Economics at your fingertips  

On the Observability Requirement in Economics as an Axiomatic Science

Cheung Steven N.S. ()
Additional contact information
Cheung Steven N.S.: University of Hong Kong, Pok Fu Lam, Hong Kong

Man and the Economy, 2021, vol. 8, issue 1, 1-19

Abstract: This paper points out as the only social science that is axiomatic, economics has the power of predicting beyond interpreting. It then explains that in hypothesis testing, the law of demand is the only indispensable axiom in economics, and that quantity demanded is the only non-observable variable that must be retained. After reviewing his disagreements with his peers and colleagues, and his success in predicting the transformation of China, the author argues that the profession has gone astray with the surge in the use of non-observables.

Keywords: axiomatic science; observable variable; testable hypothesis; law of demand; prediction (search for similar items in EconPapers)
Date: 2021
References: Add references at CitEc
Citations: Track citations by RSS feed

Downloads: (external link) (text/html)
For access to full text, subscription to the journal or payment for the individual article is required.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This journal article can be ordered from

DOI: 10.1515/me-2021-0005

Access Statistics for this article

Man and the Economy is currently edited by Ning Wang

More articles in Man and the Economy from De Gruyter
Bibliographic data for series maintained by Peter Golla ().

Page updated 2021-10-04
Handle: RePEc:bpj:maneco:v:8:y:2021:i:1:p:1-19:n:6