Facts and Economic Science

19 Pages Posted: 18 Feb 2015

See all articles by Wilson N. Sy

Wilson N. Sy

Investment Analytics Research

Date Written: February 16, 2015

Abstract

Economics needs a set of agreed facts to create a scientific economic paradigm, without which economics remains trapped in the rationalist-scholastic tradition with many rival schools of conflicting theories. Physics and other natural sciences are shown in this paper to be based on an empiricism revived in the European Renaissance, leading to the scientific progress which defines modern civilization. Misguided by some philosophers of science, economics has put the theoretical cart before the empirical horse. In a scientific reform of the economic profession and economic education, this needs to change.

Keywords: economics, science, philosophy, methodology, paradigm

JEL Classification: A11, A20, A22, B40, B41, C00

Suggested Citation

Sy, Wilson N., Facts and Economic Science (February 16, 2015). Available at SSRN: https://ssrn.com/abstract=2565728 or http://dx.doi.org/10.2139/ssrn.2565728

Wilson N. Sy (Contact Author)

Investment Analytics Research ( email )

12 Gilchrist Place
Balmain East, NSW 2041
Australia
0424669802 (Phone)

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