Die Grenzen der Wirtschaftspolitik
In: Meilensteine der Nationalökonomie
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In: Meilensteine der Nationalökonomie
In: Cato paper 5
World Affairs Online
In: Special papers in international economics 2
In: O - P book
In: Studies in business cycles
In: Arbeitsgemeinschaft für Forschung des Landes Nordrhein-Westfalen
In: Natur-, Ingenieur- und Gesellschaftswissenschaften 63
In: Revista de economía y estadística, Volume 8, Issue 3-4, p. 81-104
ISSN: 2451-7321
In: Kyklos: international review for social sciences, Volume 25, Issue 4, p. 699-714
ISSN: 1467-6435
SUMMARYThe higher degree of description is reached when a field becomes amenable to the use of the axiomatic method. In economics this state has been reached only recently in the establishment of a numerical utility. In general, it is difficult to know what to describe and how to measure; both require precise concepts. Current economic descriptions lack both very often, in particular the whole area of psychological factors, decisions, etc., escape the essentially physical descriptions of economic phenomena.Good predictions are the ultimate test of theory but also false theories often have a surprising power to predict. Thus, this matter is much more complicated than normally assumed.Even descriptive theories can be interpreted as 'normative' provided they are convincing to the user. The implied norm is often a prohibition, as for example, in the statement that one should not try to build a perpetuum mobile. If a state of society is commonly accepted which sanctions private property, then the norm follows that one ought not to steal. This is different from normative value statements that derive solely from other norms.
In: Zeitschrift für Nationalökonomie: Journal of economics, Volume 28, Issue 2, p. 145-164
ISSN: 2304-8360
In: Zeitschrift für Nationalökonomie: Journal of economics, Volume 26, Issue 1-3, p. 190-203
ISSN: 2304-8360