The question I want to examine in this paper is if and how falsification as a method and Popper’s philosophy of science in general is appropriate for and applicable to economic research. To begin with I will start with a short introduction about Karl Popper and his philosophy. Then I will explain and evaluate the concept of falsification with its strengths and weaknesses and its use for science in general. Afterwards I will examine the influence and actual usage of falsification in economics in general to finally evaluate the chances and limits of the concept in this area of science.
It is often said that a significant characteristic of economic research is the strong staying power of theories, even with contradicting empirical evidence. Moreover, the scientific character of economic science is often questioned. In this context economic research is criticised for a lack of falsification or even a lack of falsifiability. But is it true and what does this mean?
The concept of falsification as a deductive method was brought up and made popular by the Austro-British philosopher Karl Popper in the 1930s. In contrast to the idea of gaining truth or principles through a lot of empiric observations (inductive method), he claimed that it is logically only possible to refute general statements by empirical observations. Consequently, Popper advocates for a method of research through trial and error. Science should use the method of falsification and for him the use of it is the demarcation criterion between science and non-science. Karl Popper’s methodological writings have been a cause of debate since the 1930s.
This scientific method is nowadays established particularly in natural sciences where you can tell more easily if a theory is wrong than in other disciplines. Economic research is part of the second group of disciplines, where we often find huge differences between Popper’s prescriptions and the common practice and where normative statements are often part of all considerations.
Inhaltsverzeichnis (Table of Contents)
- 1. INTRODUCTION
- 2. KARL POPPER AND HIS PHILOSOPHY OF SCIENCE
- 2.1 Karl Popper and his work
- 2.2 Philosophy of Science and the method of falsification
- 3. FALSIFICATION AND ECONOMICS
- 3.1 Karl Popper's legacy in economics
- 3.2 Application and applicability of falsification
- 3.3 Broader view on Popper's falsification
- 3.4 Implications for economic science
- 4. CONCLUSION
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This paper investigates the applicability of Karl Popper's philosophy of science, particularly the concept of falsification, to economic research. It explores the debate surrounding the scientific character of economics and examines how Popper's ideas can be used to address criticisms regarding a lack of falsification in the field.
- The role of falsification in scientific methodology
- Karl Popper's philosophy of science and its influence on economics
- The applicability of falsification to economic research
- The strengths and weaknesses of falsification as a scientific method
- The implications of falsification for the development of economic science
Zusammenfassung der Kapitel (Chapter Summaries)
- Chapter 1: Introduction This chapter introduces the topic of falsification in economics and provides an overview of the paper's main objective. It highlights the critique of economic research for a lack of falsification and sets the stage for exploring the concept of falsification in greater detail.
- Chapter 2: Karl Popper and his Philosophy of Science This chapter provides a brief biography of Karl Popper and outlines his key contributions to the philosophy of science. It explores his critique of logical positivism and his advocacy for the method of falsification as a means of distinguishing science from non-science.
- Chapter 3: Falsification and Economics This chapter examines the influence of Popper's philosophy of science on economics. It analyzes the applicability of falsification to economic research, considering its strengths and weaknesses. The chapter also explores the broader implications of falsification for the development of economic science.
Schlüsselwörter (Keywords)
This paper focuses on the philosophy of science, particularly Karl Popper's concept of falsification, and its application to economic research. Key terms and concepts include falsification, scientific method, logical positivism, economic science, and empirical evidence.
- Quote paper
- Simon Valentin (Author), 2016, Falsification in Economics. Is Karl Popper's Philosophy of Science Applicable to Economic Research?, Munich, GRIN Verlag, https://www.grin.com/document/321581
