Psychology and Macroeconomics

Günter Schmölders

Chapter 6 in The Psychology of Money and Public Finance, 2006, pp 211-228 from Palgrave Macmillan

Abstract: Abstract So far as the empirical sciences are concerned, prognosis forms the touchstone of any new theory. Whenever certain phenomena — let them be called ‘causes’ — are observed to be regularly followed by certain other phenomena (‘effects’), any hypothesis purporting to establish a line of causality must be capable not only of explaining known past phenomena, but also of forecasting unknown phenomena in the future. Irrespective of the field of immediate concern — be it nature, medicine, the human soul, or the problems of human coexistence — the chief aim must always be prognosis, the final and decisive test of all discoveries in the fields of natural science, economics and sociology.

Keywords: Monetary Policy; Central Bank; Aggregate Demand; Commodity Market; Liquid Asset (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-62511-2_6

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DOI: 10.1057/9780230625112_6

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