Thoughts on the “scientific method”: part 2 – frequentist fecklessness

Abstract

Purpose

The purpose of this two‐part series is to consider the role of the “scientific method” (SM) in human understanding, questioning both its consistency in actual practice and its reasonableness as a system of philosophy and action.

Design/methodology/approach

Part 2 considers problems of inefficiency and inertia caused by the SM's collectivist, frequentist orientation.

Findings

It is argued that problems caused by the SM's frequentist framework may be avoided by a more individualist, Bayesian approach.

Originality/value

The two‐part series challenges certain aspects of the “scientific method” as employed in the practice of modern science.

Citation

Powers, M.R. (2007), "Thoughts on the “scientific method”: part 2 – frequentist fecklessness", Journal of Risk Finance, Vol. 8 No. 4, pp. 325-329. https://doi.org/10.1108/15265940710818940