Although economics produces knowledge, it is only partial — knowledge that is useful in specific contexts but not universally generalisable. Mainstream economics certainly aspires to be an exact science, but if it is to be considered as such, it only applies to the ‘small worlds’ that economists know how to model. As we all know, […]
Theory of Science & Methodology
To be ‘analytical’ and ‘logical’ is a quality most people find commendable. These words carry a positive connotation. Scientists are thought to think more deeply than most because they employ ‘logical’ and ‘analytical’ methods. Dictionaries often define logic as “reasoning conducted or assessed according to strict principles of validity” and ‘analysis’ as concerning the “breaking […]
In inference to the best explanation, we start with a body of (purported) data or evidence and seek out hypotheses that can account for it. To have the best explanation means that you, given the context-dependent background assumptions, have a satisfactory account that explains the evidence better than any other competing explanation — and so […]
In science — and economics — one could argue that there are basically three kinds of reasoning available: (1) Deduction Premise 1: All Chicago economists believe in the Rational Expectations Hypothesis (REH). Premise 2: Robert Lucas is a Chicago economist. Conclusion: Robert Lucas believes in REH. Here we have an example of a logically valid deductive […]
Yours truly has been offering a crash course on causality to fellow researchers at Malmö University over the past couple of years. If you’re curious, the course PowerPoint is available here: Causality – a crash course. Many research questions in the social sciences today are fundamentally about issues of causality. What is behind the rise […]
The move from a structuralist account in which capital is understood to structure social relations in relatively homologous ways to a view of hegemony in which power relations are subject to repetition, convergence, and rearticulation brought the question of temporality into the thinking of structure, and marked a shift from a form of Althusserian theory […]
What is 0.999 …, really? Is it 1? Or is it some number infinitesimally less than 1? The right answer is to unmask the question. What is 0.999 …, really? It appears to refer to a kind of sum: .9 + + 0.09 + 0.009 + 0.0009 + … But what does that mean? That […]