An interesting first post on the problem of economics as a “science” and the failure of positivism.
- Introduction and Motivation
The deeply and fundamentally flawed nature of modern economic theory arises from two problems. The root cause is a fundamental misconception about the nature of methodology. The secondary cause is major mistakes in the application of this wrong methodology. The second flaw can be fixed by replacing the axioms and the methods of analysis while working within the same wrong methodological framework. Heterodox economists have been content to work in this way. This does create useful alternatives, since even a fundamentally flawed methodological framework can lead to useful truths if applied skillfully. However, failure to understand and remedy the root cause leads to serious weaknesses in the alternatives offered, which is one of the reasons why heterodoxy has been unable to create a successful alternative paradigm.
In a series of posts, I would like to explain the fundamental methodological flaw, so as to clear the path to…
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