On the Empirical Content of Economic Theories

Werner Hildenbrand

in Economics Beyond the Millennium

Published in print September 1999 | ISBN: 9780198292111
Published online November 2003 | e-ISBN: 9780191596537 | DOI:

Series: The ASSET Series

 On the Empirical Content of Economic Theories

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The author argues that the standard equilibrium model of economics is devoid of empirical content and that a theory based on individual rationality derived from introspection provides no explanations of real world phenomena. He suggests that the way forward lies in deriving predictions from empirical facts and then testing for the presence of these facts. This is contrary to current practice.

Keywords: expenditure; explanation; law of demand; market demand; structure of economic data

Chapter.  5864 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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