Commenting on the econometric methodology practiced in the 1950s and early 1960s, Blaug stated: . . .
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Commenting on the econometric methodology practiced in the 1950s and early 1960s, Blaug stated:
. . . much of it [i.e., empirical research] is like playing tennis with the net down:
instead of attempting to refute testable predictions, modern economists all too frequently are satisfied to demonstrate that the real world conforms to their predictions, thus replacing falsification [à la Popper], which is difficult, with verification, which is easy.
Do you agree with this view? You may want to peruse Blaug’s book to learn more about his views.
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