According to the instrumentalism of Friedman and Machlup it is irrelevant whether the explanatory principles or “assumptions” of a theory satisfy any criterion of “plausibility,” “realism,” “credibility,” or “soundness.” In this view the main or only criterion for selecting theories is whether a theory yields empirically testable implications that turn out to be consistent with observations. All we should require or expect from a theory is that it is a useful instrument for the purpose of prediction. Considerations of the “efficiency” of a theory for the purpose of ordering our experiences are permitted, but considerations of “plausibility” are not. “Explanatory assumptions” are not really explanatory in the sense that they claim to represent underlying causal processes in reality; they only serve to generate, by deduction, implications that are in accordance with as many observations as possible

Links

PhilArchive



    Upload a copy of this work     Papers currently archived: 91,592

External links

Setup an account with your affiliations in order to access resources via your University's proxy server

Through your library

Analytics

Added to PP
2010-08-10

Downloads
62 (#258,501)

6 months
9 (#300,363)

Historical graph of downloads
How can I increase my downloads?

Citations of this work

The Deductive Method.Daniel M. Hausman - 1990 - Midwest Studies in Philosophy 15 (1):372-388.

Add more citations

References found in this work

The Structure of Scientific Revolutions.Thomas S. Kuhn - 1962 - Chicago, IL: University of Chicago Press. Edited by Ian Hacking.
Ontological relativity and other essays.Willard Van Orman Quine (ed.) - 1969 - New York: Columbia University Press.
Philosophy and the Mirror of Nature.Richard Rorty - 1979 - Princeton University Press.
The logic of scientific discovery.Karl Raimund Popper - 1934 - New York: Routledge. Edited by Hutchinson Publishing Group.
Fact, Fiction, and Forecast.Nelson Goodman - 1965 - Cambridge, Mass.: Harvard University Press.

View all 64 references / Add more references