Loose Ends in Economics
- Predrag Rajsic's Blog
The Pitfalls of Friedman's Positive Economics
Applying the positivist worldview that assumes strict causality to society implies that everything is predetermined by the initial arrangement of the elements of reality and the laws relating them. Those who accept positivism in social sciences must also accept that human choice is an illusion. Even the economist’s “decision” to develop a model that she would use to draw policy recommendations is an illusion of choice. The aim of that recommendation to change something in the society would likewise be an illusion in such a world.
If, on the other hand, positivist interventionists want to free themselves from this trap by abandoning complete determinism, the first thing that needs to be explained is how to discern whether a theory predicted poorly because it is an unsatisfactory theory or because the strict causality in the true underlying nature of the economic reality was broken down at the time and place of measurement
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