CAUSALITY IN MACROECONOMICSHoover’s

Abstract

In the 19th century, John Stuart Mill argued that economics could not be an inductive science because it lacks that which is the essence of inductive science, viz. the experiment. Since there is no experiment, economic claims cannot be established inductively but must instead be justified deductively on the basis of antecedently accepted theoretical claims about human behaviour.

Citation

Reiss, J. (2005), " CAUSALITY IN MACROECONOMICSHoover’s", Samuels, W.J., Biddle, J.E. and Emmett, R.B. (Ed.) A Research Annual (Research in the History of Economic Thought and Methodology, Vol. 23 Part 1), Emerald Group Publishing Limited, Leeds, pp. 173-182. https://doi.org/10.1016/S0743-4154(05)23007-9