Verisimilitude and the scientific strategy of economic theory

Jesú s P. Zamora Bonilla

Journal of Economic Methodology, 1999, vol. 6, issue 3, 331-350

Abstract: Methodological norms in economic theorizing are interpreted as rational strategies to optimize some epistemic utility functions. A definition of 'empirical verisimilitude' is defended as a plausible interpretation of the epistemic preferences of researchers. Some salient differences between the scientific strategies of physics and of economics are derived from the comparison of the relative costs associated with each strategy. The classical discussion about the 'realism of assumptions' in economics is also considered under the light of the concept of 'empirical verisimilitude'.

Keywords: economic methodology; verisimilitude; realism; instrumentalism; rhetoric; economics of science (search for similar items in EconPapers)
Date: 1999
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DOI: 10.1080/13501789900000022

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