The Scientific Method and Economics

Сентябрь 10, 2022

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The Scientific Method and Economics

Содержание

2. Traditional Scientific Method But it doesn’t describe reality of how science works
3. Science Flowchart This is more realistic
4. The Cultural Side The scientific community and the educational institution can rightly be considered ‘subcultures’ each
5. Emic vs Etic As it turns out, this distinction in the point of view of the
6. Philosophy of Science: Karl Popper, 1902-1994 Falsification: a theory is scientific when it is capable of
7. Philosophy of Science: Thomas Kuhn, 1922-1996 Paradigm Shift: science is a set of methods of discovery
8. Economics Paradigms 1: Mainstream US & UK -Classical Economics: Adam Smith to Alfred Marshall. Focus on
9. Econ Paradigms 2: Socialism Marxist: revolution by the working class displaces capitalists, so that workers own
10. Economics Paradigms 3 -Monetarism: Milton Friedman. Focus on the ability of the Central Bank to mange
11. Economics Paradigms 4: Libertarianism -“Capitalism is a social system based on the recognition of individual rights,
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Слайд 2

Traditional Scientific Method
But it doesn’t describe reality of how science works

Слайд 3

Science Flowchart
This is more realistic

Слайд 4

The Cultural Side
The scientific community and the educational institution can rightly

be considered ‘subcultures’ each with its own set of material and nonmaterial components. Scientists, including social scientists, share a set of beliefs, values, and norms and employ various material items that form the toolkits of both the natural and social sciences.

Слайд 5

Emic vs Etic
As it turns out, this distinction in the point

of view of the analyst, which originated in anthropology, is important in economics as well

Слайд 6

Philosophy of Science: Karl Popper, 1902-1994
Falsification: a theory is scientific when it

is capable of being proven false by reproducible evidence

Слайд 7

Philosophy of Science: Thomas Kuhn, 1922-1996
Paradigm Shift: science is a set of

methods of discovery and understanding; periodically those methods go through a revolution and new methods become standard.

Слайд 8

Economics Paradigms 1: Mainstream US & UK
-Classical Economics: Adam Smith to

Alfred Marshall. Focus on Microeconomics, the long term, free markets
-Keynesian Economics: John Maynard Keynes to John Kenneth Galbraith. Focus on Macroeconomics and the government’s ability to manage the economy

Слайд 9

Econ Paradigms 2: Socialism
Marxist: revolution by the working class displaces capitalists,

so that workers own the means of production

Social Democratic: the government heavily intervenes in the economy to protect the well-being of workers

Слайд 10

Economics Paradigms 3
-Monetarism: Milton Friedman. Focus on the ability of the

Central Bank to mange the economy; de-emphasize fiscal policy
-Austrian School: Friedrich Hayek, Ludwig von Mises. Built around the ideas of free markets, minimal govt intervention, anti-socialism

Слайд 11

Economics Paradigms 4: Libertarianism
-“Capitalism is a social system based on the

recognition of individual rights, including property rights, in which all property is privately owned.”
-Ayn Rand

The Scientific Method and Economics

Содержание

Traditional Scientific MethodBut it doesn’t describe reality of how science works

Science FlowchartThis is more realistic

The Cultural SideThe scientific community and the educational institution can rightly

Emic vs EticAs it turns out, this distinction in the point

Philosophy of Science: Karl Popper, 1902-1994Falsification: a theory is scientific when it

Philosophy of Science: Thomas Kuhn, 1922-1996Paradigm Shift: science is a set of

Economics Paradigms 1: Mainstream US & UK-Classical Economics: Adam Smith to

Econ Paradigms 2: SocialismMarxist: revolution by the working class displaces capitalists,

Economics Paradigms 3-Monetarism: Milton Friedman. Focus on the ability of the

Economics Paradigms 4: Libertarianism-“Capitalism is a social system based on the

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