A deeper struggle for the soul of economics

Sheila Dow

Journal of Economic Methodology, 2023, vol. 30, issue 2, 90-93

Abstract: Kevin Hoover explores retroduction as a means of theorizing in macro-economics, rather than exclusive reliance on deductivism or inductivism. Retroduction is discussed as involving conceptualization with respect to empirical evidence as a means of identifying causal mechanisms as the basis for theory in the form of mathematical models. It is put forward as a preferred alternative to more fundamental reform of macro-economics, whose justification Hoover dismisses as being ‘ideological’. Yet ideology refers to a position on metaphysics such as Hoover himself sets out in terms of open systems, which would significantly extend the scope for retroduction.

Date: 2023
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DOI: 10.1080/1350178X.2021.2010282

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