Is Economics an Empirical Science? If not, can it become one?
Today’s mainstream economics, embodied in Dynamic Stochastic General Equilibrium (DSGE) models, cannot be considered an empirical science in the modern sense of the term: it is not based on empirical data, is not descriptive of the real-world economy, and has little forecasting power. In this paper,...
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| Format: | Article |
| Language: | English |
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Frontiers Media S.A.
2015-07-01
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| Series: | Frontiers in Applied Mathematics and Statistics |
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| Online Access: | http://journal.frontiersin.org/Journal/10.3389/fams.2015.00007/full |