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Title : Deep Thinking Physicists Strike The Shallowness Of Positive Economics

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Deep Thinking Physicists Strike The Shallowness Of Positive Economics

It is commonplace alongside mainstream economists to empirically exam their theories, or inward deeper econometrics to fifty-fifty "discover" economical laws via empirical correlations.

Economists of the Austrian schoolhouse accept rejected these empirical methods equally defective for the written report of the sciences of human action. They thought such empirical activity inward economics, in addition to other social sciences, equally a sort of physics envy.

The Austrian schoolhouse Nobel prize winner Freidrich Hayek discussed this physics envy nigh straight inward his book, Counter-Revolution of Science.

Ludwig von Mises discussed the option parxeological approach (the written report of human action via the deductive approach from basic premises), inward several writings including, The Ultimate Foundation of Economic Science: An Essay on Method in addition to Epistemological Problems of Economics.

Murray Rothbard outlined the positivist (empirical) model of scientific method this way:

At the risk of oversimplification, the positivist model of the scientific method may be
summarized equally follows:

Step 1. The scientist observes empirical regularities, or “laws,” betwixt variables.

Step 2. Hypothetical explanatory generalizations are constructed, from which the
empirically observed laws tin survive deduced in addition to thus “explained.”

Step 3. Since competing hypotheses tin survive framed, each explaining the trunk of empirical laws, such “coherence” or consistent explanation is non enough; to validate thehypotheses, other deductions must survive made from them, which must survive “testable” byempirical observation.

Step 4. From the structure in addition to testing of hypotheses, a wider in addition to wider trunk of
generalizations is developed; these tin survive discarded if empirical tests invalidate them, or
survive replaced yesteryear novel explanations roofing a even then wider make of phenomen.

He besides noted quite accurately:

As ane distinguished economist lamented, “Economics nowadays oftentimes seems similar a third-rate sub-branch of mathematics,” in addition to one, he added, that the mathematician himself does non esteem real highly.

Thanks to a novel book, Lost inward Math: How Beauty Leads Physics Astray yesteryear Sabine Hossenfelder, ane has to wonder if the economical positivists are exclusively mimicking a real shallow physics methodology when going the empirical route. That the deeper thinking physicists accept gone inward a to a greater extent than praxeological direction.

Hossenfelder points out that

Albert Einstein, who actually needs no introduction, worked himself into a soil inward which he believed that idea lone tin let on the laws of nature: "I am convinced that nosotros tin uncovering yesteryear agency of purely mathematical constructions the concepts in addition to the laws connecting them with each other, which provide the fundamental to the agreement of natural phenomena. ... In a for sure sense, therefore, I concord it truthful that pure idea tin grasp reality, equally the ancients dreamed."

And this from Hossenfelder (my bold):

String theory has to appointment no experimental prove speaking for it...

Richard Dawid, inward his majority used string theory equally an representative før the purpose of non-empirical theory assessment. By this he agency that to guide a expert theory, its mightiness to depict observation isn't the exclusively criterion. He claims that for sure criteria that are non based on observations are besides philosophically sound, in addition to he concludes that the scientific method must survive amended then that hypotheses tin survive evaluated on purely theoretical grounds.

-RW

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