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Philosophico-Methodological Analysis of Prediction and its Role in Economics (Hardcover, 2015 ed.)
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Philosophico-Methodological Analysis of Prediction and its Role in Economics (Hardcover, 2015 ed.)
Series: Theory and Decision Library A:, 50
Expected to ship within 12 - 19 working days
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This book develops a philosophico-methodological analysis of
prediction and its role in economics. Prediction plays a key role
in economics in various ways. It can be seen as a basic science, as
an applied science and in the application of this science. First,
it is used by economic theory in order to test the available
knowledge. In this regard, prediction has been presented as the
scientific test for economics as a science. Second, prediction
provides a content regarding the possible future that can be used
for prescription in applied economics. Thus, it can be used as a
guide for economic policy, i.e., as knowledge concerning the future
to be employed for the resolution of specific problems. Third,
prediction also has a role in the application of this science in
the public arena. This is through the decision-making of the agents
- individuals or organizations - in quite different settings, both
in the realm of microeconomics and macroeconomics. Within this
context, the research is organized in five parts, which discuss
relevant aspects of the role of prediction in economics: I) The
problem of prediction as a test for a science; II) The general
orientation in methodology of science and the problem of prediction
as a scientific test; III) The methodological framework of social
sciences and economics: Incidence for prediction as a test; IV)
Epistemology and methodology of economic prediction: Rationality
and empirical approaches and V) Methodological aspects of economic
prediction: From description to prescription. Thus, the book is of
interest for philosophers and economists as well as policy-makers
seeking to ascertain the roots of their performance. The style used
lends itself to a wide audience.
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