Abductive Reasoning in Macroeconomics

Ashima Goyal

Working Papers from eSocialSciences

Abstract: Macroeconomic analytical frameworks change with events they are unable to explain. The process is closer to abductive reasoning that is based on both events and analysis, unlike induction which is data-based and deduction where analysis dominates. Abduction reasons backwards from the outcome, to deduce the framework with which it is compatible. Therefore it is useful to study how macroeconomic conceptual frameworks evolve after anomalous outcomes such as crises. [WP-2016-022].

Keywords: Abduction; Evolution of macroeconomics; Global financial crisis; Aggregate demand and supply, induction, outcome, data-based, analytical frameworks, supply, elastic, inflation (search for similar items in EconPapers)
Date: 2016-08
Note: Institutional Papers
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Working Paper: Abductive reasoning in macroeconomics (2016)
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